DBNGP FinanceÆs A$555 million five year dual tranche loan was completed on a club basis and signed on May 11. The facility is split into A$205 million and A$350 million term loans. Proceeds are to refinance existing debt.
Mandated arrangers ANZ, Barclays, BNP Paribas, Bank of Tokyo-Mitsubishi UFJ, Commonwealth Bank of Australia, Citibank, National Australia Bank, Societe Generale, WestLB and Westpac each contributed A$55.5 million.
Incitec Pivot has mandated Credit Suisse to lead arrange a A$400-A$500 million financing. The lead bank has fully underwritten the facility.
The deal carries a tenor of up to six years and banks will be invited to bid for pricing and terms. Proceeds are to finance the borrowerÆs share buy-back of a 15% stake from Orica as well as to support the A$165 million acquisition of Southern Cross Fertilisers from BHP Billiton. Proposals from banks are due shortly.
Mandated arranger Credit Suisse will sound out banks today (Friday) for a A$420 million facility for Integra Coal.
The borrower is the merged entity of coal mines Glennies Creek Colliery and Camberwell Coal. AMCI (backed by financial sponsor First Reserve Corp) owns 69% of the joint venture while 31% is owned by Korean and Japanese manufacturers comprising Posco, JFE, Nippon Steel and Toyota Motor.
Proceeds are to refinance existing debt of the coal mines as well as for a debt recapitalisation. The deal carries offtake arrangements with the Korean and Japanese manufacturers for the borrowerÆs coal production. A bank group should be finalised next week.
China
A $50 million and Rmb2 billion seven year financing for AU Optronics (Suzhou) and AU Optronics (Xiamen) was launched into sub-underwriting and general syndication on May 15. ABN AMRO Bank, Bank of Tokyo-Mitsubishi UFJ, HSBC and Standard Chartered Bank are the coordinating arrangers.
The US dollar facility is available to both borrowers while the renminbi financing comprises a Rmb560 million term loan and a Rmb240 million revolver for AU Optronics (Suzhou) and an Rmb840 million facility and a Rmb360 million revolving credit for AU Optronics (Xiamen).
The spread is 40bp over Libor for the US dollar tranche and 90% of the RMB base-lending rate for the renminbi portion. Fees are being offered to banks committing to the US dollar tranche only.
In senior syndication, coordinating arrangers underwriting $35 million or above earn a sub-underwriting fee of 2bp and a management fee of 18bp. Take-and-hold commitments of $30 million or above receive 20bp flat.
In general syndication, banks have been invited to join on two tiers. Co-arrangers lending $15 million to $29 million gain a participation fee of 15bp and senior managers providing $5 million to $14 million earn 10bp.
The deal features a five year put option and AU Optronics (L) Corp and AU Optronics Corp are providing guarantees.
Proceeds are to finance the borrowersÆ capital expenditure and general corporate requirements. Sub-underwriting is scheduled to close by May 30 while banks have until June 2 to respond in general.
Semiconductor Manufacturing International (Shanghai) Corp (SMISC)Æs $600 million dual-tranche facility is still in the market with banks expected to revert today (Friday). The financing has so far received seven verbal commitments. Proceeds will be used to finance the borrowerÆs capital expenditure and general corporate funding requirements. Signing is expected to be held at the end of May.
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