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.
Hong Kong
Sole lead arranger Standard Chartered Bank is syndicating a HK$230 million three year term loan for CEC International Holdings. Coils Electric, a wholly owned subsidiary of the borrower, is acting as guarantor.
The deal pays a spread of 158bp over Hibor.
Arrangers lending HK$40 million or above earn an upfront fee of 30bp, lead managers providing HK$30 million to HK$39 million gain 25bp and managers holding HK$20 million to HK$29 million receive 20bp.
Proceeds are for working capital and to refinance a HK$243 million three year revolver signed in April 2005, which had a margin of 185bp over Hibor.
Banks have until August 10 to revert.
A HK$175 million three year revolving and term credit for Celestial Finance was signed on July 25 via sole mandated arranger Standard Chartered Bank (Hong Kong Branch).
The financing pays a margin of 160bp over Hibor.
Final allocations saw Standard Chartered Bank take HK$40 million with CITIC Ka Wah Bank also holding HK$40 million as coordinating arranger. KBC Bank (Hong Kong Branch) and Wing Hang Bank committed HK$25 million each as arrangers. Coming in as lead managers were Industrial & Commercial International Capital, Chong Hing Bank and Industrial & Commercial Bank of China (Asia) contributing HK$20 million, HK$15 million and HK$10 million respectively.
Proceeds are for general corporate purposes.
Mandated arrangers Bank of China (HK), Bank of Tokyo-Mitsubishi UFJ, Hang Seng Bank and Mizuho Corporate Bank have closed syndication of COSCO-HIT Terminals (Hong Kong)Æs HK$2 billion five year bullet term loan.
The facility is oversubscribed and final allocations should be available soon. Proceeds are for working capital and refinancing.
Foxhill InvestmentsÆ HK$2.045 billion three year facility was signed on July 24 via sole mandated lead and bookrunner Standard Chartered Bank (Hong Kong Branch).
The term loan features a spread of 63bp over Hibor.
Allocations saw the bookrunner provide HK$190 million. Coming in as coordinating arrangers were DBS Bank and Wing Lung Bank contributing HK$355 million and HK$230 million respectively. Bank of Communications (Hong Kong Branch), Industrial & Commercial Bank of China (Asia) and Societe Generale Corporate and Investment Banking provided HK$170 million each. China Construction Bank Corp (Hong Kong Branch) and Chong Hing Bank joined in as arrangers committing HK$110 million each.
Lead managers Bank of China (Macau Branch) and Bank of China (Singapore Branch) held HK$90 million apiece. Bank Sinopac (Kowloon Branch), Chang Hwa Commercial Bank (Hong Kong Branch), First Commercial Bank (Hong Kong Branch), Mega International Commercial Bank (Hong Kong Branch), Shanghai Commercial & Savings Bank (Offshore Banking Branch) and Wing Hang Bank took HK$60 million each.
Proceeds are to refinance an existing debt facility and for general corporate purposes.
Lee & Man Paper ManufacturingÆs HK$2 billion five year term loan closed senior syndication last Friday (July 27) via mandated arrangers and bookrunners DBS Bank and Standard Chartered Bank. The facility was oversubscribed and upsized from HK$1.5 billion due to an overwhelming market response and will not be launched into general syndication.
The financing pays a spread of 40.5bp over Hibor and carries an average life of four years.
Final allocations saw the bookrunners commit HK$182 million apiece with 12 other banks joining in as equal-status mandated arrangers providing HK$126 million each. The banks comprise Bank of Communications (Hong Kong Branch), Bank of East Asia, Bank of Nova Scotia Asia, Bank of Tokyo-Mitsubishi UFJ (Hong Kong Branch), China Construction Bank International Finance, CITIC Ka Wah Bank, Export Development Canada, Industrial & Commercial Bank of China (Asia), KBC Bank, Mizuho Corporate Bank, Nanyang Commercial Bank (Hong Kong Branch) and Sumitomo Mitsui Banking Corp. Completing the syndicate was Taipei Fubon Commercial Bank holding HK$124 million as lead arranger.
Signing is slated for August 16 and proceeds are for working capital purposes.
