ABN AMRO (Australia), National Australia Bank and Royal Bank of Scotland have been mandated to arrange Boart LongyearÆs $850 million three tranche deal.
The fundraising is split into a $585 million three year bullet financing, a $65 million five year bullet loan and a $200 million five year revolving credit. The margin is priced at 70bp and 80bp over Libor for the three and five year tranches respectively.
Proceeds are to fund the repayment of an existing debt.
Westfield Group has mandated ANZ Investment Bank, Barclays Capital, Citigroup (Australia) and National Australia Bank to arrange a $4 billion refinancing facility.
The facility is similar to the deal completed in December 2004, comprising of four bullet tranches. The maturity date has been extended for between three to five years.
Syndication is expected to launch in mid-April and scheduled to close by the end of June.
China
China International Marine Containers (Group)Æs $200 million five year financing was launched into general syndication on April 12 via mandated arrangers Citigroup and ING Bank.
The facility pays a margin of 30bp over Libor and has an average life of four years.
Banks have been invited to join on two tiers. Lead arrangers joining with $20 million or above receive 32bp in fees for a top-level all-in of 38bp over Libor while arrangers committing $10 million to $19 million get 26bp for an all-in of 36.5bp.
Proceeds are to refinance existing debt and for general corporate purposes. Banks are expected to revert by early May.
Citigroup, DnB NOR Bank and Mizuho Corporate Bank launched a $100 million three year revolver for Cosco Container Lines Corp into general syndication on April 13.
The deal carries a margin of 28.5bp over Libor and is guaranteed by China Cosco Holdings.
Banks have been invited on two levels. Arrangers lending $20 million or above get 28.5bp in fees for an all-in of 38bp over Libor. Senior managers taking between $10 million to $19 million get 22.5bp for an all-in of 36bp.
The deadline for responses is in early May.
Goldman Sachs has launched the largest LBO facility in China into syndication û a $430 million dual-tranche term loan for Huawei-3Com Technologies. 3-Com Corp is the financial sponsor and will use the funds to purchase the remaining 49% stake in the borrower.
ICBC Asia and WestLB have already joined in senior syndication as lead arrangers.
The financing is divided into a $230 million three-and-a-half year term loan, priced at 200bp over Libor and tied to a debt-to-Ebitda grid; and a $200 million five-and-a-half year portion with the pricing yet to be confirmed.
Tickets offered in general syndication are on three levels. Arrangers committing $20 million and above gain 60bp flat, lead managers providing $15 million to $19 million receive 50bp and senior managers holding $10 million to $14 million earn 40bp.
The facility is secured over shares and assets at offshore levels, and also shares within the PRC subsidiary which is conditional upon the PRC pledge approval.
Syndication close is targeted for April 25.
Hong Kong
Kam Hing Piece WorksÆ HK$440 million four year financing was inked on April 13 via sole bookrunner Citigroup.
Mandated arrangers are Citigroup, CCB International Finance, CITIC Ka Wah Bank, United Overseas Bank, Oversea-Chinese Banking Corp and Bank of Taiwan.
Senior managers are Bangkok Bank Public, Bank of Communications, Cathay United Bank, Mizuho Corporate Bank and Malayan Banking.
Kam Hing International Holdings, Kam Hing Textile Macau Commercial Offshore and Kam Hing Textile (International) are providing a guarantee.
Proceeds are to refinance existing debt and for capital expenditure purposes.
Norstar Automobile IndustrialÆs HK$1 billion four year credit is to close syndication by the end of the month via mandated lead arrangers and bookrunners Bank of Tokyo-Mitsubishi UFJ, Hang Seng Bank, KBC Bank and Oversea-Chinese Banking Corp.
The multi-tranche facility is split into HK$570 million and HK$430 million loans, both paying a spread of 105bp over Hibor. The average life of the facility is three years based on a grace period of 24 months.
A two tier participation structure is being offered, with banks contributing HK$40 million to HK$55 million earning 45bp as arrangers and lead managers committing between HK$20 million and HK$35 million holding 35bp.
Syndication close is targeted for the beginning of May. Proceeds are to refinance an existing debt and for working capital purposes.
