Australia
Amcor has successfully secured a $1.2 billion self-arranged multi-currency facility from mandated lead arrangers BNP Paribas, J.P. Morgan, National Australia Bank, Standard Chartered Bank and Westpac.
The debt package comprises a $375 million three-year term loan and a $400 million five-year term loan as well as a $425 million three-year revolver.
Among the mandated lead arrangers J.P. Morgan committed $140 million, while Westpac and BNP Paribas took $105 million and $90 million respectively. National Australia Bank and Standard Chartered Bank each provided $75 million. Other lenders joining at lower tiers include Bank of America who offered $245 million. Commonwealth Bank of Australia, Deutsche Bank and UBS came in with $140 million tickets apiece and ANZ rounded out the group with a hold of $50 million.
Proceeds are to support the $2.03 billion acquisition of Alcan Packaging from Rio Tinto and for general corporate purposes.
A A$120 million two-year term loan for Vision Group was completed as a club deal last week via ANZ and Westpac.
Proceeds are to refinance a A$160 million dual-tranche facility signed in 2007 and for general corporate purposes.
The financing will be repaid by amortising repayments over the two-year tenor and the borrower will have to repay A$100m through a bullet repayment upon maturity.
Westfield Finance (Australia)'s $1.4 billion financing was upsized from the initial $1.3 billion and signed in mid-August via mandated lead arrangers ANZ, Barclays Capital, BNP Paribas, Citi, Commonwealth Bank of Australia, National Australia Bank, Royal Bank of Scotland and Westpac.
The fundraising is divided into two three-year facilities of $1.3 billion and $110 million respectively .
Guaranteed by Westfield Holdings, the deal is priced at 240bp over Libor. Mandated lead arrangers committing $90 million or above got 85bp while co-arrangers providing $60 million to $89 million earned 80bp. Lead managers, senior managers and managers lending $40 million to $59 million received 65bp, those who provided between $30 million and $39 million took 55bp and those committing $30 million or below were paid 50bp.
Final allocations saw the leads contribute $90 million each, with the exception of Royal Bank of Scotland which offered $120 million. Banks coming in at lower levels included Credit Suisse, Deutsche Bank, J.P. Morgan, Morgan Stanley, Societe Generale and Sumitomo Mitsui Banking Corp, which commited $60 million apiece. Bank of America took $50 million, while HSBC and Industrial & Commercial Bank of China (Sydney) each lent $40 million. CITIC Ka Wah Bank and Bank of Tokyo-Mitsubishi UFJ took $30 million apiece and Calyon lent $20 million. Taishin International Bank held $15 million, while Chinatrust Commercial Bank and Taiwan Business Bank came into the deal with $10 million tickets. Bank Sinopac rounded out the group with a hold of $5 million.
Proceeds are to refinance a $1.7 billion tranche of a $4.7 billion facility signed in 2007.
China
Unilever (China)'s $105 million two-year bullet facility has been inked via sole mandated lead arranger and bookrunner HSBC. Bank of America and Mizuho joined at lower levels.
The term loan is guaranteed by the parent company, Unilever. Proceeds are to repay outstanding facilities and for working capital purposes.
Hong Kong
Fortune Reit has received letters of commitment from DBS and Standard Chartered Bank for its HK$3.6 billion multi-tranche debt package.
The transaction is split into a HK$480 million two-year acquisition facility, a HK$270 million revolving credit and a HK$2.8 billion refinancing.
Secured by properties, the deal pays a spread of 200bp over Hibor.
Proceeds from the acquisition facility, together with a HK$1.9 billion rights issue, are to support the HK$2.04 billion acquisition of Metro Town, Caribbean Bazaar and Hampton Loft from Mcbride International, MTR Corp and Global Coin respectively. The HK$2.8 billion credit will be drawn down on or before June 28, 2010, to repay the acquisition facility and an existing HK$2.3 billion term loan, while the HK$270 million portion will be for general corporate purposes.
A $400 million self-arranged financing for Johnson Electric Holdings is in syndication via mandated lead arrangers Bank of China (Hong Kong), Bank of Tokyo Mitsubishi UFJ, BNP Paribas, DBS, HSBC and Mizuho. Chong Hing Bank, Hang Seng Bank, Standard Chartered Bank and Sumitomo Mitsui Banking Corp also joined the group with the same title.
Proceeds are to partly refinance a $530 million five-year loan signed in 2006. Banks have until early September to revert.
