American Express Credit CorpÆs A$4.25 million five year revolver has been completed via mandated lead arrangers Citi and Westpac, with each contributing A$452.5 million. A total of 19 banks joined the facility.
Joining as lenders were Commonwealth Bank of Australia and National Australia Bank with holds of A$350 million apiece. Barclays Bank, ING Bank and Royal Bank of Scotland provided A$250 million each. ABN Amro, ANZ, BNP Paribas, Deutsche Bank and Mizuho Corporate Bank committed A$185 million apiece.
The rest of the lenders Bank of Tokyo-Mitsubishi UFJ, Credit Suisse, JP Morgan, Lloyds TSB Bank, Standard Chartered and Sumitomo Mitsui Banking Corp took A$145 million each, except for Toronto Dominion Bank which took A$100 million.
Syndication of Hedley Leisure & Gaming Property TrustÆs A$850 million dual tranche fundraising has been inked via a syndicate of nine banks.
The three year deal which comprises a A$700 million term loan and a A$150 million revolver, saw co-arrangers National Australia Bank, St George Bank and Westpac commit A$150 million each. ANZ joined with a take of A$140 million while lead manager WestLB held A$75 million.
Managers Bank of Queensland lent A$55 million while Mizuho Corporate Bank and Mega International Commercial Bank provided A$50 million each. Bank of Scotland ended up with A$30 million.
Virgin Blue AirlinesÆ $589.5 million 12 year aircraft financing was signed on August 14 via a consortium of 12 banks.
Mandated arrangers ING Bank committed $60.5 million while ANZ, Commerzbank, DBS Bank, HSH Nordbank and Oversea-Chinese Banking Corp contributed $60 million each.
DekaBank Deutsche Girozentrale held $56 million while Fortis Bank took $47 million. Credit Industrial et Commercial joined with a take of $45 million.
Arranger Industrial and Commercial Bank of China (Asia) held $35 million while co-arrangers Bank of Tokyo-Mitsubishi UFJ and Intesa Sanpaolo lent $23 million each.
The deal features a spread of 50bp over BBSY. The funds are to support the purchase of four new Boeing 737-800 aircraft, six new Embraer 170 aircraft and 11 new Embraer 190 aircraft.
China
Sole lead arranger and bookrunner Citi is still syndicating a RMB500 million three year credit facility for China Taizinai Group.
The deal features a margin of 95% over the PBOC rate and proceeds are for working capital purposes. Syndication is slated to close by the end of August.
CIT Finance & Leasing CorpÆs RMB2.4 billion revolver closed syndication last week via mandated leads Citi and Standard Chartered Bank. The financing was oversubscribed due to an enthusiastic market response.
The fundraising pays a spread of 90% over the PBOC rate.
Allocations have yet to be finalised as the borrower decides whether to increase the facility amount or scale back the commitments.
Signing is scheduled to take place shortly after the decision has been made.
Syndication of Guotai Junan Financial HoldingsÆ HK$300 million three year revolving credit facility was launched on August 10 via sole bookrunner HSBC.
The deal has been funded by HSBC. Bank of China (Hong Kong) and Bank of China (Macau) have joined the facility as equal status arrangers.
The loan features a spread of 100bp over Hibor and carries an average life of three years.
Banks have been invited on three tiers. Arrangers holding HK$70 million or above receive 30bp in management fees for an all-in of 110bp. Co-arrangers taking between HK$50 million and HK$60 million gain 20bp for an all-in of 106.7bp while those taking between HK$30 million and HK$45 million get 20bp in fees for an all-in of 103.3bp, for the title of senior manager.
Proceeds will be used for working capital requirements. The borrower is a subsidiary of Guotai Junan Securities, who will be providing a letter of comfort.
Banks have until August 22 to revert.
An $850 million one and a half year bullet term loan for Hot Kid Holdings, a SPV of Want Want Holdings, was signed on August 8 via a syndicate of 12 mandated lead arrangers û ABN AMRO, Bank of Tokyo-Mitsubishi UFJ, BNP Paribas, Chinatrust Commercial Bank, DBS Bank, Goldman Sachs, HSBC, Industrial & Commercial Bank of China, Rabobank, Taipei Fubon Commercial Bank, UBS and United Overseas Bank. The original mandated leads and bookrunners were BNP Paribas, Goldman Sachs and UBS.
