Syndication of Babcock & Brown InfrastructureÆs A$800 million-equivalent dual tranche facility is being well received. Mandated arrangers and bookrunners ANZ, Commonwealth Bank of Australia, Dresdner Kleinwort and Royal Bank of Scotland have funded the loan.
The debt package comprises a $500 million three-year credit and a A$235 million five-year multi-currency portion. The margin is priced at 100bp over BBSY for the three-year tranche and 115bp over BBSY for the five-year loan.
A handful of commitments are already in and syndication is scheduled to close next week.
ANZ, Commonwealth Bank of Australia, Deutsche Bank, JPMorgan and National Australia Bank have been mandated for Origin EnergyÆs A$1.1 billion-equivalent dual tranche three-year financing.
The facility is split into a A$900 million revolving/term loan portion and a US$200 million revolver.
Proceeds are for working capital purposes.
SPI Electricity & Gas Australia HoldingsÆ A$1.55 billion dual tranche fundraising has been completed via mandated arrangers and bookrunners Citi, Commonwealth Bank of Australia, National Australia Bank, Royal Bank of Scotland and Westpac.
The deal was spilt equally into a five-year term loan and a three-year revolver.
Allocations saw the bookrunners contributing A$150 million apiece while DBS Bank and Fortis Bank (Singapore Branch) took A$150 million each as co-arrangers.
Coming in as managers with a hold of A$100 million apiece were Bank of Tokyo-Mitsubishi UFJ, BNP Paribas, HSBC (Australia Branch), Toronto-Dominion Bank (Australia Branch) and Oversea-Chinese Banking Corporation.
The funds are to refinance a A$600 million revolver signed in July 2007 and for general corporate purposes.
China
The Rmb4.7 billion three-year financing for Shanghai Xin Lu One, Two and Three Properties (all SPVs of Sun Hung Kai Properties) has been signed via a syndicate of eight mandated leads as a club deal. The leads are Bank of China (Shanghai Branch), Bank of East Asia (Shanghai Branch), Bank of Tokyo-Mitsubishi UFJ (Shanghai Branch), BNP Paribas (Shanghai Branch), HSBC (Shanghai Branch), Industrial & Commercial Bank of China (Shanghai Branch), Standard Chartered Bank (Shanghai Branch) and Sumitomo-Mitsui Banking Corporation (Shanghai Branch).
The margin is priced at 90% of the PBOC rate. The funds are to finance the development and construction of the International Finance Centre in Shanghai.
Hong Kong
Syndication of Addchance HoldingsÆ HK$500 million three-year fundraising has been extended as several banks are still processing credit approvals. Hang Seng Bank is the sole mandated lead arranger and bookrunner.
The loan pays a spread of 108bp over Hibor and has an average life of 2.25 years.
Banks have been invited on three tiers. Arrangers committing HK$80 million or above receive an upfront fee of 60.75bp while co-arrangers contributing between HK$50 million and HK$75 million gain 54bp in fees. Lead managers providing between HK$30 million and HK$45 million get 45bp flat.
The target closing date has been rescheduled to the end of next week. Proceeds are for capital expenditures.
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