Sole lead arranger HSBC will soon be closing syndication of Long Chen (Zhejiang) Paper FactoryÆs $47 million equivalent dual tranche term loan. Although the facility is already oversubscribed, a few more banks have yet to revert.
The five year deal, which has an average life of 4.1 years, pays a margin of 82.5bp over Libor on the US dollar tranche with a commitment fee of 15bp, while the RMB portion is priced at 90% of the PBOC rate.
A top level all-in of 86.2bp is offered to banks joining as arrangers with commitments of $15 million or above.
Syndication of Tianrui CementÆs RMB3 billion multi-tranche LBO facility has closed. China Construction Bank is the last entity to join in the sub-underwriting phase. The other mandated lead arrangers comprise JP Morgan, CITIC Industrial Bank, ING, International Finance Corp and Societe Generale.
In general syndication, China Everbright Bank joined Bank of Nova Scotia, Chinese Mercantile Bank, Hang Seng Bank, Korea Exchange Bank and Shinhan Bank.
Documentation is in progress and allocations are being finalised. Signing should be held in mid-August.
Hong Kong
Sub-underwriters have until early August to join Melco PBL Entertainment (Macau)Æs $1.25 billion dual tranche deal, which is being led by ANZ Investment Bank, Banc of America Securities Asia, Barclays Capital, Deutsche Bank and UBS.
The seven year facility is split between a $1 billion term loan and a $250 million revolving credit. Both carry a margin of 150bp to 200bp, based on an Ebitda ratio over Libor.
Coordinating lead arrangers underwriting $150 million earn an underwriting fee of 20bp and a management fee of 75bp while those taking and holding $100 million get 75bp.
General syndication is expected to be launched upon completion of senior syndication. Proceeds are to be used for the City of Dreams project.
New World China Land FinanceÆs HK$2 billion five year credit facility is closing soon in syndication. HSBC is the mandated arranger and is waiting for a handful of banks to commit. The loan, which carries a margin of 58bp over Hibor, is oversubscribed.
Noble GroupÆs $1.2 billion three year revolving credit facility was signed on July 18 via original mandated leads and bookrunners ABN AMRO, ANZ Investment Bank (Hong Kong Branch), Fortis Bank (Hong Kong Branch), ING Bank, Royal Bank of Scotland, Societe Generale and Standard Chartered Bank (Hong Kong Branch). The financing was oversubscribed and upsized from $1 billion due to an overwhelming market response.
Final allocations saw the bookrunners contribute $80 million apiece. Joining in as equal-status mandated arrangers were Dresdner Bank (Luxembourg) providing $80 million while Bank of Tokyo-Mitsubishi UFJ and Mizuho Corporate Bank committed $60 million each. Lead arrangers Commonwealth Bank of Australia (Singapore Branch) held $50 million while Bank of Nova Scotia and Lloyds TSB Bank gave $40 million apiece.
Coming in as arrangers were United Overseas Bank and Maybank (Hong Kong Branch) taking $35 million and $30 million respectively. CITIC Ka Wah Bank, Commerzbank (Hong Kong Branch), Credit Agricole (Suisse) and Industrial and Commercial Bank of China (Asia) provided $20 million each.
Co-arrangers Bank of Communications (Hong Kong Branch) held $18 million while First Commercial Bank and Nanyang Commercial Bank ended up with $15 million apiece and Credit Suisse took $12 million. Contributing $10 million each were BHF Bank, Chang Hwa Commercial Bank (Singapore Branch), HSH Nordbank (Singapore Branch), Intesa Sanpaolo (Hong Kong Branch), KBC Bank (Hong Kong Branch), Kookmin Bank, Natixis (Singapore Branch), Rabobank (Hong Kong Branch), Taiwan Business Bank (Offshore Bank Branch) and WestLB. Completing the syndicate was Banca Monte dei Paschi di Siena (Hong Kong Branch) which held $5 million.
Proceeds are to refinance an existing debt facility and for working capital purposes.
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