The fundraising was closed heavily oversubscribed in senior syndication and had to be scaled back as the borrower did not wish to upsize the amount. The margin is priced at 100bp over Libor for the first six-months, 150bp for the second six-months and 200bp for the remaining six-months.
Allocations saw bookrunners UBS contributing $75 million, with BNP Paribas and Goldman Sachs providing $72.5 million each. The remaining nine lead arrangers all committed an equal portion of $70 million apiece.
Proceeds are to finance the privatisation of Want Want Holdings from the Singapore stock exchange.
Syndication of Hynix û ST Semi Conductor (Wuxi)Æs $750 million term loan has progressed after terms and conditions have finally been negotiated, and is scheduled to launch by the end of August via mandated leads China Development Bank and Korea Development Bank.
The five year deal pays a spread of 140bp over Libor with a one year grace period and carries an average life of 3.5 years.
Proceeds of the loan are to support the construction of the second phase of a wafer plant project based in Wuxi, China.
A second fundraising, a $650 million six-month bridge facility for Hynix û ST Semi Conductor (Wuxi) has been completed by mandated leads China Development Bank and Korea Development Bank.
Banks were invited to join the facility as participants. Final allocations saw the mandated leads contribute $150 million each. Coming in as participants were Agricultural Bank of China holding $130 million while Bank of China, China Everbright Bank, China Investment Bank and Mizuho Corporate Bank contributed $50 million apiece. Completing the syndicate was China Construction Bank taking $20 million.
Signing is targeted for the end of the month, with proceeds to fund the purchase of machinery for the second plant.
Jinlong CopperÆs $60 million three year credit closed syndication on August 9 via sole mandated lead arranger Citi.
The financing is guaranteed by Anhui Tongdu Copper and features a margin of 60bp over Libor and an average life of 2.25 years.
Final allocations saw Citi holding onto $8 million with arrangers Bank of Tokyo-Mitsubishi UFJ and Sumitomo Mitsui Banking Corp taking $13 million each. Mizuho Corporate Bank and Nanyang Commercial Bank committed $8 million apiece. Senior managers Korea Exchange Bank and United Overseas Bank gave $5 million each.
The loan is to refinance an existing debt facility. Signing is expected to take place by the end of next week.
Long Chen (Zhejiang) Paper FactoryÆs $80 million dual currency five year financing was inked on August 13 via sole lead arranger HSBC.
The deal is split into a $47 million term loan tranche æAÆ and a RMB255 million tranche B. Long Chen Paper is the guarantor.
Tranche æAÆ saw HSBC contribute $575,000 while arrangers China Development Bank provided $10 million and Agricultural Bank of China committed $7 million. Bank of China held $5.87 million while China Construction Bank took $5.64 million.
Co-arrangers KBC Bank, Oversea-Chinese Banking Corp and United Overseas Bank each held $4.7 million while manager First Sino Bank ended up with $3.76 million.
In tranche æBÆ, HSBC committed RMB57.37 million while Agricultural Bank of China provided RMB38.25 million. Bank of China took RMB31.87 million while China Construction Bank RMB30.6 million.
Joining with a take of RMB25.5 million apiece were co-arrangers KBC Bank, Oversea-Chinese Banking Corp and United Overseas Bank while First Sino Bank took RMB20.4 million.
Hong Kong
A HK$1.86 billion three year fundraising for Millennium (BVI) No.2 has been signed via sole mandated arranger Standard Chartered which took HK$180 million.
Arrangers Wing Lung Bank committed HK$175 million while Agricultural Bank of China, Dah Sing Bank, Industrial & Commercial Bank of China (Asia) and Societe Generale joined the facility with holds of HK$150 million each.
Joining as co-arrangers with takes of HK$100 million apiece were Bank Sinopac, China Construction Bank Nanyang Commercial Bank and Public Bank.
Lead managers Bank of China (Singapore) provided HK$85 million while Cathay United Bank, Chong Hing Bank, E. Sun Commercial Bank, Fuhwa Commercial Bank, Maybank and Mega International Commercial Bank lent HK$70 million apiece.
The loan pays a spread of 63bp over Hibor. The funds are to refinance an existing deal signed in May 2006 and to finance an advance to the shareholders.
A HK$1 billion five year financing for New World Development (NWD) has closed syndication via mandated leads Agricultural Bank of China (Hong Kong Branch), Bank of Tokyo-Mitsubishi UFJ, Citi and Mizuho Corporate Bank (Hong Kong Branch). Citi was the sole bookrunner and original mandated lead arranger.
