Abacus Fund ManagementÆs A$550 million dual tranche fundraising was completed on February 29 as a club deal via mandated leads ANZ, Commonwealth Bank of Australia and St George Bank.
The loan comprises two revolvers in the form of a A$400 million three-year tranche and a A$150 million 18-month portion.
Allocations saw ANZ holding A$250 million while Commonwealth Bank of Australia and St George Bank contributed A$150 million apiece.
Syndication is ongoing for Coffey InternationalÆs A$200 million five-year bullet facility via sole lead ANZ.
The proceeds from the multi-currency debt package are to support acquisitions and refinance existing debt.
Peoplebank AustraliaÆs A$59 million three-year credit has been inked on a club basis via mandated leads Commonwealth Bank of Australia and Westpac Banking Corp with each taking A$29 million.
Commitments are due by March 10 for Origin EnergyÆs $1.01 billion equivalent multi-tranche financing via bookrunners ANZ, Commonwealth Bank of Australia, Deutsche Bank, JPMorgan and National Australia Bank.
The three-year loan comprises a A$700 million debt, a A$200 million credit and a $200 million revolver.
The funds are to support OriginÆs previously announced growth capital expenditure requirements, including the Darling Downs Power Station project and ongoing coal-seam gas developments.
China
Syndication of Chailease International Finance CorporationÆs Rmb300 million three-year fundraising via sole lead Mizuho Corporate Bank is scheduled to close at the end of the week.
A $131 million two-year offshore aircraft financing for Hainan Airlines has closed oversubscribed but will be scaled back. Royal Bank of Scotland is leading the deal.
Joining the syndicate as arrangers were Bayerische Hypo-und Vereinsbank, Bayerische Landesbank, Natixis and Nanyang Commercial Bank. Allocations have yet to be finalised with the signing ceremony expected to take place before the coming Easter break.
Proceeds are to finance the purchase of two 737 and two 787 Boeing aircraft which are slated to be delivered in 2010.
TCC Guigang Cement CorporationÆs Rmb1.06 billion dual tranche credit is progressing slowly in the market due to complications with the Chinese Regulatory system and due to the Lunar New Year break. The mandated leads and bookrunners are BNP Paribas, Calyon, Standard Chartered Bank and Oversea-Chinese Banking Corporation. Bank of China has joined in as an equal-status lead arranger.
The deal is split into a Rmb700 million five-year portion and a Rmb360 million three-year revolver priced at 105% of the PBOC rate. The two tranches have a two-year extension option.
So far China Development Bank has joined in and syndication is expected to close next month. Proceeds are to support the construction of the second phase cement plant.
Hong Kong
Bookrunners Bank of China (Hong Kong), Bank of Tokyo-Mitsubishi UFJ and Mizuho Corporate Bank have launched a HK$1.43 billion five-year term loan for China Resources Snow Breweries into general syndication.
Banks have been invited on two levels. Arrangers providing HK$150 million or more receive 45bp in upfront fees for an all-in of 66bp over Hibor while senior managers holding between HK$70 million and HK$140 million get 35bp in fees for an all-in of 64bp.
The facility features a spread of 57bp over Hibor. The targeted close is set for mid-March.
India
Syndication of Indian Overseas BankÆs $100 million three-year financing has been well-received and commitments are expected to be due on March 10. Bank of Tokyo-Mitsubishi UFJ, DZ Bank, HSBC and Intesa Sanpaolo are the mandated leads.
The margin is priced at 40bp over Libor with banks being invited on two tiers. Arrangers contributing $10 million receive 81bp in management fees for an all-in of 67bp, while co-arrangers taking between $5 million and $10 million gain 75bp for an all-in of 65bp.
An $82 million eight-year term loan for Jet Airways (India) has been closed via sole mandated arranger and bookrunner ICICI Bank.
The margin is priced at 230bp over Libor with an average life of 5.13 years.
So far, syndication has seen Bank of Baroda, State Bank of Mauritius and Taiwan Business Bank joining in, with several other banks actively processing credit approvals but have yet to be disclosed.
The expected signing date is slated for March 15. Proceeds are to part finance the purchase of four Boeing 777-300ER aircraft.
ABN AMRO, Calyon, HSBC, Standard Chartered, Mizuho Corporate Bank, Bank of Nova Scotia and Rabobank have been mandated to arrange an $850 million five-year fundraising for Tata Chemicals.
The banks are still in discussion regarding the terms of the transaction, but syndication should be launched soon.
Indonesia
Syndication of PT Adaro's and Coaltrade International ServicesÆ $750 million dual tranche debt package has finally come to an end and is expected to be inked by today (March 7) via mandated lead arrangers Bank of Tokyo-Mitsubishi UFJ, DBS Bank, Standard Chartered Bank, Sumitomo Mitsui Banking Corporation and United Overseas Bank. DBS, Standard Chartered and Sumitomo Mitsui are acting as the bookrunners.
The credit is split between a $650 million five-year amortising term loan, with an average life of 3.54 years and a $100 million three-year revolver. The deal is priced at 130bp over Libor for the onshore portion and 120bp for the offshore tranche.
The full syndicate has not yet been disclosed. The facility was funded in early December.
The funds are to refinance an existing $200 million loan signed in March 2007 and a $400 million high-yield bond.
