APN MediaÆs A$2.5 billion dual currency facility has been launched into sub-underwriting via mandated arrangers Credit Suisse, Deutsche Bank, Goldman Sachs JB Were and Barclays.
The deal is split into a A$2 billion six year portion and a $425 million loan. Banks committing A$250 million or more will get the title of co-arranger.
Proceeds are to fund Independent News & MediaÆs acquisition of APN News & Media. Banks are expected to revert by mid-April and financial close is slated for May.
Industrial Investments Australia Finance has secured a $300 million three year fundraising on a club basis. Mandated arrangers Westpac committed $75 million, National Bank of Australia and Royal Bank of Scotland contributed $62.5 million apiece while Commonwealth Bank and WestLB ended up with $50 million each. Proceeds are for acquisition purposes.
China
Changshu Gold Circuit and Suzhou Gold CircuitÆs $46 million fundraising has been completed on a club basis. The three year facility is priced at 70bp over Libor and features an average life of 2.7 years.
Mandated lead arrangers DBS Bank, Hang Sang Bank, KBC Bank and United Overseas Bank committed $10 million each while Sumitomo Mitsui Banking Corp provided $6 million and joined as an equal status arranger.
Gold Circuit Electronics is providing a guarantee. Proceeds will be used to refinance existing debt and to provide for working capital requirements.
Hong Kong
CRL FinanceÆs HK$1.5 billion five year facility was signed on March 14 on a club basis. Mandated arrangers Calyon pledged HK$450 million, Bank of China took HK$375 million, Mizuho Bank committed HK$275 million, Bank of Tokyo-Mitsubishi held HK$250 million and Standard Chartered Bank ended up with HK$150 million.
The loan pays a margin of 31bp over Hibor and proceeds are to refinance existing debt.
KGI International FinanceÆs $66 million facility has been upsized from $50 million due to an enthusiastic response from the market. The three year facility saw 10 banks join in syndication.
Sole mandated lead arranger HSBC is taking $12 million. Arrangers are Bank of China (Hong Kong) holding $12 million, Bank of Taiwan lending $10 million and CITIC Ka Wah Bank providing $7 million. Senior managers are Public Bank (Hong Kong) committing $6 million and Dah Sing Bank and KBC Bank pledging $5 million apiece. Five other managers û DBS Bank (Hong Kong), Hang Seng Bank and Industrial & Commercial International Capital û joined with holds of $3 million each.
The revolver is guaranteed by KGI Securities and proceeds will be used for general corporate purposes. Signing will take place shortly.
India
BilcareÆs $20 million yen equivalent financing has been launched into general syndication via sole mandated arranger and bookrunner HSBC.
The facility has a tenor of five years, with an average life of 3.6 years and carries a margin of 110bp over Libor.
Banks have been invited on two tiers. Arrangers contributing $5 million or more receive 100bp over Libor for an all-in of 138bp and senior managers committing between $3 million to $5 million earn 80bp for an all-in of 132bp. Banks are expected to revert by the end of March.
Proceeds are for direct investment in existing joint-ventures and wholly-owned subsidiaries and for expansion purposes.
Sole mandated arranger Calyon has completed syndication of the $160 million dual tranche financing for Housing Development Finance Corp. The deal is split equally into $80 million tranches with tenors of 4.5 years and 2.5 years respectively.
Calyon contributed $16 million while arrangers BayernLB and WestLB committed $20.5 million each and Norinchukin Bank held $20 million. BNP Paribas, Natexis Banques Populaires and Sumitomo Mitsui Banking Corp held $15 million apiece while co-arrangers Agricultural Bank of China took $13 million and National Bank of Dubai put in $10 million. Lead managers Banca Monte dei Paschi di Siena, Bank of East Asia and Landesbank Saar ended up with $5 million each.
Larsen & ToubroÆs $200 million six year financing was inked on March 12 via sole bookrunner HSBC. The facility was oversubscribed due to an overwhelming response from the market and was increased from $100 million.
Mandated arrangers China Construction Bank and Rabobank put in $25 million apiece, Export Development Canada took $20 million and Commonwealth Bank of Australia, DBS Bank, DZ Bank, HSBC and Mizuho Corporate Bank pledged $15 million each.
Co-arrangers Bank of Taiwan and Banco Bilbao Vizcaya Argentaria put in $10 million apiece and Chang Hwa Commercial Bank, Banca Di Roma and Banca Des Mascareignes ended up with $5 million each.
The deal pays a margin of 45bp over Libor.
Signing for Union Bank of IndiaÆs $100 million facility took place on March 14. The mandated arrangers are Bank of America, Citigroup, DBS Bank, Intesa Sanpaolo, Mizuho Bank, Natexis Banques Populaires and Standard Chartered Bank while Banco Popolare di Verona e Novara joined as a lead manager.
Banks were invited on three levels. Lead arrangers contributing $12 million and above receive a management fee of 36bp, co-arrangers with $6 million to $11 million earn 30bp and lead managers providing $2 million to $5 million get 27bp. The margin is 28bp over Libor.
Indonesia
Syndication of Ultrajaya Milk Industry & TradingÆs $26 million dual tranche fundraising has been completed via sole mandated arranger HSBC. The deal has a tenor of four years.
HSBC and arrangers Bank Mandiri and Bank Resona took $3.75 million apiece while Rabobank held $3.5 million and Bank of Tokyo-Mitsubishi UFJ put in $2.75 million.
Lead managers Mizuho Bank and Bank NISP committed $2.5 million apiece, Bank Bukopin and Bank Danamon pledged $2.25 million each while Maybank and Oversea-Chinese Banking Corp contributed $2 million apiece. AFC Merchant Bank and United Overseas Bank joined as senior managers with commitments of $1.5 million each.
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