Australian Agricultural Company completed a A$291 million dual tranche financing earlier this month via joint arrangers ANZ Investment Bank and National Australia Bank. The facility was provided on a club basis with National Australia Bank lending A$126 million and ANZ providing A$97 million. Proceeds are to refinance a A$291 million facility signed in December 2004.
An A$850 million dual tranche refinancing for DCA Group was signed on March 28. Mandated arrangers ANZ Investment Bank and Westpac Banking Corp held A$200 million each.
Participating banks are Commonwealth Bank of Australia and National Australia Bank lending A$200 million apiece and Bank of Scotland contributing A$50 million. The loan comprises A$255 million three year and A$595 million five year revolving credit facilities. Proceeds will take out a A$520 million loan completed in September 2004.
The A$617 million 6-1/4 year credit facility for Energy Capital Partners was inked on March 22. Bank of Tokyo-Mitsubishi UFJ, BNP Paribas, Calyon, Commonwealth Bank of Australia and National Australia Bank provided the funds on a club basis. Proceeds are to refinance the existing term loan facility for the Loy Yang B power station at Latrobe Valley.
Fortescue Metals signed a A$200 million two year facility with a syndicate of seven banks on March 27. Citigroup arranged the deal that will be used for general corporate requirements.
Hedley Hotel Group has successfully raised A$250 million via a five year club loan provided by ANZ Investment Bank and Commonwealth Bank of Australia. Proceeds are to refinance existing debt.
Tourism Asset Holdings Group will sign a A$195.7 million dual tranche club loan today (Friday). ANZ Investment Bank and Calyon are providing the funds equally.
The loan is split into a A$102.7 million three year facility and a A$93 million one year tranche. Proceeds are to finance the acquisition of the Sofitel Wentworth Hotel in Sydney.
China
Mandated arranger DBS Bank is syndicating a $550 million 10 year aircraft financing for Air China. The loan is part of a $750 million package for the purchase of 14 Airbus and Boeing commercial aircraft to be delivered this year, with the remaining $200 million to be taken up by key relationship banks in the PRC. Responses are due by the end of April.
Air China has also mandated HSBC to lead arrange an $881 million 10 year lease financing to support the delivery of 14 new aircraft this year. The airline will lease six Airbus A330-200 airliners, five A319-100 aircraft and three Boeing 737-700 planes.
China Development Bank has increased its five year term loan to $700 million from $500 million after an overwhelming response in syndication. Coordinating arrangers HSBC held $65 million and Bank of Tokyo-Mitsubishi UFJ (Beijing), BNP Paribas, Calyon, DBS Bank, ING Bank, Mizuho Corporate Bank and Sumitomo Mitsui Banking Corp took $50 million apiece.
Arrangers are Bank of China (Hong Kong) committing $40 million, WestLB (Shanghai) providing $35 million and Bank of Montreal (Beijing), China Citic Bank and United Overseas Bank (Shanghai) contributing $30 million each. The Shanghai branches for BayernLB and KBC Bank also lent $25 million apiece.
Co-arrangers include Sanpaolo (Shanghai) absorbing $20 million and Overseas-Chinese Banking Corp with a ticket of $15 million. Joining as senior managers are Bangkok Bank, Bank of China and Wing Lung Bank (Shenzhen) committing $10 million each and Yamaguchi Bank (Dalian) pledging $5 million.
Harbin PharmaceuticalÆs $280 million five year leveraged buyout facility has been withdrawn from syndication pending discussions between the Warburg Pincus consortium and the Government. Mandated arranger Citigroup may bring back the deal at a later stage.
The $80 million three year fundraising for Shandong Chenming Paper Holdings was signed on March 23. Mandated arranger Sumitomo Mitsui Banking Corp held $17.6 million.
Joining as arrangers are Bangkok Bank, China Merchants Bank and Nanyang Commercial Bank with commitments of $8.8 million apiece. Managers include Hang Seng Bank and United Overseas Bank lending $7.2 million each, Citic Ka Wah Bank, Korea Development Bank and Wing Hang Bank providing $4.5 million apiece and Asia Commercial Bank, Bank of East Asia and Qing Dao International Bank with tickets of $2.7 million each.
