Babcock & Brown InfrastructureÆs A$800 million equivalent dual tranche facility was launched into general syndication on January 21 via mandated leads and bookrunners ANZ, Commonwealth Bank of Australia, Dresdner Kleinwort and Royal Bank of Scotland.
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.
The targeted closing date is set for February 5.
A A$1.6 billion four-year multi-tranche financing for Goodman Australian Industrial Fund was launched into general syndication on January 24 via mandated lead arrangers Commonwealth Bank of Australia and Westpac Banking Corp.
The loan comprises two A$400 million credits with tenors of two and three years respectively, a A$350 million four-year facility and a A$450 million portion that is solely held by Westpac Banking Corp.
Banks have been invited on three tiers. Banks providing A$150 million or more get the title of co-arranger while those lending between A$100 and A$150 million get the title of senior lead manager. Those joining with a hold of A$75 million or more get lead manager titles.
The funds are to refinance an existing debt and to fund expansion.
Banks have until February 23 to revert but could be extended due to the Lunar New Year holidays falling in the same period.
Senior syndication of a $2.26 billion leveraged buyout (LBO) facility for Ned Group Holdings, an SPV of Coates Hire, closed in late December 2007 and the launch date for general syndication is currently under discussion due to the looming Lunar New Year. The original mandated lead arrangers are ABN AMRO (Australia), ANZ, Calyon (Australia), Mizuho Corporate Bank, Sumitomo Mitsui Banking Corp and Westpac Banking Corp.
The financing is split between a A$2.2 billion six-year credit and a A$60 million bullet facility.
Senior syndication saw a total of 11 banks coming in as equal-status lead arrangers û AIB Bank, Aozora Bank, Bank of Ireland, Bank of Tokyo-Mitsubishi UFJ, BOS International, Commonwealth Bank of Australia, Deutsche Bank, GE Commercial Finance, Rabobank, Scotiabank and WestLB.
The funds are to support Carlyle Group and National HireÆs acquisition of Coates Hire.
China
Hainan AirlinesÆ $131 million two-year aircraft financing has received its first commitment from Nanyang Commercial Bank which joined the financing with a take of $30 million. Royal Bank of Scotland is leading the loan.
The deal features a spread of 120bp over Libor and an average life of 1.75 years with a one-year put option.
Banks have been invited to join on three levels. Lead arrangers providing $20 million or more receive 35bp in upfront fees for an all-in of 140bp over Libor. Arrangers contributing between $15 million and $19 million get 27.5bp while senior managers lending between $10 million and $14 million gain 20bp for all-ins of 135.7bp and 131bp respectively.
Proceeds are to finance the acquisition of two 737 and two 787 Boeing aircrafts.
Five to six banks are awaiting approvals. The deadline for banks to respond is before the Lunar New Year.
Plantation Timber ProductsÆ (PTP) LBO financing has been mandated to ING Bank, Industrial & Commercial Bank of China, Rabobank, Royal Bank of Scotland and WestLB.
The deal is currently under discussion between the mandated arrangers with details yet to be finalised. Proceeds are to refinance an $86 million facility funded in September 2006.
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