Australia
Macquarie Group fully syndicated and completed a $2.4 billion multi-tranche facility in early October through a consortium of 10 bookrunners and mandated lead arrangers.
The financing consists of four three-year tranches priced at 170bp over Libor and four five-year tranches with margins of 200bp over Libor. Four of the tranches are forward start facilities in 2012.
Final allocations saw the leads ANZ, Bank of America, Citibank, Credit Suisse, HSBC Bank Australia, JPMorgan Chase, National Australia Bank, Royal Bank of Scotland, Standard Chartered and SMBC commit $200 million each while lead arrangers Canadian Imperial Bank of Commerce — CIBC, Lloyds TSB Bank and Wells Fargo Bank contributed $100 million each. Chang Hwa Commercial Bank and Toronto-Dominion Bank rounded up the syndicate with $30 million and $25 million respectively.
Proceeds are to refinance parts of the A$9 billion facility signed in Nov 2007 and for working capital purposes.
China
Volvo Automotive Finance (China) signed a Rmb600 million three-year facility in late September through sole bookrunner Credit Agricole.
Syndication saw Bank of Tokyo-Mitsubishi UFJ join in as a mandated lead arranger.
The deal is guaranteed by AB Volvo. Proceeds are for debt repayment and working capital purposes.
India
Dr Reddy’s Laboratories has completed a $220 million five-year term loan on a club basis through a consortium of six mandated lead arrangers.
Final allocations saw Bank of Tokyo-Mitsubishi UFJ, Citi, and Mizuho Corporate Bank commit $50 million each, while Bank of Nova Scotia came in with $30 million. ANZ and Standard Chartered ended up with $20 million each.
The facility offers a margin of 145bp over Libor.
Proceeds are to repay existing indebtedness.
IDBI Bank signed a $290 million dual-tranche term loan on Tuesday (October 18) through a consortium of 10 bookrunners and mandated lead arrangers.
The deal is split into a $155 million one-year tranche and a $135 million three-year portion, priced at 80bp and 130bp over Libor, respectively.
Final allocations saw the leads ANZ, BNP Paribas, Citigroup Global Markets Asia, Credit Agricole, Commerzbank, HSBC, Royal Bank of Scotland, Standard Chartered, United Overseas Bank and Wells Fargo Bank join in with $25 million each. Mitsubishi UFJ Trust & Banking Corp came in as a mandated lead arranger with $30 million while lead arranger Jih Sun International Bank rounded up the syndicate with $10 million.
Proceeds are for general corporate purposes.
Tantia Raxaultollway has completed a Rs2 billion 15-year term facility through sole bookrunner and mandated lead arranger SBI Capital Markets.
Sponsored by Jiangsu Provincial Engineering Transportation, Tantia Construction and Tantia Infrastructure, the facility offers a margin of 150bp over Indian Bank base rate and a commitment fee of 50bp.
Syndication saw Indian Bank come in as the lead bank, while Bank of India, Dena Bank, India Infrastructure Finance, and Oriental Bank of Commerce join as participants.
Proceeds are to finance a two-lane road project in the state of Bihar, India.
Singapore
Stemcor (SEA) signed a $205 million revolving credit on Monday (October 17) through a consortium of eight bookrunners and mandated lead arrangers.
Guaranteed by Stemcor Holdings, the 364-day revolver is priced at 190bp over Libor and was oversubscribed and upsized from $150 million.
Syndication saw the bookrunners ABN Amro Bank, BNP Paribas, DBS, HSBC, ING, Societe Generale, Standard Chartered and United Overseas Bank commit $15 million each while Bank of Baroda, Bank Mandiri\, Bank of Taiwan, First Commercial Bank, Rabobank International, Raiffeisen Bank International and OCBC took $10 million each. Bank of East Asia, Chang Hwa Commercial Bank and Union de Banques Arabes et Francaises ended up with $5 million each.
Proceeds are to refinance a $115 million revolving credit signed in October 2010, for working capital and general corporate purposes.
South Korea
Kyeongsan Eco Energy signed a W32.3 billion project financing in early October through sole bookrunner and mandated lead arranger Korea Development Bank.
Guaranteed by Korea Credit Guarantee Fund, the deal consists of two W14.7 billion 16.5-year term loans and a W3 billion eight-year revolver.
Syndication saw Dongbu Insurance and Korea Exchange Bank contribute equally to the financing.
Proceeds are to support an incineration and power plant in Gyeongsan City in Korea.
Taiwan
Kinpo Electronics and Kinpo International successfully obtained a NT$4 billion and $164 million facility on Tuesday (October 18) through bookrunners and mandated lead arrangers Chang Hwa Commercial Bank, E.Sun Commercial Bank, Mega International Commercial Bank, Taipei Fubon Commercial Bank and Yuanta Commercial Bank.
Guaranteed by Kinpo Electronics, the transaction is split into a NT$4 billion five-year term loan, an $80 million tranche and an $84 million revolving credit. The local currency tranche is priced at 60bp over the 90-day secondary CP rate while the US dollar portion offers a margin of 65bp over Libor.
Syndication saw Bank of Taiwan and Taiwan Cooperative Bank join in as mandated lead arrangers while Chinatrust Commercial Bank, First Commercial Bank, Hua Nan Commercial Bank, Ta Chong Bank and Taishin International Bank came in as participants.
Proceeds are for refinancing and working capital purposes.
La New International has successfully obtained a NT$600 million loan through sole bookrunner E.Sun Commercial Bank.
Syndication saw the bookrunner take NT$168 million while mandated lead arrangers Chang Hwa Commercial Bank and Land Bank of Taiwan committed NT$96 million each. Participants First Commercial Bank and Taiwan Cooperative Bank contributed NT$72 million each, while Hua Nan Commercial Bank and Taiwan Business Bank ended up with NT$48 million each.
The three-year revolver offers a margin of 100bp over one-year post office savings rate.
Proceeds are for working capital purposes and to repay a previous facility signed in December 2008.
Taipei Port Terminal has signed a NT$2.7 billion 20-year facility through bookrunners and mandated lead arrangers Chang Hwa Commercial Bank, Land Bank of Taiwan and Taiwan Cooperative Bank.
The financing is priced at 85bp over one-year postal saving deposit rate and will be repaid in 29 installments after a six-year grace period.
Final allocations saw the leads take NT$500 million each while co-arrangers Agricultural Bank of Taiwan held NT$465 million. First Commercial Bank gave NT$315 million while participants Taichung Commercial Bank and Export-Import Bank of the Republic of China lent NT$232 million and NT$188 million respectively.
Proceeds are for the construction of container terminal in Taipei Port.