Hong Kong
A HK$7.2 billion dual tranche credit for Citic Pacific is in the market via a top heavy group of 18 banks. Agricultural Bank of China, Bank of China, Bank of Communications, Bank of Tokyo-Mitsubishi UFJ, BayernLB, BNP Paribas, Calyon, Citic Ka Wah Bank, Citigroup, DBS Bank, Hang Seng Bank, HSBC, ICBC Asia, Mizuho Corporate Bank, Rabobank, Royal Bank of Scotland, Standard Chartered Bank and Sumitomo Mitsui Banking Corp are leading the deal.
The loan is split equally into five and seven year facilities. The five year tranche offers a margin of 32bp over Hibor while the seven year portion pays 35bp.
Banks have been invited to participate on two levels. Arrangers lending HK$200 million or above earn all-ins of 35.5bp for the five year and 39.5bp for the seven year while senior managers contributing HK$100 million to HK$195 million gain 34.5bp for the five year and 38.5bp for the seven year.
The borrower successfully raised HK$5.2 billion in May last year via a consortium of 16 lead banks. The seven year loan carried an all-in of 43bp over Hibor, outside the 39.5bp offered on the seven year portion in the current transaction.
Proceeds are to refinance existing debt and to provide for general corporate requirements. Bookrunners Citic Ka Wah Bank, Citigroup, DBS Bank, HSBC, Royal Bank of Scotland and Standard Chartered Bank expect to complete syndication before Easter.
Johnson Electric HoldingsÆ $530 million five year loan is signing today (Friday). Citigroup and HSBC are the mandated lead arrangers.
Around 10 banks joined in syndication, including Bank of Tokyo-Mitsubishi UFJ, Mizuho Corporate Bank, Bank of China, BNP Paribas, Banca di Roma and Rabobank. Proceeds are to take out a Sfr700 million bridge loan that was signed in August last year for the acquisition of Saia-Burgess Electronics Holdings.
A HK$4.4 billion dual tranche 3-1/2 year credit for Sino Land is signing today (Friday). Mandated lead arrangers HSBC and ICBC (Asia) held HK$620 million apiece.
Mandated coordinating arrangers are Bank of Communications lending HK$600 million, Bank of Tokyo-Mitsubishi UFJ, Bangkok Bank (Hong Kong) and Wing Lung Bank committing HK$500 million each, Mizuho Corporate Bank providing HK$400 million, Sumitomo Mitsui Banking Corp contributing HK$360 million and Bank of China (Hong Kong) with a ticket of HK$300 million.
The facility comprises a HK$2.6 billion tranche and a HK$1.8 billion portion. The margin is 33.5bp over Hibor.
India
Infrastructure Development Finance (IDFC)Æs $135 million six year dual tranche loan was signed on Wednesday. Calyon and HSBC are the bookrunners.
Mandated lead arrangers Calyon, ICICI Bank (Singapore) and Standard Chartered Bank launched a $92.6 million yen equivalent dual tranche loan for Sterlite Industries into syndication on Tuesday. The facility is split into $57.6 million and $25 million portions with a blended average life of 1.46 years.
The deal carries a margin of 43.5bp over Libor and fees to the market are on three levels. Arrangers lending $10 million or more receive 25bp flat, co-arrangers lending $5 million to $9 million gain 22bp and lead managers providing $2 million to $4 million gain 18bp.
Proceeds are to refinance a $67.6 million financing completed in September 2004 and a $51.7 million yen equivalent loan that was signed in September last year. Responses are due by April 20.
Videsh Sanchar NigamÆs $220 million five year term loan has received its first commitment in general syndication from International Commercial Bank of China. Calyon and Standard Chartered Bank are leading the deal and were joined by Export Development Canada and Bank of Nova Scotia at the sub-underwriting level.
The deal offers an all-in yield of 57bp over Libor and should close syndication in early April.
Indonesia
Mandated arranger Korea Development Bank has launched a $55 million two year credit for Kolon Ina into syndication. Parent company Kolon Industries is providing a guarantee.
The borrower raised $50 million in May 2004 via a two year deal that was also arranged by KDB. Proceeds are for general corporate purposes.
Japan
Marubeni completed a $380 million 364 day revolving credit facility earlier this month via mandated lead arranger Citigroup. Nine banks joined in syndication and proceeds will roll over a $380 million loan that was signed in March last year.
Sumitomo Corp has refinanced a $1 billion 364 day facility that was completed in March last year. The syndicate comprises 10 banks including mandated arranger Citigroup.
New Zealand
Alliant Energy is inking a NZ$240 million facility with two banks today (Friday). Mandated lead arranger ANZ Investment Bank is providing NZ$165 million while lender ABN AMRO is contributing NZ$75 million.