A HK$1 billion dual-tranche three year facility for Success United was launched into general syndication last week via sole mandated arranger Bank of China, with Sino Land acting as guarantor.
The financing is split equally into a term loan and a revolving credit. Both tranches offer a margin of 32.5bp over Hibor.
Three ticket levels are being offered in syndication. Coordinating arrangers providing HK$200 million and above gain 37.5bp flat, arrangers holding HK$100 million to $190 million earn 34.5bp and senior mangers contributing HK$75 million to HK$90 million receive 31.5bp.
The syndication deadline is set for April 27 and proceeds are for working capital purposes.
India
Mandated lead arrangers ABN AMRO, Bank of India, ICICI Bank, State Bank of India and Sumitomo Mitsui Banking Corp have closed syndication of Air India GroupÆs $699.1 million dual currency facility. Original mandated arrangers ABN AMRO, ICICI Bank and State Bank of India are the bookrunners.
Allocations have been finalised with the bookrunners contributing $146.36 million apiece, and equal status arrangers Bank of India providing $105 million and Sumitomo Mitsui Banking Corp lending $50 million. Sole co-arranger Bank of Baroda held $50 million and senior managers Land Bank of Taiwan gave $15 million and Bank of Kaohsiung, Canara Bank, Export-Import Bank of the Republic of China and Mega International Commercial Bank committed $10 million each.
The funds are split into a $560.5 million 11 month portion for Air India and a $138.6 million fundraising with an average life of one year, two months for subsidiary Air India Charters. Air IndiaÆs portion is split into three tranches, comprising a $186 million loan, a $201.6 million financing and a $172.9 million facility. All the tranches feature a margin of 40bp over Libor and a commitment fee of 15bp.
In sub-underwriting, lead arrangers earned a sub-underwriting fee of 2bp and a management fee of 12bp for commitments of $16.5 million and above for Air IndiaÆs loan and $18 million and above for Air India ChartersÆ financing.
General syndication saw coordinating arrangers earn an upfront fee of 12bp for contributions of $23 million to $37 million and $8 million to $13 million for Air India and Air India ChartersÆ loans respectively; arrangers gain 11bp for $15 million to $22.5 million and $5 million to $7.5 million; and senior managers get 10bp for holds of $7 million to $14 million and $3 million to $5 million.
Proceeds of the term loan are to support the purchase of aircraft and part of the proceeds will be used to refinance an existing facility signed in February 2006. The amount was downsized from $765m and a portion of the facility can be drawn in Japanese yen. Signing will be held shortly.
Chemplast SanmarÆs $300 million one year bridge facility was launched into syndication on April 10 via sole lead arranger ICICI Bank.
Proceeds of the loan are to fund the acquisition of Trust Chemical Industries (TCI) and syndication close is scheduled for the end of May.
Glenmark PharmaceuticalÆs $100 million five year revolver has been launched into syndication via mandated arrangers Citigroup and State Bank of India. Bank of Taiwan has joined in as an underwriter.
The facility pays a margin of 117bp over Libor. Proceeds are for general corporate purposes and banks are expected to revert by the first week of May.
Hindalco IndustriesÆ $3.1 billion 18 month bridge facility was launched into general syndication last week via mandated arrangers ABN AMRO, Banc of America Securities and UBS.
The deal pays a margin of 30bp over Libor for the first year and 80bp thereafter.
Invitations have been sent to around 25 to 30 relationship banks. They have been invited to join on two levels. Mandated arrangers committing $250 million or above (with a take-and-hold of $175 million) receive 16.5bp flat for an all-in of 61bp over Libor. Lead arrangers joining with $175 million or above (with a take-and-hold of $125 million) get 14.5bp for an all-in of 58bp.
Proceeds are to fund part of HindalcoÆs $6 billion acquisition of CanadaÆs Novelis.
A $40 million one-year credit for Indian Overseas Bank was completed on March 30 via mandated lead arrangers DBS Bank and Standard Chartered Bank.
