Brisbane Airport Corporation has signed its A$100 million three year financing on a club basis on June 26. Mandated arrangers Bank of Tokyo-Mitsubishi UFJ, WestLB (Sydney) and Westpac committed A$100 million apiece. Brisbane Airport is providing a guarantee. Proceeds are for general corporate purposes and to refinance existing debt.
Fertiliser-maker Incitec PivotÆs A$420 million term facility is progressing in general syndication. The five year facility has received commitments from five banks. They are ANZ Bank, Commonwealth Bank of Australia, National Australia Bank, Westpac and Rabobank. Sole mandated lead arranger Credit Suisse has fully underwritten the facility. Proceeds will be used to support the acquisition of Southern Cross Fertilisers from BHP Billiton.
MMT Healthcare DistributionÆs dual tranche A$90.5 million loan was signed on June 22 via sole mandated arranger Westpac. MMT Healthcare is providing a guarantee.
The credit is split into two five year A$80.5 million term loans and a A$10 million revolver. Proceeds are for general corporate and acquisition purposes.
MyerÆs A$995 million multi-tranche facility has been launched into general syndication via Credit Suisse, Goldman Sachs JB Were and National Australia Bank. Around 20 banks from Australia, Hong Kong and Singapore have been invited to participate.
The six year facility is split into a A$675 million amortising term portion, a A$300 million revolver and a A$20 million capital expenditure facility. Proceeds will be used to support the A$1.4 billion Newbridge and Texas Pacific-led leveraged buyout of the Myer department store chain. The deal was fully underwritten in early June by the mandated lead arrangers.
China
The $425 million equivalent loan for AU Optronics (Suzhou) and AU Optronics (Xiamen) has been upsized from $50 million and Rmb1 billion ($300 million). ABN AMRO, Bank of Tokyo-Mitsubishi UFJ, HSBC and Standard Chartered Bank are arranging the deal. Allocations will be finalised shortly.
China COSCO Holdings has sent out RFPs for a shipping loan to fund 70 percent of a recent purchase of eight new container vessels worth $516.8 million. China COSCOÆs subsidiary, COSCO Container Lines, recently raised $80.36 million via a 10 year term loan. That facility was arranged by ING, SG Asia, Bank of China, Bank of Tokyo-Mitsubishi UFJ, BNP Paribas, China Construction Bank, Bank of Nova Scotia, Credit Industriel et Commercial, DnB NOR Bank, HSH Nordbank, ICBC, KfW, Mizuho, Banca Intesa and Overseas Chinese Bank.
Long Chen (Zhejian) Paper Factory has awarded the mandate for a $68 million five year loan to HSBC and Mizuho Corporate Bank. The borrowerÆs Taiwanese parent company, Long Chen Paper Corp last visited the market in April 2005 when it raised NT$1.2 billion. That facility was solely arranged by Taishin International Bank. Proceeds were used to refinance existing debt and provide for working capital requirements.
Hong Kong
The HK$2.26 billion 4 + year term loan for Chinese Estates Holdings (Tung Ying Commercial Building) was launched last Wednesday (June 21) via mandated lead arrangers Bank of China and Standard Chartered. The facility is guaranteed by Chinese Estates Holdings and is secured by the Tung Ying Commercial Building.
The facility carries a margin of 41bp over Hibor and is being marketed on three tiers. Co-arrangers providing HK$200 million to HK$300 million earn 52.2bp leading to a top level all-in of 52.6bp over Hibor. Arrangers lending HK$100 million to HK$199 million get 43.2bp for an all-in of 50.6bp over Hibor while lead managers taking HK$75 million to HK$99 million receive 36bp for an all-in of 49bp over Hibor.
Both mandated arrangers are running the books. Bank of China is the facility and documentation agent while Standard Chartered is acting as the security trustee. Proceeds will be used to fund the redevelopment of the Tung Ying Commercial Building.
Financial close is scheduled for July 12 and signing is targeted for the end of July.
Cliveden FinanceÆs HK$1.95 billion term facility was signed last Friday (June 23) in Hong Kong. Citigroup was the sole bookrunner. Mandated coordinating arrangers Citigroup and ICBC (Asia) ended up with HK$375 million each while Bangkok Bank and Shanghai Commercial Bank took HK$300 million apiece.
Arrangers were Liu Chong Hing Bank and Wing Lung Bank lending HK$200 million each while two others û Bank of Taiwan and Tai Fung Bank û joined as lead managers committing HK$100 million apiece. The five year facility is guaranteed by Boswell Holdings. Proceeds will be used to refinance a HK$1.75 billion facility signed in January 2002.
Market talk is that Link Reit is seeking a HK$6 billion credit from banks with syndication to take place shortly.
Sole mandated lead arranger Standard Chartered has launched Swire PacificÆs HK$3 billion five year loan into sub-underwriting to expand the arranger group. Sub-underwriters lending HK$600 million or above earn an underwriting fee of 5bp and an upfront fee of 20bp for a top level all-in of 34bp over Hibor and receive the title of mandated coordinating arranger.
The borrowerÆs subsidiary, Swire Finance, last tapped the market in August 2003 when it raised HK$2.3 billion via a five year revolver that offered a top level all-in of 54.5bp over Hibor. Banks have until July 5 to respond.
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