An A$850 million multi-tranche facility for Austar Entertainment has been completed via mandated arrangers ANZ, BNP Paribas, Bank of Scotland International, Calyon Australia, Commonwealth Bank of Australia, National Australia Bank, Rabobank and Societe Generale. Calyon Australia is the sole bookrunner and original mandated arranger for the facility.
The financing is split into an A$225 million four-year term loan æAÆ, an A$500 million six-year term loan æBÆ, an A$100 million five-year revolver and an A$25 million revolving credit facility solely provided by Commonwealth Bank of Australia.
The deal pays a spread of 170bp for term loan æAÆ, 200bp for term loan æBÆ and 170bp over the Bank Bill Rate (BBR) for the five-year revolver.
Final Allocations saw ANZ and Commonwealth Bank of Australia contribute A$145 million apiece. National Australia Bank held A$125 million with BNP Paribas and Bank of Scotland International providing A$85 million each. Calyon Australia, Rabobank and Societe Generale committed A$80 million, A$60 million and A$50 million respectively. Coming in as senior managers were Natixis and ING Bank holding A$40 million and A$35 million respectively.
Proceeds are to refinance an existing debt signed on August 2006.
Grand Hotel ManagementÆs A$420 million dual tranche credit was funded on September 3 via sole mandated lead arranger and bookrunner ANZ.
The facility is divided into an A$365 million term loan æAÆ and an A$55 million term loan æBÆ both with a tenor of five years.
The loan amount will be sold down to other investors during syndication. Proceeds of loan æAÆ are to refinance an existing debt and for general corporate purposes and loan æBÆ will provide for capital expenditure requirements.
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