A A$355 million dual tranche credit for Mirvac PFA, a unit of Mirvac PFA Diversified Property û was signed on November 6.
The three-year debt package comprises revolvers of A$110 million and A$245 million respectively. Sole mandated lead arranger Commonwealth Bank of Australia and participant National Australia Bank committed A$122.5 million apiece, while ING Bank provided A$110 million.
Proceeds are to refinance an existing debt facility.
China
The Rmb1.75 billion five-year fundraising for Shanghai Chung Hao Paper, Shanghai Chung Loong Paper and Suzhou Cheng Loong Paper has been withdrawn due to uncertain market conditions. Calyon, DBS and HSBC were the mandated lead arrangers and the price had been fixed at 105% of the PBOC rate.
Syndication had already seen ANZ, Bank of Tokyo-Mitsubishi UFJ, First Sino Bank and Oversea-Chinese Banking Corp joining in. Proceeds were to support a pre-IPO financing for the holding company, Cheng Loong Corp.
A Rmb500 million three-year term loan for Shanghai Zijiang Enterprise was inked on November 12 on a club basis via mandated lead arrangers Bank of Communications, Calyon, Industrial Bank and Shenzhen Ping An Bank.
The facility pays a spread of 105% of the PBOC rate.
Allocations saw Bank of Communications contributing Rmb190 million, while Shenzhen Ping An Bank committed Rmb150 million. Calyon and Industrial Bank came in with Rmb80 million apiece.
Proceeds are for general corporate purposes.
A $135 million three-year revolving facility for Sinopec Century Bright Capital Investment has been completed on a club basis.
Mandated lead arrangers Sumitomo Mitsui Banking Corp and Mizuho Corporate Bank have committed $75 million and $60 million respectively. China Petrochemical Corp acts as the guarantor.
Proceeds are to refinance existing debt facilities and to meet general corporate needs of overseas subsidiaries.
Zhejiang Yuhui Solar Energy Source, a subsidiary of ReneSola, has concluded syndication of a Rmb1.06 billion debt facility with two big banks in China, reported to be Agricultural Bank of China and Industrial and Commercial Bank of China (ICBC). This additional loan will increase ReneSolaÆs total credit amount to Rmb2.8 billion.
A $200 million debt package for Zoomlion Overseas Investment Management has been sealed via mandated arrangers DBS Bank, DZ Bank, Fubon Bank, Intesa Sanpaolo, Scotiabank, Standard Chartered Bank and United Overseas Bank. The original mandated leads were DBS Bank and Standard Chartered Bank.
The three-year facility pays a spread of 90bp over Libor.
Final allocations saw DZ Bank contribute $40 million, while Fubon Bank gave $30 million and Intesa Sanpaolo $28 million. Scotiabank and United Overseas Bank came in with $26 million each. DBS Bank and Standard Chartered Bank held $25 million apiece.
Proceeds are to finance the acquisition of Italian construction machinery manufacturer Compagnia Italiana Forme Acciaio.
India
Grasim IndustriesÆ $50 million equivalent five-year term loan has been sealed via Bank of Nova Scotia and Sumitomo Mitsui Banking Corp as a club deal.
Both of the leads committed $25 million. Proceeds are for capital expenditure purposes.
Indonesia
A $140 million three-year term loan for Excelcomindo Pratama was signed on November 6 via Bank of Tokyo-Mitsubishi UFJ, Chinatrust Commercial Bank, DBS Bank and Economic Development Canada.
Proceeds are for capital expenditure and general corporate purposes.
Singapore
A $100 million two-year debt package for Standard Chartered û Istithmar Asia Real Estate Opportunity Fund I has been inked by sole bookrunner Standard Chartered Bank and joint mandated lead arranger United Overseas Bank.
The secured revolving facility pays a spread of 162.5bp over Sibor. Proceeds are to finance the borrowerÆs investment activities and for other permitted purposes under the fund.
Stats ChipPAC has mandated a consortium of seven banks to arrange a three-year amortising term loan. The consortium comprises Bank of America, Credit Suisse, DBS Bank, Deutsche Bank, Oversea-Chinese Banking Corp, Sumitomo Mitsui Banking Corp and United Overseas Bank. Syndication is expected to be launched in January 2009.
Proceeds are to fund the buyback of outstanding bonds.
Trafigura BeheerÆs $200 million 364-day bullet facility was completed on November 10 via mandated lead arrangers and bookrunners Standard Chartered Bank, United Overseas Bank and Westpac Banking Corp.
The leads have committed $40 million apiece. Lead arrangers Bank of Tokyo-Mitsubishi UFJ gave $25 million while ANZ and Sumitomo Mitsui Banking Corp lent $20 million each. Arranger Oversea-Chinese Banking Corp joined the deal with $15 million.
The guaranteed facility pays a spread of 75bp over Libor. Proceeds are for refinancing and working capital purposes.
Sri Lanka
A $170 million three-year transaction for Government of Sri Lanka is ongoing through mandated lead arrangers Arab Investment Corp, Bank Muscat, Emirates Bank, HSBC, ICICI Bank, Indian Bank, Indian Overseas Bank, Standard Chartered Bank and State Bank of India.
The facility is to amend a $150 million loan signed in June 2008. Signing is expected to take place next week.
Taiwan
A NT$1.5 billion five-year dual tranche fundraising for New Best Wire Industrial was signed on November 11 via a consortium of six mandated lead arrangers and bookrunners.
The credit facility is split into an NT$800 million term loan and a NT$700 million revolving facility. Guaranteed by the chairman and secured by land and factory, the debt pays a spread of 80bp over the secondary CP rate. There is a 20bp commitment fee if utilisation of the term loan is less than 80%, or total utilisation of the debt is less than 60%.
Mandated leads Chang Hwa Commercial Bank, China Development Industrial Bank, E.Sun Commercial Bank, First Commercial Bank, Hua Nan Commercial Bank and Mega International Commercial Bank each contributed NT$200 million. Participants Land Bank of Taiwan, Chinatrust Commercial Bank and Shanghai Commercial & Savings Bank joined the deal with NT$140 million, NT$100 million and NT$60 million respectively.
Proceeds are for debt repayment and working capital purposes.
President Fair DevelopmentÆs NT$8 billion fundraising is still in the market via mandated lead arrangers Agricultural Bank of Taiwan, Bank of Taiwan, Chang Hwa Commercial Bank, DBS Bank, First Commercial Bank, Hua Nan Commercial Bank, Land Bank of Taiwan and Yuanta Commercial Bank.
The loan is divided into a NT$7 billion 10-year term loan and a NT$1 billion five-year revolving facility. The commitment fee for the two portions is 10bp if utilisation is less than 70% and 50% of the tranche respectively. Banks committing between NT$500 million and NT$800 million get a fee of 16bp while banks giving NT$300 million to NT$499 million, and NT$200 million to NT$299 million earn 12bp and 8bp respectively.
Proceeds are to refinance existing indebtedness and for working capital purposes. Signing is expected to take place by the end of November.
A NT$2 billion five-year term loan for YFY Packaging is in syndication via mandated lead arrangers Bank of Taiwan, Chang Hwa Commercial Bank, First Commercial Bank, Mega International Commercial Bank and Taipei Fubon Commercial Bank. Syndication has so far seen Agricultural Bank of Taiwan and Hua Nan Commercial Bank joining as participants. Yuanta Commercial Bank is currently processing its credit approval.
The financing features a margin of 70bp over the secondary CP rate and has a commitment fee of 15bp. Proceeds are for refinancing and working capital purposes.
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