The facility was upsized from HK$800 million due to a strong response from the market. The deal pays a spread of 37bp over Hibor.
Final allocations saw the mandated leads providing HK$130 million apiece with arrangers Scotiabank (Hong Kong) and Wing Lung Bank contributing HK$100 million each. Chiyu Banking Corp, Malayan Banking Berhad (Hong Kong Branch), Public Bank (Hong Kong) and Tai Fung Bank all ended up holding HK$70 million apiece.
Proceeds are to refinance an existing facility signed in 2002 and also for working capital purposes.
Shimao Property HoldingsÆ $328 million three year financing was inked on August 13 via mandated arrangers First Commercial Bank and Sumitomo Mitsui Banking Corp, with commitments of $34 million each.
Arranger Wing Lung Bank provided $28 million while joining as co-arrangers with holds of $20 million apiece were Bank of China (Hong Kong), Bank of China (Macau), China Construction Bank, Fubon Bank, Goldman Sachs and Nanyang Commercial Bank.
Lead arrangers Bank Sinopac took $12 million while Banca Monte dei Paschi di Siena, Cathay United Bank, China Construction Bank, Dah Sing Bank, Maybank, Mizuho Corporate Bank, Ovesea-Chinese Banking Corp, Public Bank, Tai Fung Bank and Wing Lung Bank held $10 million each.
Xinyi Group (Glass) CompanyÆs HK$500 million three year term loan was signed on August 15 via a consortium of 11 mandated lead arrangers û Agricultural Bank of China (Hong Kong Branch), Bank of China (Hong Kong Branch), Bank of Communications (Hong Kong Branch), Bank of Nova Scotia, BNP Paribas (Hong Kong Branch), Cathay United Bank (Hong Kong Branch), Citi, First Commercial Bank (Hong Kong Branch), Industrial & Commercial Bank of China (Asia), KBC Bank (Hong Kong Branch) and Mizuho Corporate Bank. Citi was the original mandated lead arranger and is the sole bookrunner for the facility.
The loan offers a margin of 59bp over Hibor and has an average life of 2.1 years.
Allocations saw all 11 mandated leads contributing HK$35 million apiece. Bank of China (Macau Branch), CITIC Ka Wah Bank and Tai Fung Bank committed HK$25 million each as arrangers Bank of Taiwan (Hong Kong Branch) and Hua Nan Commercial Bank (Hong Kong Branch) completed the syndicate as senior managers providing HK$20 million apiece.
Proceeds are to refinance an existing debt facility and for working capital purposes.
India
Amtek AutoÆs $200 million five year credit is still in sub-underwriting and is being led by sole lead arranger ABN AMRO.
The deal pays a spread of 135bp over Libor.
So far commitments have been received from Calyon, DBS Bank, HSBC, ICICI Bank, ING Bank and Mizuho Corporate Bank. A further commitment is expected before senior syndication is closed today (August 17). General syndication is slated to launch soon after.
Proceeds are for capital expenditure, overseas acquisitions and refinancing existing debt.
Syndication of AV Metals and AV MineralsÆ $3.1 billion dual tranche facility closed on August 15 via bookrunners ABN AMRO, Banc of America Securities Asia and UBS.
The deal comprises a $2.2 billion bridge facility and a $900 million term portion. The one year six month financing features a spread of 30bp over Libor for the first year, and 80bp for the subsequent six months.
The funds are to support the acquisition of Novelis. Allocations are to be finalised by the end of the week.
Suzlon Energy, AE Rotor Holding and SE Drive TechnikÆs Ç1.08 billion multi-tranche facility has closed via a consortium of 23 banks.
The fundraising was downsized from Ç1.3 billion due to a Ç220 million repayment. There was also a Ç275 million bank guarantee.
The deal is split into four tranches; a Ç375 million term loan, a Ç325 million credit, a Ç300 million financing and an Ç80 million portion.
Final allocations saw mandated arrangers ABN AMRO, ICICI, Intesa Sanpaolo, Banco Espirito Santo de Investimento, HSBC, HSH Nordbank, NordLB, Rabobank, State Bank of India and WestLB committing Ç71.5 million each. Commerzbank provided Ç90 million.