Mandarin Oriental (Hong Kong) and Excelsior HotelÆs HK$3.5 billion seven year dual-tranche facility has closed oversubscribed via mandated lead arrangers Banco Bilbao Vizcaya Argentaria (Hong Kong Branch), Bank of Communications (Hong Kong Branch), Bank of Tokyo-Mitsubishi UFJ, BNP Paribas (Hong Kong Branch), HSBC, Industrial & Commercial Bank of China (Asia) and Standard Chartered Bank (Hong Kong Branch). Original mandated arrangers were Bank of Tokyo-Mitsubishi UFJ, BNP Paribas (Hong Kong Branch), HSBC and Standard Chartered Bank (Hong Kong Branch). The loan was upsized from HK$3 billion due to an enthusiastic response from the market.
The financing is divided into a HK$2.33 billion term loan and a HK$1.17 billion revolver, featuring a margin of 28bp over Hibor.
Final allocations saw the mandated lead arrangers Bank of Tokyo-Mitsubishi UFJ and HSBC contributing HK$350 million apiece, while BNP Paribas (Hong Kong Branch) and Standard Chartered Bank (Hong Kong Branch) provided HK$250 million each. Industrial & Commercial Bank of China (Asia) took HK$240 million while Banco Bilbao Vizcaya Argentaria (Hong Kong Branch) and Bank of Communications (Hong Kong Branch) held HK$215 million apiece.
Coming in as arrangers were Hang Seng Bank and Shanghai Commercial Bank providing HK$195 million each. China Construction Bank Corp (Hong Kong Branch), Chong Hing Bank, Mizuho Corporate Bank, Sumitomo Mitsui Banking Corp and Tai Fung Bank committed HK$155 million apiece.
Senior managers Nanyang Commercial Bank gave HK$125 million while Bank of China (Hong Kong), Bank of East Asia, Oversea-Chinese Banking Corp (Hong Kong Branch) and Wing Lung Bank took HK$85 million each.
Proceeds are to refinance an existing facility signed in August 2001.
A HK$1.2 billion four year dual-tranche financing for PrimeCredit was signed this week (July 30) via mandated leads and bookruuners ANZ Investment Bank, DBS Bank, KBC Bank and Standard Chartered Bank. The facility was oversubscribed and upsized from HK$800 million.
The fundraising is divided into a HK$240 million revolver and a HK$960 million term loan, both paying a margin of 33bp over Hibor.
Syndication saw a total of 16 banks join in general syndication. Allocations saw the mandated leads KBC Bank take HK$150 million, and ANZ Investment Bank and DBS Bank hold HK$110 million each. Standard Chartered Bank provided HK$50 million.
Coming in as arrangers were DZ Bank and Scotiabank contributing HK$65 million and HK$60 million respectively. Agricultural Bank of China, Banco Bilbao Vizcaya Argentaria, Bank of Tokyo-Mitsubishi UFJ, China Construction Bank, Landesbank Baden-Wurttemberg, Mizuho Corporate Bank, Rabobank and Sumitomo Mitsui Banking Corp committed HK$50 million apiece.
Lead mangers CITIC Ka Wah Bank and Industrial & Commercial Bank of China (Asia) gave HK$47.5 million each, while Chang Hwa Commercial Bank joined with HK$45 million. Mega International Commercial Bank, Intesa Sanpaolo and First Commercial Bank came in as managers, taking HK$45 million, HK$40 million and HK$30 million respectively.
Proceeds are to refinance existing debt and to provide for working capital requirements.
India
Alok IndustriesÆ $75 million five year credit facility has seen a $10 million commitment from State Bank of Mauritius and a $3 million ticket from Chang Hwa Commercial Bank. Bank of India, Barclays Capital, State Bank of India and UTI Bank are the mandated arrangers.
About six more banks are looking at the deal with syndication close targeted on August 10. The loan pays a top level all-in of 236bp over Libor and 246bp over yen Libor.
Amtek AutoÆs $200 million seven year credit has so far received four commitments in senior syndication. Calyon, DBS Bank, HSBC and Mizuho Corporate Bank have joined mandated lead ABN AMRO as equal-status arrangers.
The fundraising is said to have a $50 million greenshoe. Senior syndication is targeted to close next week with a view to launch into general soon after.
Syndication of Bhushan Steel & StripsÆ $100 million six year fundraising has closed via lead arrangers Bank of India, Barclays Capital, Chinatrust Commercial Bank, Deutsche Bank, State Bank of India and UTI Bank.
