Sky CityÆs NZ$500 million three year term facility was signed on June 16. Mandated arrangers ANZ Investment Bank, Bank of New Zealand and Commonwealth Bank of Australia contributed NZ$166.7 million apiece. Proceeds are to refinance existing debt.
China
Mandated arrangers Banc of America Securities Asia, Bank of Tokyo-Mitsubishi UFJ, Calyon, DBS Bank and ING Bank launched a $200 million dual tranche financing for Minmetals Capitals & Securities on Monday.
The deal is split equally into a term loan and revolving credit, both with margins of 26bp over Libor. Banks have been invited to join on three levels. Co-arrangers committing $25 million or above gain an all-in of 31bp, arrangers providing $15 million to $24 million get 30bp, and lead managers contributing $7 million to $14 million receive 28bp. The deadline for banks to respond is July 7.
Joint mandated arrangers BNP Paribas and Mizuho Corporate Bank launched Zhenjiang Union Chemical Industry Corp (Union) and Zhuhai Unicizers Industrial Corp (Unicizers)Æs $100 million renminbi equivalent revolver into general syndication on Tuesday. Both mandated arrangers are running the books while BNP Paribas is the facility and documentation agent.
The three year facility comprises a $60 million tranche that will be borrowed by Zhenjian Union Chemical Industry Corp, located in Jiangsu, and the remaining $40 million portion will be borrowed by Zhuhai Unicizers Industrial Corp. Proceeds will be used for working capital purposes.
The borrowersÆ Taiwanese parent, UPC Technology Corp, is providing a guarantee. A number of local PRC banks are interested in the financing according to bankers close to the deal. A site visit will be held on June 30.
Hong Kong
Champion REITÆs HK$7.2 billion dual tranche facility has been launched into general syndication via eight mandated lead arrangers. They are Bank of China (Hong Kong), Bank of East Asia, Citigroup, HSBC, Hang Seng Bank, ICBC (Asia), JP Morgan and SMBC. The facility was pre-funded on April 27.
The five year facility comprises a HK$7 billion term portion and a HK$200 million revolver offering a margin of 53bp over Hibor. The financing is being marketed on three tiers. Arrangers providing HK$300 million earn an upfront fee of 35bp, leading to a top level all-in of 60bp over Hibor. Senior managers with HK$200 million to HK$290 million get 27.5bp for an all-in of 58.5bp while managers taking HK$100 million to HK$190 million receive 20bp for an all-in of 57bp.
Banks have until June 28 to revert.
China Resources LandÆs HK$250 million facility was launched into general syndication via mandated arrangers Bank of China (Hong Kong), Calyon, DBS Bank, HSBC and Standard Chartered Bank (Hong Kong) on Tuesday.
The loan features a margin of 34bp over Hibor and participation levels are on two levels. Co-arrangers providing HK$150 million or above gain an all-in of 38.5bp and senior managers lending HK$75 million to HK$140 million get an all-in of 37bp.
Proceeds are to finance the general corporate funding requirements of the borrower and to refinance existing debt.
Hang Lung Properties signed its HK$6 billion revolving credit on June 21. Mandated arrangers Bank of Tokyo-Mitsubishi UFJ, BNP Paribas, Citigroup, DBS Bank, Industrial and Commercial Bank of China (Asia), Mizuho Corp Bank, Standard Chartered Bank (Hong Kong), Sumitomo Mitsui Banking Corp took HK$490 million each while Agricultural Bank of China (Hong Kong), Bank of China (Hong Kong) and BayernLB (Hong Kong) held HK$325 million apiece.
Bank of Communications (Hong Kong) joined as a co-arranger with a ticket of HK$485 million. Arrangers include Oversea-Chinese Banking Corp and Wing Lung Bank lending HK$200 million each. Senior managers are Tai Fung Bank lending HK$120 million and China Construction Bank (Hong Kong) providing HK$100 million.
The facility offers a margin of 23bp over Hibor. Proceeds are to refinance existing debt and for general corporate purposes.
Hopewell FinanceÆs HK$5.35 billion facility has been upsized further from HK$4 billion after an enthusiastic response from the market. A total of 17 banks joined in the financing.