New Zealand
A $1.6 billion one-year dual tranche financing for Rank Group via mandated leads ANZ, BOS International, Calyon and Credit Suisse is expected to close soon.
Commitments have, so far, been received from ABN AMRO, Bank of Tokyo-Mitsubishi UFJ, Credit Industriel et Commercial, HSBC, Mizuho Corporate Bank, National Australia Bank, Natixis and Westpac.
The financing comprises a $1.5 billion one-year term loan and a $100 million revolver.
Singapore
Express Offshore Transport's and Miclyn OffshoreÆs $261 million multi-tranche LBO financing has been inked via original mandated leads Natixis, United Overseas Bank and WestLB.
Allocations saw United Overseas Bank and WestLB contribute $32.5 million each, while Natixis committed $27 million. Bank of Scotland (International), Chinatrust Commercial Bank, Industrial & Commercial Bank of China (Asia), Oversea-Chinese Banking Corporation and Standard Bank joined the transaction as equal-status arrangers, holding $19 million apiece.
The funds are to support the Macquarie Group-led leveraged buyout of the borrowers which will be merged to form Miclyn Express Offshore.
MGP BerthÆs S$1.94 billion 46-month dual tranche financing was launched into syndication on February 27 via mandated leads and bookrunners DBS Bank, Hypo Real Estate Capital, Oversea-Chinese Banking Corporation and United Overseas Bank.
The facility features an attractive margin of 210bp over SOR and consists of a S$1.55 billion senior portion and a S$388 million junior tranche that will not be syndicated and held only by the bookrunners.
A roadshow was held in Singapore on March 4. Banks have until the end of the month to revert.
Proceeds are to partially refinance an existing S$1.42 billion bridge loan and to fund construction costs.
DBS Bank, HSBC, Oversea-Chinese Banking Corporation, Sumitomo Mitsui Banking Corporation and Royal Bank of Scotland have launched a S$4.19 billion multi-tranche financing for Resorts World at Sentosa into sub-underwriting.
The seven-year, six-month debt package comprises a S$3.5 billion amortising loan, a S$500 million revolver and a $193 million bank guarantee. DBS Bank and Oversea-Chinese Banking Corp jointly provided the bank guarantee.
The credit pays a spread of 175bp over Libor. Fee details have not been fully disclosed as they have been individually tailored to meet each inviteeÆs requirements.
A bank presentation held on February 29 in Singapore generated a good turnout. Banks have until mid-March to revert. General syndication is slated to follow soon after.
A S$130 million three-year term loan for SEB Asian Property Fund is still in syndication and is being led by sole mandated lead and bookrunner Calyon.
The deal pays a spread of 73bp over Sibor and has an average life of 2.83 years.
Several banks are currently finalising their commitments and are expected to participate soon.
Proceeds are for the acquisition of property located on 79 Anson Road, Singapore.
Syndication of SupernovaÆs S$200 million leveraged buy-out facility for the acquisition of Seksun Corporation is still ongoing via mandated leads and bookrunners Chinatrust Commercial Bank, DBS Bank and United Oversea Bank (Asia). The financing is sponsored by Citi Venture Capital International.
The fundraising comprises three tranches û a short term loan, a revolving credit and a term loan facility with an average life of 3.25 years.
So far, commitments have been received from First Commercial Bank, Taishin International Bank and Oversea-Chinese Banking Corp. A site visit was held last week with a group of Taiwanese banks that are still processing credit approvals and expected to revert by mid-March. The loan was funded in early January by the mandated arrangers.
South Korea
A $120 million three-year offshore loan-style floating rate note for Shinsegae was signed last week via mandated lead arrangers and bookrunners BNP Paribas and DBS Bank.
The bullet deal pays a spread of 80bp over six-month Libor.
Final allocations saw DBS Bank and BNP Paribas committing $30 million and $27 million respectively. Coming in as an arranger was Banco Bilbao Vizcaya Argentaria (Hong Kong Branch) taking $25 million, while co-arranger Chinatrust Commercial Bank (Offshore Banking Branch) held $20 million. Completing the syndicate were lead managers DZ Bank (Hong Kong Branch) and Mega International Commercial Bank (Offshore Banking Branch) contributing $13 million and $5 million respectively.
Proceeds are to refinance existing debt.
Taiwan
Bank of Tokyo-Mitsubishi UFJ, Hua Nan Commercial Bank, ING Bank, Mizuho Corporate Bank and Sumitomo Mitsui Banking Corporation have been awarded the mandate to arrange Quanta ComputerÆs $300 million five-year revolver.
The loan features a spread of 48bp over Libor and a commitment fee of 50bp.
General syndication is scheduled to be launched in mid-March.
Taiwan Mobile's and Taiwan Fixed NetworkÆs NT$13.5 billion three-year revolving credit facility was completed on February 21 on a club basis via a consortium of nine mandated arrangers û ABN AMRO, Bank of Tokyo-Mitsubishi UFJ, BNP Paribas, Chang Hwa Commercial Bank, Chinatrust Commercial Bank, Hua Nan Commercial Bank, Land Bank of Taiwan, Mizuho Corporate bank and Sumitomo-Mitsui Banking Corporation.
Allocations saw the banks providing an equal share of NT$1.5 billion apiece.
Proceeds are for working capital purposes.
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