Australian Agricultural Company completed a A$291 million dual tranche financing earlier this month via joint arrangers ANZ Investment Bank and National Australia Bank. The facility was provided on a club basis with National Australia Bank lending A$126 million and ANZ providing A$97 million. Proceeds are to refinance a A$291 million facility signed in December 2004.
An A$850 million dual tranche refinancing for DCA Group was signed on March 28. Mandated arrangers ANZ Investment Bank and Westpac Banking Corp held A$200 million each.
Participating banks are Commonwealth Bank of Australia and National Australia Bank lending A$200 million apiece and Bank of Scotland contributing A$50 million. The loan comprises A$255 million three year and A$595 million five year revolving credit facilities. Proceeds will take out a A$520 million loan completed in September 2004.
The A$617 million 6-1/4 year credit facility for Energy Capital Partners was inked on March 22. Bank of Tokyo-Mitsubishi UFJ, BNP Paribas, Calyon, Commonwealth Bank of Australia and National Australia Bank provided the funds on a club basis. Proceeds are to refinance the existing term loan facility for the Loy Yang B power station at Latrobe Valley.
Fortescue Metals signed a A$200 million two year facility with a syndicate of seven banks on March 27. Citigroup arranged the deal that will be used for general corporate requirements.
Hedley Hotel Group has successfully raised A$250 million via a five year club loan provided by ANZ Investment Bank and Commonwealth Bank of Australia. Proceeds are to refinance existing debt.
Tourism Asset Holdings Group will sign a A$195.7 million dual tranche club loan today (Friday). ANZ Investment Bank and Calyon are providing the funds equally.
The loan is split into a A$102.7 million three year facility and a A$93 million one year tranche. Proceeds are to finance the acquisition of the Sofitel Wentworth Hotel in Sydney.
China
Mandated arranger DBS Bank is syndicating a $550 million 10 year aircraft financing for Air China. The loan is part of a $750 million package for the purchase of 14 Airbus and Boeing commercial aircraft to be delivered this year, with the remaining $200 million to be taken up by key relationship banks in the PRC. Responses are due by the end of April.
Air China has also mandated HSBC to lead arrange an $881 million 10 year lease financing to support the delivery of 14 new aircraft this year. The airline will lease six Airbus A330-200 airliners, five A319-100 aircraft and three Boeing 737-700 planes.
China Development Bank has increased its five year term loan to $700 million from $500 million after an overwhelming response in syndication. Coordinating arrangers HSBC held $65 million and Bank of Tokyo-Mitsubishi UFJ (Beijing), BNP Paribas, Calyon, DBS Bank, ING Bank, Mizuho Corporate Bank and Sumitomo Mitsui Banking Corp took $50 million apiece.
Arrangers are Bank of China (Hong Kong) committing $40 million, WestLB (Shanghai) providing $35 million and Bank of Montreal (Beijing), China Citic Bank and United Overseas Bank (Shanghai) contributing $30 million each. The Shanghai branches for BayernLB and KBC Bank also lent $25 million apiece.
Co-arrangers include Sanpaolo (Shanghai) absorbing $20 million and Overseas-Chinese Banking Corp with a ticket of $15 million. Joining as senior managers are Bangkok Bank, Bank of China and Wing Lung Bank (Shenzhen) committing $10 million each and Yamaguchi Bank (Dalian) pledging $5 million.
Harbin PharmaceuticalÆs $280 million five year leveraged buyout facility has been withdrawn from syndication pending discussions between the Warburg Pincus consortium and the Government. Mandated arranger Citigroup may bring back the deal at a later stage.
The $80 million three year fundraising for Shandong Chenming Paper Holdings was signed on March 23. Mandated arranger Sumitomo Mitsui Banking Corp held $17.6 million.
Joining as arrangers are Bangkok Bank, China Merchants Bank and Nanyang Commercial Bank with commitments of $8.8 million apiece. Managers include Hang Seng Bank and United Overseas Bank lending $7.2 million each, Citic Ka Wah Bank, Korea Development Bank and Wing Hang Bank providing $4.5 million apiece and Asia Commercial Bank, Bank of East Asia and Qing Dao International Bank with tickets of $2.7 million each.
