Retirement Villages AustraliaÆs SPV, Candlestick Bidco, has completed a A$755 million one-year three-tranche financing on a club basis via ANZ, National Australia Bank and Suncorp.
The loan comprises a A$650 million bridge facility, a A$100 million revolver and a A$5 million bank guarantee.
Allocations saw ANZ committing A$320 million while National Australia Bank held A$315 million. Suncorp joined the deal with a contribution of A$120 million.
Proceeds are to support the acquisition of the Zig Inge retirement village business.
Ironbridge CapitalÆs NZ$565 million leveraged buy-out facility to fund the acquisition of CanWest MediaWorks via SPV HT Media has been signed. The mandated leads and bookrunners were ABN AMRO (New Zealand Branch), Bank of Scotland and Royal Bank of Scotland.
The multi-tranche loan is divided into a NZ$415 million six-year senior debt facility, a NZ$100 million one-year subordinated bridge and a NZ$50 million seven-year sub-debt PIK (payment in kind) portion. The senior debt tranche is split further into a NZ$80 million A-loan, a NZ$320 million B-loan and a NZ$15 million revolver.
Final allocations for the senior debt facility saw Bank of Scotland committing NZ$60 million while ABN AMRO (New Zealand Branch) and Royal Bank of Scotland held NZ$40 million apiece. Coming in as co-arrangers were Commonwealth Bank of Australia with NZ$72.5 million while Bank of New Zealand, Rabobank and Westpac contributed NZ$67.5 million each. The subordinated bridge and PIK tranche were underwritten equally by the bookrunners.
Allocations have been finalised for Macquarie GroupÆs A$9 billion multi-tranche financing via a syndicate of 45 banks. ABN AMRO, ANZ, Barclays Capital, Commonwealth Bank of Australia, Dresdner Kleinwort, HSBC, JPMorgan, Merrill Lynch, National Australia Bank, Royal Bank of Scotland, and Westpac are the original mandated arrangers.
The facility comprises a A$5 million term facility, a A$2.4 million revolver pro-rated across three-, four- and five-year tenors and a A$1.6 billion 364-day standby facility.
Final allocations saw mandated lead arrangers ANZ, Barclays Capital, Dresdner Kleinwort, National Australia Bank, HSBC, Royal Bank of Scotland and Westpac Banking Corp providing A$405.43 million each. Commonwealth Bank of Australia committed A$600 million while ABN AMRO and JPMorgan held A$350 million each. Merrill Lynch took A$175 million.
Lead arrangers joining the facility with holds of A$250 million apiece were Bank of America, Bank of Montreal (Ireland), Bank of Tokyo-Mitsubishi UFJ, Banco Bilbao Vizcaya Argentaria, Citi, Credit Suisse, Deutsche Bank, Goldman Sachs, Sumitomo Mitsui Banking Corp and Standard Chartered. Lloyds TSB Bank and WestLB committed A$200 million each while Bank of China (Hong Kong) took A$175 million.
Arrangers Bank of New York, Societe Generale and UBS joined the fundraising with holds of A$150 million apiece.
BNP Paribas, China Construction Bank, Royal Bank of Canada, United Overseas Bank and Wachovia Bank joined as co-arrangers holding A$100 million each.
Senior lead managers Bank of Scotland International (Australia), Canadian Imperial Bank of Commerce and Toronto-Dominion Bank took A$75 million apiece. Chang Hwa Commercial Bank, Dexia, Industrial and Commercial Bank of China (Asia), Intesa Sanpaolo, Lehman Brothers, Taipei Fubon Commercial Bank and Taiwan Cooperative Bank held A$50 million each. Mega International Commercial Bank came in with a hold of A$45 million.
Rounding off the allocations were Chinatrust Commercial Bank, with a take of A$22 million, and Export-Import Bank of the Republic of China with A$20 million.
The signing ceremony took place on November 13.
ABN AMRO, Calyon, Credit Suisse, Deutsche Bank and National Australia Bank have been mandated to arrange Primary HealthcareÆs credit facility. The exact loan amount is yet to be determined but it is understood to be in the range of A$2.5 billion to A$2.6 billion.
The funds are to support the acquisition of Symbion Health.
ANZ and National Australia Bank have been mandated to arrange Ramsay Health CareÆs A$2.11 billion equivalent multi-tranche financing which was funded on November 20.