Twelve banks have joined the facility, which is oversubscribed. The borrower will decide if it would like to exercise the $50 million greenshoe.
Allocations will be finalised soon with signing targeted to be held in India next Friday.
Two commitments have been received on the $300 million 364-day bridge facility for Chemplast Sanmar. ICICI Bank is the sole lead arranger.
A few more banks are expected to revert by the end of the month.
Coordinating arrangers Lehman Brothers and State Bank of India will soon launch a $50m debt facility for Jain Irrigation Systems. The company manufactures and distributes irrigation systems.
Proceeds will be used for capital expenditure purposes.
A $300 million nine month aircraft loan for Jet Airways (India) was signed on July 13.
The deal has a margin of 100bp over Libor and paid an arrangement fee of 35bp. Lenders have security through an assignment of contracts.
Original mandated arrangers ICICI Bank lent $50 million and Barclays Capital held $25 million. Bank of Baroda, Bank of India and State Bank of India joined as equal status arrangers with $50 million apiece. Other lenders include UTI Bank with a $40 million ticket, Indian Overseas Bank with a $15 million hold and Canara Bank and Syndicate Bank with $10 million commitments each.
Proceeds are to purchase 10 Boeing and 10 Airbus aircraft.
Jubilant OrganosysÆ $100 million dual-tranche loan will be launched into syndication shortly via sole mandated arranger ICICI Bank.
The loan, which is split between a $50 million bilateral tranche and a $50 million syndicated portion, will be used to support the acquisition of Hollister-Stier Laboratories.
A $70 million seven year term loan for Kesoram Industries was launched into syndication last Friday via sole mandated arranger ICICI Bank.
The amortising facility pays a spread of 125bp over Libor and has an average life of five years.
Lead arrangers lending $15 million earn a participation fee of 70bp with a top level all-in of 139bp, arrangers providing $10 million receive 65bp and managers holding $5 million get 60bp.
Proceeds will be used by the borrower to expand its cement manufacturing capacity by 1.65 mmtpa to 5.30 mmtpa, clinker capacity by 1.35 mmtpa to 4.65 mmtpa and captive thermal power plant by 18MW to 61.2MW at the existing Vasavdatta unit. The expansion costs $109.8 million.
Banks have until August 20 to send in commitments.
Nicholas Piramal India's US$56 million equivalent dual-tranche refinancing was signed on July 27.
The three year bullet loan carries a margin of 48bp over Libor and is split between a $20 million tranche and an ú18 million portion.
Mandated lead arrangers Banc of America Securities Asia, Bank of Tokyo-Mitsubishi UFJ and Sumitomo Mitsui Banking Corp each contributed $3 million and ú3.3 million respectively while Bank of Nova Scotia Asia committed $3 million and ú3 million. Arrangers Mega International Commercial Bank (Singapore Branch) took $5 million, Hua Nan Commercial Bank held $1.8 million and ú1.35 million, Shanghai Commercial & Savings Bank provided ú1.5 million, Bank of East Asia pledged ú1.45 million and Banque des Mascareignes ended up with $1.2 million and ú0.8 million.
Coordinating arrangers Bank of India, Barclays Capital and State Bank of India have launched a Ç45 million five year acquisition facility for Orlandofin, a wholly-owned subsidiary of Sakthi Auto Component. The parent company and holding companies of the parent will act as guarantors.
The amortising loan, which has a 3.4125 year average life, features a pricing grid of 225bp over Euribor when net debt to Ebidta is over three times and 220bp if the ratio is less than three times. Repayments are in nine semi-annual installments with a one year grace period.
Banks joining as arrangers earn an upfront fee of 80bp and a top level all-in of 248bp for commitments of Ç7.5 million and above, co-arrangers receive 70bp for holds of Ç5 million to Ç7 million and lead managers gain 60bp for tickets of Ç3 million to Ç4 million.
Lenders have security via a pledge over assets of both the borrower and target, Intermet Europe, as well as a pledge over shares of the borrower held by the guarantor.
The deadline for commitments is on August 31.
Reliance IndustriesÆ $500 million five year bullet loan has been launched into sub-underwriting via mandated arrangers ABN Amro, Bank of Tokyo-Mitsubishi UFJ, Calyon, HSBC and Standard Chartered Bank.
