OneSteel Finance has obtained two separate facilities on a club basis via Commonwealth Bank of Australia and Westpac Banking Corp. The deals comprise a $900 million five year bullet loan and a A$325 million one year credit. Proceeds are for acquisition and refinancing purposes.
Hong Kong
COSCO-HIT Terminals (Hong Kong)Æs HK$2 billion five year term facility has closed and allocations finalised via a syndicate of nine banks.
The financing, which was funded on July 10, was heavily oversubscribed and had to be scaled back as the borrower did not wish to upsize the amount.
Mandated arrangers Bank of China committed HK$1 billion while Hang Seng Bank provided HK$250 million. Bank of Tokyo-Mitsubishi and Mizuho Corporate each took HK$210 million.
Joining in as arrangers, with commitments of HK$80 million apiece, were China Construction Bank and DnB Nor Bank.
Co-arrangers Agricultural Bank of China and Bank of China (Tokyo) held HK$60 million each while lead manager Tai Fung Bank ended up with HK$50 million.
First Pacific AssetsÆ $200 million revolving credit has been signed via mandated lead arrangers Banco de Oro, CITIC Ka Wah Bank, Calyon, Metrobank & Trust and Mizuho Corporate Bank. Calyon acted as the sole bookrunner.
The bullet facility offers a margin of 115bp over Libor and carries a tenor of five and a half years.
Banco de Oro and Metrobank & Trust committed $45 million each with CITIC Ka Wah Bank holding $30 million. Calyon and Mizuho Corporate Bank provided $20 million apiece. Joining in syndication as lead arranger was China Banking Corp with $25 million and Agricultural Bank of China (Hong Kong Branch) took $15 million as senior manager.
Proceeds are to refinance existing debt.
A HK$5 billion five year revolver for Hong Kong Electric has been inked as a club deal via a consortium of seven banks.
Mandated arrangers Bank of China, Bank of Tokyo-Mitsubishi, BNP Paribas, Hang Seng Bank, HSBC, Mizuho Corporate Bank and Standard Chartered each provided HK$714 million.
The loan features a spread of 18bp over Hibor and proceeds are to refinance an existing deal signed in September 2006 and for general corporate purposes.
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