OneSteel FinanceÆs A$1.1 billion five-year bullet facility has been completed via mandated lead arrangers Commonwealth Bank of Australia and Westpac with each holding A$120 million. The deal was well received and was increased from A$900 million.
Allocations saw all but one lead manager taking A$67.5 million apiece. These were ANZ, Bank of China, Bank of Tokyo-Mitsubishi UFJ, Banco Bilbao Vizcaya Argentaria, HSBC, Mizuho Corporate Bank, National Australia Bank, Oversea-Chinese Banking Corp, Scotiabank, Sumitomo-Mitsui Banking Corp, Toronto Dominion and WestLB. Bank of America joined with a take of A$50 million.
China
Sole lead arranger and bookrunner Citi completed a Rmb500 million three-year credit facility for China Taizinai Group on September 12.
The deal features a margin of 95% over the Peoples Bank of China rate.
Allocations saw the bookrunner provide Rmb125 million, while arrangers DBS Bank and Rabobank held Rmb125 million and Rmb100 million respectively. Coming in as senior managers were Chinese Mercantile Bank, KBC Bank and Public Bank, all holding Rmb50 million apiece.
Proceeds are for working capital and capital expenditure purposes.
Jinlong CopperÆs $60 million three-year term loan was signed on September 19 via sole mandated lead Citi.
The fund raising pays a spread of 60bp over Libor and has an average life of 2.25 years.
Final allocations saw Citi lending $8 million and arrangers Bank of Tokyo-Mitsubishi UFJ and Sumitomo Mitsui Banking Corp holding $13 million apiece. Mizuho Corporate Bank and Nanyang Commercial Bank contributed $8 million each. Rounding off the syndicate were Korea Exchange Bank and United Overseas Bank holding $5 million apiece.
Proceeds are to refinance an existing debt and for general corporate purpose.
Hong Kong
CEC International HoldingsÆ HK$300 million three-year fund raising was inked on September 17 via sole lead arranger Standard Chartered which provided HK$60 million.
Arrangers United Overseas Bank committed HK$45 million while Fubon Financial took HK$40 million.
Joining as lead managers holding HK$30 million each were China Construction Bank, Citic Ka Wah Bank and Oversea-Chinese Banking Corp. Managers KBC Bank held HK$25 million while Mizuho Corporate Bank and Wing Hang Bank each lent HK$20 million.
Proceeds are to refinance an existing facility signed in July 2007 and for general corporate purposes.
A HK$509 million three-year financing for Favor Lion Group and CSI Investment has been completed via coordinating arrangers Standard Chartered Bank and Industrial & Commercial Bank of China with holds of HK$334 million and HK$175 million respectively.
Herohill InvestmentsÆ $70 million four-year credit has been completed on a club basis via a group of five banks.
Allocations saw Chinatrust Commercial Bank, Fuhwa Commercial Bank, HSBC, Mega International Commercial Bank and Standard Chartered each provide $14 million.
Mr. Tsai Chi Jui is acting as a guarantor and proceeds are for general corporate purposes.
The HK$7 billion seven-year revolver for HH Finance, a special purpose vehicle of Hopewell Holdings, has closed general syndication via a group of 13 mandated arrangers û Agricultural Bank of China, Bank of China (Hong Kong) Bank of Communications, BNP Paribas, Calyon, China Construction Bank, China Merchants Bank, Citi, DBS Bank, ICBC Asia, Mizuho Corporate Bank, Nanyang Commercial Bank and Sumitomo Mitsui Banking Corp. The facility was oversubscribed and upsized from HK$6.5 billion due to an enthusiastic market response.
The loan pays a spread of 32bp over Hibor. Hopewell Holdings is acting as the guarantor.
Final allocations saw all 13 mandated arrangers holding HK$456 million apiece. Coming in as lead managers with contributions of HK$200 million each were Bank of Tokyo-Mitsubishi UFJ, Chang Hwa Commercial Bank, Oversea-Chinese Banking Corp and Tai Fung Bank. Co-lead managers Bank of East Asia and Wing Lung Bank provided HK$100 million apiece with Bank of China (Macau) lending HK$72 million.
