Standard Chartered Bank has been mandated to lead arrange a A$200 million acquisition financing for China National Chemical Corp (ChemChina). Proceeds are to finance the purchase of Australian polyethylene producer Quenos from Exxon Mobil and Orica.
The information memorandum is being finalised and the deal will be launched within the next two weeks.
HannStar Board Technology (Jiang Yin)Æs three year term loan has been increased to $80 million from $72 million. Signing was held on February 23.
Mandated lead arrangers ANZ Investment Bank, BNP Paribas, DBS Bank, HSBC and ING Bank each lent $10 million. Co-arrangers include Bangkok Bank committing $7.5 million and Nanyang Commercial Bank and United Overseas Bank providing $6.5 million each.
Hang Seng Bank took the title of lead manager with a ticket of $5 million while Banca Intesa joined as a manager with a hold of $3 million as did Agricultural Bank of China with $1 million and Industrial Bank for $0.5 million.
Hong Kong
Citic Pacific is self-arranging a HK$5 billion five and seven year financing and has approached banks to join. Proceeds will partly refinance existing debt and provide for working capital requirements.
The borrower successfully tapped the market in May last year via a HK$5.2 billion facility that was arranged by a consortium of 16 banks. The loan offered an all-in yield of 43bp over Libor.
Banks are in the process of gaining their approvals and an arranger group should be finalised shortly.
Coordinating arrangers Citigroup and HSBC have launched a $550 million five year fundraising for Johnson Electric Holdings into senior syndication. The deal will take out the Srf700 million bridge loan that was provided by Citigroup in August last year.
The facility carries a margin of 28bp over Libor and banks have been invited to join on two levels. Investors underwriting $80 million earn a sub-underwriting fee of 7.5bp and a management fee of 25bp for the title of coordinating arranger. Take-and-hold commitments of $50 million receive 27.5bp flat.
The bridge loan was used to support the acquisition of Saia-Burgess Electronics Holdings last year. Banks have until March 8 to respond, after which the deal will be launched into general syndication.
Kerry PropertiesÆ HK$6 billion five year revolving credit facility was signed on Monday with a syndicate of 18 banks. The 13 strong mandated lead arranger group comprises Agricultural Bank of China (Hong Kong), Bank of China (Hong Kong), Bank of Communications (Hong Kong), Bank of Tokyo-Mitsubishi UFJ, BNP Paribas, Calyon, Citigroup, DBS Bank, HSBC, ICBC Asia, Mizuho Corporate Bank, Standard Chartered Bank and Sumitomo Mitsui Banking Corp.
Lenovo GroupÆs $300 million five year financing has received an overwhelming response from the market and is heavily oversubscribed. ABN AMRO, BNP Paribas, Citigroup, HSBC, ICBC Asia and Standard Chartered Bank are leading the deal.
More than 10 banks have joined and the borrower is deciding whether to increase the loan amount. The facility offers an all-in yield of 58bp over Libor.
Syndication of ProgainÆs HK$1.9 billion five year dual tranche credit has been completed. Bank of Nova Scotia, Calyon, Standard Chartered Bank and Sumitomo Mitsui Banking Corp are the mandated lead arrangers.
Banks that joined include Asia Commercial Bank, Bank of China (Macau), Bank of Communications, Hua Nan Commercial Bank, Maybank and Nanyang Commercial Bank. Allocations are being finalised.
The $150 million five year term loan for Sino-Forest Corp was signed last Friday but general syndication remains open. Barclays Capital, Citic Ka Wah Bank, Export Development Canada, Hang Seng Bank and HVB are the mandated lead arrangers.
ICBC Asia is the first to come on board in general syndication with a $10 million commitment. A bank meeting was held in Hong Kong on Monday and a site visit in China yesterday (Thursday).
Banks have requested more time to join Sino LandÆs HK$4.5 billion dual tranche financing which was scheduled to close this week. Bank of China (Hong Kong), DBS Bank and HSBC are arranging the deal.
A handful of commitments have already been received with more expected to come in next week.
India
Andhra BankÆs $75 million 364 day credit was signed on Tuesday with a syndicate of 14 banks. Lead arrangers Bank of America, Bank Muscat, BayernLB, Calyon, DBS Bank, DZ Bank, Natexis Banques Populaires and RZB-Austria each held $6.75 million.