Mandated co-ordinating arranger Bank of China (Hong Kong) pledged HK$525 million while six others joined with commitments of HK$500 million each. They are Bank of Communications, BNP Paribas, Calyon, China Construction Bank (Hong Kong), Citigroup and ICBC (Asia). Export Development Canada lent HK$300 million, Agricultural Bank of China and DBS Bank took HK$250 million apiece and joined at the same level.
Lead managers are Bank of Tokyo- Mitsubishi UFJ and Liu Chong Hing Bank committing HK$200 million each while Mizuho Corporate Bank, SMBC (Singapore) and Wing Lung Bank ended up with HK$150 million apiece. Joining as senior mangers are Tai Fung Bank and Oversea-Chinese Banking Corp with tickets of HK$100 million and HK$75 million respectively.
The signing ceremony has been scheduled for June 30.
Pacific Andes International HoldingsÆ $120 million multi-tranche facility is still syndicating. Mandated lead arrangers Hang Seng Bank, HSBC and Rabobank have extended the deadline to early next week to accommodate a few more banks. The facility will be used to fund the construction of a new factory in Qingdao and to refinance existing debt.
The HK$500 million loan for Hong Kong brokerage firm Tai Fook Securities has been allocated. The facility was oversubscribed with a total of 19 banks joining in syndication. Co-ordinating arrangers HSBC, Bank of China (Hong Kong) and ICIC Bank committed HK$70 million each. OCBC also joined at the top level with a hold of HK$44 million.
Arrangers include Dah Sing Bank lending HK$44 million, and Asia Commercial Bank, Bank of China (Macau), SMBC and Wing Hang Bank absorbing HK$20 million each. Chang Hwa Commercial Bank and CITIC Ka Wah Bank ended up with HK$18 million apiece.
Joining as senior mangers are International Bank of Taipei, Maybank and Taiwan Business Bank with tickets of HK$12 million apiece. Allied Banking Corp, Hang Seng Bank, Hua Nan Commercial Bank, Liu Chong Hing Bank and Shanghai Commercial Bank joined as managers and provided HK$10 million each.
Signing will be held on June 29.
India
Corporation BankÆs $100 million yen-equivalent financing has received four commitments so far with banks expected to revert by today (Friday). They are Banca Nazionale del Lavoro, Bank of China, Oversea-Chinese Banking Corp and United Overseas Bank with subscriptions in excess of $30 million.
BNP Paribas, Calyon and Standard Chartered are the bookrunners while DZ Bank and Lloyds TSB Bank are also in the arranging group. Standard Chartered is the facility and documentation agent. Proceeds will be used to refinance the borrowerÆs $100 million loan signed in April 2005. That one year facility was priced at 15bp over Libor.
INCAT InternationalÆs $60 million three year financing is progressing in syndication. Joint mandated lead arrangers Calyon and Standard Chartered have received a commitment from Export Development Canada. The deal offers a spread of 30bp over Libor. The facility is sponsored by Tata Motors and was pre-funded in January 2006. The original borrower Tata Technologies recently acquired INCAT International.
Machine tool manufacturer PMT MachinesÆ $40 million five year fundraising has been launched into syndication. The facility is priced at 275bp over Libor and banks are being invited to join on two levels. Arrangers taking $5 million or above will get a management fee of 75bp, leading to a top level all-in of 290bp over Libor. Co-arrangers providing $3 million or above will receive 50bp for an all-in of 285bp.
Bank meetings and one-on-one meetings will be held in Taipei and Singapore on July 3 and July 4 respectively. Financial close is scheduled for July 19.
A consortium of six mandated arrangers is syndicating Union Bank of IndiaÆs $150 million yen equivalent term loan. They are Bank of Tokyo-Mitsubishi UFJ, BNP Paribas, DBS Bank, Natexis Banques Populaires, RZB Austria and Standard Chartered.
The facility is priced at 33bp over Libor leading to a top level all-in of 42bp over Libor. The borrower last tapped the market in March 2006 when it raised $125 million via a 364 day facility which offered a top level all-in of 27bp over Libor.
The deadline for responses is at the end of June.
Indonesia
Car financing company OtomultiarthaÆs $50 million term loan is expected to close today (Friday). The three year facility has secured three commitments totalling $30 million. They are Erste Bank, State Bank of India and Woori Bank with subscriptions of $10 million each. Around two more are still in the process of gaining approvals. The deal offers a top level all-in of 213bp over Libor. Mandated lead arrangers Barclays Capital and DBS Bank are running the books.
