Australia Pacific Airports (Melbourne)Æs A$700 million three-year fundraising has been completed on a club basis via leads ABN AMRO, Commonwealth Bank of Australia, Deutsche Bank, National Australia Bank and Westpac Banking Corporation.
A A$660 million dual tranche financing for Gandel Bridge Finance has been provided as a club loan by mandated lead arrangers ANZ, HSBC, National Australia Bank and Westpac Banking Corporation.
The loan comprises a A$396 million three-year bullet and a A$264 million five-year revolver.
Goodman Australia Industrial FundÆs A$1.6 billion multi-tranche facility was inked on March 20 via a syndicate of five banks. Commonwealth Bank of Australia and Westpac Banking Corporation led the deal.
The debt comprises two A$400 million credits with tenors of two and three years respectively, a A$350 million four-year facility and a A$450 million portion that is solely held by Westpac.
Final allocations for the syndicated portion saw Westpac provide A$458 million, while Commonwealth Bank of Australia committed A$258 million. Co-arrangers St George Bank and ING Bank contributed A$184 million and A$150 million, respectively. Senior lead manager Royal Bank of Scotland ended up with A$100 million.
Proceeds are to refinance an existing debt and to fund expansion.
Incitec PivotÆs A$2.4 billion one-year bridge facility has been completed on a club basis via mandated leads ANZ, Commonwealth Bank of Australia, nabCapital and Westpac.
The facility can be drawn in either Australian dollars or US dollars. Allocations saw the banks taking an equal share of A$600 million apiece.
The funds are to support the acquisition of the remaining stake in Dyno Nobel, an explosives manufacturer.
A A$2.54 billion multi-tranche fundraising for Primary Healthcare has been launched into sub-underwriting and was funded on March 12 via bookrunners ABN AMRO, Calyon, Credit Suisse, Deutsche Bank and National Australia Bank.
The two-year credit comprises a A$1.44 billion loan, a A$1 billion bullet and a A$100 million portion and features a 12-month extension option.
Proceeds are to support the acquisition of Symbion Health.
China
A $101 million club deal for Air China has been signed via five mandated arrangers û Bank of China, BNP Paribas, Calyon, Industrial & Commercial Bank of China and Societe Generale.
Proceeds are to support the financing of aircraft.
Allocations have been finalised for Hainan Airlines CompanyÆs $131 million two-year offshore financing via sole lead Royal Bank of Scotland.
The lead, together with lead arranger Bayerische Hypo-und Vereinsbank took $28 million while Bayerische Landesbank, Nanyang Commercial Bank and Natixis each committed $25 million.
The deal was oversubscribed and the final amount will be scaled back at the borrowerÆs discretion. The signing ceremony is expected to take place in early April.
The funds are to finance the purchase of two 737 and two 787 Boeing aircraft which are slated for delivery in 2010.
Zhuhai Zhongfu EnterpriseÆs Rmb2.75 billion dual tranche financing was sealed last Tuesday (March 18) via mandated leads and bookrunners Calyon and Industrial & Commercial Bank of China.
The deal is split into a Rmb2.5 billion five-year portion with an average life of 3.5 years and a Rmb250 million three-year revolver. The margin is priced at 105% of the PBOC rate for both tranches.
Final allocations saw Industrial & Commercial Bank of China and Calyon committing Rmb598 million and Rmb461 million respectively. Coming in as arrangers were Bank of Communications, which took Rmb500 million, and China Construction Bank, which provided RMB310 million. Bank of China and Shenzhen Development Bank took Rmb300 million apiece.
Coming in as lead managers were China EverBright Bank and Rabobank, giving Rmb100 million each while China Merchants Bank took Rmb81 million.
Proceeds are to refinance an existing debt facility and for general corporate purposes.
Hong Kong
A $500 million three-year bullet loan for Sinochem Hong Kong was launched into syndication yesterday (March 27) via leads ABN AMRO, BNP Paribas, Calyon, ING Bank and Standard Chartered.
Banks have been invited on three levels. Mandated lead arrangers providing $30 million and above receive 66bp in upfront fees for an all-in of 89bp. Lead arrangers lending between $20 million and $30 million gain 57bp while senior managers holding between $10 million and $20 million get 48bp for all-ins of 86bp and 83bp over Libor respectively.
The loan pays a spread of 67bp over Libor. Banks have until April 9 to revert.
