A A$617 million 6-1/2 year loan for Loy Yang B has been completed. Mandated arrangers ANZ Investment Bank, Bank of Tokyo-Mitsubishi UFJ, BNP Paribas, Commonwealth Bank of Australia and National Australia Bank provided the funds equally on a club basis. Proceeds are to refinance existing debt.
Hong Kong
China Travel International Investment (HK) has completed its HK$1.5 billion fundraising with a total of five banks participating. Mandated lead arranger Calyon held HK$850 million.
Joining as lead arrangers are Banca Intesa (Hong Kong) lending HK$250 million and BBVA and Fortis Bank contributing HK$200 million each.
Citic PacificÆs HK$7.2 billion dual tranche loan has reached financial close with four banks joining in general. The 18 strong arranger group comprises 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.
Bank of East Asia, Liu Chong Hing Bank, Tai Fung Bank and Wing Lung Bank have joined and signing will be held early next month.
The HK$3 billion five year dual tranche credit for CRE Finance (Hong Kong) is oversubscribed with a total of sixteen banks participating in the transaction. Bank of China, Bank of Tokyo-Mitsubishi UFJ, BayernLB, BNP Paribas, Calyon, Citibank, DBS Bank, Mizuho Corporate Bank, Rabobank and Standard Chartered Bank are the mandated lead arrangers.
Banks that have come on board include Banca di Roma, BBVA, Fortis Bank (Hong Kong), Nanyang Commercial Bank, Tai Fung Bank and Wing Lung Bank.
India
Alok IndustriesÆ $100 million five year deal was signed on April 26 and increased from $75 million after a strong response in syndication. Barclays Capital, Bank of India, Commonwealth Bank of Australia, State Bank of India and United Overseas Bank are the mandated lead arrangers.
Lenders include Syndicate Bank, Chang Hwa Commercial Bank, Fuhwa Bank, SBI International (Mauritius), Hua Nan Commercial Bank, Indian Bank, Persia International Bank and Taiwan Business Bank.
Mandated arrangers ABN AMRO, Banc of America and Citigroup have launched a $250 million dual tranche loan for Genpact, formally known as GE Capital International Services (Gecis), into sub-underwriting. There is a $50 million expansion option where the borrower can raise this additional amount at any time during the life of the facility.
The deal is split into a $100 million revolving credit and a $150 million term loan. The margin is based on a leverage ratio grid starting at 87.5bp over Libor if the ratio is over 1.75, 75bp if the ratio is 1.25 to 1.75 and falling to 70bp if the ratio is less than 1.25.
Proceeds are to refinance a $215 million LBO facility that was completed in March last year and arranged by Banc of America, Citigroup and Goldman Sachs as well as to fund expansion plans. Sub-underwriting is expected to close in mid-May with roadshows to be held in Singapore and Taipei on May 11 and 12.
HDFC Bank has launched a $100 million Japanese yen equivalent 364 day credit into general syndication via lead arrangers Banc of America Securities Asia, DBS Bank, DZ Bank, Natexis Banques Populaires and RZB-Austria. The deal has been fully underwritten by the lead banks.
The facility carries a margin of 13.5bp over Libor and fees to the market are on three levels. Arrangers providing $10 million or more gain a front-end fee of 11.5bp, lead managers contributing $5 million to $9 million receive 10.5bp and managers committing $2 million to $4 million get 9.5bp.
Proceeds are to refinance a $100 million facility that was completed in May last year and arranged by Calyon and Citigroup. The deal paid an all-in of 29bp over Libor, outside the 25bp offered in the current transaction. Responses are due by May 17.
Indian Farmers Fertilizer Co-operative (IFFCO) is heard to be tapping the market for a $250 million financing via mandated lead arrangers Calyon and ICICI Bank.
Mandated arranger ABN AMRO is set to launch JSW SteelÆs $200 million seven year export credit into general syndication shortly. Duferco is providing a guarantee.
KBC Bank and KfW have joined at the top level and a handful of banks are expected to join in sub-underwriting.
Banks are eyeing a $500 million five year financing for Reliance Energy and are in the process of preparing their bids for the deal. The borrower successfully raised $250 million in September last year via a seven strong bank group. The 3-3/4 year deal paid an all-in of 61bp over Libor and saw participation from a total of 18 banks.
A $40 million dual tranche credit for Shree Renuka Sugars is in senior syndication via mandated arranger ABN AMRO. The deal is split equally into three and five year facilities.
The three year tranche carries a spread of 150bp over Libor and the five year offers 160bp. Banks have been invited to underwrite $15 million.
Proceeds are to fund capacity expansion for the sugar manufacturer and banks have until May 5 to respond at the top level.
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