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30/7/09 ALB acts as local counsel on the Gulf’s largest financing of the year – the Dolphin Energy US$4.14bn refinancing deal

ALB is pleased to have acted as local counsel advising the bank lenders and underwriters on the Abu Dhabi-based Dolphin Energy Limited (DEL) USD 4.14 billion refinancing deal, which aims to refinance the company’s current debt and partially fund the construction of its Taweelah Fujairah Pipeline project.

DEL issued a 10-year bond on the 23 July in addition to the commercial bank facility commitments and export credit financing that it secured from an impressive list of financial institutions and debt capital market investors.

The size and complexity, combined with the timing of the deal in light of debt market conditions, has led to international counsel for the bank lenders and underwriters Sullivan & Cromwell LLP describing the deal as a “landmark transaction”.

Managing Partner Alaa Hamad led the ALB team on the Dolphin project which included Hatim Mubarak and Sean Khalid.

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