BBP Finance AustraliaÆs A$2.7 billion multi-tranche financing was launched into general syndication last week via a consortium of 10 mandated lead arrangers û ANZ, BNP Paribas, Commonwealth Bank of Australia, Dexia, nabCapital, Natixis, Societe Generale, Suncorp-Metway, UniCredit Group and WestLB. All the banks are also acting as bookrunners with the exception of Suncorp-Metway. The loan was funded in early June.
The facility comprises a A$1.6 billion three year loan, a A$960 million five year debt, a A$60 million one year portion and an A$80 million letter of credit. Only the first two tranches are being syndicated to the market while the latter two are being provided by Commonwealth Bank of Australia and ANZ respectively.
Banks are welcome to come in at three levels. Co-lead arranger titles will be given to banks providing A$100 million or above, lead manager titles for commitments between A$75 million and A$99 million and senior manager titles to those lending A$50 million to A$74 million.
Roadshows were held in Sydney on Monday (August 18) and in Hong Kong and Taipei on August 20 and 21 respectively. Banks are to revert by late September.
Proceeds are to refinance existing bridge facilities for Alinta assets and for working capital requirements.
A A$3.95 billion multi-tranche transaction for BrisConnections Finance Property is still in senior syndication via Allied Irish Bank, ANZ, BNP Paribas, Bank of Scotland, DEPFA Bank, DZ Bank, Industrial & Commercial Bank of China, Societe Generale, United Overseas Bank and UniCredit.
The bullet facility is divided into A$200 million six year and A$480 million four year bridge loans, a A$3.15 billion four year construction loan, which converts to a six year term loan afterwards, and a A$120 million reserve facility.
The margin of the fundraising is 65bp and 190bp over BBSY for the bridge loans. Pricing of the construction loan is 190bp over BBSY; upon conversion into a term loan in year five, the margin is 175bp over BBSY and then steps up to 180bp and 185bp in years seven to eight, and nine to 10 respectively. The pricing of the reserve facility is 185bp over BBSY.
Senior syndication is expected to close towards the end of September and general syndication will be launched after.
Proceeds are to support the construction of the Northern Busway and airport roundabout project in Brisbane, connecting Brisbane to the northern suburbs.
Hastings Fund ManagementÆs $59.6 million one year bullet loan was completed on August 14 by ANZ and Westpac on a club basis. The leads took $29.8 million apiece. Proceeds are for refinancing purposes.
China
A RMB1.8 billion three year term loan for Dongjin Real Estate Development (Tianjin) was inked last week through mandated lead arranger DBS Bank (China). DBS Bank (Shanghai), Bank of China (Tianjin), Bank of East Asia (Tianjin), Dahsing Bank (China), First Sino Bank (Shanghai Jiading) and Public Bank (Shenzhen) came in as participants.
Guaranteed by Orient Overseas (International), the deal is priced at 110% of the PBOC rate. Proceeds are to finance the payment of development and construction costs, and expenses related to the project.
China Real Estate OpportunitiesÆ $174 million one-and-a-half year term loan has received a few commitments so far in syndication with a handful of lenders still processing credit approvals. The sole mandated lead and bookrunner is Credit Suisse.
The deal pays a margin of 275bp over Libor that can be increased to 325bp if the six-month extension option is exercised.
Banks are expected to revert by the end of the month. The funds are to purchase the Silver Tower building in Luwan, Shanghai.
A RMB1.43 billion 10 year term loan for Nanjing Port Longtan Container was sealed in late July by sole bookrunner Bank of China. Agricultural Bank of China joined as a participant. Proceeds are for general corporate purposes.
Wuxi Taihu International Technological Garden Investment DevelopmentÆs RMB600 million five year term loan was completed in late July via sole mandated lead arranger Bank of China. Bank of Communications and Bank of Nanjing joined the deal as participants. Proceeds are for general corporate purposes.
