China
BA Asia, Calyon and HSBC have been awarded a $180 million five year mandate by Chi Mei Optoelectronics (Ningbo), a subsidiary of Taiwan-based Chi Mei Optoelectronics.
The amortising facility has an average life of 3.75 years. Funds will be used to build a new LCD assembly plant.
Cosco Container Lines has mandated Bank of China, Bank of Tokyo-Mitsubishi, BNP Paribas, ING Bank and SG Asia to arrange a $466 million 10 year loan.
Funds will make up 60% of the purchase price of eight container ships. Syndication should launch by the end of the month.
Hong Kong
Mandated lead arranger Calyon has received two commitments from BBVA and Fortis (HK$200 million each) on Hotel Metropole Holdings and Well Done Enterprises' HK$1.5 billion three year fundraising. China Travel International Investment Hong Kong is the guarantor.
Kerry Properties will launch a HK$6 billion five year revolving credit into syndication imminently via 13 lead banks.
Agricultural Bank of China, Bank of China, Bank of Communications, Bank of Tokyo-Mitsubishi UFJ, BNP Paribas, Calyon, Citigroup, DBS Bank, HSBC, ICBC Asia, Mizuho Corporate Bank, Standard Chartered Bank and Sumitomo Mitsui Banking Corp are the mandated arrangers.
The bullet facility offers a spread of 29bp over Hibor and has a commitment fee of 15bp. Arrangers lending HK$150 million or above will earn an upfront fee of 25bp, leading to a top level all-in of 34bp. Senior managers providing HK$75 million to HK$149 million gain 20bp.
Proceeds will be used to refinance a HK$4.5 billion loan signed in January 2002 and for working capital.
Banks have until February 17 to revert and signing is set for February 27.
Mandated lead arranger HSBC has received some sub-underwriting commitments for Shun Tak Finance International's HK$4 billion dual tranche loan.
A few more banks are looking to join before senior syndication closes, which is scheduled for today or early next week. General syndication will be launched afterwards. The facility pays a top level all-in of 65bp over Hibor on a blended basis.
India
Alok Industries' $75 million five year term loan has received its first sub-underwriting commitment from Commonwealth Bank of Australia. Barclays Capital, Bank of India and State Bank of India are the lead arrangers.
The deal is priced at 190bp over Libor. Mandated lead arrangers committing $15 million or more are offered a sub-underwriting fee of 20bp and a management fee of 70bp, leading to a top level all-in of 208bp.
The deadline for responses is in late February, with general syndication to begin afterwards.
BA Asia, Calyon, DBS Bank, Natexis Banques Populaires and RZB have been mandated by Andhra Bank to arrange a $75 million one year term loan.
Calyon, Citigroup, DBS Bank and Standard Chartered Bank have bagged a $60 million one year mandate from Indian Overseas Bank. Syndication could be launched as soon as next week.
Funds will be used to refinance a $50 million loan signed last March, which paid an all-in yield of 40bp over Libor.
Indian Railway Finance Corp has issued a request for proposals for a $125 million fundraising. Banks have until next week to send in bids.
The borrower last raised a $75 million 2-1/2 year term facility in September 2005, which paid a top level all-in of 36.9bp over Libor. Barclays Capital, Calyon, HSBC and State Bank of India were the mandated arrangers.
RZB is the latest bank to join the ¥8.8 billion fundraising for United Phosphorus. Mandated lead arrangers ABN Amro, Barclays Capital and Bank of India are waiting for two more banks to come onboard.
Allied Irish Banks, Chiao Tung Bank, China Construction Bank, Commonwealth Bank of Australia, Indian Bank, Persia International Bank, State Bank of India, State Bank of India (Mauritius), Syndicate Bank, UCO Bank and United Overseas Bank joined earlier. Syndication should close today or next week. The loan amount will not be increased.
Mandated lead arrangers Calyon, DBS Bank, Mizuho Corporate Bank and State Bank of India have simultaneously launched Power Finance Corp's $100 million 3-1/2 year term loan into sub-underwriting and general syndication.
The bullet facility pays a spread of 38bp over Libor. Banks joining as sub-underwriters will earn an all-in of 57bp for tickets of $20 million or above, or receive an all-in of 56bp for take and hold commitments of $15
million.
In general syndication, arrangers providing $10 million or above gain an all-in upfront fee of 55bp, while co-arrangers lending $6 million to $9 million take an all-in of 54bp and lead managers holding $3 million to $5
million get an all-in of 53bp.
Proceeds will be used to refinance a $100 million five year fundraising signed in July 2004. Sub-underwriters have until February 15 to revert and the deadline for general syndication is on February 22.
Macau
MGM Grand Paradise's $700 million multi-tranche loan may be launched into syndication next week. BA Asia, Banco Nacional Ultramarino, Bank of China (Macau), BNP Paribas, CCB International Finance, HSBC, Royal Bank of Scotland and Sumitomo Mitsui Banking Corp are the lead arrangers. BA Asia and HSBC will be the only bookrunners on the facility.