Bank of Baroda joined as an arranger with a hold of Ç50 million. Co-arrangers KBC Bank held Ç40 million while BayernLB took Ç35 million. Aozora Bank and KSW Bank lent Ç30 million each whole Bank of Taiwan and China Construction Bank contributed Ç20 million apiece.
Coming in as managers were UniCredito Italiano and Mega International Commercial Bank taking Ç10 million each while Bank of East Asia and Chang Hwa Commercial Bank ended up with Ç5 million each.
The signing ceremony is slated for August 21.
Philippines
A $1.2 billion five year facility for San Miguel is still in senior syndication. Calyon, DBS Bank and Mizuho Corporate Bank are arranging the deal.
The financing features a margin of 55bp over Libor and an average life of 3.5 years.
Two commitments have so far been received from Hypovereinsbank and Sumitomo Mitsui Banking Corp. Senior Syndication is expected to close soon with general syndication targeted to launch shortly and to close by the end of the month.
In sub-underwriting, those committing $40 million or above earn a participation fee of 56bp as equal-status lead arrangers.
Banks are being invited to join on two tiers in general syndication. Those contributing $30 million to $39 million as lead arrangers earn 49bp in fees while commitments of $20 million to $29 million take 42bp as arrangers.
Proceeds are to refinance existing debt signed in October 2005 and November 2006.
Singapore
Allocations have been finalised for Macquarie International Infrastructure TrustÆs S$100 million one year revolving credit facility, which was upsized from S$90 million.
Mandated arranger DBS Bank committed S$40 million while Agricultural Bank of China and Westpac each provided S$20 million. ANZ and manager CIMB Bank ended up with S$10 million apiece.
Siltronic Samsung WaferÆs S$661.45 million guarantee facility has closed via mandated leads Citi, DBS Bank and HSBC.
The facility consists of a door-to-door maturity of 7.25 years and pays a margin of 140bp over Sibor.
The deal received a good response from the market with in excess of 10 commitments; allocations are being finalised with signing scheduled to take place next week.
Proceeds are to support the construction of a wafer fabrication operation.
A S$600 million three year fundraising for Venture Manufacturing closed syndication oversubscribed last Friday (August 10) via mandated leads Citi and DBS Bank.
The amortising loan pays a margin of 28bp over Libor and has an average life of 2.2 years
Allocations are being finalised with signing expected to take place by August 27.
A $400 million one year fundraising for Vitol Asia was signed on August 14 via sole bookrunner Sumitomo Mitsui Banking Corp. The facility was increased from $300 million due to oversubscription.
Mandated arrangers ING Bank and Sumitomo Mitsui Banking Corp committed $55 million apiece while UOB Bank and Commonwealth Bank of Australia took $40 million each. Joining in with $20 million each were Agricultural Bank of China, First Commercial Bank, KBC Bank, Mega International Commercial Bank, National Australia Bank, Oversea-Chinese Banking Corp and Sumitomo Mitsui Trust & Banking.
Arrangers Chang Hwa Commercial Bank, Hua Nan Commercial Bank, Korea Exchange Bank, Land Bank of Taiwan and RHB Bank each took $10 million.
The funds are to refinance an existing facility signed in August 2006 and for general corporate purposes.
South Korea
Korea Development Bank has been mandated by Doosan Infracore to arrange a $4.9 billion facility to fund the purchase of the compact construction equipment firm, Bobcat, from Ingersoll-Rand.
The mandated lead is in the process of finalising its information memorandum.
Syndication is set to launch by early September.
Thailand
All Seasons PropertyÆs $140 million equivalent dual currency fundraising has been completed via mandated arrangers ABN AMRO and HSBC.
The five year facility comprises a Ñ10 billion term loan tranche æAÆ and a BHT1.8 billion credit tranche æBÆ.
Tranche æAÆ saw mandated arrangers ABN AMRO commit Ñ1.75 billion while Agricultural Bank of China, Bayern, Bank of China (Hong Kong) and China Construction Bank took Ñ1.3 billion apiece. Hang Seng Bank and Bank of China (Tokyo) provided Ñ1 billion each.
Arrangers Industrial Bank of China (Asia) and Wing Lung Bank each held Ñ525 million.
Tranche æBÆ saw HSBC committing BHT1 billion while ABN AMRO contributed BHT500 million. Oversea-Chinese Banking Corp ended up with BHT300 million.
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