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.
India
Bhushan Steel and StripsÆ $150 million six year financing was increased from $100 million and signed on August 10. A total of 18 banks joined the facility.
Mandated lead arrangers Bank of India, Barclays Capital, Chinatrust Commercial Bank, Deutsche Bank, State Bank of India and UTI Bank held $11 million each.
Arrangers Bank of Baroda, UniCredit Bank and United Overseas Bank joined with holds of $11 million apiece. Shinhan Bank and Syndicate Bank lent $10 million each.
Co-arrangers Punjab National Bank took $6 million while Allahabad Bank, PT Bank Negara Indonesia, Krung Thai Bank and SBI International (Mauritius) contributed $5 million apiece.
Lead Managers Bank of Taiwan took $3 million while Hua Nan Commercial held $2 million.
$73 million of the yen-denominated facility is to be drawn in dollars and the rest in yen.
ICICI BankÆs $1.5 billion yen-equivalent multi-tranche facility was launched into general syndication on Monday (August 6) via a consortium of 10 mandated lead arrangers û BayernLB, BNP Paribas, Calyon, Commerzbank, Goldman Sachs, HSBC, Intesa Sanpaolo, Natixis, Standard Chartered Bank and Sumitomo Mitusi Banking Corp.
The financing is split into three equal tranches comprising a $500 million 364-day tranche æAÆ, a $500 million three year portion, tranche æBÆ and a $500 million five year credit, tranche æCÆ. Margins are priced at 15bp, 38bp and 55bp over Libor for tranches æAÆ, æBÆ and æCÆ respectively.
Banks can participate on three different tiers. Those contributing $30 million or above will join as lead arranger earning an upfront fee of 12bp, 18bp or 42.75bp for tranches æAÆ, æBÆ and æCÆ respectively. Likewise, commitments of $20 million to $29 million receive management fees of 11bp, 15bp and 33.25bp for the title of co-arranger. Lead managers coming in with $10 million to $19 million get an upfront fee of 10bp, 12bp and 28.5bp flat.
Banks have until August 24 to revert. The loan will be syndicated in Japanese yen, with at least 25% of the final amount in US dollars.
Proceeds will be used for general corporate purposes.
Calyon and Standard Chartered have been mandated to arrange a $300 million 10 year bullet loan for India Infrastructure Finance. This is the first infrastructure loan of its kind in India.
The loan pays a margin of 37bp over Libor and is guaranteed by the Government of India.
The deal is expected to launch into syndication next week, and road shows are to be held around Asia, with the Indian Ministers.
Jain Irrigation SystemsÆ $50 million six year facility has been launched into general syndicated via lead arrangers Bank of Baroda, Lehman Brothers and State Bank of India. Lehman Brothers and State Bank of India were the original mandated arrangers.
The facility features a spread of 145bp over Libor and an average life of 5.4 years.
Banks have been invited to join on three levels. Arrangers committing $7.5 million or more get 54bp for an all-in of 151bp over Libor. Co-arrangers providing between $5 million and $7 million receive 44bp for an all-in of 153bp while lead managers lending between $3 million and $5 million get 33bp for an all-in of 155bp.
Banks are expected to revert by September 3.
Larsen & ToubroÆs $200 million facility was launched into sub-underwriting on Wednesday (August 8) via mandated leads Barclays Capital, Citi and HSBC. The original $100 million amount was amended prior to the launch as the borrower requested a larger sum.
The financing comprises a $100 million five year portion and a $100 million seven year tranche with a spread of 54bp over Libor.
In sub-underwriting, banks committing between $20 million and $30 million receive a blended average all-in of 61.5bp.
Sub-underwriting is targeted to close in a few weeksÆ time with general syndication slated to launch on August 24.
The signing of Mercator Lines (Singapore)Æs $175 million 10 year ship financing is scheduled for mid-August via mandated leads BNP Paribas, DVB Bank, ICICI Bank and Hypovereinsbank.
Final allocations saw ICICI Bank and DVB Bank provide $35 million each while BNP Paribas and Hypovereinsbank held $25 million apiece.
NIBC committed $21 million and DnBNor Bank took $14 million while Rabobank and CIC ended up with $10 million each.
Proceeds are to support the purchase of three bulk carriers.
Reliance CommunicationsÆ $1 billion six year facility was signed on August 3 via a consortium of 17 mandated lead arrangers. Original mandated leads and bookrunners were ABN AMRO, Barclays Capital, BNP Paribas, Calyon, HSBC, Mizuho Corporate Bank and Standard Chartered Bank.
