A $588.5 million multi-tranche financing for PaperlinX has been completed via mandated lead arrangers Commonwealth Bank of Australia and National Australia Bank.
The loan comprises a $262.2 million three-year bullet, a $75 million one-year credit and a $250.7 million revolver.
Final allocations saw Commonwealth Bank of Australia commit $189 million while National Australia Bank provided $163.4 million.
Lenders Westpac Banking Corp contributed $80 million while ANZ held $75 million. HSBC took $61.1 million while Deutsche Bank ended up with $20 million.
The funds are to refinance existing debt and for general corporate purposes.
China
Huawei-3Com HoldingsÆ $800 million dual tranche LBO financing led by ABN AMRO, Bank of China, Citi, HSBC and UBS is facing a setback as US regulatory bodies have voiced concerns on national security.
3ComÆs subsidiary, TippingPoint Technologies, is at the heart of the concern as it manufactures anti-hacking software and has contracts with the US department of defence. Bain Capital and Huawei are leading the buyout with 83.5% and 16.5% respectively.
A banker close to the deal said they would make minor changes to the terms of the acquisition but the loan structure would probably remain the same as it has already been funded by the leads, and senior syndication has already closed.
At the senior level, Aozora Bank, China Development Bank, Rabobank, Sumitomo Mitsui Banking Corporation and WestLB 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 United States.
The launch of general syndication will be delayed as a result of the US objections, and will ultimately depend on the US regulatory committee.
A Rmb39.5 billion multi-tranche facility for Liaoning Hongyanhe Nuclear Power has been completed via mandated arrangers Bank of China and Industrial & Commercial Bank of China.
The facility comprises a Rmb10 billion 25-year revolver, a Rmb23 billion 25-year term loan and a Rmb6.5 billion 20-year portion.
Final allocations saw the mandated leads each provide Rmb11.85 billion. Lenders China Construction Bank contributed Rmb5.57 billion while China Development Bank and Agricultural Bank of China held Rmb4.94 billion apiece. China Power Invest Financial ended up with Rmb356 million.
China Power Investment Corporation, China Guangdong Nuclear Power Corporation and Dalian Municipal Construction Investment are the sponsors. Proceeds are to support a $6.5 billion project that involves the construction of the Liaoning Hongyanhe nuclear power plant located in Wafangdian.
Sole mandated arranger Bank of China (Beijing) has launched syndication of Si Chuan China Power Investment Fuxi PowerÆs Rmb4.02 billion dual tranche eight-year project financing.
The debt package is split between a Rmb480 million one-year term loan and a Rmb3.55 billion 18-year credit.
Hong Kong
Syndication of Addchance HoldingsÆ HK$500 million three-year debt package is still ongoing to accommodate banks that are still processing credit approvals. Hang Seng Bank is the sole mandated lead arranger and bookrunner.
The loan pays a spread of 108bp over Hibor and has an average life of 2.25 years.
Banks are expected to revert by early March. Proceeds are for capital expenditure purposes.
Pacific Andes Treasury ManagementÆs $160 million four-year dual tranche financing was launched into syndication last week by bookrunners Rabobank and Standard Chartered Bank.
The deal comprises a $100 million term loan and a $60 million revolver. The margin is priced at 125bp over Libor and features an average life of three years. The parent company, Pacific Andes International Holdings is acting as the guarantor.
Syndication has so far seen Citic Ka Wah Bank joining in as an equal-status arranger.
Banks have been invited on three tiers. Coordinating arrangers committing $20 million or more receive 70bp in management fees for an all-in of 148bp over Libor, while co-arrangers contributing between $10 million and $19 million get 55.5bp for an all-in of 143bp. Lead managers lending between $5 million and $9 million gain 46.5bp for an all-in of 140bp.
The syndication is scheduled to close on March 18. Proceeds are to refinance an existing debt issue signed in July 2006 and for working capital purposes.
India
A $120 million one-year credit for Axis Bank has been completed via a syndicate of six lead arrangers on a club basis.
ABN AMRO, Bank of Tokyo-Mitsubishi UFJ, BNP Paribas, Citi (Singapore Branch), ING Bank and Standard Chartered Bank committed $20 million each.
Delhi International AirportÆs $200 million 13-year financing has received commitments from Intesa Sanpaolo and BayernLB with takes of $50 million and $30 million respectively, for the title of mandated arranger. The deal marks the debut of IndiaÆs booming airport sector in the international debt market.
The debt package is part of a $1.25 billion facility, which comprises a $150 million loan that is being provided by ICICI Bank and Abu Dhabi Commercial Bank; a $900 million portion that was syndicated domestically and was completed on December 3; and the $200 million financing that is currently in the market.
Proceeds are to fund a project which entails the upgrade of existing terminals, the development of new integrated facilities and an increase of passenger capacity. Banks have until the mid of March to respond.
Syndication is still ongoing for Indian Overseas BankÆs $100 million three-year fundraising via leads Bank of Tokyo-Mitsubishi UFJ, DZ Bank, HSBC and Intesa Sanpaolo.
Banks have been invited on two tiers. Arrangers committing $10 million or more gain 81bp in upfront fees, while co-arrangers taking in between $5 million and $10 million gain 75bp. The loan features a spread of 40bp over Libor.
The deadline for banks to revert is early March.
Rain CalciningÆs $395 million multi-tranche financing has been launched into general syndication via leads Citi and ICICI Bank.
