SPI (Australia) AssetsÆ A$150 million 364-day revolver was sealed last week on a club basis.
Allocations saw the mandated leads Commonwealth Bank of Australia and Westpac contributing A$75 million apiece. Proceeds are for general corporate purposes.
China
China Yurun Food GroupÆs HK$450 million three-year term loan was signed on August 25 via a consortium of four lead arrangers û Bank of Tokyo-Mitsubishi UFJ, Commerzbank, DBS Bank and Rabobank û as a club deal. The facility was increased from HK$400 million.
Allocations saw DBS Bank providing HK$150 million, while Bank of Tokyo-Mitsubishi UFJ, Commerzbank and Rabobank held HK$100 million each.
Proceeds are for capital expenditure and general corporate purposes.
A $150 million three-year letter of credit for COFCO Corp was launched into syndication earlier this week via mandated arrangers Bank of America, Fifth Third Bank, ING Bank and Rabobank. With the exception of Fifth Third Bank, the arrangers are also acting as bookrunners.
Banks are expected to revert by mid-September. The funds are to refinance an existing facility signed in October 2005.
Unilever (China)Æs $150 million one-year revolving credit has been completed via mandated lead arrangers Bank of America (Shanghai branch), HSBC (Shanghai branch) and Mizuho Corporate Bank (China). HSBC (Shanghai branch) was the sole bookrunner of the bullet transaction.
Hong Kong
A $380 million shipping transaction for 12 subsidiaries of Citic Pacific û Burgeon Investments, Silver Bliss Enterprises, Winrich Investments Holdings, Bolein Corp, Cobikin Corp, Cosmos Light Holdings Corp, Tridot Enterprises, Bright Treasure Assets Holdings, Long Glory Assets, Master Champ Assets, Palesto Holdings and Parmigan Corp û was signed on August 27 via BNP Paribas (Hong Kong), Bank of Tokyo-Mitsubishi UFJ, Calyon and Standard Chartered Bank on a club basis.
BNP Paribas (Hong Kong) and Bank of Tokyo-Mitsubishi UFJ committed $100 million apiece while the other two banks provided $90 million each. Proceeds are to finance the purchase of 12 115,000 dead-weight tonne vessels.
Crown Worldwide MoversÆ $85 million three-year and three-month credit has closed oversubscribed. The response from the market was huge with an oversubscription of nearly double the initial amount. The mandated lead arrangers and bookrunners are BNP Paribas and Standard Chartered Bank.
The deal pays a spread of 267bp over Libor and has an average life of 2.43 years.
Syndication saw 10 banks joining in, namely Bank of Tokyo-Mitsubishi UFJ, BayernLB, Citic Ka Wah Bank, China Construction Bank, First Commercial Bank, Fubon Bank (Hong Kong), Land Bank of Taiwan, Mizuho Corporate Bank, Public Bank and United Overseas Bank.
The borrower has yet to decide if the loan amount should be increased although commitments from lenders are most likely to be scaled bank.
Proceeds are to refinance an existing bridge facility signed in 2006 and for working capital purposes.
A $195 million three-year fundraising for Sany HongKong Group has been sealed via original mandated arrangers and bookrunners ABN AMRO and Standard Chartered Bank (Hong Kong branch).
The deal pays a spread of 180bp over Libor. Sany Group is acting as the guarantor.
Final allocations saw Standard Chartered Bank (Hong Kong branch) and ABN AMRO taking $25 million and $20 million respectively. Coming in as equal-status arrangers were Bank of China (Hong Kong branch) with $75 million, HSBC with $30 million, ANZ with $20 million and Calyon with $15 million. Rounding off the syndicate as an arranger was Hang Seng Bank with a hold of $10 million.
Shinyo Saowalak & Shinyo KieranÆs $215 million 10-year term loan was inked on August 20 through coordinating arrangers BNP Paribas (Hong Kong), Bank of Nova Scotia, Deutsche Bank, DVB Bank and Scotiabank as a club deal. Vanship Holdings is guaranteeing the loan.
BNP Paribas (Hong Kong), Deutsche Bank and DVB Bank contributed $54 million each, while Bank of Nova Scotia and Scotiabank provided $29 million and $25 million respectively. Proceeds are to fund the construction of two vessels.
Syndication of an $80 million three-year term loan for Xiwang Sugar Holdings was launched earlier this month via original mandated lead arranger and bookrunner Bank of China (Hong Kong). The deal features a margin of 155bp over Libor and an amortising repayment schedule.
Proceeds are for working capital and capital expenditure purposes. Banks have until early September to revert.
India
Indian Overseas BankÆs $100 million three-year facility was completed on August 27 via mandated leads and bookrunners Bank of Tokyo-Mitsubishi UFJ, Calyon, HSBC, Intesa Sanpaolo, Natixis and Sumitomo-Mitsui Banking Corp. The deal was upsized from $90 million.
The margin is priced at 110bp over Libor.
Final allocations saw Calyon and Sumitomo-Mitsui Banking Corp contributing $11 million apiece while the remaining mandated leads gave $10 million each. Coming in as a coordinating arranger was First Commercial Bank while Chinatrust Commercial Bank joined in as a lead arranger, both committing $10 million apiece. Rounding off the syndicate as senior managers were Bank Westdeutsche Genossenschafts-Zentralbank and Chang Hwa Commercial Bank, holding $5 million each. Mega International Commercial Bank and Emro Finance Ireland took $3 million apiece, while United Taiwan Bank lent $2 million.
