Australia
An A$800 million dual-tranche facility was completed for AGL Energy on June 5, supported by four domestic banks and 13 offshore banks. The deal was oversubscribed but was not upsized.
The debt package comprises a A$200 million fully-drawn bullet facility and a A$600 million revolver. The senior unsecured debt pays a spread of 280bp over BBSY.
Proceeds from the financing, together with cash from asset sales, are to refinance A$1.1 billion and A$550 million facilities maturing in 2009 and 2010 respectively.
DBNGP Finance has successfully secured a A$480 million fundraising from a consortium of eight banks.
The financing is split into three- and five-year term loans of A$253 million and A$228 million respectively. Mandated lead arrangers Macquarie Bank contributed A$80 million, while Calyon committed A$75 million. Commonwealth Bank of Australia took A$67 million. Westpac came in with a hold of A$60 million, while Banco Bilbao Vizcaya Argentaria, Barclays Capital and National Australia Bank offered A$50 million apiece. Bank of Tokyo-Mitsubishi UFJ rounded off the group with a A$48 million ticket.
Proceeds are to refinance an existing deal maturing in October 2009.
A A$145 million multi-currency facility for Just Group has been signed via sole bookrunner Commonwealth Bank of Australia.
The unsecured loan is divided into a A$20 million three-year tranche and a A$25 million portion. The lead contributed A$75 million, while participant National Australia Bank joined with A$70 million.
Proceeds are for debt repayment purposes.
SPI (Australia) Assets' A$240 million three-year revolving credit has been completed on a club basis via a consortium of four lenders.
Mandated lead arrangers Bank of Tokyo-Mitsubishi UFJ, Commonwealth Bank of Australia, Oversea-Chinese Banking Corp and Westpac took A$60 million apiece.
The bullet loan is guaranteed by Singapore Power. Proceeds are to refinance existing debt facilities and for general corporate purposes.
India
A Rs5.1 billion 11-year financing for Essar Bulk Terminal was sealed on June 8 via sole bookrunner Axis Bank.
Final allocations saw the lead contribute Rs920 million while participants Canara Bank and Corporation Bank gave Rs1.9 billion and Rs950 million respectively. Syndicate Bank and Union Bank of India lent Rs700 million apiece.
Proceeds are for project financing purposes.
Jubilant Energy Kharsang's (JEKPL) Rs2 billion project financing was inked on June 9 via sole bookrunner State Bank of India.
The nine-year deal is split into two equal tranches priced at 75bp below BPLR with a commitment fee of 120bp.
Syndication saw the only participant, Central Bank of India, provide the entire Rs2 billion. The lead did not partake in the lending.
Proceeds are to fund the capital expenditure requirements of E&P blocks of Kharsang Oil Field.
Indonesia
Bank Ekspor Indonesia's $125 million one-year credit has been launched into syndication via bookrunners Bank of Tokyo-Mitsubishi UFJ, Industrial & Commercial Bank of China, Intesa Sanpaolo, Oversea-Chinese Banking Corp and Sumitomo Mitsui Banking Corp.
The term loan is priced at 200bp over Libor. Banks are invited to join at three levels - mandated lead arrangers with tickets of $15 million or above receive 175bp in fees, while co-arrangers lending $10 million to $14 million earn 150bp. Lead managers offering between $5 million and $9 million get 125bp.
Proceeds are for refinancing, trade financing and working capital purposes. Banks are to revert back by the third week of June.
Malaysia
A M$550 million debt for Inai Anggerik has been sealed via a group of three lenders. Bank Pembangunan Malaysia and Maybank committed M$250 million each, while RHB Investment Bank lent M$50 million.
Proceeds are to support the building of three new dredger vessels.
Singapore
South Beach Consortium's S$800 million two-year term loan has been inked via mandated lead arrangers DBS, HSBC, Oversea-Chinese Banking Corp, Sumitomo Mitsui Banking Corp and United Overseas Bank.
Proceeds are to take out a S$1.25 billion 18-month bridge facility signed in December 2007.
South Korea
Oriental Brewery's $760 million loan has seen DBS, Sumitomo Mitsui Banking Corp and United Overseas Bank join in at the top with a $50 million ticket each. HSBC, J.P. Morgan, Nomura and Standard Chartered are the bookrunners.
Proceeds are to finance KKR's leveraged buyout of Oriental Brewery from Anheuser-Busch InBev. The M&A transaction is valued at $1.8 billion and is the largest Asia Pacific LBO deal so far this year.