Hong Kong
A HK$7.2 billion dual tranche credit for Citic Pacific is in the market via a top heavy group of 18 banks. Agricultural Bank of China, Bank of China, Bank of Communications, Bank of Tokyo-Mitsubishi UFJ, BayernLB, BNP Paribas, Calyon, Citic Ka Wah Bank, Citigroup, DBS Bank, Hang Seng Bank, HSBC, ICBC Asia, Mizuho Corporate Bank, Rabobank, Royal Bank of Scotland, Standard Chartered Bank and Sumitomo Mitsui Banking Corp are leading the deal.
The loan is split equally into five and seven year facilities. The five year tranche offers a margin of 32bp over Hibor while the seven year portion pays 35bp.
Banks have been invited to participate on two levels. Arrangers lending HK$200 million or above earn all-ins of 35.5bp for the five year and 39.5bp for the seven year while senior managers contributing HK$100 million to HK$195 million gain 34.5bp for the five year and 38.5bp for the seven year.
The borrower successfully raised HK$5.2 billion in May last year via a consortium of 16 lead banks. The seven year loan carried an all-in of 43bp over Hibor, outside the 39.5bp offered on the seven year portion in the current transaction.
Proceeds are to refinance existing debt and to provide for general corporate requirements. Bookrunners Citic Ka Wah Bank, Citigroup, DBS Bank, HSBC, Royal Bank of Scotland and Standard Chartered Bank expect to complete syndication before Easter.
Johnson Electric HoldingsÆ $530 million five year loan is signing today (Friday). Citigroup and HSBC are the mandated lead arrangers.
Around 10 banks joined in syndication, including Bank of Tokyo-Mitsubishi UFJ, Mizuho Corporate Bank, Bank of China, BNP Paribas, Banca di Roma and Rabobank. Proceeds are to take out a Sfr700 million bridge loan that was signed in August last year for the acquisition of Saia-Burgess Electronics Holdings.
A HK$4.4 billion dual tranche 3-1/2 year credit for Sino Land is signing today (Friday). Mandated lead arrangers HSBC and ICBC (Asia) held HK$620 million apiece.
Mandated coordinating arrangers are Bank of Communications lending HK$600 million, Bank of Tokyo-Mitsubishi UFJ, Bangkok Bank (Hong Kong) and Wing Lung Bank committing HK$500 million each, Mizuho Corporate Bank providing HK$400 million, Sumitomo Mitsui Banking Corp contributing HK$360 million and Bank of China (Hong Kong) with a ticket of HK$300 million.
The facility comprises a HK$2.6 billion tranche and a HK$1.8 billion portion. The margin is 33.5bp over Hibor.
India
Infrastructure Development Finance (IDFC)Æs $135 million six year dual tranche loan was signed on Wednesday. Calyon and HSBC are the bookrunners.
Mandated lead arrangers Calyon, ICICI Bank (Singapore) and Standard Chartered Bank launched a $92.6 million yen equivalent dual tranche loan for Sterlite Industries into syndication on Tuesday. The facility is split into $57.6 million and $25 million portions with a blended average life of 1.46 years.
The deal carries a margin of 43.5bp over Libor and fees to the market are on three levels. Arrangers lending $10 million or more receive 25bp flat, co-arrangers lending $5 million to $9 million gain 22bp and lead managers providing $2 million to $4 million gain 18bp.
Proceeds are to refinance a $67.6 million financing completed in September 2004 and a $51.7 million yen equivalent loan that was signed in September last year. Responses are due by April 20.
Videsh Sanchar NigamÆs $220 million five year term loan has received its first commitment in general syndication from International Commercial Bank of China. Calyon and Standard Chartered Bank are leading the deal and were joined by Export Development Canada and Bank of Nova Scotia at the sub-underwriting level.
The deal offers an all-in yield of 57bp over Libor and should close syndication in early April.
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