Proceeds are for working capital purposes.
Syndication of Reliance IndustriesÆ $1 billion five-year debt package has been closed via the 17 original mandated leads - ABN AMRO, Banco Bilbao Vizcaya Argentaria, Bank of Tokyo-Mitsubishi UFJ, BayernLB, BNP Paribas, Calyon, Citi, DBS Bank, Fortis, HSBC, ING Bank, Mashreqbank, Natixis, NordLB, Rabobank, Sumitomo-Mitsui Banking Corp and WestLB. Bank of Nova Scotia and KfW Bank have joined in as equal-status lead arrangers.
The margin is priced at 130bp over Libor.
General syndication saw a handful of banks, including Commonwealth Bank of Australia and Qatar National Bank, joining in at lower levels.
The deal is expected to be signed today (August 29).
Vedanta ResourcesÆ $1 billion 4.75-year facility was sealed on August 26 via a group of eight bookrunners. The mandated lead arrangers are ABN AMRO, Bank of Baroda, Bank of Tokyo-Mitsubishi UFJ, Barclays Capital, Calyon, Citi, Mizuho Corporate Bank, Standard Chartered Bank, State Bank of India, Sumitomo Mitsui Banking Corp and WestLB.
Natixis (Singapore) and Scotiabank joined as lead arrangers while Bank of East Asia, Chang Hwa Commercial Bank, China Construction Bank, Chinatrust Commercial Bank, First Commercial Bank, First Gulf Bank, Indian Bank and Taishin International Bank came in as co-arrangers.
Indonesia
A $66 million three-month add-on facility for LeBlanc Business Resources was inked last week via ING Bank and Sumitomo Mitsui Banking Corp on a club basis. The mandated lead arrangers committed $33 million apiece.
The transaction is an additional portion to an existing $465 million debt package signed in November 2007 and borrowed in the name of New Dragon Holdings. Proceeds are for capital expenditure and working capital purposes.
Malaysia
Petronas Lubricants International's (PLI) Ç850 million five-year bullet facility has been closed via nine mandated leads.
Intesa Sanpaolo is providing Ç200 million. Bank of Tokyo-Mitsubishi UFJ and ING Bank are committing Ç115 million apiece. BNP Paribas and Oversea-Chinese Banking Corp are giving Ç80 million each while DBS Bank, HSBC and Sumitomo Mitsui Banking Corp are holding Ç70 million apiece. Calyon rounds out the group with Ç50 million.
The deal features a margin of 84bp over Libor and a commitment of 30bp. Proceeds are to refinance a Ç950 million bridge loan dated November 2007. The fundraising is likely to be signed as a club deal in early September.
Singapore
Dubai DrydockÆs $2.2 billion dual-tranche credit is being well received in syndication via mandated lead arrangers and bookrunners BNP Paribas, DBS Bank, Emirates International, HSBC, ING Bank, Lloyds TSB, Mashreqbank and Standard Chartered Bank.
The deal comprises a $1.7 billion three-year bullet term loan, paying a spread of 170bp over Libor and a $500 million five-year amortising portion, priced at 190bp over Libor.
A number of lenders have already shown interest in the deal but are awaiting credit approvals. Syndication is slated to close in a few weeksÆ time.
Proceeds are to refinance an existing debt signed in November 2007 that was used for the acquisition of Labroy Marine.
South Korea
Dalian Daeyang ShipyardÆs $58 million financing was completed on August 26 solely by Citi. Hana Bank, Industrial Bank of Korea, Korea Exchange Bank and Kookmin Bank joined the transaction at a lower level. Proceeds are to partly finance the construction cost of a shipyard in Dalian City.
Taiwan
Quintain SteelÆs NT$1.3 billion five-year multi-tranche facility was downsized from NT$1.5 billion and signed last week via mandated lead arrangers and bookrunners Chang Hwa Commercial Bank, Chinatrust Commercial Bank, EnTie Bank and Ta Chong Bank.
The deal is split into a NT$720 million term loan which is priced at 62bp over the 180-day primary CP rate, and NT$460 million-equivalent and NT$100 million revolvers. The pricing for the two revolving portions are 62bp over the primary CP rate or 85bp over Libor, and 65bp over the secondary CP rate respectively. The commitment fee is 15bp.
Mandated leads Chang Hwa Commercial Bank committed NT$250 million, while Chinatrust Commercial Bank, EnTie Bank and Ta Chong Bank gave NT$200 million apiece. Participants DBS Bank (Taiwan), Shanghai Commercial & Savings Bank and Taiwan Cooperative Bank each provided NT$100 million, while Bank of Panhsin and Taishin International Bank contributed NT$80 million and NT$50 million respectively.
Proceeds are for refinancing and working capital purposes.
A NT$400 million three-year dual-tranche facility for Topoint Technology was sealed on August 15 via coordinating arrangers Chinatrust Commercial Bank, Industrial Bank of Taiwan, and Taipei Fubon Commercial Bank.
The coordinating arrangers contributed NT$180 million apiece, while participants Cathay United Bank, Chang Hwa Commercial Bank, Hua Nan Commercial Bank and Mega International Commercial Bank each lent NT$90 million.
The transaction is split into a NT$400 million term loan and a NT$500 million revolver. Proceeds are for working capital purposes.
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