Mandated lead arrangers DBS Bank, HSH Nordbank (Singapore), Oversea-Chinese Banking Corp, SMBC, RZB Austria (Singapore) and Natexis Banques Populaires (Singapore) are yet to close the books for Bank Ekspor Indonesia (Persero)Æs $120 million term loan. The fundraising has received four commitments so far while several others are in the process of gaining credit approvals.
The facility comprises a $70 million 370 day tranche æAÆ that pays a spread of 43bp over Libor and a $50 million two year tranche æBÆ that is priced at 75bp over Libor.
Allocations will be finalised shortly. Signing is targeted for June 27.
Malaysia
Bumiputra Commerce Holdings is close to mandating a group of banks to arrange a loan that will fund its M$6.7 billion acquisition plans. Its subsidiary, Bumiputra Commerce Bank just raised $300 million in May 2006 via a five year term loan that paid a top level all-in of 22.5bp over Libor. That facility was arranged by ABN AMRO, Bank of Tokyo Mitsubishi UFJ, BayernLB, Public Bank and Standard Chartered.
Singapore
The $100 million fundraising for Hyflux is still progressing in syndication with banks expected to revert by next week. The five year facility is equally split between a revolver and term loan that feature a margin of 93bp over Libor. Hydrochem Singapore is acting as a guarantor. BNP Paribas and DBS Bank are leading the deal.
South Korea
A Ç43 million dual tranche term loan for Czech Sungwoo S.R.O. has been completed via mandated arranger Korea Development Bank. Co-arrangers include Export-Import Bank of Korea, Hana Bank, Korea Exchange Bank, Mizuho Corporate Bank and Woori Bank.
The facility consists of Ç15 million and Ç28 million loans. Proceeds are for general corporate purposes. Signing is expected to be held on June 29.
The $205 million shipping loan for Hanjin Shipping has completed syndication and allocations were finalised this week. A total of 11 banks joined the deal. The financing comprises a pre-delivery tranche and a post-delivery tranche that are further split into tranches æAÆ and æBÆ. Tranche æAÆ for the pre and post-delivery portions have been fully underwritten by Export-Import Bank of Korea.
Mandated lead arranger Export-Import Bank of Korea provided $98 million while five others û BNP Paribas, Citigroup Global Markets Asia, SG Asia, ING Bank and SMBC û also joined at the top level with commitments of $16.8 million each. Joining as arrangers are Industrial Bank of Korea lending $35 million, HSH Nordbank (Singapore) taking $19.77 million, Banca Intesa committing $16.8 million as did Credit Industriel et Commercial (Singapore) and Mizuho Corporate Bank.
The signing ceremony took place on Wednesday in Seoul.
Joint co-ordinating arrangers Standard Chartered (Hong Kong) and Kookmin Bank have completed and allocated Hyundai Engineering & ConstructionÆs $100 million loan-style FRN. The financing received a resounding response from the market but the amount was not increased.
The co-ordinating arrangers ended up with $18 million each. Arrangers include Daiwa Securities SMBC (Singapore) lending $15 million and Arab Bank, Daehan Investment & Securities and Meritz Securities taking $10 million apiece. Joining as co-arrangers are Hyundai Securities (Europe) and BBVA (Hong Kong) committing $8 million and $6 million respectively. Kumho Investment Bank held $5 million and joined as a lead arranger.
Signing is scheduled for June 27.
Taiwan
E-Sun Commercial Bank and Taiwan Business Bank are the latest investors to join BenQ CorpÆs NT$10 billion five year fundraising. Bank of Taiwan, Chinatrust Commercial Bank, First Commercial Bank and International Commercial Bank of China are arranging the loan. Syndication is slated to close in early August.
Dairen Chemical CorpÆs NT$2 billion three year revolver was signed on June 20. Mandated arrangers E-Sun Commercial Bank held NT$500 million and Chinatrust Commercial Bank lent NT$300 million. Joining as managers are Cathay United Bank providing NT$500 million, Chiao Tung Bank lending NT$300 million and Taiwan Business Bank and Sunny Bank with tickets of NT$200 million apiece.
