A A$5.2 billion multi-tranche bullet facility for Infrastructure Co has been launched into sub-underwriting via mandated lead arrangers ABN AMRO, ANZ Investment Bank, BNP Paribas, Calyon, Citigroup, Commonwealth Bank of Australia, National Australia Bank, Royal Bank of Scotland, Societe Generale, Sumitomo Mitsui Banking Corp, WestLB and Westpac. With the exception of Sumitomo Mitsui Banking Corp, all the banks are also bookrunners.
The facility comprises four tranches, A$2.25 billion three- and five-year term loans, a three-year A$600 million capital expenditure facility and a one-year A$100 million working capital financing.
An early bird take-and-hold for A$150 million has been offered for the title of arranger, while co-lead arrangers providing A$250 million and above receive 200bp.
There has been an overwhelming response from banks and the deal may not launch into genera syndication. Senior syndication is scheduled to close in mid-May.
Infrastructure Co will be separated from parent company Toll Holdings and will control rail and port businesses, Pacific National and Patrick Ports.
Woolnorth Studland Bay Wind FarmÆs A$95 million project financing has been signed. nabCapital provided the funds on a bilateral basis.
Roaring 40s Renewable Energy is the sponsor. Proceeds are to support a A$135 million project that entails the development of a 75 million-watt wind farm at Studland Bay in Woolnorth, northwest Tasmania, Australia. The facility comprises a A$95 million term loan and a A$40 million equity portion.
China
Shanghai Electric PowerÆs Rmb1 billion three-year revolver has been inked and allocated via sole arranger and bookrunner Citigroup which took Rmb130 million.
Arrangers Bank of East Asia and Bank of Tokyo-Mitsubishi UFJ provided Rmb125 million apiece while BNP Paribas, DBS Bank, Fortis Bank, Mizuho Corporate Bank and Sumitomo Mitsui Banking Corp held Rmb100 million each. Senior managers Hang Seng Bank and Nanyang Commercial Bank ended up with Rmb60 million each.
Proceeds will be used for general corporate purposes.
India
Syndication of BilcareÆs $20 million five-year facility has been completed via sole arranger HSBC which held $5 million.
Arrangers Bank of Baroda and Bank of Taiwan committed $4.5 million apiece while senior managers Chang Hwa Commercial Bank and RHB Bank ended up with $3 million each.
The signing ceremony is expected to take place in the first week of May.
JSW SteelÆs $125 million six-year loan is expected to close by the end of the week via mandated lead arrangers ABN AMRO, Citigroup, Standard Chartered Bank and State Bank of India.
The deal pays a margin of 125bp over Libor with an average life of 5.25 years.
Banks that have so far joined are Arab Investment Corp, Bank Sinopac, Bank of Taiwan, DBS Bank, Hua Nan Commercial Bank and Mizuho Corporate Bank.
In sub-underwriting, commitments of $25 million and above (with a take-and-hold of $15 million) receive 42bp for an all-in of 133bp over Libor.
A three-tier participation structure is being offered in general syndication with lead arrangers contributing $15 million and above earning 26.25bp for an all-in of 130bp. Arrangers joining with $10 million to $14 million get 15.75bp flat and lead managers taking $5 million to $9 million receive 5.25bp for all-ins of 128bp and 126bp respectively.
The loan is for general corporate purposes and there is a $50 million greenshoe.
A $90 million six-year term facility for Monnet Ispat & Energy was signed on April 24, after being upsized from $60 million. Mandated lead arrangers are ABN AMRO, Bank of India, Bank of Taiwan, Commerce International Merchant Bankers, DBS Bank, ICICI Bank and State Bank of India. ABN AMRO and State Bank of India were bookrunners.
The deal carries an average life of 5.5 years and a margin of 190bp over Libor.
All mandated lead arrangers committed $8.5 million apiece with the exception of ICICI Bank providing $8 million. Senior lead manager SBI International Merchant Banking Corp held $7 million. Bank Negara Indonesia (Persero), Chang Hwa Commercial Bank and Indian Overseas Bank contributed $5 million each and Banco Espirito Santo, Hua Nan Commercial Bank and Indian Bank gave $3 million respectively as participants.
Proceeds are for working capital purposes.
UTI BankÆs $160 million three-year financing has been signed via mandated arrangers and bookrunners Calyon and Standard Chartered Bank. BayernLB and Natixis both joined in senior syndication as equal-status arrangers. The loan was funded prior to signing.
The deal offers a margin of 31bp over Libor.
Mandated arrangers Calyon and Standard Chartered committed $43.35 million each, BayernLB held $43.3 million while Natixis provided $15 million. Co-arranger Zurcher Kantonalbank contributed $10 million while E.Sun Commercial Bank ended up with $5 million.
Banks were invited to join on three levels. Mandated arrangers contributed $15 million and above, co-arrangers joined with $10 million to $14 million and lead arrangers pledged $5 million to $9 million.
Proceeds are for general corporate purposes.
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