The deal pays a spread of 54bp over Libor and features a grace period of four years.
Final allocations saw the bookrunners holding $50 million apiece with other mandated lead arrangers ING Bank (Singapore Branch), Royal Bank of Scotland (Singapore Branch) and WestLB (Hong Kong Branch) also providing $50 million each. Dexia Credit Local (Asia Pacific) contributed $43 million, with Bank of Nova Scotia Asia, Bank of Tokyo-Mitsubishi UFJ, Fortis Bank (Singapore Branch), Intesa Sanpaolo (Hong Kong Branch), Rabobank and Sumitomo Mitsui Banking Corp (Singapore Branch) contributing $38 million apiece.
Lead arrangers China Construction Bank Corp (Hong Kong Branch), KfW and Societe Generale also took $38 million each. Arrangers BayernLB (Hong Kong Branch) held $30 million with DZ Bank (Singapore Branch) and Sumitomo Trust & Banking (Singapore Branch) taking $20 million apiece.
Completing the syndicate were co-arrangers Bank of Taiwan (Hong Kong Branch) lending $15 million, with Chang Hwa Commercial Bank (Singapore Branch), Mega International Commercial Bank (Offshore Banking Branch) and Taiwan Cooperative Bank (Offshore Banking Branch) committing $10 million each.
Proceeds are for general corporate purposes.
Standard Chartered has been mandated to arrange a $250 million one year fundraising for Reliance Energy. The deal was funded in March.
The loan carries a margin of 26bp over Libor and an average life of six months.
The deal is expected to be launched into syndication on August 11.
Reliance IndustriesÆ $500 million five year bullet loan is still in sub-underwriting and the targeted close date has been extended to next week via mandated arrangers ABN AMRO, Bank of Tokyo-Mitsubishi UFJ, Calyon, HSBC and Standard Chartered Bank.
The facility carries a spread of 39bp over Libor. Banks wanting to join as mandated lead arrangers must underwrite $75 million with a take and hold of $50 million, earning an underwriting fee of 5bp and a management fee of 70bp.
Senior syndication is expected to close in the week of August 13, after which the deal will be launched into general syndication.
Proceeds are for capital expenditure of the borrowerÆs oil and gas business.
Syntax IndustriesÆ $35 million seven year credit has been launched into general syndication via sole lead arranger Standard Chartered.
The facility features an average life of five years and pays a margin of 75bp over Libor.
Syndication is targeted to close by early September.
A ú150 million six-month bridge facility for Tata Steel Asia Holdings has been completed as a club deal via mandated leads ABN AMRO, Calyon, Citi, Deutsche Bank, HSBC and Standard Chartered Bank.
The fundraising pays a margin of 25bp over Libor.
Final allocations saw ABN AMRO commit ú37.5 million. Citi, Deutsche Bank, HSBC and Standard Chartered Bank contributed ú25 million apiece with Calyon coming in with ú12.5 million.
Proceeds are for acquisition purposes.
Syndication of Vedanta ResourcesÆ $1.1 billion facility closed on August 7 and allocations are to be finalised by the end of this week. A total of 15 banks joined the facility.
ABN AMRO, Barclays Capital, Citi and ICICI Bank were the original mandated arrangers and bookrunners in the deal. Joining as equal status arrangers and bookrunners are Abu Dhabi Commercial Bank, BNP Paribas, Calyon, DBS Bank, Fortis Bank, Mizuho Corporate Bank, Societe Generale and Sumitomo-Mitsui Banking Corp.
Bank of Baroda and Bank of Tokyo-Mitsubishi UFJ joined as mandated arrangers while DZ Bank joined as arranger.
Signing is expected to take place next week.
Bank Muscat, Natixis and Standard Chartered have launched a $50 million yen-equivalent one year bullet financing for Yes Bank into general syndication.
The margin is 23bp over Libor.
Banks have been invited to join on three levels. Arrangers joining with $7.5 million or above receive 15bp in management fees for an all-in of 38bp. Co-arrangers committing between $5 million and $7 million get 13bp while lead managers holding between $2.5 million and $5 million gain 12bp for all-ins of 36bp and 35bp respectively.
Banks have until August 29 to respond, with signing slated for September 1.
Indonesia
A $200 million five year term loan for Chandra Asri is still in general syndication via mandated arrangers DBS Bank, Standard Chartered Bank and Sumitomo Mitsui Banking Corp.