The loan comprises a NZ$100 million 1-1/2 year tranche and a NZ$140 million three year portion. Proceeds are for general corporate purposes.
ENZA Finance has successfully raised NZ$100 million via a one year loan provided by a group of four banks. Mandated arranger ANZ Investment Bank held NZ$36 million while participants Westpac Banking Corp lent NZ$24 million and HSBC and Rabobank took NZ$20 million apiece.
A NZ$65 million two year fundraising for SH Lock was completed early this month. Lead arranger ANZ Investment Bank took NZ$23 million and lenders HSBC held NZ$17.5 million, Auckland Savings Bank provided NZ$12.5 million and Bank of New Zealand contributed NZ$10 million. Proceeds are to refinance the financial service providerÆs existing NZ$55 million loan signed in February last year.
South Korea
The $375 million multi-tranche leveraged buyout facility for DC ChemicalsÆ acquisition of Columbian Chemicals has been completed. The $125 million five year term loan and $75 million five year revolver were syndicated in Asia while a $175 million seven year tranche was targeted at US institutions.
For the Asian portions mandated lead arrangers Hana Bank and Woori Bank held $40 million apiece while JP Morgan lent $12 million. Joining as lead arrangers with commitments of $12 million each are Bank of Tokyo-Mitsubishi UFJ, Calyon, General Electric Capital Corp, HSH Nordbank (Hong Kong), Industrial Bank of Korea, ING Wholesale Banking, Standard Chartered Bank and Sumitomo Mitsui Banking Corp.
HSBC Bank USA took the title of arranger with a hold of $7 million while Natexis Banques Populaires (Singapore) joined as a co-arranger with a ticket of $5 million.
Hyundai Capital Services is syndicating a $160 million three year facility via mandated lead arrangers Calyon, Korea Development Bank, National Agricultural Cooperative Federation and Sumitomo Mitsui Banking Corp.
The deal features a spread of 35bp over Libor and a top level all-in of 45bp. Proceeds are for working capital requirements and responses are due shortly.
Kookmin BankÆs $250 million one and two year fundraising is receiving an enthusiastic response from the market, securing 10 commitment so far. Mandated lead arrangers Barclays Capital, Calyon, DBS Bank, Dresdner Bank, HSBC, ING Bank, Mizuho Corporate Bank and Wachovia Bank expect to complete syndication shortly.
Banks that have so far joined are BBVA and Helaba Bank committing $20 million apiece, Bank of Montreal and LBBW lending $10 million each, Fortis Bank providing $15 million, American Express Bank contributing $7 million, Anglo Irish Banks, Toronto Dominion Bank and Royal Bank of Canada pledging $5 million apiece and Banca Monte dei Paschi di Siena with a hold of $2 million. More investors should join by the end of the week.
Mandated arranger Korea Development Bank has launched a $66.4 million seven year financing for Kumho Tire into syndication. The deal offers a margin of 80bp over Libor and banks have been invited to join as co-arrangers.
The tyre manufacturer tapped the market in October last year via a $122.1 million equivalent seven year loan through its PRC subsidiary. The facility carried a spread of 100bp over Libor and a top level fee of 25bp. Proceeds are for general corporate purposes and responses are due by April 10.
Taiwan
Cayman President HoldingÆs $100 million five year fundraising is oversubscribed and should reach financial close shortly. International Commercial Bank of China, Mizuho Corporate Bank, Sumitomo Mitsui Banking Corp and Taipei Fubon Commercial Bank are leading the deal.
Banks that have so far joined include Cathay United Bank, Chiao Tung Bank and Nanyang Commercial Bank.
Eastern Formosa Chihpen Hot Spring has completed a NT$1.1 billion multi-tranche loan through a syndicate of eight banks. Mandated lead arrangers Land Bank of Taiwan held NT$280 million and Hua Nan Commercial Bank lent NT$200 million.
Joint arrangers are Agricultural Bank of China and Farmers Bank of China contributing NT$130 million apiece while managers include Bank of Panhsin and Shin Kong Commercial Bank providing NT$100 million each and Central Trust of China and Taichung Commercial Bank with tickets of NT$80 million apiece.
