After the slow response due to the holiday season, syndication of ASE Assembly & Test (Shanghai)Æs $190 million five-year credit has been well received. The mandated arrangers are DBS Bank and HSBC.
The financing features a margin of 90bp over Libor and an average life of four years. Advanced Semiconductor Engineering (ASE) (Taipei) is the parent company.
Seven commitments have been received so far with a handful of banks awaiting credit approvals. An extension has been implemented and banks are to revert by the end of January.
The funds are to partly refinance existing debt and for general corporate purposes.
Senior syndication for Huawei-3Com HoldingsÆ $800 million dual tranche LBO financing via mandated leads ABN AMRO, Bank of China, Citi, HSBC and UBS has closed with allocations to be released shortly.
Aozora Bank, China Development Bank, Rabobank, Sumitomo Mitsui Banking Corp and WestLB have joined at the top as equal-status arrangers while Bank of Nova Scotia and Chinatrust Commercial & Savings Bank came in as lead arrangers.
The five-year non-recourse loan is split into a $750 million credit and a $50 million revolver. The deal offers spreads of 306.25bp and 300bp over Libor, respectively.
A separate $400 million financing is being raised in the US. The funds are to support Huawei Technologies and Bain CapitalÆs proposed $2.2 billion acquisition of US-based 3Com Corp, which is subject to US regulatory approval.
Zhuhai Zhongfu EnterpriseÆs Rmb2.75 billion dual-tranche facility has been simultaneously launched into senior and general syndication via mandated leads and bookrunners Calyon, Chinese Mercantile Bank and Industrial & Commercial Bank of China.
The loan is split into a Rmb2.5 billion five-year portion with an average life of 3.5 years and a Rmb250 million three-year revolver. The margin is 105% of the PBOC rate for both tranches.
In senior syndication, banks coming in with Rmb500 million or above receive a management fee of 25bp with an underwriting fee of 10bp as equal-status arrangers.
In general syndication, banks have been invited on three tiers. Those contributing Rmb300 million or above earn 25bp flat, commitments between Rmb200 million and Rmb299 million take 15bp and banks holding between Rmb100 million and Rmb199 million get 10bp.
Proceeds are to refinance an existing debt facility.Hong Kong
A HK$1.2 billion five-year credit for Hong Kong Hotel has been inked on a club basis via lead arrangers Standard Chartered Bank (Hong Kong), Bank of China (Hong Kong) and Hang Seng Bank with each bank holding HK$400 million.
The deal pays a spread of 55bp over Hibor. Harbour Centre Development is acting as the guarantor.
Kim Eng InvestmentÆs HK$250 million dual tranche three-year fundraising was signed on January 10 via a syndicate of seven banks. The loan is split equally into a term loan and a revolver with both tranches offering a spread of 75bp over Hibor.
Final allocations saw mandated lead arrangers Standard Chartered, Citic Ka Wah Bank and Oversea-Chinese Banking Corp provide HK$45 million each; while co-arrangers Bank of China (Hong Kong) and Taishin International Bank took HK$35 million apiece. Lead managers Maybank (Hong Kong) lent HK$25 million while Bank of Taiwan (Hong Kong) ended up with HK$20 million.
India
Taiwan Business Bank has joined Jet Airways (India)Æs $82 million commercial loan as a lead arranger with a $10 million ticket. The deal, which was launched into syndication on December 7, is being led by ICICI Bank.
The margin is priced at 230bp over Libor and has a door-to-door tenor of eight years with repayments in 24 equal quarterly instalments.
Banks have been invited on two levels. Mandated lead arrangers contributing $15 million or more receive 100bp in upfront fees while lead arrangers holding between $10 million and $15 million gain 75bp for all-ins of 249bp and 244bp respectively.
Proceeds are to part finance the purchase of four Boeing 777-300ER aircraft.
Syndication is still ongoing for Tata PowerÆs $950 million dual tranche facility via original mandated lead arranger Barclays Capital.
The debt package comprises a $350 million seven-year amortising recourse facility and a $600 million six-year amortising non-recourse facility which closed in early December.
The recourse tranche has received a commitment from one lender at the top level. Also, joining at the top as equal-status arrangers are Axis Bank, Bank of Baroda, Bank of India, Export-Import Bank of India, ICICI Bank, State Bank of India and Sumitomo Mitsui Banking Corp.
Banks have been invited on three tiers for the recourse tranche. Lead arrangers committing $20 million or above receive 48.75bp in management fees for an all-in of 87.5bp. Arrangers providing between $10 million and $19 million gain 42.25bp, while lead managers lending between $5 million and $9 million get 35.75bp for all-ins of 86.5bp and 85.5bp respectively. The credit pays a spread of 80bp over Libor.
The non-recourse portion saw Standard Chartered joining as an equal-status arranger while Bank of Tokyo-Mitsubishi UFJ and Fortis Bank have joined as lead arrangers. The mandated lead arranger group comprises Axis Bank, Bank of Baroda, Bank of India, Export-Import Bank of India, ICICI Bank, State Bank of India and Sumitomo Mitsui Banking Corp.
The deal is expected to close at the end of January or in early February with documentation, currently in progress.
Indonesia
Senior syndication of PT Adaro and Coaltrade International ServicesÆ $750 million dual tranche debt package has been closed via mandated lead arrangers Bank of Tokyo-Mitsubishi UFJ, DBS Bank, Standard Chartered Bank, Sumitomo Mitsui Banking Corp and United Overseas Bank. DBS Bank, Standard Chartered Bank and Sumitomo Mitsui Banking Corp are acting as the bookrunners.
The facility was funded in early December. A total of three banks have joined in as equal-status arrangers which are not yet disclosed.
The credit is split between a $650 million five year amortising term loan, with an average life of 3.54 years and a $100 million three year revolver. The deal is priced at 130bp over Libor for the onshore portion and 120bp for the offshore tranche.
General syndication was launched last week and is expected to close in early February.
The funds are to refinance an existing $200 million loan signed in March 2007 and a $400 million high-yield bond.
Malaysia
Astro All Asia NetworksÆ $300 million five year dual tranche loan is still in syndication via lead arrangers and bookrunners Citi and DBS Bank.
The facility is split equally into a term loan and a revolving credit with the margin priced at 50bp over Libor.
The closing date has been extended to the end of January as a few lenders are processing their credit approvals. Proceeds are for general corporate purposes.
Original leads ABN AMRO, Bank of Tokyo-Mitsubishi UFJ, DBS Bank, HSBC, Sumitomo Mitsui Banking Corp and Standard Chartered Bank have received three more commitments at the top level û from Bank of Nova Scotia, Rabobank and WestLB for Binariang GSMÆs $1.2 billion seven year amortising credit.
Calyon, ING, Mizuho Corporate Bank and Oversea-Chinese Banking Corp had already joined the facility as equal-status arrangers.
The signing ceremony is scheduled to take place on January 28.
Syndication of Nam Fatt CorpÆs $50 million five year fundraising has been further extended to accommodate lenders. ABN AMRO is the sole lead arranger and bookrunner.
The fundraising features a margin of 225bp over Libor and an average life of 3.5 years.
So far, four banks have already joined in syndication û Bank Mandiri, Bank of East Asia, First Gulf Bank and Oversea-Chinese Banking Corp.
Syndication is expected to be wrapped up by the end of the month.
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