Noble Group has appointed Bank of Tokyo-Mitsubishi UFJ, Commerzbank, DBS, HSBC, ING, J.P. Morgan, RBS, Societe Generale and Standard Chartered Bank (Hong Kong) as mandated lead arrangers and bookrunners for a $1.8 billion debt facility.
The unsecured loan is split into a $600 million 364-day revolving credit facility, a $600 million two-year loan and a $600 million three-year portion. The two- and three-year tranches extend a $1.2 billion loan signed in 2007 for an additional one and two years respectively.
The deal will be launched into general syndication shortly and is scheduled to close by the end of September. Proceeds are for general corporate purposes.
India
Arshiya Rail Infrastructure's Rs4 billion project financing has been inked via sole bookrunner State Bank of India.
The 11-year term loan is priced at 15bp of the loan amount plus service tax.
Final allocations saw the lead provide Rs1 billion while participants Bank of India and Punjab National Bank gave Rs500 million and Rs400 million apiece. Corporation Bank, State Bank of Travancore and South Indian Bank pledged Rs350 million each, while Dena Bank and Syndicate Bank lent Rs300 million apiece. State Bank of Mysore, Karur Vysya Bank and State Bank of Patiala committed Rs200 million, Rs150 million and Rs100 million respectively.
Proceeds are to finance the establishment of a pan-India container freight network.
A Rs5.8 billion 12-year financing for GF Toll Road, an SPV sponsored by Reliance Infrastructure, was signed on August 26 via sole bookrunner Axis Bank.
Final allocations saw the mandated lead take Rs420 million, while participant Bank of India lent Rs1 billion. UCO Bank offered Rs950 million, while Corporation Bank and Union Bank of India each gave Rs720 million. Bank of Baroda pledged Rs650 million, Indian Bank committed Rs500 million, and United Bank of India joined in with Rs350 million. Allahabad Bank lent Rs280 million, while State Bank of Patiala rounded off the syndicate with a Rs250 million commitment.
Proceeds are for project financing purposes.
SV Oil & Natural Gas' four-year fundraising closed oversubscribed, but the borrower has decided to take only $51 million as the final loan amount.
Chang Hwa Commercial Bank, First Bank of Nigeria, State Bank of India and State Bank of Mauritius have joined sole mandated lead arranger and bookrunner Standard Chartered at lower tiers.
Secured by oil rigs and fully underwritten by the lead, the deal is priced at 400bp over Libor and pays an upfront fee of 150bp for lead arrangers joining with a hold of $10 million to $14 million. Arrangers providing $5 million to $9 million get 9bp.
Proceeds are to support the rental of oil drilling rigs.
Indonesia
Indosat's $315 million buyer credit facility was sealed last week via mandated lead arranger and bookrunner RBS, with HSBC joining in as an equal-status lead arranger. The eight-year loan is guaranteed by EKN.
Proceeds are for capital expenditure purposes.
Taiwan
A NT$2.2 billion seven-year transaction for Etron Technology has been inked via sole bookrunner Taiwan Cooperative Bank.
The fundraising comprises two term loans of NT$1.2 billion and NT$625 million, and a NT$375 million revolver.
Bookrunner Taiwan Cooperative Bank lent NT$600 million, while joint lead arrangers Bank of Taiwan, Chinatrust Commercial Bank, Hua Nan Commercial Bank, Land Bank of Taiwan and Taipei Fubon Commercial Bank took NT$300 million apiece. Participant Chang Hwa Commercial Bank rounded out the group with a NT$100 million hold.
The loan is priced at 80bp over Taiwan Cooperative Commercial Bank's one-year floating time savings deposit rate.
Proceeds are to amend and refinance an existing NT$2.2 billion facility signed on July 25, 2006.
Syndication of Qisda Corp's NT$9.6 billion five-year term loan has been launched via mandated lead arrangers and bookrunners Bank of Taiwan, Chinatrust Commercial Bank, First Commercial Bank, Hua Nan Commercial Bank, Mega International Commercial Bank and Taiwan Cooperative Bank.
The debt package consists of NT$8.6 billion and NT$1 billion term loans. Banks are welcome to join the deal at three levels. Co-arrangers coming in with NT$700 million or above earn an upfront fee of 12bp, while arrangers and managers taking NT$500 million to NT$699 million get 10bp and those committing NT$300 million to NT$499 million get 5bp.