Indonesia
Syndication of an $80 million amortising facility for Astra Sedaya Finance is still progressing via mandated lead arrangers Bank of Tokyo-Mitsubishi UFJ, Chinatrust Commercial Bank, Mizuho Corporate Bank and Sumitomo Mitsui Banking Corp. One bank has joined so far. The deadline for commitments is scheduled for the end of August with signing expected to take place on September 1.
Singapore
Cambridge Industrial TrustÆs S$385 million three year fundraising is expected to be launched into syndication in late August by sole mandated lead arranger HSBC.
The transaction is split into a conventional portion and an Islamic portion. The pricing and fee is yet to be decided. Proceeds are to refinance an existing debt facility.
A $280 million multi-tranche LBO facility for Unisteel Technology is being well received in syndication via original mandated lead arrangers and bookrunners Deutsche Bank, GE Commercial Finance, ING Bank and Morgan Stanley.
So far, syndication has seen Calyon and DBS Bank joining in as equal-status lead arrangers with DBS Bank also acting as a bookrunner. A few other commitments have also been received. Syndication is slated to close by the end of August.
Proceeds are to support the Kohlberg Kravis Roberts-led leveraged buyout of Unisteel Technology, a maker of disk-drive components.
Taiwan
A NT$3 billion five year term loan for GIO Optoelectronics Corp was completed earlier this month by bookrunners Cathay United Bank, Chang Hwa Commercial Bank, Hua Nan Commercial Bank, Land Bank of Taiwan and Mega International Commercial Bank.
Secured by land, building and machinery, the fundraising pays a spread of 44bp over the primary CP rate and is divided into NT$700 million and NT$2.3 billion term loans. A commitment fee of 20bp is utilised if the total usage of the loan is less than 50%.
The bookrunners provided NT$330 million each except Land Bank of Taiwan, who contributed NT$570 million. Joint lead arrangers Taiwan Business Bank lent $270 million and E.Sun Commercial Bank and Taiwan Cooperative Bank provided NT$210 million apiece. Participants Export-Import Bank of the Republic of China and Taichung Commercial Bank each committed NT$150 million. Shanghai Commercial & Savings Bank rounded out the group with NT$120 million.
The deal features a grace period of 2.5 years. Proceeds are to support the building of a plant.
Kinpo Eletronics and Kinpo InternationalÆs five year dual-currency facility was signed last week via bookrunners Chinatrust Commercial Bank, E.Sun Commercial Bank, Taishin International Bank and Taipei Fubon Commercial Bank.
The leads committed NT$375 million and $13.5 million apiece. Managers Shanghai Commercial & Savings Bank and Taiwan Cooperative Bank each took NT$250 million and $9 million. Participants Chang Hwa Commercial Bank, Hua Nan Commercial Bank, Mega International Commercial Bank and Ta Chong Bank came in with NT$125 million and $4.5 million each except Bank of Taiwan which provided NT$250 million.
The debt package comprises a NT$2.75 billion term loan which is priced at 52.5bp over the secondary CP rate, and a $90 million revolving credit which pays a spread of 60bp over Libor.
The deal has a commitment fee of 15bp and a grace period of three years. Proceeds are for working capital purposes.
A NT$12.45 billion six year term loan for Radium Life Tech was signed in early August by a group of three mandated leads and bookrunners.
Mandated lead arrangers Land Bank of Taiwan, Mega International Commercial Bank and Land Bank of Taiwan committed NT$3.12 billion, NT$2.5 billion and NT$2 billion respectively. Co-arranger Taiwan Business Bank provided NT$1.7 billion. Participants Agricultural Bank of Taiwan and Bank of Taiwan contributed NT$800 million and NT$600 million respectively and EnTie Commercial Bank and Hua Nan Commercial Bank each gave NT$500 million. Bank of Panhsin lent NT$450 million while First Commercial Bank rounded out the group with NT$280 million.
The bullet financing comprises a NT$12.06 billion tranche which pays a spread of 150bp over the CEPDÆs floating one year savings deposit rate, and a NT$390 million portion which is priced at 175bp over Mega International Commercial BankÆs floating one year savings deposit rate. The commitment fee for the NT$12.06 billion portion is 20bp if the usage is less than 75% of the total loan amount.
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