The $425 million renminbi equivalent loan for AU Optronics (Suzhou) and AU Optronics (Xiamen) has been allocated. A total of 21 banks joined in syndication.
Coordinating arrangers are China Construction Bank and Agricultural Bank of China taking $55 million and $50 million respectively. Bank of China is committing $45 million while Bank of Communications and Industrial Bank are providing $22.5 million each. Seven other coordinating arrangers û ABN Amro, Bank of Tokyo-Mitsubishi UFJ, HSBC, Standard Chartered, BayernLB, China Merchants Bank, and Industrial & Commercial Bank of China are contributing US$20 million apiece. United Overseas Bank ended up with US$18 million and joined as an equal status arranger.
Joining as co-arrangers are OCBC, China Citic Bank and Hang Seng Bank with commitments of $15 million, $14 million and $10 million each while two others û Bangkok Bank and First Sino Bank û joined with tickets of $11 million apiece.
Senior managers are Wing Hang Bank holding $4.5 million while Korea Development Bank and Shenzhen Development Bank came in with holds of $3.25 million each. Signing will take place shortly.
Market talk is that China Southern Airlines is in the market to fund its recent purchase of 50 new Airbus A320 aircraft worth HK$25.8 billion.
Allocations for COSCO Container LinesÆ $466.5 million shipping loan have been finalised. The original mandated arrangers ING Bank and Societe Generale took $40.96 million each while three others û Bank of China (Hong Kong), Bank of Tokyo-Mitsubishi UFJ and BNP Paribas û joined with commitments of $39.96 million apiece.
Ten other banks joined as equal status mandated arrangers including CCB International Finance with a hold of $28.97 million and seven others û Bank of Nova Scotia (Asia), Credit Industriel et Commercial (Singapore), DnB NOR Bank (Singapore), HSH Nordbank (Singapore), Industrial & Commercial Bank of China, KfW Bankengruppe and Mizuho Corporate Bank û pledging $27.97 million each. Banca Intesa and Oversea-Chinese Banking Corp also came in with commitments of $19.98 million apiece.
Proceeds will be used to finance 60% of the contract price of eight new container vessels. Signing took place last Friday (July 7).
Export-Import Bank of China (Chexim) has successfully raised $500 million from the market. A total of 12 banks joined in the fundraising. Mandated arrangers are Bank of Tokyo-Mitsubishi UFJ and China Merchants Bank lending $75 million each, Calyon, ING Bank and Standard Chartered taking $6.25 million each and Mizuho Corporate Bank providing $40 million.
Joining as arrangers are Banca Intesa (Shanghai) and Deutsche Bank (Shanghai) with commitments of $25 million each. Co-arranger Bank of Montreal (Beijing) ended up with $15 million while two other managers û Shenzhen Development Bank and Svenska Handelsbanken û committed $10 million apiece.
Calyon, ING Bank and Standard Chartered are running the books. The facility offers a spread of 35bp over Hibor translating to a top level all-in of 40bp over Hibor.
Sole mandated lead arranger Royal Bank of Scotland has launched Weiqiao TextileÆs $210 million term facility into general syndication. The three year financing offers a top level all-in of 145bp over Libor. Banks are being invited to join as lead arrangers, arrangers and senior managers.
Proceeds will be used to refinance a $100 million facility signed in October 2004. That facility was priced at 130bp translating to a top level all-in of 157bp over Libor. Bank responses are due by July 28.
Hong Kong
China Resources LandÆs HK$2.5 billion five year financing has been completed with eight banks participating. Allocations are being finalised.
Mandated arrangers Bank of China (Hong Kong), Bank of Tokyo-Mitsubishi UFJ, Calyon, DBS Bank, HSBC and Standard Chartered Bank (Hong Kong) were joined by Bank of China (Macau) as senior manager and Citic Ka Wah Bank as co-arranger.
The facility features a margin of 34bp over Hibor. Proceeds are for general corporate purposes. Signing is expected to be held on July 18.
The HK$12.2 billion financing for Henderson Land Development has secured one commitment so far. A handful of banks are in the process of gaining approvals. The five year facility offers a margin of 25bp leading to a top level all-in of 29.5bp over Hibor.
The arranger group includes Agricultural Bank of China, Bank of China (Hong Kong), Bank of East Asia, Bank of Tokyo-Mitsubishi UFJ, BNP Paribas, BayernLB, Calyon, CCB International Finance, Citigroup, DBS Bank, HSBC, ICBC Asia, Mizuho Corporate Bank, OCBC, Rabobank, Royal Bank of Scotland, Fortis Bank, Standard Chartered and SMBC.
Banks have until next Monday (July 17) to respond.
Hongkong Electric is reviewing proposals for a seven year HK$5 billion loan from at least eight banks. They are HSBC, Standard Chartered, Citigroup, Royal Bank of Scotland, Fortis Bank, Westpac Banking Corp, ANZ Investment Bank and Bank of Tokyo-Mitsubishi UFJ.
Hongkong Electric last tapped the market when its Australian subsidiary, Hongkong Electric International Finance borrowed a A$617 million facility. That five year loan was arranged by ANZ Investment Bank, Bank of Tokyo-Mitsubishi UFJ, Citigroup, HSBC, Mizuho Corporate Bank, Royal Bank of Scotland, Standard Chartered, Fortis Bank and Westpac Banking Corp.
