Boart LongyearÆs $585 million multi-tranche credit has closed in syndication. ABN Amro, nabCapital and RBS are the lead arrangers. Allocations should be available soon.
ANZ Investment Bank, Deutsche Bank and JP Morgan have won an A$1.8 billion mandate from ING Industrial Fund (IIF).
The multi-currency revolving facility is scheduled to be launched in September, with about 20 to 25 banks to be approached.
Proceeds will go towards refinancing an A$1.8bn 364-day club loan signed in June provided by the mandated arrangers. It will also be used for general fund purposes.
IIF is a listed property trust investing in prime industrial properties and business parks in key global markets and its operations include property investment, property development and property services.
An A$175 million multi-tranche LBO facility for the purchase of FosterÆs GroupÆs wine club and services unit by private equity firm, Archer Capital has been launched into senior syndication via mandated arrangers BOS International (Australia) and RBS. The facility is borrowed through an SPV called Kennedy Corp.
The loan is split into an A$40 million senior term loan A, an A$75 million senior term loan B, an A$25 million mezzanine portion, an A$25 million revolver and an A$10 million portion for capital expenditure and restructuring purposes. All the tranches carry a tenor of six years, with the exception of the mezzanine debt which has a tenor of 6.5 years.
Syndication is expected to close at the end of the month.
Prime TelevisionÆs A$350 million dual-tranche revolving facility was signed on July 26 via sole mandated lead ANZ Investment Bank.
The loan comprises an A$90 million one year financing and a A$260 million five year portion.
Allocations saw ANZ Investment Bank hold A$125 million. Joining in as participants were Commonwealth Bank of Australia taking A$100 million and National Australia Bank providing A$75 million. Toronto Dominion Bank completed the syndicate with A$50 million.
Proceeds are to refinance an existing debt facility and for general corporate purposes.
AustraliaÆs second largest air carrier, Virgin Blue AirlinesÆ $589.55 million equivalent fundraising is enjoying a good market response. Mandated lead arrangers and bookrunners ANZ Investment Bank, HSH Nordbank (Singapore) and ING Bank will close syndication early next week.
The six year average life secured term loan carries a spread of 50bp over BBSY.
Banks can participate in four different tiers. Those wanting to join as mandated lead arrangers and bookrunners must underwrite $100 million with a final take amount of $70 million, earning an underwriting fee of 10bp and an upfront fee of 20bp, leading to a top level all-in yield of 55bp. Underwriting commitments of $70 million with a final take amount of $50 million receive an underwriting fee of 5bp and an upfront fee of 20bp, for the mandated lead arranger title.
Mandated lead arrangers taking and holding $70 million also receive an underwriting fee of 5bp and an upfront fee of 20bp while mandated lead arrangers taking and holding $50 million get an upfront fee of 20bp.
Proceeds will be used to purchase four new Boeing 737-800 aircraft, six new Embraer 170 aircraft and eleven new Embraer 190 aircraft.
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