A A$434 million five-year and one-month amortising loan for LMENA No1, an SPV of Leighton Holdings, was inked on January 17 via bookrunners HSBC, Mashreqbank and Royal Bank of Scotland.
Final allocations saw mandated arrangers Abu Dhabi Commercial Bank commit $101 million while Royal Bank of Scotland contributed $98 million. HSBC provided $50 million while Mashreqbank held $45 million.
Senior lead arranger Caterpillar Financial Australia took $35 million while lead arrangers Commonwealth Bank of Australia and First Gulf Bank each took $25 million.
Arrangers National Bank of Oman lent $20 million and Ahli United Bank took $15 million. Abu Dhabi Investment and Gulf International Bank each ended up with $10 million.
The facility features a margin of 325bp over Libor and the funds are to support Leighton HoldingsÆ 45% stake in Dubai-based construction firm Al Habtoor Engineering.
China
ASE Assembly & Test (Shanghai)Æs $190 million five-year term loan is looking to close syndication by the end of this week via mandated leads DBS Bank and HSBC. The bookrunners are also currently in discussions to finalise documentation with the client.
The deal features a margin of 90bp over Libor and an average life of four years. Advanced Semiconductor Engineering (ASE) (Taipei) is the parent company.
The funds are to partly refinance existing debt and for general corporate purposes.
Zhuhai Zhongfu EnterpriseÆs Rmb2.75 billion dual tranche financing has so far received a good response from the market with a handful of banks waiting for credit approvals. Calyon, Chinese Mercantile Bank and Industrial & Commercial Bank of China are the mandated leads and bookrunners.
The loan is split into a RMB2.5 billion five year portion with an average life of 3.5 years and a RMB250 million three year revolver. The margin is priced at 105% of the PBOC rate for both tranches.
Proceeds are to refinance an existing debt facility.
Hong Kong
Syndication of Integrated Precision EngineeringÆs HK$250 million dual tranche financing is still ongoing via sole lead Standard Chartered.
The four year deal comprises a HK$75 million revolver and a HK$175 million credit that both feature a spread of 85bp over Hibor.
Banks have been invited on three levels. Arrangers committing HK$40 million or more receive 49.5bp in management fees for an all-in of 100bp over Hibor based on a blended average life of 3.3 years. Lead managers contributing between HK$30 million and HK$39 million gain 40bp while managers lending between HK$20 million and HK$29 million get 33bp for all-ins of 97bp and 95bp respectively.
The targeted deadline is set for February 5. Proceeds are to refinance an existing syndicated loan signed in 2005 and for corporate funding requirements.
India
A $300 million five year credit for DLF Global Hospitality has been launched into sub-underwriting via mandated lead arrangers ICICI Bank and Standard Chartered.
The loan features a spread of 250bp over Libor and an average life of four years.
Banks have been invited on two levels. Mandated lead arrangers contributing $50 million or above gain 15bp in underwriting fees and a participation fee of 80bp for an all-in of 273bp over Libor. They can also get the title with a proposed hold of $20 million. Lead arrangers lending between $40 million and $49 million (proposed hold of $20 million) receive 10bp in underwriting fees and 60bp in management fees for an all-in of 267bp.
One-on-one bank meetings were held over the week, with banks expected to revert by the end of next week on account of the looming Chinese New Year, with general syndication to follow soon after.
The funds, which signify the first acquisition loan for a real estate firm from India, are to finance the acquisition of Aman Resorts from Silverlink Holdings.
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