Banks have been invited to join on two levels with lead arrangers committing $20 million or above receiving 100bp in management fees, while co-arrangers holding $10 million and above gain 90bp. These commitments are on a take-and-hold basis.
The deal comprises six tranches with three tranches borrowed under the parent and the latter three borrowed under the subsidiary.
The three tranches totalling $220 million for the subsidiary, Rain/CII Holdings, comprises a $105 million six-year amortising loan tranche æAÆ, a $75 million seven-year amortising loan tranche æBÆ, and a $40 million six-year revolver tranche æCÆ.
Rain Calcining is the borrower on the remaining three tranches totalling $175 million which is split into a $23.7 five-year amortising loan tranche æD1Æ, a $97 million six-year amortising facility tranche æD2Æ and a $54.33 million six-year revolver tranche æEÆ.
Tranches æAÆ, æCÆ and æD2Æ feature a spread of 250bp over Libor while tranche æBÆ pays a margin of 350bp. Tranches æD1Æ and æEÆ pay 200bp and 100bp over Libor respectively.
Proceeds are to fund the acquisition of CII Carbon, a US-based producer of calcined petroleum coke, creating the worldÆs leading producer.
Indonesia
A $485 million two-year credit for Calipso Investment, an SPV of Bumi Resources is still in senior syndication via sole mandated lead and bookrunner Credit Suisse. Syndication has so far seen a few banks joining in as equal status mandated arrangers.
Senior syndication is slated to close in mid-March with general syndication expected to be launched afterwards.
The funds are to support the acquisition of an Australian company, Herald Resources.
Malaysia
A M$240 million stand-by letter of credit facility for Westin Kuala Lumpur has closed oversubscribed via sole mandated lead and bookrunner DBS Bank.
Syndication has seen Oversea-Chinese Banking Corporation and Public Bank joining in. The complete list of banks and allocations are yet to be disclosed.
The signing date has yet to be decided as the lenders are in discussion with the borrower. Proceeds are for general corporate purposes.
Singapore
Syndication of Tech SemiconductorÆs $600 million debt package is being well received via mandated arrangers and bookrunners ABN AMRO, Citi, DBS Bank and Oversea-Chinese Banking Corporation.
The amortising term loan features a margin of 250bp over Sibor with a door-to-door maturity of 4.25 years. The average life is 2.85 years.
The relatively high margin and the relationship between the borrower and lenders account for the positive response. Banks have until the end of March to revert.
The funds are to refinance an existing debt facility signed in 2005 and for capital expenditure requirements. This is the companyÆs fifth consecutive refinancing since 2000.
South Korea
Hyundai TransleadÆs $50 million three-year bullet term loan has been signed on a club basis via mandated leads Calyon, DBS Bank, Mizuho Corporate Bank and Sumitomo-Mitsui Banking Corporation.
Allocations saw Sumitomo-Mitsui Banking Corp. contributing $20 million while the other three lenders all held $10 million apiece.
Proceeds are to partially refinance an existing $80 million floating rate note signed in February 2005 and for general corporate purposes.
A $410 million four-year guarantee facility for Samsung Heavy Industries has been inked via sole lead arranger and bookrunner Calyon.
Final allocations saw Calyon committing $210 million while Industrial & Commercial Bank of China and Korea Exchange Bank provided $100 million each.
The funds are to support the financing of two drillships.
Shinhan BankÆs Ç250 million one-year fundraising has been completed via a consortium of 12 mandated lead arrangers as a club deal. The arrangers are ABN AMRO, Banc of America, Banc of America Securities Asia, BayernLB, BNP Paribas, Dresdner Bank, DZ Bank, Fortis, HSBC, ING Bank, Landesbank Baden-Wuerttemberg and Oversea-Chinese Banking Corporation.
Allocations saw the banks holding an equal share of Ç20.8 million apiece.
Proceeds are to refinance existing debt.
Taiwan
Dragon Steel CorpÆs NT$51.7 billion 10-year fundraising was signed on February 25 via a consortium of seven mandated arrangers and bookrunners. The facility was downsized from NT$57 billion.
The deal pays a spread of 40bp over the secondary CP rate, has a grace period of 3.5 years and is secured by the companyÆs factory and machinery.
Final allocations saw mandated arrangers Bank of Taiwan contributing NT$6.5 billion while E.Sun Commercial Bank, First Commercial Bank, Land Bank of Taiwan, Mega International Commercial Bank, Taipei Fubon Bank and Taiwan Cooperative Bank provided NT$6 billion apiece.
Coming in as participants were Agricultural Bank of Taiwan and Export-Import Bank of Republic of China taking NT$2.7 billion and NT$2.5 billion respectively. Cathay United Bank committed NT$2 billion while Taiwan Business Bank held NT$1 billion. Rounding off the syndicate were Hua Nan Commercial Bank and Industrial Bank of Taiwan holding NT$500 million each.
Proceeds are to support the construction of a new steel plant in Taichung.
Taiwan Broadband CommunicationsÆ NT$25 billion multi-tranche LBO facility has received commitments from Bank of Panhsin and Credit Industriel et Commercial, while First Capital is awaiting approval. A few other banks are also awaiting approvals from their respective credit committees.
The dual currency financing comprises an NT$8.15 billion seven-year loan, a $147 million seven-year credit, a NT$4.35 billion eight-year portion, a $111 million eight-year debt and a NT$2 billion seven-year bullet.
ABN AMRO, Chinatrust Commercial Bank, Citi and Societe Generale are the original mandated arrangers. Syndication is expected to close in the first week of March with the signing ceremony expected to take place in mid-March.
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