Hongkong LandÆs HK$7 billion seven year facility is set to complete syndication this week via mandated arrangers Bank of China, Bank of Tokyo-Mitsubishi UFJ, BNP Paribas, Calyon, DBS Bank, HSBC, Industrial & Commercial Bank of China, Mizuho Corporate Bank, Rabobank Nederland, Royal Bank of Scotland, Standard Chartered Bank and Sumitomo Mitsui Banking Corp.
The loan offers a spread of 29bp over Hibor, with two levels of participation. Commitments of HK$150 million or more pay an upfront fee of 35bp over Hibor to arrangers, with an all-in of 34bp, while holds of HK$75 million to HK$145 million garner 24.5bp to senior managers. Signing will be held on June 5.
Mandated lead arranger Citigroup has closed senior syndication for Lee & Man Paper ManufacturingÆs HK$1 billion five year term facility with eight banks participating. Joining as sub-underwriters are BNP Paribas, Bank of Communication, Bank of Tokyo-Mitsubishi UFJ, China Construction Bank, ICBC Asia, Mizuho Corporate Bank, SMBC and UOB Asia.
The financing offers a spread of 58bp over Hibor with an average life of 3.68 years. The facility was launched into general syndication this week and banks have been invited to join on one level. This is the borrowerÆs first attempt to the market and pricing is around the early 70s over Hibor. Proceeds will be used to refinance existing debt and for working capital purposes.
Shanghai Industrial Investment HoldingsÆ HK$3.5 billion term facility has so far secured four commitments in general syndication. They are Bank of Tokyo-Mitsubishi UFJ, Liu Chong Hing Bank, Shanghai Pudong Development Bank and Tai Fung Bank. Around three banks are still processing approvals. General responses are not as strong as expected according to bankers close to the deal. The deadline has been further extended to May 26.
Wharf is in the market and has invited a handful of banks to arrange its HK$5 billion five year term facility. Proceeds will be used for acquisition of real estate. The parent company, Wharf Holdings, last tapped the market in July 1997 when it borrowed HK$3 billion through a five year revolver that carried a spread of 46bp over Hibor. In October 1998, WharfÆs subsidiary Wharf Properties borrowed HK$1.835 billion through a five year term facility paying a margin of 187.5bp over Hibor.
India
HDFC BankÆs $125 million 364 day facility met with an overwhelming response and was increased from $100 million. Subscriptions totalled $227.5 million.
Mandated lead arrangers Banc of America Securities Asia, DBS Bank, DZ Bank, Lloyds TSB Bank, Natexis Banques Populaires and RZB (Singapore) held $7.5 million each. Arrangers include Bank Austria Creditanstalt and Wachovia Bank lending $7 million apiece and AKA, BayernLB, Erste Bank and WGZ Bank providing $6 million each.
Joining as lead managers with commitments of $5 million apiece are Banca Intesa, Banca Monte dei Paschi di Siena, Banca Nazionale del Lavoro, Banque International des Mascareignes, Oversea-Chinese Banking Corp, Sanpaolo IMI, Export-Import Bank of the Republic of China and Unicredito Italiano. Banca Popolare di Verona e Novara took the title of manager with a ticket of $2 million. Signing will be held on June 1.
IndiaÆs pharmaceutical and healthcare company, Wockhardt completed syndication of its $250 million five-year fundraising was closed last Friday with nine banks committing. Bank of Baroda, Barclays Capital, Citigroup, ICICI Bank, Rabobank International and State Bank of India are leading the deal. Bookrunners are Barclays Capital, Citigroup and ICICI Bank. The facility offers a margin of 105bp over Libor.
Proceeds will be used for investments in the borrowerÆs overseas subsidiaries and for acquisitions purposes. Allocations should be finalised soon.
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