Hong Kong based global consumer goods exporter Li & Fung, is sounding banks for a loan to support the acquisition of Rosetti Handbags & Accessories worth $162 million (HK$1.26 million).
The $160 million multi tranche financing for Pacific Andes International Holdings has been closed with more than 20 banks participating in general syndication. The arrangers have decided to increase the facility size from $120 million and scale back the tickets from each bank. Rabobank, Hang Seng Bank and HSBC are leading the deal. Allocations are being finalised. Signing will be held today (Friday).
India
Corporation Bank signed its $100 million 364 day credit on July 6. A total of 11 banks are participating in the deal.
Mandated lead arrangers Calyon, DZ Bank (Singapore) and Lloyds TSB Bank (London) held $14.75 million apiece, DBS Bank lent $13 million, BNP Paribas and Standard Chartered Bank took $7.625 million each while co-arrangers United Overseas Bank committed $7 million, Banca Nazionale del Lavoro (Hong Kong) and Oversea-Chinese Banking Corp provided $6 million apiece and Bank of China contributed $5.5 million. Lead manager Banca Intesa (Hong Kong) took $3 million.
The loan carries a margin of 12bp over Libor and proceeds are for working capital purposes.
Indonesia
PT Federal International FinanceÆs $100 million dual tranche fundraising was signed on July 7. Mandated arrangers Nederlandse Financieringsû Maatschappij voor Ontwikkelingslanden took $25 million and ABN AMRO Bank committed $9.5 million.
Lead manager Erste Bank contributed $15 million, Bank of Tokyo-Mitsubishi UFJ, Bayerische Hypo-und Vereinsbank (Singapore) and Standard Bank (Asia) provided $9.5 million apiece while managers State Bank of India (Singapore) absorbed $7 million and Bank of India (Singapore), BankMuscat International and Krung Thai Bank pledged $5 million each.
The facility comprises a $25 million five year term loan æAÆ and a $75 million three year term loan æBÆ. Tranche æAÆ carries a margin of 230bp over Libor while tranche æBÆ pays 185bp over Libor.
Philippines
Smart CommunicationsÆ $50 million five year financing is likely to close on a club basis. SMBC and Standard Chartered are leading the deal. Proceeds will be used for general corporate purposes. The borrower last visited the market when it raised $70 million via a five year term facility in August 2005.
Taiwan
Syndication of Taiwan KolinÆs NT$3.5 billion dual tranche fundraising reached financial close today (Friday). Thus far, the facility has secured commitments from 13 banks. They are Chiao Tung Bank, China United Trust & Investment Corp, Chinese Bank, E.Sun Commercial Bank, Hwa Tai Bank, Shanghai Commercial & Savings Bank, Sunny Bank, Taiwan Business Bank, Central Trust of China, Agricultural Bank of Taiwan, Hua Nan Commercial Bank, Shin Kong Commercial Bank and Industrial Bank of Taiwan. Chang Hwa Commercial Bank is said to be in the final stage of gaining credit approval.
Sole mandated lead arranger Bank of Taiwan is running the books. The five year facility features a spread of 180bp leading to a top level all-in of 197.4bp over the 90-day primary market CP rate.
Market talk is that Optimax is sounding banks for a NT$2.5 billion financing. The facility is likely to close as a club said bankers close to the deal. A formal mandate will be awarded by the end of July.
ICBC and Hua Nan Commercial Bank have been verbally mandated to arrange Far Eastern ConstructionÆs NT$4 billion multi-tranche facility.
The loan is split into NT$1 billion one year and two year tranches and a NT$2 billion three year tranche. Proceeds are for debt repayment and to guarantee the development of a shopping mall in Taipei. The deadline for banks to respond is by the end of July.
Bank of Taiwan, Land Bank of Taiwan, China Development Bank, Industrial Bank of Taiwan and Hsinchu International Bank have been mandated to arrange World Peace IndustrialÆs NT$2.5 billion three year revolving credit.
Thailand
Sole mandated lead arranger Standard Chartered has launched a $350 million seven year financing for Neptune Orient Lines (NOL) and APL (Bermuda) into senior syndication. The seven year facility features a margin of 41.5bp over Libor.
The deal is being marketed to banks on four tiers. Sub-underwriters taking $50 million or above receive an underwriting fee of 7.5bp and a participation fee of 15bp flat, leading to a top level all-in of 44.7bp over Libor. Lead arrangers providing $50 million or above receive an upfront fee of 22.5bp flat translating to a top level all-in of 44.7bp over Libor. Arrangers committing $35 million to $49 million earn 15bp for an all-in of 43.6bp over Libor while lead mangers contributing $20 million to $34 million get 10bp for an all-in of 42.9bp over Libor.
Neptune Orient Lines is acting as the guarantor which is partly owned by Temasek Holdings. The deadlines for sub-underwriting and general syndication are July 19 and August 2 respectively.
The Ñ9.3 billion fundraising Siam Panich Leasing has been closed with six banks joined in general syndication. They are Bank of Taiwan, Cathay United Bank, Chang Wah Commercial Bank, First Commercial Bank, Hua Nan Commercial Bank and Norinchukin Bank. Standard Chartered, Bank of Tokyo-Mitsubishi UFJ and Mizuho Corporate Bank are leading the deal. The three year facility was pre-funded in early June by the three mandated lead arrangers.
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