The loan pays a spread of 275bp over Libor and carries an average life of 3.5 years.
Banks are being invited on two tiers with lead arrangers providing $20 million or above earning a management fee of 80bp and senior managers contributing $10 million to $19 million gaining 60bp.
Two commitments have been received so far, with syndication looking to close in a few weeksÆ time. Proceeds are for general corporate and working capital purposes.
Pamapersada NusantaraÆs $350 million dual-tranche credit was launched into general syndication on August 8 via mandated lead arrangers DBS Bank, HSBC, Mizuho Corporate Bank, Standard Chartered Bank, Sumitomo Mitsui Banking Corp and United Overseas Bank
The facility consists of a $240 million term loan and a $110 million revolver featuring a blended average life of 3.1 years.
Syndication is targeted to close by the end of the month. Proceeds are to refinance existing debt and for general corporate purposes.
Malaysia
MEASAT Broadcast Network SystemsÆ RM360 million non-recourse loan has been completed via sole mandated arranger Standard Chartered which provided RM55 million.
Arrangers CIMB Bank committed RM185 million while RHB Bank held RM70 million. Maybank ended up with RM50 million.
New Zealand
Unison NetworksÆ NZ$200 million multi-tranche revolver has been signed via sole mandated arranger ANZ Investment Bank.
The facility is split into a $60 million one year bullet loan, a $60 million three year revolver and an $80 million five year portion.
ANZ Investment Bank committed NZ$67.5 million while lenders Commonwealth Bank of Australia Bank and Westpac provided NZ$55 million each. Bank of New Zealand lent NZ$22.5 million.
Proceeds are to refinance existing debt.
Singapore
ASL ShipyardÆs $66 million multi-tranche credit is expected to close by early next week via mandated leads BNP Paribas and OCBC.
The fundraising is split into a $56.85 million 27-month refundment guarantee, a $6.1m 27-month performance bond and a $3.05 million 13-month warranty bond.
Lead arrangers lending $15 million or above earn an upfront fee of 22bp, arrangers providing $10 million to $14 million gain 16bp and senior managers holding $5 million to $9 million receive 10bp.
So far, commitments have been received from Bangkok Bank, Natixis and VTB Bank.
Proceeds are to support the construction of a shipping vessel.
An $80 million term loan for Orchard Maritime Logistics was completed on August 7 on a club basis via Calyon, DBS Bank and Sumitomo Mitsui Banking Corp.
Allocations saw DBS Bank and Sumitomo Mitsui Banking Corp commit $30 million apiece with Calyon providing $20 million.
Proceeds are to fund the refinancing of an existing facility.
Taiwan
A NT$2 billion five year revolving credit facility for Lite-On Semiconductor was signed on August 3 via mandated leads Cathay bank, Chang Hwa Bank, Citi, Land Bank of Taiwan, Mega International Commercial and Shin Kong Commercial Bank. Citi acted as the sole bookrunner.
Syndication saw Industrial Bank of Taiwan, Shanghai Commercial & Savings Bank and Taiwan Cooperative Bank joining in as participants.
Proceeds are for working capital purposes.
Rexchip ElectronicsÆ NT$39 billion five year fundraising has been inked via a consortium of 18 banks.
The loan pays a margin of 60bp over the 90-day primary CP rate.
Mandated arrangers Cathay United Bank and Hua Nan Commercial Bank each provided NT$4 billion while Taipei Fubon Commercial Bank and Taiwan Shin Kong Commercial Bank committed NT$3 billion apiece. Mega International Commercial Bank and Taiwan Cooperative Bank contributed NT$2.7 billion each while China Development Industrial Bank held NT$2.5 billion.
Bank of Taiwan, First Commercial Bank, Chinatrust Commercial Bank, Industrial Bank of Taiwan, Land Bank of Taiwan, Ta Chong Bank, Taishin International Bank and Taiwan Business Bank took NT$2 billion each.
Lenders Fuhwa Commercial Bank and Taichung Commercial Bank lent NT$400 million apiece while Citi ended up with NT$300 million.
A NT$3.5 billion three year revolving credit has been completed for Taiwan Securities via a consortium of seven banks.
Mandated arrangers Cathay United Bank, Hua Nan Commercial Bank, Taiwan Business Bank, Standard Bank (Taiwan) and Shanghai Commercial & Savings Bank held NT$600 million each.
Bank of Taiwan joined as manager with a take of NT$300 million while lender Chinatrust Commercial Bank ended up with NT$200 million.
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