A A$216 million dual-tranche debt package for Hallett Hill No.2, an SPV for the Hallett 2 wind farm project, has been completed via mandated leads BNP Paribas, National Bank of Australia and Suncorp-Metway as a club deal.
The construction loan pays a spread of 120bp over BBSY pre-completion and then is further split into two tranches - an A$86 million four-year and five-month term loan A and a A$130 million six-year and five-month term loan B. The margin is based on the offtaker's S&P rating, where the first three years pays a spread of 110bp over BBSY with a step-up to 150bp thereafter.
Allocations saw the mandated leads take A$72 million apiece. Proceeds are to finance the development of a 71MW wind farm in Hallett Hill, South Australia.
A $589 million multi-tranche facility for PaperlinX has seen the maturity of one of its tranches extended via mandated leads Commonwealth Bank of Australia and National Australia Bank.
The original facility that was signed in February 2008 was split into three revolvers - a $251 million one-year portion, a $263 million three-year credit and a $75 million five-year tranche. The tenor of the one-year tranche has now been extended by 10 months, maturing in December 2009, while the other tranches remain unchanged.
Allocations for the $251 million portion saw Commonwealth Bank of Australia provide $82 million, while National Australia Bank lent $69 million. Participants Westpac, ANZ and Deutsche Bank took $52 million, $38 million and $10 million respectively.
Telstra Corp's A$435 million three-year fundraising has been signed via sole lead arranger and bookrunner Commonwealth Bank of Australia.
Final allocations saw the bookrunner take A$150 million, while co-arranger Mizuho Corporate Bank held A$75 million. Coming in as lead managers were Banco Santander (Hong Kong branch), with a A$60 million contribution, while Bank of Nova Scotia, Intesa Sanpaolo (Hong Kong branch) and Sumitomo-Mitsui Banking Corp (Sydney branch) provided A$50 million apiece.
Proceeds are for working capital requirements.
Hong Kong
A HK$23.8 billion multi-tranche self-arranged facility for Hong Kong Telecommunications (HKT) was signed on September 29 via a consortium of 20 mandated co-ordinating arrangers on a club basis.
The deal comprises an HK$8.2 billion three-year revolver, a HK$7.8 billion three-year term loan and a HK$7.8 billion five-year tranche. The margins are priced at 155bp over Hibor for the three-year facilities and at 175bp over Hibor for the five-year portion.
Final allocations saw Bank of China (Hong Kong branch), Bank of Tokyo-Mitsubishi UFJ, DBS Bank, HSBC and ICBC (Asia) commit HK$2 billion apiece. Bank of Nova Scotia, BayernLB, BNP Paribas (Hong Kong branch), Calyon, Hang Seng Bank, Royal Bank of Scotland and Standard Chartered Bank contributed HK$1.31 billion each. Bank of America, ING Bank, Mizuho Bank and Sumitomo-Mitsui Banking Corp took HK$775 million apiece. Bank of East Asia, Natixis and Oversea-Chinese Banking Corp held HK$381 million each, while Bank of Communications provided HK$340 million.
Proceeds are to refinance an existing debt facility and for general corporate purposes.
New Zealand
A NZ$500 million three-year term loan for Dominion Foundation Property Fund was sealed last week via sole mandated lead and bookrunner ANZ.
Allocations saw ANZ commit NZ$250 million, while participants ASB Bank and Bank of New Zealand contributed NZ$150 million and NZ$100 million respectively.
The funds are for general corporate purposes.
Singapore
A S$2.9 billion project finance facility for Lion Power Holdings, an SPV owned by a consortium comprising Marubeni Corp, GDF SUEZ of France, Kansai Electric Power, Kyushu Electric Power and Japan Bank of International Corp, was launched into senior syndication on October 3 via mandated arrangers ANZ, Bank of Tokyo-Mitsubishi UFJ, DBS Bank, Dexia, Dresdner Bank, KBC Bank, Royal Bank of Scotland, Mizuho, Natixis and Oversea-Chinese Banking Corp. With the exception of Dexia, all the banks are also acting as bookrunners.
The credit comprises of two 18-month bridge loans - one for the acquisition of Senoko Power and the other for the refurbishment and repowering of the power plant. The margin will step up after each six-month period, starting from 100bp over SOR and increasing first to 120bp and then to 140bp.
Banks have been invited on two levels with those committing S$150 million or above gaining the equal-status mandated arranger title and an upfront fee of 75bp. The facility has already been pre-funded by the arranger group and senior syndication is slated to close in mid-November.
Proceeds are to support the acquisition of Senoko Power from Temasek Holdings, an investment arm of the Singapore Government. This is the second power-generation company to be privatised after the sale of SinoSing Power was completed in early July this year.
Neptune Marine Invest's $290 million dual-tranche financing has been inked via a syndicate of six mandated lead arrangers on a club basis û Bayerische Hypo- und Vereinsbank, DVB Group Merchant Bank (Asia), Fortis Bank, ING Bank (Singapore branch), Oversea-Chinese Banking Corp and United Overseas Bank participated in the deal.
The deal is split into two term loans û a $120 million four-year portion and a $170 million three-year tranche. Allocations are not yet disclosed.
Proceeds are for the refinancing of two drillships, Neptune Discoverer and Neptune Explorer.
Sri Lanka
A $45 million eight-year export credit facility for Mobitel has been completed via sole bookrunner HSBC. Sri Lanka Telecom is acting as the guarantor.
Syndication saw Credit Suisse join in as the only participant. Allocations were not disclosed. The funds are to finance stage four of a GSM expansion project.
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