Futuris Corporation has signed a A$750 million loan agreement via a consortium of six banks. Proceeds are for working capital purposes.
The facility is divided into a A$125 million, A$100 million and A$60 million one year revolvers. ANZ Investment Bank, BNP Paribas, Commonwealth Bank of Australia, Citibank, National Australia Bank and Westpac are providing the funds.
Namoi Cotton Co-operativeÆs A$62 million multi-tranche financing has been signed on a club basis. ANZ Investment Bank and Rabobank (Australia) are lead arranging the facility. The transaction consists of a A$24 million two year term loan, an A$8 million portion and a A$30 million 364-day revolver.
ANZ Investment Bank and Rabo Australia committed A$31 million apiece. Proceeds are for general corporate purposes.
China
Hong Fu Jin Precision is in the market with a $100 million five year loan via a group of five banks. Mandated co-ordinating arrangers are Banc of America Securities Asia, BNP Paribas, Citigroup, DBS Bank and Mizuho Corporate Bank. Proceeds will be used for general corporate purposes. The Taiwanese parent company, Hon Hai Precision Industry is providing a guarantee.
ChemChina International (Hong Kong) and Qenos have successfully raised $193 million via a syndicate of 12 banks.
Mandated lead arrangers Standard Chartered ended up with $16.4 million, ANZ Banking Corp and Calyon (Australia) lent $30 million each while Bank of Tokyo-Mitsubishi UFJ took $20 million. CCB International Finance, CITIC Ka Wah Bank, HSH Nordbank (Hong Kong), ICBC (Asia) and NordLB provided $12 million apiece. GE Commercial Finance and ICICI Bank (Hong Kong) took $7.5 million and came in as arrangers.
The financing comprises a A$113 million equivalent six year term loan, a A$50 million six year revolving credit and a A$30 million three year term facility. Proceeds will be used to finance the acquisition of Australian polyethylene manufacturer from Exxon Mobile and Orica and for general corporate purposes.
Silitech Technology (Suzhou) has successfully raised $38 million equivalent from the market. A group of seven banks are participating in the deal. The facility is split into $18 million and a Rmb166 million five year term loans.
The mandated arrangers are Agricultural Bank of China (Suzhou), Bank of China Wuzhong (Suzhou), BNP Paribas, Citigroup, Hang Seng Bank, ICBC (Suzhou Wuzhong) and SMBC. Proceeds will be used for working capital purposes. Signing took place on September 25.
Hong Kong
Cathay Pacific is sounding banks for a $280 million aircraft financing. Several banks are said to have submitted proposals. They are Bank of China (Hong Kong), ING Bank, SG Asia, Mizuho Corporate Bank and SMBC. The borrower last tapped the market when it raised $600 million via a one year facility. That facility was arranged by SMBC, DZ Bank and Fortis Bank. A formal mandate will be announced shortly.
Syndication for IFC DevelopmentÆs HK$10.3 billion facility has yet to close with banks expected to revert by October 6. The six year financing has received commitments from several banks so far. The arranger group consists of Bank of China (Hong Kong), Fortis Bank, Standard Chartered, BNP Paribas, ABN Amro, CCB International Finance, ICBC (Asia), Bank of Tokyo-Mitsubishi UFJ, BayernLB, DBS Bank, Mizuho Corporate Bank, Rabobank and SMBC. Proceeds will be used to refinance a HK$7 billion facility signed in October 2000.
Allocations for Nine Dragons PaperÆs $350 million fundraising have been finalised. A total of 15 banks are participating in the deal.
Mandated lead arrangers Bank of China (Hong Kong) committed HK$138 million, Bank of Communications (Hong Kong) took HK$40 million while BNP Paribas (Hong Kong), Commonwealth Bank of Australia and KBC Bank (Hong Kong) pledged HK$30 million each.
Co-lead managers lent HK$10 million apiece. They are Bank of China (Macau), Shanghai Commercial & Savings Bank (Offshore Banking), SMBC and United Overseas Bank (Guangzhou). China Construction Bank (Hong Kong) also joined as a co-lead manager with a hold of HK$15 million.
Managers are Maybank (Hong Kong) providing HK$7 million and four others û Cathay United Bank (Hong Kong), CITIC Ka Wah Bank, E. Sun Commercial Bank (Hong Kong) and Public Bank (Hong Kong) û coming in with tickets of HK$5 million apiece.