Lead manager Lloyds TSB Bank joined with a commitment of $5.5 million while senior managers Banca Nazionale del Lavoro, Export-Import Bank of the Republic of China and WGZ Bank took $3.5 million apiece. Joining as managers are Sampo Bank contributing $3 million and Banca Monte dei Paschi di Siena (Hong Kong) providing $2 million.
ICICI BankÆs 364 day financing has been increased to $300 million from $250 million after a strong response in syndication. The 12 strong arranger group comprises ABN AMRO, Banc of America Securities Asia, BNP Paribas, Calyon, Citigroup, DBS Bank, DZ Bank, HSBC, Lloyds TSB Bank, Natexis Banques Populaires, RZB-Austria and Standard Chartered Bank.
Allocations are being finalised and signing will take place next week.
The $60 million one year facility for Indian Overseas Bank was funded by the mandated lead arrangers yesterday (Thursday). Calyon, Citigroup, DBS Bank and Standard Chartered Bank are leading the deal.
The loan should be launched into syndication by today (Friday) and proceeds are to refinance existing debt.
Mandated lead arrangers Calyon, DBS Bank, Mizuho Corporate Bank and State Bank of India are waiting for the final banks to revert before closing syndication of Power Finance CorpÆs $100 million 3-1/2 year term loan. The loan is already heavily oversubscribed but will not be increased.
Union Bank of India is tapping the market again after completing a fundraising in January this year. A $125 million 364 day yen equivalent loan was launched into general syndication on Thursday via mandated lead arrangers BNP Paribas, Calyon, DBS Bank, DZ Bank, Standard Chartered Bank and Lloyds TSB Bank, who joined at the top level prior to launch.
The facility carries a margin of 14bp over Libor and fees to the market are on three levels. Lead arrangers committing $15 million or above receive a management fee of 13bp, co-arrangers lending $6 million to $10 million gain 12bp and lead managers providing $2 million to $5 million earn 11bp.
Proceeds are to refinance a $125 million deal that was completed in March last year and arranged by BNP Paribas, Citigroup, Standard Chartered Bank and Lloyds TSB Bank. The facility paid an all-in of 37bp over Libor in general syndication, well outside the 27bp offered in the current transaction.
Banks have until March 10 to respond.
The $250 million five year loan for Wockhardt has secured a $40 million underwriting commitment from Bank of Baroda. Barclays Capital, Citigroup and ICICI Bank are leading the facility.
The deal pays an all-in of 125bp over Libor. More commitments are expected shortly.
Japan
Chemical and pharmaceutical producer Ajinomoto has successfully raised Ñ20 billion from the market via a 364 day credit led by Citigroup. A total of eight banks joined in syndication.
Proceeds are for general corporate purposes.
Asahi Kasei has completed a Ñ10 billion 364 day loan via a syndicate of six banks. Citigroup arranged the financing.
The facility will roll over a Ñ10 billion deal that was signed in February last year.
Malaysia
Malayan BankingÆs $300 million five year financing is progressing in general syndication and has secured another commitment. Barclays Capital, Bank of Tokyo-Mitsubishi UFJ, BayernLB, Calyon, Citigroup, Fortis, KBC Bank and LBBW are lead arranging the deal.
Sumitomo Trust & Banking is the latest to join with a $30 million ticket. Bank of China (Hong Kong) and Bank of China (Kuala Lumpur) joined earlier.
The loan offers a top level all-in of 20bp over Libor in general.
Singapore
The S$548 million five year dual tranche facility for Goldman SachsÆ vehicle Alkas Realty has completed syndication heavily oversubscribed. Standard Chartered Bank and United Overseas Bank are the mandated lead arrangers.
A total of 12 institutions joined in syndication. The amount will not be increased and commitments will be scaled back. Allocations are being finalised.
South Korea
LG ChemicalÆs $70 million dual tranche club loan was signed on Monday. Mandated lead arrangers Mizuho Corporate Bank and Sumitomo Mitsui Banking Corp held $25 million apiece while BayernLB and Citigroup each took $10 million.
The $50 million three year financing for Samsung Asia is receiving an enthusiastic response and should complete syndication by today (Friday). Standard Chartered Bank is leading the deal.
The facility is already oversubscribed but will not be increased. Banks that have so far joined are Hana Bank, Korea Exchange Bank, Export-Import Bank of Korea, Bank of Tokyo-Mitsubishi UFJ, SanPaolo Bank, First Commercial Bank and ICBC Asia.