Der Chao ConstructionÆs NT$3.2 billion five year loan has so far received commitments from Bowa Commercial Bank, EnTie Commercial Bank and Far Glory Life Insurance. The deal offers a margin of 135bp over the 90 day primary CP rate and a top level participation fee of 15bp. Industrial Bank of Taiwan is leading the facility.
The $100 million three year revolving credit for Elitegroup Computer Systems will be provided on a club basis by Chang Hwa Commercial Bank, First Commercial Bank, International Commercial Bank of China and Taiwan Cooperative Bank. The loan carries a margin of 5bp over Libor.
Eva AirwaysÆ NT$10.4 billion 12 year dual tranche aircraft financing was launched into syndication yesterday (Thursday). Cathay United Bank, Chang Hwa Commercial Bank, Chinatrust Commercial Bank, First Commercial Bank, Hua Nan Commercial Bank, International Commercial Bank of China and Taipei Fubon Commercial Bank are leading the deal.
The loan is split equally into two term loans that carry a margin of 45bp over the secondary CP rate. Banks have been invited to join on three levels. Lenders earn 8bp for commitments of NT$600 million or more, 5bp for NT$400 million to NT$599 million and 3bp for NT$200 million to NT$399 million. Bank responses are due by July 21.
Kenly Precision Industrial has successfully raised NT$550 million via a six year facility provided by three banks. Mandated arrangers Bank of Taiwan held NT$220 million and Chiao Tung Bank provided NT$165 million. Hua Nan Commercial Bank joined as a lender with a commitment of NT$165 million. The deal features a spread of 95bp over the primary CP rate and proceeds are for general corporate requirements.
Chinatrust Commercial Bank has been mandated to lead arrange a NT$2.5 billion three year dual tranche financing for President International Development Corp. Uni-President Enterprises Corp is providing a guarantee.
The loan comprises a NT$2 billion revolving credit and a NT$500 million guarantee facility to be provided only by bills finance companies. The revolver offers a margin of 42.5bp over the secondary CP rate while the guarantee facility pays 30bp.
Uni-PresidentÆs investment holding company last tapped the market in August 2005 via a NT$1.5 billion loan arranged by Industrial Bank of Taiwan. That deal offered a spread of 85bp over the CP rate.
Proceeds are to refinance existing debt and to provide for working capital requirements. Chinatrust will launch the deal into syndication by mid-August.
The deadline for Taipei Fullerton HotelÆs NT$2.39 billion dual tranche fundraising has been pushed back to next Friday as banks secure their credit approvals. Taiwan Cooperative Bank is leading the deal and commitments totalling NT$3.15 billion have so far been received.
Asia Trust & Investment, Bank of Panhsin, Central Union Trust & Investment and Hua Nan Commercial Bank are the latest investors to join. Agricultural Bank of Taiwan, Cathay United Bank, Fuhwa Bank, Hsinchu International Bank, KingÆs Town Bank, Shanghai Commercial & Savings Bank, Shin Kong Commercial Bank, Taichung Commercial Bank and Taipei Fubon Commercial Bank joined earlier.
Taiwan KolinÆs NT$3.5 billion five year dual tranche credit has secured commitments from China United Trust & Investment Corp and Chinese Bank. Bank of Taiwan is the mandated arranger.
The loan is split into a NT$2 billion term loan and a NT$1.5 billion revolver. The margin is 180bp over the 90 day primary CP rate. A handful of banks are in the process of gaining their approvals and financial close should be reached by the end of the month.
Teco Electronics & Machinery has mandated Bank of Taiwan, First Commercial Bank, Hua Nan Commercial Bank and Taiwan Cooperative Bank to arrange a NT$4 billion five year revolving credit facility. The deal carries a margin of 37.5bp over the primary CP rate as well as a commitment fee 12.5bp.
The borrower successfully raised NT$4 billion in November 2004 via a five year loan that was led by ABN AMRO, Bank of Taiwan, Chinatrust Commercial Bank, Citigroup and International Commercial Bank of China. That loan offered a spread of 55bp over the primary CP rate, a participation fee of 10bp and a commitment fee of 15bp.
Proceeds are to refinance a NT$6 billion deal that was signed in March 2002 and arranged by Bank of Taiwan, Chinatrust Commercial Bank and Taiwan Cooperative Bank. The guarantee facility paid a fee of 80bp while the term loan portion offered 219bp over an average deposit rate. The lead banks will launch the deal into syndication in early July.
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