Bank of China (Hong Kong) and BNP Paribas are running the books. Proceeds will be used for general corporate purposes. The borrowing entity is a special purpose vehicle ND Finance. Proceeds will be used for working capital purposes and signing took place on Tuesday (September 19).
PCCW HKT Telephone will sign a HK$10.2 billion six year facility today (Friday) via a group of 16 banks. Allocations have been finalised. Proceeds will be used for refinancing existing debt.
Mandated arrangers are ICBC Asia committing HK$2 billion, Bank of China, BayernLB and Calyon contributing HK$800 million each, Hang Seng Bank taking HK$650 million, Bank of Nova Scotia, DBS Bank, and Mizuho Corporate Bank lending HK$600 million apiece, Bank of Tokyo-Mitsubishi UFJ and SMBC with commitments of HK$500 million each, Bank of America Securities Asia, BNP Paribas, Royal Bank of Scotland and Standard Chartered Bank pledging HK$400 million apiece and Bank of Communications and HSBC ending up with HK$350 each.
River Trade Terminal has signed a HK$2 billion five year fundraising via mandated arrangers Standard Chartered and SMBC. Proceeds are for general corporate purposes. Signing was held on September 22.
India
ICICI Bank (UK)Æs $110 million two year term loan has been signed via a consortium of seven banks. Mandated arrangers BayernLB, Calyon, Erste Bank der Oesterreichischen Sparkassen, and Raiffeisenlandesbank Oberosterreich Aktiengesellschaft provided $20 million while lead arrangers Dresdner Bank, Raiffeisen Zentralbank Osterreich Aktiengesellschaft and WestLB contributed $10 million apiece. Proceeds are for general corporate purposes.
National Thermal Power completed a $225 million seven year credit on September 21. Mandated arrangers are Bank of America Securities, Bank of Tokyo-Mitsubishi UFJ, BNP Paribas, DZ Bank (Singapore) and Mizuho Corporate while Banca Intesa SpA (Hong Kong), BayernLB (Hong Kong), Credit Industriel et Commercial-CIC, Dexia Credit Local, Fortis Bank, KfW IPEX-Bank, Korea Development Bank, Land Bank of Taiwan (Singapore), Mega International Commercial Bank (Offshore Banking), SMBC, WestLB (Singapore), Bank of Taiwan (Offshore Banking) and Societe Generale joined as arrangers.
Co-arrangers are Banca Monte dei Paschi di Siena (Hong Kong), Cathy United Bank (Labuan), Central Trust of China (Offshore Banking), Chang Hwa Commercial Bank (Offshore Banking), China Construction Bank (Hong Kong), DePfa Investment Bank, First Commercial Bank (Offshore Banking), Shanghai Commercial & Savings Bank (Offshore Banking), Taiwan Cooperative Bank (Offshore Banking) and Woori Bank (Hong Kong). Export-Import Bank of the Republic of China (Taiwan), Maybank (Singapore), Caixa Geral de Depositos and E Sun Commercial Bank (Offshore Banking) are managers. Proceeds are for working capital purposes.
The $1.5 billion project financing for Reliance Petroleum is set to close via a consortium of 14 banks. The arranger group comprises ABN Amro, Banc of America Securities Asia, Bank of Tokyo-Mitsubishi UFJ, BNP Paribas, Calyon, Citigroup, DBS Bank, DZ Bank, HSBC, ICICI Bank, Mizuho Corporate Bank, Standard Chartered Bank, State Bank of India and SMBC.
Tata SteelÆs $750 million financing is syndicating with banks expected to revert by end of this week. Thus far, the facility has secured commitments from National Bank of Dubai and Taiwan Cooperative Bank.
The seven year deal is being arranged by ABN Amro, Bank of Tokyo-Mitsubishi UFJ, Calyon, Citigroup, First Commercial Bank, Maybank, Mizuho Corporate Bank, Standard Chartered Bank and SMBC.
Sole bookrunner Standard Chartered is acting as the documentation and facility agent. Proceeds will be used for general corporate purposes.
New Zealand
Medical Securities has completed a NZ$150 million dual-tranche fundraising, ANZ Investment Bank is the sole mandated arranger. The deal consists of a NZ$115 million two year facility and a NZ$35 million one year term loan.
ANZ lent NZ$75 million while lenders Westpac took NZ$45 million and Bank of New Zealand committed NZ$30 million. Proceeds are to refinance existing debt facility and to provide for working capital requirements.
