Incitec Pivot has successfully raised A$420 million ($318 million) from the market with a total of five banks participating in the deal. The lenders are Commonwealth Bank of Australia, which holds A$115 million, while National Australia Bank and Westpac joined with commitments of A$100 million apiece. Rabobank is providing A$65 million while ANZ is pledging A$50 million.
Hong Kong
The HK$2.5 billion ($322 million) fundraising for China Resources Land has been completed with nine banks participating. The facility carries a margin of 34bp over Hibor.
Mandated co-ordinating arrangers Bank of China (Hong Kong) took HK$450 million and four others û Calyon, DBS Bank, HSBC and Standard Chartered (Hong Kong) û joined with tickets of HK$355 million each, while Bank of Tokyo-Mitsubishi UFJ contributed HK$300 million.
Co-arranger Citic Ka Wah Bank ended up with HK$150 million while Nanyang Commercial Bank and Bank of China (Macau) took HK$100 million and HK$80 million respectively and came in as senior managers. Signing is tentatively targeted for the end of this week.
Sole mandated lead arranger Citic Ka Wah Bank launched China Special Steel HoldingsÆ $30 million term facility into general syndication on Tuesday (July 25). The loan offers a margin of 155bp over Libor and has an average life of 2.5 years.
The three year financing is being marketed in two tiers. Lead arrangers committing $5 million or above get a management fee of 55bp, translating to a top level all-in of 177bp over Libor. Arrangers providing $3 million to $4 million receive an upfront fee of 37.5bp for an all-in of 170bp over Libor.
The loan marks the borrowerÆs debut in the market. Proceeds will be used to refinance existing debt and for general working capital purposes. Banks have until August 18 to respond.
The HK$13.3 billion ($1.7 billion) facility for Henderson Land Development was signed on Wednesday (July 26) via a consortium of 24 banks. The financing is the largest amount raised so far this year and the biggest HK dollar loan on record.
Joint mandated lead arrangers and bookrunners Citic Ka Wah Bank and UOB Asia have launched Huafeng Textile International GroupÆs HK$250 million facility into general syndication. Thus far, the five-year financing has secured commitments from a handful of banks with several others still waiting for approvals.
Banks are being invited to join on two levels. Lead arrangers contributing HK$46 million or above receive an upfront fee of 60bp, translating to a top level all-in of 190bp over Hibor. Arrangers providing HK$30 million to HK$45 million get 45bp for an all-in of 185bp over Hibor.
The loan is priced at 170bp over Hibor, features a put option at the end of the fourth year and has an average life of 2.97 years. The borrowerÆs subsidiaries Treasure Wealth Assets and Huafeng Trading Macau Commercial Offshore are acting as the guarantors. Proceeds will be used for working capital purposes and to refinance existing debt.
The deadline for responses is expected to be at the end of this week.
Signing for Public Financial HoldingsÆ HK$2 billion ($257 million) financing took place last Friday (July 21). The facility saw 15 banks join in sub-underwriting.
The mandated lead arranger group comprises Barclays Capital, Public Bank, DBS Bank, Bumiputra Commerce Bank (Hong Kong), ANZ Banking Group, Bank of China (Hong Kong), Bank of Tokyo-Mitsubishi UFJ, BayernLB, Citic Ka Wah Bank, Calyon, HVB, Mizuho Corporate Bank, SMBC, UOB Asia and WestLB (Singapore).
Proceeds will be used to refinance a bridge facility that is maturing in August 2006.
India
Market talk is that Air India is tapping the market for a $750 million three year aircraft financing via a three bank group. A formal mandate will be announced shortly.
Rumor also has it that ICICI Bank is seeking a $150 million two year financing. A group of banks is close to be being mandated.
ICICI Bank last tapped the market in March 2006 when it raised $300 million via a one-year term facility. That facility was priced at 13bp over Libor and was led by Lloyds TSB Bank, ABN AMRO, Banc of America Securities Asia, Calyon, Citigroup Global Markets (Singapore), DBS Bank, DZ Bank, HSBC, Natexis Banques Populaires, RZB Austria, Standard Chartered and BNP Paribas.
Allocations for Indian Farmers Fertiliser Cooperative (IFFCO)Æs Ñ27.5 billion ($235 million) fundraising have been finalised. A total of 11 banks are participating in the deal.
Mandated lead arrangers are ICICI Bank providing Ñ10.45 billion, Calyon taking Ñ5.45 billion and DBS Bank and Rabobank lending Ñ3.3 billion each. Arab Bank and Bank of Taiwan joined with holds of Ñ1.1 billion apiece and Cathay United Bank ended up with Ñ600 million. Four other Taiwanese banks û Chiao Tung Bank, First Commercial Bank, Land Bank of Taiwan and United Bank of Taiwan û joined with tickets of Ñ550 million each.
The facility was pre-funded by Calyon and ICICI Bank in May 2006. Proceeds will be used to fund the Rs26.2 billion ($560 million) acquisition of a di-ammonium phosphate plant from Oswal Chemicals & Fertilisers in Paradee, Orissa.
Signing took place on Tuesday (July 25).
Reliance Natural Resources (RNRL)Æs $312 million 5 + year stand-by letter of credit has been launched into general syndication via mandated lead arrangers Barclays Capital, Banc of America Securities Asia, BNP Paribas, DBS Bank, KfW and SMBC.
The facility carries a spread of 75bp over Libor and is being marketed on three tiers. Lead arrangers committing $15 million or above earn 37.5bp, equating to a top level all-in of 82.5bp over Libor; arrangers pledging $10 million to $14 million receive 32.5bp for an all-in of 81.5bp, while lead managers providing $5 million to $9 million get 25bp for 80bp all-in.
All the arrangers are running the books while Barclays Capital is the documentation and facility agent. Proceeds will be used for working capital purposes. The financial close is scheduled for August 4.
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