APN MediaÆs A$2.5 billion dual currency facility has been launched into sub-underwriting via mandated arrangers Credit Suisse, Deutsche Bank, Goldman Sachs JB Were and Barclays.
The deal is split into a A$2 billion six year portion and a $425 million loan. Banks committing A$250 million or more will get the title of co-arranger.
Proceeds are to fund Independent News & MediaÆs acquisition of APN News & Media. Banks are expected to revert by mid-April and financial close is slated for May.
Industrial Investments Australia Finance has secured a $300 million three year fundraising on a club basis. Mandated arrangers Westpac committed $75 million, National Bank of Australia and Royal Bank of Scotland contributed $62.5 million apiece while Commonwealth Bank and WestLB ended up with $50 million each. Proceeds are for acquisition purposes.
China
Changshu Gold Circuit and Suzhou Gold CircuitÆs $46 million fundraising has been completed on a club basis. The three year facility is priced at 70bp over Libor and features an average life of 2.7 years.
Mandated lead arrangers DBS Bank, Hang Sang Bank, KBC Bank and United Overseas Bank committed $10 million each while Sumitomo Mitsui Banking Corp provided $6 million and joined as an equal status arranger.
Gold Circuit Electronics is providing a guarantee. Proceeds will be used to refinance existing debt and to provide for working capital requirements.
Hong Kong
CRL FinanceÆs HK$1.5 billion five year facility was signed on March 14 on a club basis. Mandated arrangers Calyon pledged HK$450 million, Bank of China took HK$375 million, Mizuho Bank committed HK$275 million, Bank of Tokyo-Mitsubishi held HK$250 million and Standard Chartered Bank ended up with HK$150 million.
The loan pays a margin of 31bp over Hibor and proceeds are to refinance existing debt.
KGI International FinanceÆs $66 million facility has been upsized from $50 million due to an enthusiastic response from the market. The three year facility saw 10 banks join in syndication.
Sole mandated lead arranger HSBC is taking $12 million. Arrangers are Bank of China (Hong Kong) holding $12 million, Bank of Taiwan lending $10 million and CITIC Ka Wah Bank providing $7 million. Senior managers are Public Bank (Hong Kong) committing $6 million and Dah Sing Bank and KBC Bank pledging $5 million apiece. Five other managers û DBS Bank (Hong Kong), Hang Seng Bank and Industrial & Commercial International Capital û joined with holds of $3 million each.
The revolver is guaranteed by KGI Securities and proceeds will be used for general corporate purposes. Signing will take place shortly.
India
BilcareÆs $20 million yen equivalent financing has been launched into general syndication via sole mandated arranger and bookrunner HSBC.
The facility has a tenor of five years, with an average life of 3.6 years and carries a margin of 110bp over Libor.
Banks have been invited on two tiers. Arrangers contributing $5 million or more receive 100bp over Libor for an all-in of 138bp and senior managers committing between $3 million to $5 million earn 80bp for an all-in of 132bp. Banks are expected to revert by the end of March.
Proceeds are for direct investment in existing joint-ventures and wholly-owned subsidiaries and for expansion purposes.
Sole mandated arranger Calyon has completed syndication of the $160 million dual tranche financing for Housing Development Finance Corp. The deal is split equally into $80 million tranches with tenors of 4.5 years and 2.5 years respectively.
Calyon contributed $16 million while arrangers BayernLB and WestLB committed $20.5 million each and Norinchukin Bank held $20 million. BNP Paribas, Natexis Banques Populaires and Sumitomo Mitsui Banking Corp held $15 million apiece while co-arrangers Agricultural Bank of China took $13 million and National Bank of Dubai put in $10 million. Lead managers Banca Monte dei Paschi di Siena, Bank of East Asia and Landesbank Saar ended up with $5 million each.
Larsen & ToubroÆs $200 million six year financing was inked on March 12 via sole bookrunner HSBC. The facility was oversubscribed due to an overwhelming response from the market and was increased from $100 million.
Mandated arrangers China Construction Bank and Rabobank put in $25 million apiece, Export Development Canada took $20 million and Commonwealth Bank of Australia, DBS Bank, DZ Bank, HSBC and Mizuho Corporate Bank pledged $15 million each.
Co-arrangers Bank of Taiwan and Banco Bilbao Vizcaya Argentaria put in $10 million apiece and Chang Hwa Commercial Bank, Banca Di Roma and Banca Des Mascareignes ended up with $5 million each.
The deal pays a margin of 45bp over Libor.
Signing for Union Bank of IndiaÆs $100 million facility took place on March 14. The mandated arrangers are Bank of America, Citigroup, DBS Bank, Intesa Sanpaolo, Mizuho Bank, Natexis Banques Populaires and Standard Chartered Bank while Banco Popolare di Verona e Novara joined as a lead manager.
Banks were invited on three levels. Lead arrangers contributing $12 million and above receive a management fee of 36bp, co-arrangers with $6 million to $11 million earn 30bp and lead managers providing $2 million to $5 million get 27bp. The margin is 28bp over Libor.
Indonesia
Syndication of Ultrajaya Milk Industry & TradingÆs $26 million dual tranche fundraising has been completed via sole mandated arranger HSBC. The deal has a tenor of four years.
HSBC and arrangers Bank Mandiri and Bank Resona took $3.75 million apiece while Rabobank held $3.5 million and Bank of Tokyo-Mitsubishi UFJ put in $2.75 million.