Turners & GrowersÆ NZ$40 million two year fundraising has been signed. ANZ Investment is the sole mandated lead arranger.
In final allocations, mandated arranger ANZ Investment Bank and participant Westpac provided NZ$20 million each. Proceeds are for working capital purposes.
South Korea
Syndication of W$113.8 billion ($119.8 million) financing for Buy The Way has been completed via a syndicate of four banks. They are JP Morgan, Shinhan Bank, Shinhan Life Insurance, Woori Bank and SMBC. JP Morgan is the sole bookrunner on this deal. Proceeds will be used to fund CCMPÆs leveraged buyout of South KoreaÆs convenience store chain, Buy The Way. Signing took place on September 21.
Optima LeasingÆs $397 million 14 year term loan was signed on September 25 via a syndicate of 10 banks. Mandated arrangers are BNP Paribas, Korean Development Bank and SMBC while Bank of China, Bank of Tokyo-Mitsubishi UFJ, BBUA, DnB NOR, KEB and Industrial & Commercial Bank of China joined as co-arrangers. Proceeds are to refinance existing debt.
Taiwan
Chinatrust Commercial Bank, E Sun Commercial Bank, First Commercial Bank, Industrial Bank of Taiwan and Land Bank of Taiwan have joined Cathay United Bank, as mandated arrangers for Chailease FinanceÆs NT$5.5 billion 12 year term loan. Proceeds are for general corporate purposes.
Mandated arranger Bank of Taiwan and Industrial Bank of Taiwan have launched Chang Bing Show Chwan Memorial HospitalÆs NT$2.5 billion fundraising into general syndication. The deal offers a margin of 37bp over the CP rate. Proceeds are to support building and equipment and to provide for working capital purposes.
Far Eastern Department StoresÆ NT$2.5 billion three year revolver has been launched into syndication via mandated arranger Hua Nan Commercial Bank. Proceeds will be used for working capital purposes.
Hsin Yung EnterpriseÆs NT$2 billion seven year term loan has been launched into general syndication. Hua Nan Commercial Bank is leading the deal. Proceeds are to refinance existing debt.
Mandated lead arrangers First Commercial Bank, KBC Bank and Mizuho Corporate Bank are yet to close Inventive InternationalÆs $100 million fundraising with banks expected to revert by early October. Thus far, the five year revolving credit has received commitments from several banks.
The five year financing is guaranteed by the borrowerÆs parent company, Ya Hsin Industrial. Proceeds will be used to refinance existing debt and for general working capital purposes.
Ta Chen Stainless PipeÆs NT$3.5 billion multi-tranche facility is syndicating via mandated arrangers Chang Hwa Commercial Bank, Hua Nan Commercial Bank and Mega International Commercial Bank.
The facility is split into NT$2.2 billion and NT$300 million five year revolvers and NT$750 million and NT$250 million seven year term loans. The margin is 95bp over the CP rate. Proceeds are to refinance existing debt and for working capital purposes.
Thailand
Banpu PublicÆs $70 million financing has been has been upsized from $50 million due to an overwhelming response in general syndication. The three year facility features a margin of 42.5bp over Libor and is being marketed on two levels. Lead arrangers taking $10 million or above get a top level all-in of 53bp over Libor while arrangers providing $5 million to $9 million receive an all-in of 51.7bp over Libor.
Sole bookrunner and mandated lead arranger Mizuho Corporate Bank committed $22.8 million, co-lead arranger Bank of Tokyo-Mitsubishi UFJ lent $15.2 million, and lead arrangers RHB Bank (Bangkok) held $10 million while Bank of China (Bangkok) and DZ Bank (Singapore) contributed $8 million and $7 million each. Arrangers First Commercial Bank and Land Bank of Taiwan pledged $2.5 million apiece, and Chang Hwa Commercial Bank (Singapore) came in with a commitment of $2 million.
Proceeds will be used for general corporate purposes.
Total Access CommunicationÆs $156 million dual tranche financing was completed on September 26. A group of 10 banks are participating in the transaction. The deal is split into a Bt 2 billion and a Ñ12 billion five year loans.
Mandated arrangers are Bank of Tokyo-Mitsubishi UFJ, SMBC and Standard Chartered while Bank of China, BLB Asia Pacific, Cathay United Bank, DZ Bank, Export-Import Bank of Republic of China, Mega International Commercial Bank, Nordea Bank and Sumitomo Trust & Banking joined as co-arrangers. Proceeds will be used for general corporate purposes.
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