ElectraNetÆs A$200 million multi-tranche fundraising was completed on a club basis via mandated arrangers Commonwealth Bank of Australia and Westpac. The credit comprises A$120 million and A$60 million revolving credits and a A$20 million guarantee facility. Proceeds are for capital expenditure requirements, working capital and standby liquidity.
China
China Shipping Container LinesÆ $300 million financing was inked on June 9 with a syndicate of 15 banks. Citigroup ran the books on a sole basis while mandated lead arrangers include Agricultural Bank of China, Bank of China (Hong Kong), Bank of Communications (Hong Kong), Bank of Nova Scotia, Bank of Tokyo-Mitsubishi UFJ, China Construction Bank (Hong Kong), ING Bank, Mizuho Corporate Bank, Rabobank, Royal Bank of Scotland, Shinsei Bank and Sumitomo Mitsui Banking Corp. Bank of China (Macau) and BNP Paribas joined as arrangers.
A group of three banks has won the mandate for Export-Import Bank of China (Chexim)Æs $500 million five year loan. The facility features a margin of 35bp over Libor. Calyon, ING Bank and Standard Chartered are arranging the deal.
Banks have until end of June to revert and fees to the market are on three levels. Arrangers providing $25 million or above earn 25bp over Libor leading to a top level all-in of 33bp; co-arrangers committing $15 million to $24 million get 20bp for an all-in of 32bp while senior managers lending $10 million to $14 million receive 15bp for an all-in of 31bp.
Chexim last tapped the market in February 2006 when it raised $260 million via a three year term loan. That financing featured a spread of 25bp over Libor leading to an all-in yield of 31bp over Hibor.
The signing ceremony for Semiconductor Manufacturing Industrial (Shanghai) CorpÆs $600 million facility took placed on June 9 in Shanghai. Co-ordinating arrangers China Construction Bank (Pudong) took $72 million, Shanghai Pudong Development Bank (Jinqiao) lent $70 million, Bank of Communications (Xingu) and Bank of China (Hong Kong & Shanghai) provided $65 million each, Industrial & Commercial Bank of China committed $40 million while ABN Amro, Bank of Tokyo-Mitsubishi UFJ, DBS Bank and Fubon Bank (Hong Kong) ended up with $35 million apiece.
Joining as arrangers are China Merchants Bank (Si Ping) taking $30 million while three others - China CITIC Bank, China Minsheng Banking Corp and SMBC û held tickets of $24 million each. Four others joined as managers. They are Bangkok Bank and Mizuho Corporate Bank with $16 million each and CITIC Ka Wah Bank and Korea Exchange Bank (Shanghai) pledging $7 million apiece.
Hong Kong
AS WatsonÆs Ç600 million five year financing has been launched into syndication. Calyon, Natexis Banques Populaires and SG are the mandated lead arrangers. Hutchison Whampoa is providing a guarantee.
The facility offers a margin of 27bp over Euribor. Banks underwriting Ç100 million or more earn a sub-underwriting fee of 5bp and a management fee of 15bp for an all-in of 31bp over Euribor. Take-and-hold commitments of Ç75 million receive the 15bp management fee only.
In general syndication, banks have been invited to join on two levels. Arrangers lending Ç30 million to Ç50 million gain 10bp flat and lead managers providing Ç10 million to Ç29 million get 7.5bp.
Proceeds are to refinance bridging loans that backed the borrowerÆs acquisition of French perfume retailer Marionnaud Perfumeries in 2005. Sub-underwriting is scheduled to close on June 23 and general syndication the week after.
Cheung Kong Holdings has successfully raised HK$6 billion from the market. The five year facility was closed on a club basis via eight mandated arrangers. They are Bank of China, Bank of Tokyo-Mitsubishi UFJ, BNP Paribas, Citigroup, Fortis Bank, ICBC Asia, Mizuho Corporate Bank and Standard Chartered. Signing took place yesterday.
Ocean ParkÆs HK$5.5 billion financing was signed on June 12 (Tuesday). The facility was split between a HK$2.77 billion commercial loan and a HK$1.39 billion government guaranteed loan. A total of 25 banks joined the deal. Bank of China, DBS Bank and HSBC are in the arranging group. Proceeds will be used to fund Ocean ParkÆs redevelopment plan.
The $120 million multi-tranche fundraising for Pacific Andes International Holdings is in the market with banks expected to revert by the end of next week. The facility is split into a $10 million five year tranche æAÆ, a $50 million five year tranche æBÆ and a $60 million four year tranche æCÆ. Both tranches æAÆ and æBÆ feature a margin of 150bp over Libor while tranche æCÆ is priced at 145bp over Libor. A handful of banks are in the process of gaining credit approvals.
The financing marks the borrowerÆs debut in the syndicated loan market. Proceeds will be used to fund the construction of a new factory in Qingdao and to refinance existing debt. A site visit was held last week in Qingdao.
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