Syndication attracted commitments from eight banks. Mandated lead arrangers DBS Bank committed $6 million and Standard Chartered Bank gave $3.5 million. Arrangers BayernLB held $7.5 million, Erste Bank lent $5.5 million and Bank of Tokyo-Mitsubishi UFJ and WGZ Bank contributed $3.5 million each. Co-arrangers Export-Import Bank of the Republic of China and UniCredito Italiano (Hong Kong Branch) held $3.5 million and $3 million correspondingly. Banco Bilbao Vizcaya Argentaria (Singapore Branch) lent $2.5 million with Banco Popolare di Verona e Novara (London Branch) giving $1.5 million.
The bullet loan offered a margin of 12bp over Libor and lending was subject to the prevailing regulations of the Reserve Bank of India.
ABN AMRO, ICICI Bank and State Bank of India have been mandated to arrange Suzlon EnergyÆs $2 billion acquisition of REPower Systems. Terms of the loan are subject to change and the facility has yet to launch.
FranceÆs Areva is also bidding for REPower Systems. The financing is expected to comprise two bridge loans.
Macau
General syndication has been launched for Wynn Resorts (Macau)Æs $1.25 billion multi-tranche facility via mandated arrangers Banc of America Securities Asia, Deutsche Bank and Societe Generale.
The deal carries a margin of 175bp over Libor and is split into a $500 million revolver and three term loan tranches of $250 million apiece.
Of the $250 million portions, one has been pre-funded and another is targeted primarily at US investors.
A bank presentation was held in Macau on April 12. Banks have until May to respond.
Singapore
Syndication has closed for Shenton Singapore HoldingÆs S$226.5 million three year dual-tranche facility via sole mandated arranger Calyon. The facility is split into a S$190 million tranche æAÆ and a S$36.5 million tranche æBÆ.
In tranche æAÆ, Calyon and lead arranger Great Eastern Life Assurance committed S$60 million apiece while DZ Bank lent S$40 million. Arranger Bank of China ended up with S$30 million.
Tranche B was solely funded by Calyon.
Proceeds are to finance the acquisition of Lippo Centre in Singapore. Signing is expected to be held next week.
Varsha MarineÆs $40 million 10 year amortising term loan has been signed. Sole mandated arranger DBS Bank committed $25 million to the facility.
The only other bank involved was arranger Sumitomo Mitsui Banking Corp contributing the remaining $15 million. Pricing was 95bp over Libor and proceeds are for ship financing purposes.
South Korea
Allco Management and Korea Development Bank were mandated at the beginning of April for Asiana AirlinesÆ $110 million 12 year term loan.
Details of the loan are yet to be finalised between the two mandated arrangers. The loan will have an average life of 5.5 years but may be split into four tranches.
Proceeds of the loan are to support the purchase of aircraft.
Taiwan
China American Petrochemical CorpÆs NT$6 billion five year club facility has been signed via mandated arrangers and bookrunners Bank of Taiwan, Cathay United Bank, China Development Industrial Bank, First Commercial Bank and Mizuho Corporate Bank.
Proceeds are to refinance an existing debt and for working capital purposes.
Ningbo Chi Mei Optoelectronics and Nanhai Chi Mei Optoelectronics have secured a $430 million dual currency, multi-tranche facility via a syndicate of 18 banks.
The deal is split into a $90 million term loan, a $125 million term portion and RMB720 million RMB1 billion revolvers.
Mandated arrangers Bank of America, Bank of Tokyo-Mitsubishi UFJ, Calyon, DBS Bank, HSBC, Mizuho Corporate Bank, Standard Chartered and coordinating arranger WestLB contributed $22.56 million apiece.
Coordinating arrangers Bank of China pledged $44 million, Export-Import Bank of China held $40 million, China Construction Bank lent $32.5 million and Industrial and Commercial Bank of China took $30 million.
Arrangers Bank of Communications committed $28 million while Agricultural Bank of China, China Everbright Bank, United Overseas Bank and Oversea-Chinese Banking Corp provided $20 million each. Bank of America ended up with $15 million.
Proceeds are to fund capital expenditure requirements and for general corporate purposes. Chi Mei Optoelectronics Corp is providing a guarantee. The signing ceremony took place on April 16.
