Carlyle Group and National Hire have mandated ABN AMRO (Australia Branch), ANZ, Calyon (Australia), Mizuho Corporate Bank, Sumitomo Mitsui Banking Corp and Westpac Banking Corp to lead arrange a A$2.26 billion leveraged buy-out facility to support the acquisition of Coates Hire.
The six year facility is split into a A$2.025 billion term loan, a A$175 million capital expenditure portion and a A$60 million revolving working capital tranche.
ING Industrial FundÆs A$1.8 billion multi-currency revolving facility is likely to be launched into syndication shortly, once discussions have been finalised via mandated lead arrangers ANZ, Deutsche Bank and JP Morgan.
Syndication of Macquarie GroupÆs A$8 billion multi-tranche facility is still going strong with roadshows held in London last week and a roadshow held in New York this week. The facility is part of Macquarie BankÆs proposed restructuring and is led by ABN AMRO, ANZ, Barclays Capital, Commonwealth Bank of Australia, Dresdner Kleinwort, HSBC, JP Morgan, Merrill Lynch, National Australia Bank, Royal Bank of Scotland and Westpac. Barclays Capital, HSBC and Royal Bank of Scotland are running the books.
The fundraising is split into a A$1.6 billion 364-day standby facility with four optional 180-day extension periods, a A$2.4 billion revolver with a minimum three year extension period and a A$4 billon three year term loan with two optional one-year extension periods.
Commitments are due on October 26.
WesfarmersÆ A$10 billion multi-tranche financing has been well received in senior syndication with many banks mid-way through their credit-approvals. ANZ, BNP Paribas and National Australia Bank are the leads and bookrunners for the facility.
The fundraising comprises a A$4 billion one year bridge loan, a A$1 billion one year revolver and a A$5 billion five year bullet loan.
So far, Commonwealth Bank of Australia and Westpac have joined in as sub-underwriters.
Senior syndication is targeted to close next week with general syndication launching soon after. Banks will then have until the end of October to revert.
China
A $68 million dual currency credit for Hubei Yadong Cement is still in syndication led by sole mandated arranger Citi.
The five year dual tranche financing is split equally and is being syndicated in RMB and US dollars.
The closing date has yet to be confirmed and is dependant on the documentation. Proceeds are for capital expenditure purposes.
Hong Kong
Citi, HSBC and Standard Chartered have launched a HK$4 billion five year dual tranche fundraising for Kingboard Chemical into sub-underwriting.
The deal is split equally into a term loan and a revolver and features a spread of 48bp over Hibor.
In senior syndication, banks have been invited on two levels for the title of co-ordinating arranger. Banks underwriting HK$500 million or more receive 33.75bp in management fees for an all-in of 57bp while those joining with take-and-hold commitments of HK$350 million or more receive 33.75bp for an all-in of 55.5bp.
Kingboard Investments and Elec & Eltek International Holdings are acting as guarantors in the deal.
Banks have until October 25 to respond.
Mass Transit Railway Corp (MTRC)Æs HK$10 billion dual tranche loan has closed general syndication via a consortium of 15 mandated lead arrangers. The banks were Banco Bilbao Vizcaya Argentaria, Bank of China, Bank of Tokyo-Mitsubishi UFJ, BNP Paribas, Calyon, China Development Bank, Citi, Fortis, Hang Seng Bank, HSBC, ING Bank, Mizuho Corporate Bank, Rabobank, Standard Chartered Bank and Sumitomo Mitsui Banking Corp. Bank of China, Citi, HSBC and Standard Chartered Bank are also the bookrunners.
The fundraising is split into a HK$3 billion three year term loan, tranche æAÆ, and a HK$7 billion five year revolver, tranche æBÆ, with margins of 10bp and 15bp over Hibor respectively.
Final allocations saw the mandated lead arrangers all committing HK$620 million apiece with Tai Fung Bank taking HK$300 million as lead manager. Coming in as senior managers were Chong Hing Bank holding HK$200 million with Banca Monte dei Paschi di Siena and Wing Hang Bank contributing HK$100 million each.
Signing is slated to take place today (October 12). Proceeds are to support the merger of the two government-owned transport infrastructures, MTR and KCR.
Barclays Capital, BNP Paribas and Mizuho Corporate Bank have launched TrafiguraÆs $400 million multi-tranche financing into general syndication.
The loan comprises a 364-day revolver tranche æAÆ which features two one-year extension options at the discretion of the lenders and pays a spread of 65bp over Libor; and a three year revolver tranche æBÆ and a five year term portion tranche æCÆ that feature spreads of 85bp and 125bp respectively.
Banks have been invited on two tiers. Lead arrangers committing $25 million or more receive 12.5bp in upfront fees in tranche æAÆ, and get 25bp and 45bp for tranches æBÆ and æCÆ respectively.
Arrangers providing between $10 million and $24 million gain 10bp in tranche æAÆ, receive 22bp in tranche æBÆ and get 40bp in tranche æCÆ
Roadshows were held in Taiwan last week and in Singapore yesterday. Another is scheduled to take place in Dubai next week.
The funds are to refinance an existing $300 million fundraising and for general corporate purposes. Banks have until November 8 to respond.
Sole lead Bank of China has launched Western Harbour TunnelÆs HK$3.5bn five year credit into senior syndication. The deal was funded in February and features a spread of 32bp over Hibor.
The deal comprises a HK$2.7 billion six year term loan and an HK$800 million eight year revolver.
Banks have been invited on two tiers. Those holding HK$300 million or more receive a top-level all-in of 37bp while those joining with a take-and-hold of HK$250 million gain an all-in of 36bp.
The funds are to refinance an existing deal signed in August 2002.
A $200 million three year dual tranche financing for Yanlord Land (Hong Kong) has been launched into senior syndication via coordinating arrangers ABN AMRO and HSBC.
The loan comprises a $120 million amortising credit facility and an $80 million revolver. The margin is 154bp over Libor.
Banks have been invited to join for the co-ordinating arranger title on two levels. Banks joining with commitments of $40 million or more receive 60bp in upfront fees for a top-level all-in of 183.4bp while those committing $30 million gain 60bp for an all-in of 180.7bp.
Yanlord Land Group is the guarantor. Roadshows were held in Nanjing and Shanghai on October 9 and 10. The loan has been well received, with over 20 banks having attended the roadshows for the borrowerÆs debut financing.
Commitments are due on October 18 and the deal is targeted to close on October 25.
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