Macquarie Bank has mandated 11 banks - ABN AMRO, ANZ, Barclays Capital, Dresdner Kleinwort, HSBC, National Australia Bank, Royal Bank of Scotland, Westpac, Commonwealth Bank of Australia, JP Morgan and Merrill Lynch - to arrange an A$8 billion commitment facility.
The loan comprises a A$1.6 billion 364-day standby facility, a A$2.4 billion revolving credit and a A$4 billion portion.
The loan is part of Macquarie BankÆs proposed restructuring and proposed establishment of Macquarie Group and a non-operating holding company. Proceeds are to fund the groupÆs acquisition of investment banking businesses and other non-banking activities from the borrower. Drawdown is slated to occur once the restructure is effective.
Roadshows are expected to be held in early October.
China
CIT Finance & Leasing CorpÆs Rmb3 billion facility was completed at the beginning of this week (September 24) via mandated leads Citi and Standard Chartered Bank. The deal was oversubscribed due to a good market response, and was upsized from Rmb2.4 billion.
The fundraising pays a spread of 90% over the Peoples Bank of China rate.
Coming in as arrangers were ABN AMRO, Agricultural Bank of China, Bank of China, Bank of Tokyo-Mitsubishi UFJ, Industrial & Commercial Bank of China and Sumitomo Mitsui Banking Corp. Rounding off the syndicate were senior managers BNP Paribas, Deutsche Bank and Mizuho Corporate Bank.
Proceeds are to refinance existing debt and for general corporate purposes.
HSBC has been mandated to arrange a $200 million three-year revolver for Shanghai Zhenzhua Port Machinery. Bank of Beijing, Bank of Tokyo-Mitsubishi UFJ, China Development Bank, Hang Seng Bank, Intesa Sanpaolo, Mizuho Corporate Bank and Sumitomo Mitsui Banking Corp joined as equal status arrangers.
Banks have been invited on three tiers. Arrangers providing $15 million or above receive 33bp in management fees for an all-in of 44bp. Co-arrangers committing between $10 million and $14 million get 30bp while senior managers lending between $5 million and $9 million gain 27bp for all-ins of 43bp and 42bp respectively.
Proceeds are to refinance a $200 million loan signed in November 2005 and for working capital purposes.
Hong Kong
A HK$3 billion bullet facility for China Resources Land has been completed on a club basis via a syndicate of 11 banks.
The revolver will be converted into a term loan after the first two years.
Allocations saw Bank of China (Hong Kong) and CCB International Finance commit HK$500 million each. Joining the transaction with holds of HK$300 million apiece were Agricultural Bank of China, Bank of Tokyo-Mitsubishi UFJ, DBS Bank and Sumitomo Mitsui Banking Corp. Citic Ka Wah Bank provided HK$200 million while Bank of East Asia, Mizuho Corporate Bank, Oversea-Chinese Banking Corp and Tai Fung Bank ended up with HK$150 million each.
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