The debt package comprises a A$560 million revolver, a A$725 million bullet loan, a A$200 million 364-day revolver and a ú260 million credit.
The deal is expected to be launched into syndication soon.
China
Senior syndication of an $800 million non-recourse loan for the $2.2 billion acquisition of 3Com Corp led by Bain Capital and Huawei Technologies has been receiving good response with over a dozen banks processing credit approvals. ABN AMRO, Bank of China, Citi, HSBC and UBS Bank are the original mandated arrangers. China Development Bank and WestLB have joined as equal-status arrangers.
The $800 million portion is part of a $1.2 billion financing, which includes a $400 million one-year limited recourse bridge loan that will be provided by Citi, HSBC and UBS in the US.
The five-year non-recourse loan comprises a $750 million credit and a $50 million revolver, both featuring margins of 275bp over Libor.
In senior syndication, banks holding $55 million or more gain 115bp while those joining with a take-and-hold of $50 million receive 90bp.
Banks are expected to revert by early December and depending on the response, the deal might not launch into general syndication.
Evergrande Real Estate GroupÆs $430 million five-year fundraising has been completed via sole mandated arranger and bookrunner Credit Suisse. The bullet deal pays a spread of 450bp over Libor.
The complete syndicate was undisclosed and included 15 banks and other institutional investors. Proceeds are for working capital purposes and for the acquisition and development of land.
Liawu Steel Corp & Laiwu Steel Yinshan CorpÆs $170 million dual tranche financing has closed via bookrunners, Bank of China, HSBC and Royal Bank of Scotland. The fundraising was oversubscribed and increased from $100 million.
The loan is split into a $51 million three-year credit and a $119 million three-year term loan.
Allocations saw Bank of China committing $30 million while HSBC, Royal Bank of Scotland and arrangers Commerzbank and Wing Hang Bank provided $20 million apiece.
Arrangers DBS Bank and Hang Seng Bank contributed $15 million each while senior managers Bank of Tokyo-Mitsubishi UFJ and Mizuho Corporate Bank held $10 million apiece. Managers Public Bank (Hong Kong) and United Overseas Bank ended up with $5 million each.
Lai Wu Steel Group is the guarantor. The signing ceremony is slated to take place in early December.
A Rmb1.06 billion equivalent dual tranche credit for TCC Guigang Cement Corp was launched yesterday (November 22) via mandated lead arrangers and bookrunners BNP Paribas, Calyon, Standard Chartered Bank and Oversea-Chinese Banking Corp.
The loan is split into a Rmb700 million five-year portion (of which up to $120 million equivalent can be syndicated in US dollars) priced at 31bp over Libor and a Rmb360 million revolver priced at 90% over the PBOC rate. The two tranches have a two-year extension option.
Fees to the market are on three levels for the US dollar portion only. Mandated lead arrangers contributing $112.5 million and above receive 15bp flat, co-arrangers committing between $75 million and $112 million earn 10bp and senior managers providing $37.5 million to $74.5 million hold 5bp.
Proceeds are to support the construction of the second phase cement plant. The banks have until December 21 to revert.
Hong Kong
Bayshore Development GroupÆs HK$4.2 billion five-year debt package is signing today via a consortium of nine banks. Bank of China led the facility.
A dual tranche HK$3.2 billion five-year facility for CRE Finance (Hong Kong) was signed yesterday (November 22) via a consortium of nine mandated lead arrangers û Agricultural Bank of China (Hong Kong Branch), Bank of China (Hong Kong Branch), Bank of Tokyo-Mitsubishi UFJ (Hong Kong Branch), Calyon (Hong Kong Branch), DBS Bank (Hong Kong Branch), Mizuho Corporate Bank (Hong Kong Branch), Standard Chartered Bank (Hong Kong Branch), Sumitomo Mitsui Banking Corp and Oversea-Chinese Banking Corp (Hong Kong Branch).
Bank of Tokyo-Mitsubishi UFJ (Hong Kong Branch), DBS Bank (Hong Kong Branch), Mizuho Corporate Bank (Hong Kong Branch) and Sumitomo Mitsui Banking Corp were acting as bookrunners.
The financing is split equally into a term loan tranche and a revolving credit portion. The margin is priced at 28bp over Hibor. China Resources Enterprise is the guarantor.