Mandated lead arrangers Citigroup, Goldman Sachs and Lehman Brothers have completed syndication for Venetian Macau's $2.5 billion financing. Allocations are in the process of being finalised.
Philippines
Development Bank of the Philippines may increase its $50 million two year credit to $70 million.
Mandated lead arrangers Calyon, Natexis Banques Populaires and RZB Austria completed syndication last week.
Bank Muscat, Bank Negara Indonesia, DZ Bank, Export-Import Bank of the Republic of China, International Commercial Bank of China and UniCredito Italiano are in the lending group.
The $215 million one year bridge facility for NutriAsia Pacific was signed on January 27. Mandated lead arrangers BDO Capital committed $75 million, Development Bank of the Philippines contributed $60 million and HSBC provided $15 million.
Lead arranger Calyon held $12 million and arranger ANZ Investment Bank took $11 million. Co-arrangers BPI Capital and Equitable PCI Bank lent $10 million apiece, while China Banking Corp pledged $8 million, and Maybank and Rizal Commercial Banking Corp absorbed $7 million apiece.
South Korea
DC Chemical's $375 million LBO should complete syndication today. JP Morgan, Hana Bank and Woori Bank are leading arranging the facility.
Taiwan
International Commercial Bank of China, Mizuho Corporate Bank and Taipei Fubon Commercial Bank have received a verbal mandate from Cayman President Holdings, a subsidiary of Uni-President Enterprises Corp, to arrange a $100 million five year revolving credit.
An additional bank may join the facility before syndication launches, which is set for February 20.
The deal is priced at 45bp over Libor with a commitment fee of 10bp. Proceeds are to refinance a $149 million five year term loan signed in November 2001.
Central Trust of China and Export-Import Bank of the Republic of China (Taiwan) are the latest banks to join China Airlines' NT$5 billion 12 year aircraft loan.
Mandated lead arrangers Far Eastern International Bank, International Commercial Bank of China and Taipei Fubon Commercial Bank are waiting for two more banks before completing syndication.
Cathay United Bank, Farmers Bank of China, International Bank of Taipei, Sunny Bank and Taiwan Business Bank came in earlier.
Eastern Multimedia has secured a NT$10.5 billion six year term facility, which was priced at 175bp over the secondary CP rate.
Mandated arrangers Chinatrust Commercial Bank provided NT$4.8 billion, Taipei Fubon Commercial Bank lent NT$1.5 billion, First Commercial Bank committed NT$1.2 billion, and Cathay United Bank, ING Bank and Taishin International Bank joined with NT$800 million apiece. Sumitomo Mitsui Banking Corp came in with NT$600 million.
Proceeds are for refinancing and facility fee disbursement.
Kuo-Kuang Motor Transport's NT$1.2 billion dual tranche five year credit was launched into syndication last Friday via mandated lead arranger Taiwan Cooperative Bank.
The loan pays a margin of 96.8bp over the lead bank's one year floating deposit rate and has a commitment fee of 15bp.
Banks joining with tickets of NT$300 million or above earn an upfront fee of 5bp while those lending NT$100 million to NT$299 million gain 3bp.
Proceeds will be used for refinancing and the procurement of a new bus, which the lenders have security against. The chairman and general manager of the borrower are also providing a guarantee.
The deadline to revert is March 10.
Mandated lead arranger Taiwan Cooperative Bank has soft launched a NT$2 billion dual tranche five year facility for Tatung. Land Bank of Taiwan has been invited to join as coordinating arranger.
The deal is split between a NT$1.2 billion term loan, paying a spread of 54bp over the CP rate and a NT$800 million guarantee facility that offers a spread of 52.5bp over the guarantee fee.
Proceeds will be used for working capital. General syndication is expected to begin in March.
Taiwan Broadband Communications' NT$16.2 billion multi-tranche credit is progressing well in sub-underwriting. Chinatrust Commercial Bank, Citigroup, DBS Bank and ING Bank are the mandated lead arrangers and bookrunners.
Thailand
Mizuho Corporate Bank has joined Barclays Capital as a mandated lead arranger on Krungthai Card's ¥15 billion three year term facility.
A few more banks are expected to revert before sub-underwriting closes next week. A top level all-in of 67.5bp over yen Libor is offered to those committing ¥3 billion or more. General syndication should start afterwards.
Mandated lead arranger Calyon has been joined by Bank of Nova Scotia, BNP Parbias and Mizuho Corporate Bank as equal status arrangers on Thai Union Frozen Products' $150 million five year facility.
The bullet deal is priced at 65bp over Libor and offers a top level all-in of 73bp. Proceeds will be used for working capital and refinancing.
