Joint mandated coordinating arrangers ANZ Banking Corp and Citibank (Singapore) have completed the S$900 million fundraising for Toll Finance, ST Logistics and SOPS. The three year facility saw eight banks join in general syndication.
Mandated coordinating arranger Citibank ended up with S$60 million while six lead arrangers lent S$120 million each. They were BNP Paribas (Singapore), DBS Bank, DnB NOR Bank (Singapore), Oversea-Chinese Banking Corp, Standard Chartered (Singapore) and United Overseas Bank. ABN Amro (Singapore) and Westpac (Singapore) took S$60 million apiece and joined as managers.
The parent company Toll Holdings is providing a guarantee. Proceeds will be used for general corporate and working capital purposes. Signing was held on September 6.
Hong Kong
China Resources Land signed a HK$2.5 billion five year credit facility on September 7. The transaction has been upsized from HK$2.4 billion due to an overwhelming response. China Resources Land last tapped the market in October 2002 when it raised $60 million via a three year term loan.
The deal comprises a margin of 34bp over Hibor. Co-arrangers lending HK$150 million and over earn 22.5bp and senior managers committing HK$75 million to HK$140 million receive 15bp.
Mandated arrangers Bank of China (Hong Kong) took HK$450 million, Calyon, DBS Bank, HSBC and Standard Chartered Bank (Hong Kong) held HK$355 million each and Bank of Tokyo-Mitsubishi UFJ provided HK$350 million. Co-arranger Citic Ka Wah Bank joined with a ticket of HK$150 million. Nanyang Commercial Bank and Bank of China (Macau) joined as managers and ended up with HK$100 million and HK$80 million respectively.
Proceeds are for general corporate purposes and to refinance existing debt.
Signing for Hutchison International FinanceÆs HK$9 billion financing took place last Saturday (September 9). Mandated coordinating arrangers Bank of China (Hong Kong), Bank of Tokyo-Mitsubishi UFJ, Calyon, DBS Bank, Hang Seng Bank, HSBC, ICBC Asia, Mizuho Corporate Bank, Royal Bank of Scotland, Standard Chartered, SMBC and WestLB ended up with HK$750 million apiece.
Proceeds will be used to refinance a HK$12 billion dual tranche facility signed in July 2001, comprising a HK$9 billion five year tranche due in November and a HK$3 billion seven year tranche due in 2008.
IFC DevelopmentÆs HK$10.3 billion six year financing was launched on Wednesday (September 13) via a consortium of 13 banks. The arranger group comprises 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.
Banks have been invited to join on three tiers. Lead managers contributing HK$290 million or above get 30bp over Hibor, senior lead managers taking HK$190 million or more earn 27bp and co-arrangers lending HK$90 million or above receive 24bp.
All the mandated arrangers are running the books and Bank of China (Hong Kong) is acting as both facility and documentation agent. Proceeds will be used to refinance a HK$7 billion facility signed in October 2000. Banks have until September 27 to respond.
Sole mandated lead arranger Bank of China (Hong Kong) has yet to close syndication of Nine Dragons PaperÆs $350 million fundraising with banks expected to revert by today (Friday). The facility has received commitments from at least 15 banks and several more banks are still in the final stage of gaining credit approvals.
The four year financing features an average life of 3.6 years and is priced at 55bp over Libor. In sub-underwriting, banks underwriting $50 million or above earn an underwriting fee of 10bp and a management fee of 37bp, translating to a top level all-in of 68bp over Libor. Those committing $40 million or above on a take-and-hold basis receive 43.5bp for an all-in of 67bp.
Banks are also invited to join on three tiers in general syndication. Arrangers contributing $20 million or above are paid 36bp for an all-in of 65bp, lead managers providing $10 million to $19 million earn 32.4bp for an all-in of 64bp and managers committing $5 million to $9 million get 28.8bp for an all-in of 63bp.
Proceeds will be used for working capital purposes and signing is targeted for the end of September.
Mandated coordinating arrangers and bookrunners Calyon, HSBC and Rabobank have launched Tianjin Development HoldingsÆ HK$2 billion equivalent financing into general syndication. The facility is split into a HK$900 million tranche æAÆ and a HK$1.1 billion equivalent revolving credit (tranche æBÆ) that will convert into a term loan three years after the drawdown.
The five year facility carries a margin of 47bp over Hibor or Libor and is being marketed on three tiers. Coordinating arrangers providing HK$300 million equivalent or above get 25bp, translating to a top level all-in of 52bp, arrangers holding HK$150 million to HK$290 million equivalent take 20bp for an all-in of 51bp and senior managers committing HK$50 million to HK$140 million equivalent earn 15bp for an all-in of 50bp.
Hang Seng Bank has joined as an equal status coordinating arranger prior to the launch. Tranche æAÆ will be used to refinance an existing facility signed in July 2003 while proceeds of tranche æBÆ are for general corporate purposes. Banks have until September 15 (today) to respond.
India
ICICI BankÆs $150 million three year financing has been signed. A total of 13 banks are participating in the facility. The borrower last signed a $40 million three year facility in March 2006 via sole mandated arranger Citic Ka Wah Bank.
Mandated arrangers are ABN Amro, Banca Intesa, Bank of America, Bank of Tokyo-Mitsubishi UFJ, DBS Bank, Natexis Banques Populaires and RZB Austria. Lead managers are Bank of China and Mega Commercial. Manager is Swedbank while BPNV, Taiwan Business Bank and Woori Bank joined as lenders.
Proceeds are for general corporate purposes.
Software Development Systems has successfully raised $368 million via a syndicate of 14 banks. The financing is split equally into a five year tranche and a seven year revolver, both carrying a margin of 275bp over Libor.
Mandated lead arrangers Citigroup and Merrill Lynch took $30 million apiece while ten others û ABN Amro, Aozora Asia Pacific Finance, BNP Paribas, Calyon, Chinatrust Commercial Bank, DBS Bank, General Electric Capital, Mizuho Corporate Bank, Taipei Fubon Commercial Bank and Royal Bank of Scotland û joined with holds of $28 million each. Lead arranger Bank of Nova Scotia committed $20 million and arranger Alcentra US lent $8 million.
Citigroup and Merrill Lynch are running the books. Proceeds will be used to fund acquisitions and for general corporate purposes.
Syndication of Reliance PetroleumÆs $1.5 billion facility has yet to close with banks expected to revert by the end of September. The project financing has received a couple of commitments so far.
The deal comprises a 7 + year $950 million tranche that is priced at 80bp over Libor for the first four years and at 140bp over Libor thereafter and a 10 year $550 million tranche that features a spread of 85bp over Libor. Banks are being invited to join on three levels. Lead arrangers holding $50 million or over get 65bp flat, arrangers taking $30 million to $49 million earn 50bp while lead managers lending $15 million to $29 million obtain 35bp.
ABN Amro, Banc of America, 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 are leading the deal. Proceeds will be used to support the development of a petrochemical complex and refinery project in India. The arranger group already pre-funded the financing in August 2006.
Malaysia
Commerce Capital Labuan has completed a $1.1 billion one year fundraising via a consortium of five banks. Bumiputra-Commerce Holdings is providing a guarantee.
Mandated arrangers ABN Amro, Bank of Tokyo-Mitsubishi UFJ, Citibank (Malaysia) and Standard Chartered Bank pledged $239 million apiece while arranger BayernLB provided $150 million.
Proceeds are to refinance a portion of the guarantorÆs short term loans and for working capital purposes.
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