The loan is split into NT$140 million and NT$820 million 10 year term facilities and a NT$140 million seven year portion. The margin is 172.5bp over the average one year savings rate for Land Bank of Taiwan, Bank of Taiwan, Chang Hwa Commercial Bank, Taiwan Cooperative Bank, First Commercial Bank and Hua Nan Commercial Bank. The top level fee is 10bp flat.
The NT$3 billion five year dual tranche loan for Evergreen Marine has secured a handful of commitments and should complete syndication in mid-April. Mizuho Corporate Bank and Taipei Fubon Commercial Bank are leading the deal.
Shanghai Commercial & Savings Bank and KBC Bank have joined as lead arrangers while Central Trust of China and Farmers Bank of China have come on board as lead managers. More investors are set to join shortly.
A NT$2.3 billion one year guarantee facility for InnoLux Display Corp was signed on March 20. Citigroup led the deal.
Lenders include China Bills Finance Corp, Chung Hsing Bills Finance Corp, International Bills Finance Corp, Taishin Bills Finance Corp and Chinatrust Bills Finance Corp. Proceeds are for working capital requirements.
King Yuan ElectronicsÆ NT$6.5 billion five year dual tranche credit is likely to be increased to NT$8 billion as 10 banks process their credit approvals. Cathay United Bank, Chinatrust Commercial Bank, First Commercial Bank, Hsinchu International Bank, International Commercial Bank of China, Taipei Fubon Commercial Bank, Taishin International Bank and Taiwan Cooperative Bank are the mandated lead arrangers.
KNH EnterpriseÆs NT$1.5 billion 1-1/2 year dual tranche fundraising has so far received subscriptions totalling NT$700 million and should reach financial close next week. Chiao Tung Bank, First Commercial Bank and Industrial Bank of Taiwan are arranging the facility.
A NT$15.2 billion seven year facility for Newbridge Capital has been completed. Mandated arranger International Commercial Bank of China put together a syndicate of eight banks to fund the purchase of a 23.12% stake in Taishin Financial Holding.
International Commercial Bank of China held NT$9 billion while co-arrangers Hsinchu International Bank lent NT$1.2 billion, Shin Kong Commercial took NT$1 billion and Industrial Bank of Taiwan and Shanghai Commercial & Savings Bank contributed NT$900 million apiece. Lenders include Entie Commercial Bank and Taiwan Business Bank providing NT$1 billion each and Bank of Panhsin with a ticket of NT$200 million.
Phoenix Precision TechnologyÆs NT$6 billion dual tranche five year credit is garnering commitments from the market and is already oversubscribed. International Commercial Bank of China and Taipei Fubon Commercial Bank are leading the financing.
Banks that have so far joined include Farmers Bank of China, Taipei International Bank, Hsinchu International Bank, Central Trust of China, Shin Kong Commercial Bank, Industrial Bank of Taiwan, Far Eastern International Bank, Hua Nan Commercial Bank and Land Bank of Taiwan. More investors are expected to revert shortly.
Mandated arrangers Hsinchu International Bank, Industrial Bank of Taiwan, Ta Chong Bank, Taipei Fubon Commercial Bank and Taiwan Cooperative Bank are expanding the arranger group for Tsann Kuen EnterpriseÆs NT$3 billion five year dual tranche financing. The loan will be provided on a club basis and proceeds will refinance existing debt.
Unifosa Corp is signing a NT$500 million three year dual tranche facility with a syndicate of eight banks today (Friday). Industrial Bank of Taiwan is the mandated lead arranger.
Lenders include Bank of Taiwan, Chang Hwa Commercial Bank, Far Eastern International Bank, Farmers Bank of China, Hsinchu International Bank, Hua Nan Commercial Bank and Shanghai Commercial & Savings Bank.
Walsin Lihwa HoldingsÆ $80 million five year dual tranche financing was inked on March 23. Citigroup arranged the facility.
Joining as arrangers are First Commercial Bank, Hua Nan Commercial Bank, Cathay United Bank, International Commercial Bank of China, KBC Bank, Taiwan Cooperative Bank and Shanghai Commercial & Savings Bank. Co-arrangers are Bank of Overseas Chinese, Fortis Bank, Hsinchu International Bank, Taipei Fubon Commercial Bank and Land Bank of Taiwan.
The loan is split equally into a term loan and revolving credit. Proceeds are to refinance existing debt and to support the borrowerÆs investments in China.
Syndication of Zhong De ConstructionÆs NT$3.84 billion multi-tranche loan has been completed. Taiwan Cooperative Bank led the deal and allocations are being finalised.
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