Proceeds are for refinancing purposes.
Tongtai Machine Tool secured a NT$1 billion five-year revolving facility from a consortium of 13 lenders earlier this week.
Coordinating arranger and bookrunner Bank of Taiwan committed NT$100 million, while Chinatrust Commercial Bank, First Commercial Bank, Hua Nan Commercial Bank, Land Bank of Taiwan, Mega International Commercial Bank, Shanghai Commercial & Savings Bank, Taishin International Bank, Taiwan Business Bank, Taiwan Cooperative Bank and Yuanta Commercial Bank provided NT$82 million apiece. Participants Cathay United Bank and Industrial Bank of Taiwan each lent NT$40 million.
The deal features a margin of 120bp over the 90-day secondary CP rate and has a commitment fee of 10bp.
Proceeds are to refinance existing indebtedness and for general corporate purposes.
A ¥16.3 billion 8.5-year financing for Wisdom Marine Line has been closed via mandated lead arrangers and bookrunners Land Bank of Taiwan, Mega International Commercial Bank and Taiwan Cooperative Bank.
The credit facility is split into two term loans of ¥15 billion and ¥1.3 billion, which pay a spread of 137.5bp over three-month Tibor and have a commitment fee of 5bp. Mandated lead arrangers and bookrunners joining with ¥3 billion or above take 28bp. Participants holding ¥2 billion to ¥2.9 billion earn 20bp; those providing ¥1.5billion to ¥1.9 billion get 15bp; and lenders committing between ¥1 billion and ¥1.4 billion earn 10bp.
Final allocations saw Mega International Commercial Bank pledge ¥4.3 billion, while Land Bank of Taiwan and Taiwan Cooperative Bank each took ¥3 billion. Participants Bank Sinopac held ¥2 billion, and Bank of Taiwan and Taipei Fubon Commercial Bank each provided ¥1.5 billion. E-Sun Commercial Bank rounded out the group with a ¥1 billion commitment.
Proceeds are to fund the borrower's purchase of seven bulk carriers. Signing is expected to take place on September 6.
Thailand
A $300 million one-year bridge facility for MTP HPPO Manufacturing was sealed last week via a consortium of nine lenders on a club basis.
Mandated lead arranger Sumitomo Mitsui Banking Corp committed $60 million, while Calyon and Standard Chartered Bank contributed $50 million apiece. HSBC, Maybank International, Mega International Commercial Bank and Natixis each provided $30 million. Bank of Tokyo-Mitsubishi UFJ and Citi each came in with a $10 million ticket.
Proceeds are to partly finance a $900 million Hydrogen Peroxide to Propylene Oxide Project in Thailand.
A three-year, dual-currency facility for SMFL Leasing (Thailand) has been completed via sole mandated lead arranger and bookrunner Sumitomo Mitsui Banking Corp, with Chuo Mitsui Trust and Banking, Industrial & Commercial Bank of China and RHB Bank joining as senior arrangers.
The credit facility is divided into ¥3.4 billion and Bt400 million term loans that are priced at 70bp over Tibor and 100bp over THBFIX respectively.
Proceeds are for general corporate and working capital purposes.
Vietnam
Formosa Industries Corp's $80 million five-year term loan was completed last week via a consortium of six mandated lead arrangers on a club basis.
Guaranteed by Formosa Chemicals & Fibre Corp and Nanya Plastics Corp, the deal features a two-year extension option and a margin of 95bp over Sibor on top of the difference between VNIBOR and Sibor. The commitment fee is 25bp and the upfront fee is 0.5% of the loan amount.
Mandated lead arrangers Chinatrust Commercial Bank, First Commercial Bank, HSBC, Hua Nan Commercial Bank, Mega International Commercial Bank and Taipei Fubon Commercial Bank each committed approximately $13 million.
Proceeds are for capital expenditure purposes.
Syndication of a $300 million term loan for Vietnam National Coal-Minerals Industries Group (Vinacomin) was closed last week via bookrunners Bank of Tokyo-Mitsubishi UFJ, BNP Paribas, Calyon, Credit Suisse, Natixis, Societe Generale and Standard Chartered. Bank SinoPac and Cathay United Bank joined in at lower levels.
The five-year loan is priced at 350bp over Libor with an all-in of 395bp.
Proceeds are for capital expenditure and general corporate purposes. The financing is in and documentation and signing are expected to take place soon.