Final allocations saw Bank of China (Hong Kong Branch), Bank of Tokyo-Mitsubishi UFJ (Hong Kong Branch), DBS Bank (Hong Kong Branch) and Sumitomo Mitsui Banking Corp contributing HK$420 million apiece. Agricultural Bank of China (Hong Kong Branch) held HK$400 million while Mizuho Corporate Bank (Hong Kong Branch) provided HK$340 million. Standard Chartered Bank (Hong Kong Branch) and Oversea-Chinese Banking Corp (Hong Kong Branch) committed HK$255 million each while Calyon (Hong Kong Branch) took HK$170 million. Coming in as senior manager was Export Development Canada holding HK$100 million.
Proceeds are for general corporate purposes and to refinance existing debt.
Frasers Property (China)Æs HK$500 million three-year transferable term loan was inked as a club deal on November 16 via a syndicate of four banks.
Lead arrangers Citic Ka Wah Bank, DBS Bank, Oversea-Chinese Banking Corp and Standard Chartered each held HK$125 million.
India
Air IndiaÆs $210 million five-year fundraising is expected to launch into syndication at the end of the month. ICICI Bank and State Bank of India are leading the facility.
The deal features a spread of 175bp over Libor.
Amtek AutoÆs $200 million seven-year fundraising is scheduled to close the end of the week via a syndicate of eight mandated arrangers - ABN AMRO, Calyon, DBS Bank, HSBC, ICICI Bank, ING Bank, Mizuho Corporate Bank and State Bank of India. The original mandated lead and sole bookrunner was ABN AMRO.
In addition to commitments received from Bank of Taiwan, Hua Nan Commercial Bank, Mega International Commercial Bank and Shanghai Commercial & Savings Bank, Bank of Baroda has also joined in syndication.
The funds are to refinance existing debt and for capital expenditure purposes.
A $350 million seven-year amortising recourse portion of Tata PowerÆs $950 million dual tranche facility was launched into general syndication on November 21. The loan also comprises a $600 million six-year amortising non-recourse facility. Barclays Capital is the original mandated lead arranger. Bank of India, ICICI Bank, State Bank of India, Axis Bank, Export-Import Bank of India, Fortis Bank and Sumitomo Mitsui Banking Corp have joined at the top level.
Banks have been invited on three tiers. Lead arrangers committing $20 million or above receive 48.75bp in management fees for an all-in of 87.5bp. Arrangers providing between $10 million and $19 million gain 42.25bp while lead managers lending between $5 million and $9 million get 35.75bp for all-ins of 86.5bp and 85.5bp respectively.
The recourse portion pays a spread of 80bp over Libor. A roadshow will be held in Singapore on November 26. Banks have until December 10 to respond and signing is slated to take place on December 17.
A Ñ59.7 billion, ($500 million equivalent) five-year term loan facility for Vodafone Essar was launched on November 16 via mandated leads BNP Paribas, Bank of Tokyo-Mitsubishi UFJ, Commerzbank, Fortis Bank, ING Bank and Mizuho Corporate Bank. The original lead arranger and sole bookrunner is BNP Paribas.
The fundraising pays a spread of 53bp over Libor.
Banks have been invited on three levels. Arrangers providing $30 million or more gain 40bp in participation fees for an all-in of 61bp, co-arrangers holding between $20 million and $29 million gain 35bp for an all-in of 60bp and lead managers lending between $10 million and $19 million get 30bp receiving an all-in of 59bp.
A roadshow is being held today (Friday) in Singapore. The closing date for syndication is scheduled for December 12.
Indonesia
A $200 million five-year financing for Asia Pacific Resources International Holdings (APRIL) has been oversubscribed. The sole mandated lead and bookrunner is Credit Suisse with Fortis Bank, Industrial & Commercial Bank China (Asia), Standard Bank and WestLB joining in as equal-status arrangers.
The amortising loan pays a spread of 300bp over Libor and has an average life of 3.125 years. The grace period is 15 months.
It is understood that the borrower is deciding if the $100 million greenshoe option is to be exercised or if commitments are to be scaled back.
Malaysia
Petroliam NasionalÆs Ç950 million dual tranche fundraising was inked on November 22 via sole lead Dresdner Kleinwort. The facility was oversubscribed and was upsized from Ç800 million.
Final allocations saw Bank of Tokyo-Mitsubishi UFJ and Intesa Sanpaolo commit Ç150 million each. Joining the syndicate with holds of Ç100 million apiece were Dresdner Kleinwort, BNP Paribas, Calyon, CIMB Bank, ING and Oversea-Chinese Banking Corp. United Overseas Bank ended up with Ç50 million.
