ABC Learning has successfully raised A$530 million via a multi-tranche facility provided by Commonwealth Bank of Australia and Westpac Banking Corp. The loan comprises two three year tranches and a three month portion. Proceeds are for general corporate purposes.
Mandated arrangers BNP Paribas, National Australia Bank and Royal Bank of Scotland have provided a A$370 million 10 year multi-tranche loan to Hope Down Iron Ore on a club basis. National Australia Bank held A$136.7 million while BNP Paribas and Royal Bank of Scotland took A$116.7 million apiece.
Proceeds are to support the development of a mine construction project in the Pilbara region of Western Australia and to provide for general corporate funding requirements.
A A$1 billion multi-tranche fundraising for Sonic Healthcare was signed last week with a syndicate of six banks. Joint lead arrangers ANZ Investment Bank, Commonwealth Bank of Australia, National Australia Bank and Westpac Banking Corp held A$200 million apiece. Lead arrangers are Citibank and Royal Bank of Scotland lending A$100 million each.
The loan is split into a A$300 million 364 day credit, a A$350 million three year facility and a A$350 million five year portion. The deal can be drawn in Australian dollars, New Zealand dollars, US dollars, pounds sterling, Swiss francs or euros. Proceeds are to refinance a A$700 million facility signed in December 2004 and for general corporate purposes.
China
Syndication of Chi Mei Optoelectronics (Ningbo)Æs $180 million five year term loan has closed oversubscribed. Banc of America Securities Asia, Calyon and HSBC are arranging the financing.
A $50 million three year club loan was provided to Compeq Manufacturing (Huizhou) on March 21 by a group of five banks. Mandated lead arrangers China Development Industrial Bank held $15 million while Far Eastern International Bank and Taishin International Bank lent $9.5 million each and Chinatrust Commercial Bank and Industrial Bank of Taiwan took $8 million apiece.
Taiwan parent Compeq Manufacturing is providing a guarantee. Proceeds are to refinance existing debt and to provide for working capital requirements.
The $40 million five year fundraising for Tripod (Wuxi) Electronics is receiving a good response from the market and should complete syndication next week. Calyon, Hang Seng Bank and Sumitomo Mitsui Banking Corp are the mandated lead arrangers.
Sino-ForestÆs $150 million five year credit has secured a $5 million commitment from Chiao Tung Bank. Barclays Capital, Citic Ka Wah Bank, Export Development Canada, Hang Seng Bank and HVB are the mandated lead arrangers. The deal was funded last month but the books remain open as banks gain their credit approvals.
India
Essar SteelÆs $120 million five year financing is progressing in syndication. Barclays Capital and State Bank of India are the bookrunners.
Arab Investment Corp is the latest investor to participate with a $12 million ticket. Export Development Canada and KfW joined earlier.
The $60 million one year facility for Indian Overseas Bank has received a handful of commitments and should complete syndication shortly. Calyon, DBS Bank, Citigroup and Standard Chartered Bank are leading the deal.
The loan is already oversubscribed with at least five banks so far on board. Lloyds TSB Bank and Export-Import Bank of the Republic of China are among those that have joined.
Power Finance CorpÆs $100 million 3.5 year term loan was signed on Tuesday, March 21. The syndicate comprises a total of 21 banks including mandated lead arrangers Calyon, DBS Bank, Mizuho Corporate Bank and State Bank of India.
Syndication of Shyam Kribhco FertilisersÆ Ñ25 billion seven year financing has been completed. Lehman Brothers arranged the deal.
Participating banks include Rabobank Nederland (Singapore), Sumitomo Mitsui Banking Corp (Singapore), ABN AMRO Bank, Chiao Tung Bank (Offshore Banking), Chang Hwa Commercial Bank (Offshore Banking), Chang Hwa Commercial Bank (Singapore), Taiwan Cooperative Bank (Offshore Banking), Hua Nan Commercial Bank (Singapore) and Cathay United Bank (Labuan).
Proceeds are to acquire a urea plant and related facilities of the Shahjahanpur Unit of Oswal Chemical and Fertilisers. Kribhco and Shyam Basic Infrastructure Projects are providing a guarantee.
The $50 million credit for Srei Infrastructure Finance has reached financial close with participation from 11 banks. Signing will be held on March 31.
Mandated lead arranger HSBC held $5 million and arrangers Bumiputra-Commerce Bank (Singapore), China Construction Bank (Hong Kong), Export Development Canada and RZB (Singapore) lent $6.25 million apiece. Joining as co-arrangers are Bank SinoPac, Bank Negara Indonesia (Hong Kong), Chang Hwa Commercial Bank (London) and Indian Bank (Singapore) providing $3.5 million each while senior managers include Korea Development Bank (Singapore) committing $3.5 million and Chiao Tung Bank (Offshore Banking) with a ticket of $2.5 million.
Suzlon Energy has mandated Barclays Capital, Deutsche Bank and ICICI Bank to lead arrange a Ç450 million financing for the acquisition of Eve Holdings, the holding company of Belgian gearbox manufacturer Hansen Transmissions. The borrower is deciding whether to syndicate the transaction or conclude it on a club basis.
Mandated arrangers Calyon and Standard Chartered Bank are set to launch the $60 million three year term loan for Tata Technologies into general syndication. Banks were invited to join in sub-underwriting last month.
The $125 million 364 day yen equivalent fundraising for Union Bank of India was inked last Friday. The loan was substantially oversubscribed but not increased.
Mandated lead arrangers DBS Bank and Lloyds TSB Bank held $11 million each while BNP Paribas, Calyon, DZ Bank and Standard Chartered Bank lent $10 million apiece. Lead arrangers with commitments of $9 million each include Erste Bank and Wachovia Bank.
Joining as co-arrangers are AKA Export Finance Bank and Bank Austria committing $8.5 million apiece and Banca Nazionale del Lavoro, China Construction Bank, Oversea-Chinese Banking Corp and WGZ Bank contributing $5 million each. Lead managers with tickets of $2 million apiece are Banca Monte dei Paschi di Siena, Banca Popolare di Verona e Novara, Sampo Bank and UniCredito Italiano.
Videsh Sanchar NigamÆs $220 million five year term loan has so far received underwriting commitments from Export Development Canada and Bank of Nova Scotia. Calyon and Standard Chartered Bank are leading the facility.
Sub-underwriters earn an all-in yield of 58bp over Libor and top level lead arrangers in general receive 57bp. Responses are due by March 28.
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