The facility carries a spread of 39bp over Libor. Banks have been invited to join as MLAs with either a sub-underwriting commitment or a take and hold portion.
Senior syndication is expected to close in the week of August 13, after which general syndication will be launched.
Proceeds are for capital expenditure of the borrowerÆs oil and gas business.
Varun ShippingÆs $48 million 10 year facility has received its first sub-underwriting commitment of $20 million from BNP Paribas. ICICI Bank is the mandated arranger.
Around three more banks are waiting to process approvals with syndication targeted to close in three weeks time. Banks joining at the top level earn an all-in of 153.93bp over Libor.
Syndication of the $1.1 billion one year bridge loan to Vedanta Resources is already oversubscribed. ABN Amro, Barclays Capital, Citi and ICICI Bank are lead arranging the facility.
Nine banks including Abu Dhabi Commercial Bank, Bank of Tokyo-Mitsubishi UFJ, Bank of Baroda, Calyon, DBS Bank, DZ Bank, Mizuho Corporate Bank, Societe Generale and Sumitomo Mitsui Banking Corp have sent in commitments. Two more banks are expected to revert shortly with syndication to close today.
Singapore
A $90 million dual-tranche credit for Varsha Marine and Vidya Marine has been signed via mandated lead arrangers BNP Paribas, DBS Bank and Sumitomo Mitsui Banking Corp. DBS Bank was the sole bookrunner.
The financing is split equally into two $45 million term loans both with a 10 year tenor, paying a margin of 95bp over Libor.
Final allocations saw the mandated lead arrangers contribute $18 million apiece. Coming in as arrangers were Bayerische Hypo-und Vereinsbank, DnB Nor Bank (Singapore Branch) and NIBC Bank committing $12 million each.
Mercator Lines (Singapore) acted as the guarantor with proceeds to fund the purchase of vessels.
Taiwan
E-Da Development CorpÆs NT$5.25 billion multi-tranche financing was signed on July 30 as a club deal via lead arrangers Agricultural Bank of Taiwan, Bank of Taiwan, Land Bank of Taiwan, Taiwan Business Bank and Taiwan Cooperative Bank.
The facility is divided into NT$1 billion and NT$3.23 billion 15 year term loans, and a NT$1.02 billion seven year tranche. Margins are at 200bp over the one-year Bank of Taiwan savings deposit rate and there is a commitment fee of 20bp.
Bank of Taiwan and Taiwan Cooperative Bank contributed NT$1.35 billion and NT$1.2 billon respectively. The rest of the lead arrangers provided NT$900 million apiece.
Proceeds are to support the construction of an amusement park and for the purchase of land and machinery.
A NT$5 billion multi-tranche three year facility for Highwealth Construction Corp was signed on July 26 via mandated leads Bank of Taiwan, Land Bank of Taiwan and Taiwan Cooperative Commercial Bank.
The bullet term loans are split into NT$1.7 billion, NT$2.7 billion and NT$600 million portions. All tranches feature a margin of 45bp over the Land Bank of TaiwanÆs one-year savings rate and a commitment fee of 20bp.
Final allocations saw bookrunners Land Bank of Taiwan committing NT$1.8 billion, Bank of Taiwan taking NT$1.5 billion and Taiwan Cooperative Commercial Bank holding NT$1.2 billion. Syndication saw Bank of Kaohsiung and Taiwan Business Bank come in as participants having contributed NT$300 million and NT$200 million respectively.
Proceeds are for general corporate purposes.
Janfusan Fancyworld CorpÆs NT$1.59 billion five year fundraising was signed on July 27 via mandated lead arrangers Bank of Taiwan, First Commercial Bank, Mega International Commercial Bank, Taiwan Business Bank and Taiwan Cooperative Bank. The facility was increased from NT$1.5 billion.
The facility is split into tranches of NT$500 million, NT$700 million and NT$300 million. The term loan pays a margin of 114bp over Taiwan Cooperative BankÆs one year savings floating rate and there is a commitment fee of 15bp.
All five mandated lead arrangers ended up holding NT$242 million apiece. Participants Agricultural Bank of Taiwan also held NT$242 million while Hua Nan Commercial Bank committed NT$138 million.