Lead managers Mizuho Bank and Bank NISP committed $2.5 million apiece, Bank Bukopin and Bank Danamon pledged $2.25 million each while Maybank and Oversea-Chinese Banking Corp contributed $2 million apiece. AFC Merchant Bank and United Overseas Bank joined as senior managers with commitments of $1.5 million each.
Singapore
Signing for Neptune Orient LinesÆ$300 million seven year financing will take place on March 16. A total of 13 banks joined the facility.
Mandated arrangers BNP Paribas and Mizuho Corporate Bank pledged $33 million apiece while Sumitomo Mitsui Banking Corp and WestLB put in $50 million each.
Arrangers Dresdner Bank committed $29 million, BayernLB, First Commercial Bank, Maybank, Taiwan Business Bank and Taipei Fubon Bank contributed $20 million apiece and Bank of Taiwan ended up with $10 million.
Newbridge Singapore Healthcare and Newbridge Singapore Medical Partners have secured a S$250 million five year fundraising via mandated arrangers Citigroup and Sumitomo Mitsui Banking Corp.
Taiwan
Heng Ya Electric has raised $28 million from the market via sole mandated lead arranger Taishin International Bank. The three year facility is split between an $8 million term loan and a $20 million revolver, both featuring a margin of 100bp over Libor.
Sole bookrunner Taishin International Bank is taking $3.5 million while lead managers are Bank of Overseas Chinese and Mega International Commercial Bank providing $3.5 million each. Joining as managers are First Commercial Bank, Hua Nan Commercial Bank, Fubon Bank (Hong Kong) and Shanghai Commercial & Savings Bank pledging $2.5 million apiece. Three others û Chang Hwa Commercial Bank, Cathay United Bank and Chinfon Commercial Bank û joined with commitments of $2 million each. Industrial Bank of Taiwan is lending $1.5 million.
Proceeds will be used for general corporate purposes. Signing was held on March 8.
Inotera MemoriesÆ $1.2 billion equivalent financing has been completed via a consortium of 25 banks. The five year revolver comprises a $400 million tranche and a NT$27 billion portion that is priced at 40bp over Libor and the secondary CP rate respectively.
Mandated coordinating arrangers are Chinatrust Commercial Bank, Mega International Commercial Bank, Taiwan Cooperative Bank, Taipei Fubon Commercial Bank, Calyon, First Commercial Bank, Hua Nan Commercial Bank, Land Bank of Taiwan, Chang Hwa Commercial Bank, Taiwan Business Bank, China Development Industrial Bank, Cathay United Bank, E.Sun Commercial Bank and Far Eastern International Bank.
Co-arrangers are Agriculture Bank, Central Trust of China and Shin Kong Commercial Bank. Joining as lead managers are Oversea-Chinese Banking Corp, Shanghai Commercial & Savings Bank, Bank of Kaohsiung, Bank of Tokyo-Mitsubishi UFJ and Bangkok Bank. Managers are Export-Import Bank of the Republic of China, Sunny Bank and Bank of Overseas Chinese.
All the mandated arrangers are running the books. Proceeds will be used to support the purchase of machinery and the construction of the companyÆs second 12-inch water plant. Signing took place on March 5.
Syndication for TCC Yingde Cement and TCC Guigang CementÆs $278.5 renminbi equivalent facility has been closed via a consortium of 16 banks.
Mandated lead arrangers BNP Paribas, Standard Chartered Bank (Shenzhen), Bank of China (Qing Yuan & Guigang) and Bank of Communications (Zhuhai) committed $25 million apiece while four others û Bank of China (Hong Kong), Mizuho Corporate Bank (Shenzhen), Oversea-Chinese Banking Corp (Xiamen & Shanghai) and United Overseas Bank (Guangzhou & Shenzhen) û came in with holds of $18 million each.
Lead arrangers First Sino Bank (Shanghai) pledged $17.5 million and three others lent $16.5 million apiece. They were Bangkok Bank (Xiamen), KBC Bank (Shenzhen) and Wing Hang Bank (Guangzhou & Shenzhen). Co-arrangers Fortis Bank (Guangzhou & Shanghai) and Hang Seng Bank (Shenzhen) provided $15 million and $10 million respectively. Lead managers Ping An Bank and Nanyang Commercial Bank (Guangzhou) joined with tickets of $8 million and $7 million each.
The term loan is split into a $20 million tranche, a Rmb813 million facility, a $90 million portion and a Rmb502 million loan. The borrowerÆs parent company, Taiwan Cement Corp is providing a guarantee. Proceeds will be used to refinance existing debt and the signing ceremony will take place on April 13.
The $62 million renminbi equivalent financing for Yieh Phui (China) Technomaterial has been allocated via a syndicate of nine banks. The three year facility consists of a $30 million term loan and a Rmb250 million tranche, featuring margins of 100bp over Libor and 95bp over PBOC rate respectively.
Mandated lead arranger BNP Paribas (China) and Mizuho Corporate Bank (Shanghai) took $11.8 million each. Co-arranger Oversea-Chinese Banking Corp provided $10 million. Joining as lead managers Woori Bank (Shanghai) lent $6.4 million, CITIC Ka Wah Bank and Hang Seng Bank (Nanjing) committed $6 million each while two others û Bank of East Asia (Shanghai) and Wing Hang Bank (Shanghai & Shenzhen) û joined with commitments of $5 million apiece.
Proceeds will be used for working capital and to refinance existing debt. Signing is scheduled for April 11.
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