Singapore
Orchard Maritime LogisticsÆ $30 million seven-year amortising loan has been completed on a club basis via DBS Bank, Calyon and Sumitomo Mitsui Banking Corp.
DBS Bank and Sumitomo Mitsui Banking Corp committed $11.25 million each while Calyon lent $7.5 million.
A $525 million multi-tranche financing for Trafigura Beheer was sealed on November 19 via a syndicate of 20 banks. The loan was upsized from $400 million due to an enthusiastic market response. Barclays Capital, BNP Paribas and Mizuho Corporate Bank are the original mandated lead arrangers.
The deal comprises a $175 million one-year revolver, a $225 million three-year bullet loan and a $125 million five-year credit.
Allocations saw the three original mandated leads provide $45 million each. Joining them as equal-status arrangers with holds of $37.5 million each were ANZ, Europe Arab Bank, National Australia Bank, Standard Chartered Bank, Sumitomo Mitsui Banking Corp and United Overseas Bank.
Lead arrangers Bank of Tokyo-Mitsubishi UFJ, Gulf International Bank, Oversea-Chinese Banking Corp and Westpac Banking Corp took $25 million apiece.
Arrangers Agricultural Bank of China, Citic Ka Wah Bank, First Gulf Bank, Korea Exchange Bank (Singapore), Mega International Commercial Bank and Taiwan Cooperative Bank each lent $10 million while Chinatrust Commercial Bank ended up with $5 million.
South Korea
A $220 million one-year term loan for Korea Exchange Bank has been mandated to a consortium of 11 lead arrangers on a club basis. The banks are BayernLB, Calyon, Commerzbank, DZ BANK (Hong Kong Branch), HSBC (Seoul Branch), Landesbank Baden-Wurttemberg (Singapore Branch), NordLB (Singapore Branch), Oversea-Chinese Banking Corp, Standard Chartered Bank (Hong Kong Branch), Sumitomo Mitsui Banking Corp and Wachovia Bank.
Final allocations saw the mandated leads underwrite $20 million apiece.
Signing is slated to take place next week (November 30) in Hong Kong.
Taiwan
Citadel No.5 Asset CompanyÆs NT$4.55 billion dual tranche fundraising was signed on Wednesday (November 21) via sole mandated arranger and bookrunner Industrial Bank of Taiwan.
The facility comprises a NT$3.9 billion term loan, priced at 115bp over the primary CP rate and a NT$650 million portion with margin of 194.5bp over the primary CP rate. Both tranches have a tenor of four years.
Final allocations saw the bookrunner providing NT$1 billion. Coming is as participants were Farglory Life committing NT$795 million while KingÆs Town Bank and Far Eastern International Bank held NT$465 million and NT$375 million respectively. Shanghai Commercial Bank, Shin Kong Commercial Bank and Cathay United Bank took NT$415 million apiece. Rounding off the syndicate were MassMutual Mercuries Life and Taichung Bank, contributing NT$335 million each.
The funds are to support the back purchase of real estate properties.
A NT$4 billion five-year credit for Compeq Manufacturing has been completed via a group of 12 banks.
Final allocations saw mandated lead arranger Taipei Fubon Commercial Bank commit NT$500 million while Far Eastern International Bank and Taiwan Cooperative Bank provided NT$450 million each. Chang Hwa Commercial Bank and Taishin International Bank took NT$400 million apiece.
Joining with contributions of NT$300 million each were leads Mega International Commercial Bank, Industrial Bank of Taiwan, China Development Industrial Bank of Taiwan, China Development Industrial Bank, Land Bank of Taiwan and E Sun Commercial Bank.
Lenders Hua Nan Commercial Bank and Yuanta Commercial Bank ended up with NT$150 million apiece.
Syndication for Techview InternationalÆs $200 million two-year revolving credit has been closed via sole lead arranger and bookrunner Mega International Commercial Bank.
The bullet loan pays a spread of 28bp over 30-, 60- or 90-day Libor and has two consecutive one-year extension options.
Syndication saw the bookrunner taking $170 million with Chang Hwa Commercial Bank and Taipei Fubon Bank holding $20 million and $10 million respectively as participants.
The signing ceremony is expected to take place on November 27.
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