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Dolphin Energy Adding $200 Million-$300 Million To Tuesday's $1 Billion Bond Deal -Source

By Patrick McGee Of DOW JONES NEWSWIRES NEW YORK -(Dow Jones)- Abu Dhabi-based Dolphin Energy, in which Occidental Petroleum Corp. (OXY) and Total S.A. (TOT) are shareholders, plans to offer another $200 million to $300 million of 10-year bonds Thursday, adding to the $1 billion deal it just priced on Tuesday, according to a person familiar with the matter. A banker away from the deal called the reopening "a testament to how strong the market is right now." Tuesday's offering of 5.50% coupon bonds, which mature in December 2021, garnered more than $6 billion of orders, Dow Jones Newswires reported Tuesday. Final pricing was also tighter than the initial talk of about 5.75%. The bonds are rated A1 by Moody's Investors service and A-plus by Standard & Poor's. "Moody's has classified Dolphin Energy as a government-related issuer (GRI) given that Mubadala Development Company PJSC, which is 100% owned by the government of Abu Dhabi, holds 51% of Dolphin Energy's equity through a holding company," the ratings firm said Thursday. "Moreover, the Abu Dhabi government has committed to maintaining effective ownership of this majority stake for the life of the project." BNP Paribas (BNP.FR, BNPQY), Royal Bank of Scotland Group PLC (RBS.LN, RBS), Mitsubishi UFJ Financial Group (MTU, 8306.TO), Societe Generale (GLE.FR, SCGLY) and Abu Dhabi Commercial Bank PJSC (ADCB.AD) are book runners of the issue. Before the original pricing, the company had told potential investors that it plans to use the bond proceeds to refinance an existing bank facility and to pay a distribution to Dolphin shareholders. The company had met with fixed income investors in the United Arab Emirates, the U.K. and the U.S. in June 2011, but eventually delayed issuing a bond due to uncertain global market conditions at the time. Abu Dhabi government investment firm Mubadala owns 51% in Dolphin, with Total and Occidental each holding 24.5% stakes, according to Zawya.com. -By Patrick McGee, Dow Jones Newswires; 212-416-2382; patrick.mcgee@dowjones.com --Nikhil Lohade contributed to this article

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