Proceeds of the loan are to refinance existing debt and for working capital and general corporate purposes.
A $95.246 million 15 year amortising shipping loan for Pilot Maritime was signed on July 31. Mandated lead arranger Sumitomo Mitsui Banking Corp was joined by Bank of Taiwan, Hua Nan Commercial Bank and Mega International Commercial Bank as equal status arrangers.
Proceeds will be used to finance part of the acquisition price of a 2001 built capsize bulk carrier, which is under bareboat charter to the Formosa group.
Powerchip SemiconductorÆs NT$20 billion five year term facility was signed yesterday.
The loan pays a margin of 60bp over the 90 day primary CP fixing rate and had a commitment fee of 5bp. Banks joining at the top level as mandated lead arrangers earned a management fee of 25bp to 30bp.
Mandated arrangers Cathay United Bank and Hua Nan Commercial Bank committed NT$2 billion apiece, China Development Industrial Bank, Shin Kong Commercial Bank and Taipei Fubon Commercial Bank each contributed NT$1.5 billion, Mega International Commercial Bank and Taiwan Cooperative Bank provided NT$1.3 billion apiece, with Bank of Taiwan, Chinatrust Commercial Bank, First Commercial Bank, Industrial Bank of Taiwan, Land Bank of Taiwan, Ta Chong Bank, Taishin International Bank and Taiwan Business Bank holding NT$1 billion each. Participants Citi lent NT$500 million and Fuhwa Commercial Bank and Taichung Commercial Bank pledged NT$200 million apiece.
Proceeds will be used to purchase machinery equipment.
A $65 million dual-tranche three year credit for Unitech Printed Circuit Board Corp, Unitech Electronic International (BVI) and Unitech Electronics International (Cayman) has been signed via mandated arrangers and bookrunners Cathay United Bank, Fuhwa Commercial Bank, Hua Nan Commercial Bank, Industrial Bank of Taiwan and Taishin International Bank. Industrial Bank of Taiwan was the original mandated arranger.
The fundraising is split into a $50 million SBLC portion, paying a margin of 70bp over Libor; and a $15 million revolver featuring a spread of 60bp over Libor. Commitment fees for both tranches are 20bp.
Allocations saw the mandated arrangers contribute $7.75 million apiece. Joining in as participants were Far Eastern International Bank taking $5.55 million, while Chang Hwa Commercial Bank and Cooperative Commercial Bank held $4.75 million each. Shin Kong Commercial Bank and Sunny Bank provided $3.7 million apiece, with Shanghai Commercial Bank and Bank of East Asia holding $2.9 million and $0.9 million respectively.
Proceeds are working capital purposes.
Yieh United Steel CorpÆs NT$12 billion multi-tranche financing has been signed via a consortium of 10 mandated lead arrangers û Chang Hwa Commercial Bank, China Development Industrial Bank, China Trust Commercial Bank, First Commercial Bank, Hua Nan Commercial Bank, Land Bank of Taiwan, Mega International Commercial Bank, Taipei Fubon Bank, Taiwan Business Bank and Taiwan Cooperative Bank.
The deal is divided into a NT$7.8 billion five year term loan, featuring a margin of 80bp over the 90-day secondary CP rate; and a NT$4.2 billion three year revolving credit with a margin of 70bp over the 30, 60, 90 or 180-day secondary CP rate. The term loan has a one year grace period.
Mega International Commercial Bank and Taiwan Cooperative Bank provided NT$1.87 billion and NT$1.23 billion respectively, while the other eight lead arrangers contributed equal amounts of NT$950 million each. Coming in as co-arrangers were Bank of Taiwan and Taishin International Commercial Bank holding NT$700 million and NT$600 million correspondingly.
The loan is secured by the land, factory and machinery of the borrower with proceeds to fund an existing debt facility and for working capital purposes.
Thailand
True MoveÆs Bt7.9 billion five year term loan has been cancelled with Deutsche Bank issuing a $225 million seven year bond in its place.
The deal had an average life of 3.8 years with a grace period of 24 months. DBS Bank was the sole mandated arranger.
Proceeds were to refinance an existing debt facility and to go towards other fees related to the transaction.
¬ Haymarket Media Limited. All rights reserved.