Phoenix Precision Technology CorpÆs NT$6 billion dual-tranche facility was signed on April 12 via mandated lead arrangers and bookrunners Chinatrust Commercial Bank, Mega International Commercial Bank and Taipei Fubon Commercial Bank.
The fundraising is split into a NT$3.5 billion five year revolving credit, tranche æAÆ, and a $2.5 billion five year tranche æBÆ. Both tranches are priced at 36bp over the primary CP rate, and carry a commitment fee of 15bp.
Allocations for tranche æAÆ saw the three mandated lead arrangers contributing NT$525 million apiece. Sole co-arranger Land Bank of Taiwan gave NT$420 million, with lead managers Chang Hwa Commercial Bank and Taiwan Business Bank parting with NT$318.5 million and NT$262.5 million respectively. Managers Central Trust of China, E.Sun Commercial Bank, Hua Nan Commercial Bank and Industrial Bank of Taiwan committed NT$164.5 million each, whilst Taiwan Cooperative Bank and First Commercial Bank provided NT$210 million and NT$56 million respectively.
In tranche æBÆ the mandated lead arrangers each committed NT$375 million, with Land Bank of Taiwan giving NT$300 million. Chang Hwa Commercial Bank and Taiwan Business Bank contributed NT$227.5 million and NT$187.5 million correspondingly. Central Trust of China, E.Sun Commercial Bank, Hua Nan Commercial Bank and Industrial Bank of Taiwan committed NT$117.5 million apiece while Taiwan Cooperative Bank and First Commercial Bank provided NT$150 million and NT$40 million respectively.
Three participation levels were offered with co-arrangers holding NT$800 million and above gaining 5bp, lead managers parting with NT$500 million to NT$799 million earning 3bp and managers contributing between NT$300 million and NT$499 million taking 2bp.
Proceeds are to refinance an existing facility signed in January 2005 and for working capital purposes.
Subsidiaries of Taiwan Cement Corporation (TCC), TCC Yingde Cement and Guigang Cement signed a dual currency five year amortising facility on April 13. At the top, original mandated arrangers Bank of China, BNP Paribas and Standard Chartered Bank (China) were joined by Bank of Communications, Bank of China (Hong Kong), Mizuho Corporate Bank, Oversea-Chinese Banking Corp and United Oversea Bank. BNP Paribas and Standard Chartered Bank (China) were the bookrunners.
The dual currency loan was split into four tranches.
For TCC Yingde Cement the funding comprised a $20 million tranche priced at 50bp over Libor; and a RMB812.9 million portion paying 90bp over the three or five year PBOC rate. Both tranches have an average life of 3.75 years.
Similarly, the financing for TCC Guigang Cement was split into a $90 million tranche with a margin of 57bp over Libor and a RMB501.7 million loan paying 90bp over the three or five year PBOC rate. The average life of each tranche is 4.375 years and there is a commitment fee of 20bp.
The banks that joined in syndication include lead arrangers Bangkok Bank, First Sino Bank, KBC Bank and Wing Hang Bank; co-arrangers Fortis Bank and Hang Seng Bank; and lead managers Nanyang Commercial Bank and Ping An Bank.
Fees to the market were on three levels. Mandated lead arrangers contributing $28 million and above receive 15bp flat, lead arrangers committing between $20 million and $27 million earn 10bp and co-arrangers providing $10 million to $19 million get 7.5bp.
The US dollar tranches will be used to provide for general corporate and working capital requirements while the renminbi portions will be used to refinance existing debt.
The NT$930 million one year, eight months dual-tranche term loan for Yi-Ho Development Construction Corp was signed on April 12 via sole mandated arranger Taishin International Bank.
Lead managers Agricultural Bank of Taiwan, Central Trust of China, Taiwan Business Bank and Taiwan Cooperative Bank took NT$158.1 million apiece, whilst manager Shanghai Commercial & Savings Bank held NT$118.575 million.
The facility was divided into a NT$551 million tranche and a NT$379 million portion. Both tranches offer a spread of 65bp over the one year postal floating rate and a commitment fee of 10bp.
The funds will be used to refinance existing debt and to provide for general corporate requirements.
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