Signing is slated for September 27.
HKR InternationalÆs HK$2.5 billion five-year revolver was signed earlier this week (September 18) via a consortium of 17 banks. The deal was oversubscribed due to a good response from the market and upsized from HK$2 billion.
Final allocations saw mandated arrangers Calyon and HSBC contribute HK$225 million each, while Standard Chartered Bank and arrangers Bank of Tokyo-Mitsubishi UFJ and China Construction Bank committed HK$200 million apiece.
Bank of Communications and DBS Bank each provided HK$175 million while Industrial & Commercial Bank of China, Shanghai Commercial Bank and Wing Lung Bank took HK$145 million each.
Co-arrangers Bank of Communications held HK$135 million while Mizuho Corporate Bank and Tai Fung Bank lent HK$125 million each.
Joining as lead managers with holds of HK$70 million apiece were Bank of East Asia, Chong Hing Bank, Maybank and Nanyang Commercial Bank.
Proceeds are to refinance an existing facility signed in October 2002 and for working capital purposes.
Swire PacificÆs HK$10 billion five year credit is still in sub-underwriting via mandated leads Bank of China, Calyon, HSBC, Standard Chartered Bank and Sumitomo Mitsui Banking Corp. A few banks are still processing their approvals.
The deal carries a margin of 25bp over Hibor.
The deal is slated to launch into general syndication this week.
India
General syndication for a $200 million seven-year term loan for Amtek Auto has been extended until next week via lead arrangers ABN AMRO, Calyon, DBS Bank, HSBC, ICICI Bank, ING Bank, Mizuho Corporate Bank and State Bank of India.
The loan features an average life of six years and a margin of 135bp over Libor.
The targeted closing date is now set for the end of September.
Syndication of Bhushan PowerÆs $50 million seven-year financing is still ongoing via mandated lead arrangers Axis Bank, Bank of India, Barclays Capital and Deutsche Bank.
The deal features a spread of 220bp over Libor and the repayment schedule comprises four equal payments starting at the end of the fourth year.
Banks have been invited on three tiers. Arrangers holding $7.5 million or more receive 100bp in participation fees while co-arrangers taking between $5 million and $7 million gain 90bp. Lead managers lending between $3 million and $5 million get 80bp.
Banks have until October 3 to respond.
Syndication of Jindal StainlessÆ $250 million multi-tranche financing has been completed via original mandated lead arrangers Axis Bank, Barclays Capital, Citi and State Bank of India. Bank of India, Canara Bank and Shinhan Bank joined as equal status arrangers.
The deal comprises a $100 million six-year credit and two $75 million portions with tenors of eight and 10 years respectively.
Allocations saw the original mandated lead arrangers holding $21 million apiece while Canara Bank held $25 million. Bank of India and lead managers Shinhan Bank and Syndicate Bank took $20 million each. Lead managers Bank of Baroda, Commerzbank and MHB Bank joined with takes of $15 million each while First Gulf Bank provided $10 million. Punjab National Bank contributed $6 million while Banco Espirito Santo de Investimento, Bank of Bahrain & Kuwait, Export-Import Bank of Taiwan and Krung Thai Bank each ended up with $5 million.
Kesoram IndustriesÆ $70 million seven-year dual tranche facility was signed yesterday (September 20) via sole mandated lead arranger ICICI Bank.
The loan is split into a $55 million credit and a $15 million portion and features a spread of 125bp over Libor.
ICICI Bank provided $20 million. Lead arrangers Bank of Baroda committed $15 million and National Bank of Dubai took $8 million. Arrangers DBS Bank and Doha Bank contributed $6 million each while managers joining in with takes of $4 million each were Bank of Bahrain & Kuwait, Bank Muscat International and State Bank of Mauritius. Hua Nan Commercial Bank ended up with $3 million.
The funds are to part finance the expansion of the borrowerÆs cement plant at Vasavadatta, Karnataka.
An Rs37.5 billion project financing for Raj West Power has been completed via a syndicate of 12 banks. ICICI is the sole lead arranger and bookrunner.