The loan offers an all-in of 55bp to top level lead arrangers.
Taiwan
Mandated arranger Bank of Taiwan expects to complete syndication of Allied Integrated PatterningÆs NT$1.5 billion facility by today (Friday). The loan has been in the market for almost three months.
Banks that have so far joined include Bank of Kaohsiung, Bank of Overseas Chinese, Central Trust of China, First Commercial Bank, Hsin Chu Commercial Bank, Hua Nan Commercial Bank, International Commercial Bank of China, Land Bank of Taiwan, Shanghai Commercial & Savings Bank and Taiwan Business Bank. Up to two more investors are expected to revert by the end of the week.
Asia Vital Components has mandated Bank of Taiwan, Chinatrust Commercial Bank, First Commercial Bank and Taiwan Cooperative Bank to lead arrange a NT$3 billion five year revolving credit facility. Parent company AVC International is providing a guarantee.
The loan features a spread of 100bp over the secondary market CP rate and proceeds are for working capital requirements.
AVC International tapped the market in December last year via a $15 million term loan that was led by Taiwan Cooperative Bank. The deal saw participation from four banks and paid a margin of 85bp over Libor and a top level fee of 3bp.
The arrangers plan to launch the facility into general syndication by the end of the month.
A $100 million five year revolving credit for Cayman President Holdings was launched into syndication on Monday via mandated arrangers International Commercial Bank of China, Mizuho Corporate Bank, Sumitomo Mitsui Banking Corp and Taipei Fubon Commercial Bank. Parent company Uni-President Enterprises is providing a guarantee.
The facility offers a margin of 45bp over Libor and banks have been invited to participate on three tiers. Lead arrangers contributing $15 million or above receive 6bp flat, managers lending $10 million to $15 million gain 4bp and participants committing $5 million to $10 million earn 2bp. There is also a commitment fee of 10bp.
Proceeds are to refinance a $149 million deal signed in November 2001 and arranged by HSBC, Sumitomo Mitsui Banking Corp and Taipei Bank. The deal paid an all-in of 77.5bp over Libor, well outside the 48.2bp offered in the latest transaction.
Banks have until the end of March to respond.
Chi Mei OptoelectronicsÆ seven year dual tranche financing has completed syndication after an overwhelming response in syndication and will be increased to almost NT$60 billion equivalent from NT$40 billion. The 16 strong mandated lead arranger group comprises Bank of Taiwan, BNP Paribas, Calyon, Cathay United Bank, Chang Hwa Commercial Bank, Chiao Tung Bank, China Development Industrial Bank, Chinatrust Commercial Bank, First Commercial Bank, Fuhwa Bank, HSBC, Hua Nan Commercial Bank, Land Bank of Taiwan, Ta Chong Commercial Bank, Taipei Fubon Commercial Bank and Taiwan Cooperative Bank.
Participating banks are ABN AMRO, Agricultural Bank of Taiwan, Bank of Kaohsiung, Bank of Overseas Chinese, Central Trust of China, DBS Bank, E.Sun Commercial Bank, Farmers Bank of China, Mizuho Corporate Bank, Morgan Stanley, Standard Chartered Bank, Tainan Business Bank, Taishin International Bank and Taiwan Business Bank.
Allocations are being finalised and signing will be held in Taipei on March 9.
Chipbond TechnologyÆs NT$2.2 billion five year facility is receiving a strong response in syndication and is already oversubscribed. Chinatrust Commercial Bank is leading the deal.
Banks that have so far joined are Bank of Overseas Chinese, Chang Hwa Commercial Bank, E.Sun Commercial Bank, Far Eastern International Bank, First Commercial Bank, Hua Nan Commercial Bank, Industrial Bank of Taiwan, International Bank of Taipei, Land Bank of Taiwan, Shanghai Commercial & Savings Bank, Sunny Bank, Taipei Fubon Commercial Bank and Taiwan Cooperative Bank. Around six more banks are in the process of gaining their credit approvals.
First International Telecommunications is syndicating a NT$2.5 billion dual tranche fundraising via sole arranger Taishin International Bank.
The facility comprises a NT$2 billion four year term loan and a NT$500 million three year revolver. The margin is 138bp over the 90 day secondary CP rate.
Fees to the market are on two levels. Co-arrangers lending NT$200 million or above receive a management fee of 8bp and lead managers committing NT$100 million to NT$199 million gain 4bp.