Taiwan
CSBC Corp's NT$7 billion credit facility is in the market via bookrunner First Commercial Bank. Up to 12 banks are looking to join the facility. Banks have until late June to revert.
Chengming Mold Industrial's NT$1.8 billion loan was sealed on June 9 via sole mandated lead Mega International Commercial Bank.
Secured by 30% of the facility amount at Mega International Commercial Bank, the three-year revolver is priced at 110bp over Mega Bank's one-year deposit rate with a pricing floor of 2% and a commitment fee of 10bp.
Final allocations saw the bookrunner contribute NT$240 million, while participants Chang Hwa Commercial Bank, First Commercial Bank, Hua Nan Commercial Bank, Land Bank of Taiwan, Taiwan Cooperative Bank and Yuanta Commercial Bank joined at lower tiers with holds of NT$80 million each.
Proceeds are for working capital purposes.
Syndication of Kang Na Hsiung Enterprise's NT$1.3 billion five-year fundraising has been closed via six coordinating arrangers. The facility was oversubscribed and is expected to be upsized to NT$1.5 billion.
The coordinating arrangers were Cathay United Bank, First Commercial Bank, Hua Nan Commercial Bank, Industrial Bank of Taiwan, Land Bank of Taiwan and Mega International Commercial Bank.
Bank of Taiwan, Taiwan Business Bank and Taiwan Cooperative Bank joined at lower tiers.
Proceeds are to refinance a NT$1.3 billion facility signed in April 2006 and for working capital purposes. The signing is slated for June 22.
UniDisplay and UniDisplay Holding Corp's NT$1.52 billion equivalent dual-currency facility has been completed via sole bookrunner Taiwan Cooperative Bank.
The five-year debt package includes four tranches - NT$800 million and NT$250 million term loans; a NT$150 million revolving credit; and a $10 million term loan. The Taiwan dollar tranches offer a spread of 50bp over the 90-day primary CP rate with a pricing floor of 1.95%, while the US dollar portion is priced at 80bp over 90-day Libor. All tranches feature a commitment fee of 15bp.
On the Taiwan dollar portion, the bookrunner contributed NT$400.5 million, while mandated lead arrangers Mega International Commercial Bank and First Commercial Bank lent NT$300 million and NT$240 million respectively. Participants Chang Hwa Commercial Bank came in with NT$139.5 million and E.Sun Commercial Bank ended up with NT$120 million.
On the US dollar tranche, Taiwan Cooperative Bank provided $3 million, Mega International Commercial Bank $2.5 million, First Commercial Bank $2 million, Chang Hwa Commercial Bank $1.5 million and E.Sun Commercial Bank $1 million.
Proceeds are for capital expenditure, working capital and investment purposes.
Uni-President Enterprise's NT$6 billion transaction is expected to close next Wednesday (June 17) via a consortium of 10 equal status arrangers led by Chang Hwa Commercial Bank and Taiwan Cooperative Bank. The facility is oversubscribed with NT$6.2 billion committed so far and is expected to be upsized from NT$5 billion. Allocations are being finalised.
The five-year revolving credit comprises a NT$5 billion tranche and a NT$1 billion portion. Both tranches are priced at 80bp over the secondary CP rate with a pricing floor of 1.8% and a commitment fee of 10bp.
The two mandated leads have committed NT$1 billion each to the first tranche. Eight banks joined at the top - DBS and Taipei Fubon committed NT$600 million each, while Cathay United Bank, Chinatrust Commercial Bank, E.Sun Commercial Bank, First Commercial Bank, Hua Nan Commercial Bank and Mega International Commercial Bank gave NT$500 million apiece. Three financial institutions - China Bills Finance Corp, International Bills Finance Corp and Mega Bills Finance Corp - are looking to join as participants in tranche two.
Proceeds are to refinance convertible bonds due in September 2009 and for working capital purposes.
Vietnam
A $120 million 10-year amortising facility for Vietnam Airlines Corp has been signed via sole mandated lead arranger and bookrunner HSBC, with Bank for Technological & Commercial Joint Stock Bank and Credit Suisse coming in at lower tiers.
Proceeds are to fund the purchase of six ATR 72-500 planes to be delivered between June 2009 and February 2010.
A $300 million fundraising for Vinacomin is expected to be launched in the week of June 22 via bookrunners Bank of Tokyo-Mitsubishi UFJ, BNP Paribas, Calyon, Credit Suisse, Natixis, Societe Generale and Standard Chartered.
The five-year financing is priced at 350bp over Libor.
Proceeds are for general corporate purposes. The deal is Vinacomin's debut loan in the offshore market.