The deal features a tenor of 16.5 years and pays a spread of 120bp over the Benchmark Prime Lending rate.
ICICI Bank committed Rs6.5 billion. Lenders Rural Electrification took Rs6 million, while India Infrastructure Finance provided Rs5 billion. Bank of India and Punjab National Bank held Rs4 billion each while Canara Bank took Rs3 billion. Infrastructure Development Finance and Life Insurance Corp each lent Rs2 billion. IDBI Bank and United Bank of India joined with holds of Rs1.5 billion apiece while Indian Bank and Vijaya Bank each ended up with Rs1 billion.
Reliance IndustriesÆ $500 million bullet facility was completed yesterday (September 20) via a consortium of 12 mandated arrangers û ABN AMRO, Bank of Nova Scotia, Bank of Tokyo-Mitsubishi UFJ, Calyon, Commonwealth Bank of Australia, DBS Bank, DZ Bank, HSBC, KFW IPEX Bank, Standard Chartered Bank, Sumitomo Mitsui Banking Corp and WestLB. Original mandated leads and bookrunners were ABN AMRO, Bank of Tokyo-Mitsubishi UFJ, Calyon, HSBC and Standard Chartered Bank.
The financing features an average life of five years and has a spread of 39bp over Libor.
Allocations saw the 12 mandated arrangers committing $38.75 million apiece with arranger BayernLB (Hong Kong Branch) holding $25 million. Coming in as lead manager was Maybank, lending $10 million.
Signing took place in Ho Chi Minh City, Vietnam. Proceeds are for general corporate requirements.
Bookrunners ICICI Bank and State Bank of India have closed and allocated West Coast Paper MillsÆ $112 million seven-year fund raising.
Allocations saw Bank Sinopac, ICICI Bank and State Bank of India providing $25 million apiece, while lead arrangers Export Development Bank, Finish Fund for Industrial Cooperation and Syndicate Bank each committed $10 million. SBI International (Mauritius) joined as co-arranger with a take of $7 million.
The signing ceremony is slated for early October.
Indonesia
Syndication of Pamapersada NusantaraÆs $350 million dual-tranche funding has closed oversubscribed. The facility will be increased and allocations are to be finalised today (September 21). The signing ceremony will be held on September 24.
Japan
HitachiÆs Ñ1 trillion two-year and two-month commitment line financing was completed on September 10 via mandated leads and bookrunners Bank of Tokyo-Mitsubishi UFJ and Mizuho Corporate Bank.
Syndication saw eight domestic banks joining in as participants û Chiba Bank, Chuo-Mitsui Trust and Banking, Higo Bank, Keiyo Bank, Michinoku Bank, Mizuho Trust and Banking, Sumitomo Mitsui Banking and Sumitomo Trust and Banking. A further seven undisclosed banks joined the syndicate.
The funds are for working capital requirements.
A $1.4 billion 364-day revolver for Nissan Motor was inked on September 13 via mandated arranger Citi.
Syndication saw HSBC and 11 other financial institutions join in.
Proceeds are for working capital purposes.
New Zealand
EasyfactorsÆ NZ$1.1 billion multi-tranche fund raising was inked on September 17 via a consortium of six banks on a club basis.
The bullet facility comprises two NZ$325 million revolvers with tenors of three years and five years respectively, a NZ$300 million four-year loan and a NZ$150 million one-year portion.
Allocations saw ANZ committing NZ$320 million while Westpac and Bank of New Zealand each provided NZ$195 million. Holding NZ$130 million apiece were Bank of Tokyo-Mitsubishi UFJ, Citi and HSBC.
The funds are to facilitate restructuring and for capital expenditure requirements.
Vietnam
Vietnam National Shipping LinesÆ (Vinalines) $130 million seven-year loan was signed on September 14 via sole mandated lead and bookrunner Citi. The financing is a landmark transaction for Vinalines as it was their first deal into the international loans market. The facility was oversubscribed and upsized from $100 million.
The facility carries a spread of 160bp over Libor and an average life of four years.
Syndication saw a total of seven undisclosed financial investors joining in.
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