The funds will be used to refinance existing debt and to provide for working capital requirements. The deadline for banks is March 24.
Global Green Tech Group inked a HK$300 million 3-1/2 year dual tranche facility with a syndicate of eight banks on Monday. Mandated arranger Taishin International Bank held HK$95 million.
Joining as managers with commitments of HK$30 million apiece are Cathay United Bank, E.Sun Commercial Bank, Entie Commercial Bank, Fuhwa Commercial Bank, Taipei Fubon Commercial Bank and Taiwan Business Bank while Industrial & Commercial International Capital took HK$25 million.
The loan is split into a HK$200 million term facility and a HK$100 million revolving credit. The margin is 100bp over three or six month Hibor and banks were invited to join on three levels.
Co-arrangers lending HK$60 million or more receive a front-end fee of 55bp, lead managers committing HK$45 million to HK$59 million gain 40bp and managers providing HK$30 million to HK$44 million earn 27.5bp. There is also a commitment fee of 20bp.
Proceeds are to refinance a HK$235 million loan signed in January 2004 and to provide for general corporate requirements.
The NT$2.2 billion five year dual tranche credit for Grand Pacific Petrochemical completed syndication on Monday. Chinatrust Commercial Bank is arranging the deal.
Participating banks are Asia Trust & Investment Corp, Central Trust of China, Chang Hwa Commercial Bank, Chiao Tung Bank, China United Trust & Investment Corp, Fuhwa Bank, Hsinchu International Bank, Hua Nan Commercial Bank, Hwa Tai Bank, International Commercial Bank of China, Lucky Bank, Shanghai Commercial & Savings Bank, Sunny Bank and Taipei Fubon Commercial Bank.
Huang Long Construction has mandated Bank of Taiwan, Land Bank of Taiwan and Ta Chong Bank to lead arrange a NT$2 billion five year dual tranche facility. The deal will be launched to a limited number of banks.
The loan is split equally into a term loan and a revolving credit. The margin is 53.5bp over the 90 day primary CP rate and there is a commitment fee of 20bp.
Proceeds are to fund the purchase of land from the government in Tainan.
KNH Enterprises has mandated Chiao Tung Bank, First Commercial Bank and Industrial Bank of Taiwan to arrange a NT$1.3 billion 5-1/2 year dual tranche fundraising. The facility comprises two NT$650 million term loans and proceeds are for capital expenditure requirements.
The NT$800 million five year dual tranche financing for Liton Technology was signed on March 2. Mandated arranger Taishin International Bank held NT$160 million.
Chiao Tung Bank joined as a co-arranger with a ticket of NT$160 million while First Commercial Bank took the title of lead manager with a commitment of NT$120 million. Managers include Industrial Bank of Taiwan, Hsinchu International Bank and Chang Hwa Commercial Bank lending NT$80 million apiece and Taipei Fubon Commercial Bank, Hwa Tai Bank and Taiwan Business Bank providing NT$40 million each.
North Shore CorpÆs NT$2.6 billion dual tranche facility was launched into general syndication on Wednesday. International Commercial Bank of China and Taipei Fubon Commercial Bank are leading the deal.
The loan is split into a NT$2.5 billion 18 year term loan and a NT$100 million 38-1/2 year guarantee facility. The loan pays a margin of 65bp over the CEPD rate and the guarantee facility offers a fee of 60bp.
Banks have been invited to join on three levels. Commitments of NT$500 million and above earn 8bp flat, NT$300 million to NT$499 million gain 5bp and less than NT$300 million receive 3bp. There is also a commitment fee of 15bp.
Proceeds are to support the construction of a sewage system in Dan Shui and Zhu Wei in Taipei county. The borrower has a 35 year build, operate and transfer concession.
Phoenix Precision TechnologyÆs NT$6 billion five year dual tranche financing is in the market. International Commercial Bank of China and Taipei Fubon Commercial Bank are the mandated arrangers.
The facility is divided equally into a revolving credit and a term loan. The spread is 40bp over the primary market CP rate.
Fees to the market are on three levels. Lead arrangers contributing NT$1 billion and above receive a management fee of 5bp, co-lead arrangers lending NT$500 million to NT$800 million gain 3bp and managers providing less than NT$500 million earn 2bp. There is also a commitment fee of 15bp.
The funds will be used for working capital and to purchase equipment. Responses are due by the end of the month.
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