Wheelock & CoÆs HK$6 billion dual tranche five-year debt package has been completed via a consortium of 14 banks. Standard Chartered is the original mandated lead arranger.
The five-year facility is split into a HK$5.5 billion term loan and a HK$500 million revolver. Both tranches offer a spread of 50bp over Hibor.
Allocations saw the original lead along with equal status-arrangers ANZ, Bank of China, Bank of Communications, Bayerische Landesbank, Industrial & Commercial Bank of China (Asia), Mizuho Corporate Bank and Sumitomo Mitsui Banking Corporation commit HK$560 million each while Banco Bilbao Vizcaya Argentaria contributed HK$520 million.
Senior manager Tai Fung Bank held HK$300 million while managers First Commercial Bank, Land Bank of Taiwan and Scotiabank provided HK$200 million apiece. Maybank ended up with HK$100 million.
Proceeds are to fund the subscription of the rights issue by Wharf and for working capital purposes.
India
DLF Global HospitalityÆs $300 million five-year financing has received a total of $55 million take-and-hold commitments, so far. Export-Import Bank of India has joined the transaction at the top with three banks actively processing their credit approvals. ICICI Bank and Standard Chartered are leading the deal.
The deal features a spread of 250bp over Libor.
Proceeds are to support the acquisition of Amanresorts from Singapore-based Silverlink Holdings.
Sole lead ICICI Bank is inking a Rs7 billion 16-year financing for Jaypee Power Grid today (March 28).
Allocations saw ICICI Bank take Rs1.8 billion while lender Punjab & Sind Bank held Rs2 billion. Central Bank of India contributed Rs1.5 billion while Jammu & Kashmir lent Rs1 billion. United Bank of India took Rs700 million.
The funds are to support a project that entails the development of an inter-state transmission system to facilitate evacuation of power from the Karcham Wangtoo hydroelectric power project in the Kinnaur district of Himachal Pradesh and will connect the Karcham Wangtoo project with the sub-station of Powergrid at Abdullapur, in Yamuna Nagar of Haryana.
A $46 million seven-year financing for Tata BP Solar has been signed as a club deal via mandated arrangers BNP Paribas and Calyon.
The bullet loan pays a spread of 77.5bp over Libor.
Allocations saw the mandated leads holding $23 million each.
Proceeds are for general corporate purposes.
Travarto HoldingsÆ $400 million five-year term loan was inked on March 19 via eight mandated lead arrangers on a club basis. Bank of America, Barclays, Calyon, Citi, DBS Bank, HSBC, Royal Bank of Scotland and Standard Chartered Bank contributed $50 million apiece.
The deal features a margin of 110bp over Libor. The funds are for general corporate requirements.
Singapore
A S$130 million three-year credit for 79 Anson was completed on March 20 via sole mandated arranger and bookrunner Calyon with a hold of S$25 million.
The loan pays a spread of 73bp over SOR and has an average life of 2.83 years.
Syndication saw two banks joining in as lead arrangers - Landesbank Baden-Wuerttemberg ended up with S$65 million, while Great Eastern Life Assurance Company lent S$40 million.
Proceeds are for the acquisition of property located on 79 Anson Road, Singapore.
Syndication of Noble GroupÆs $500 million-equivalent two year financing has been well received and is already oversubscribed. ING Bank, Royal Bank of Scotland and Standard Chartered are leading the facility.
The deal is targeted to close in the week of April 7.
Syndication of SupernovaÆs S$200 million leveraged buy-out facility for the acquisition of Seksun Corporation is still ongoing via mandated leads and bookrunners Chinatrust Commercial Bank, DBS Bank and United Oversea Bank (Asia). The financing is sponsored by Citi Venture Capital International.
The fundraising comprises three tranches û a short term loan, a revolving credit and a term loan facility with an average life of 3.25 years. The margin was previously priced at 235bp over SOR, however this has now been flexed-up by 1% in an attempt to attract more lenders.
So far, commitments have been received from First Commercial Bank, Taishin International Bank and Oversea-Chinese Banking Corporation. The loan was funded in early January by the mandated arrangers.
Tech SemiconductorÆs $600 million fundraising is slated to be signed today (March 28) in Singapore after a blowout response from the market. The original mandated lead arrangers and bookrunners are ABN AMRO, Citi, DBS Bank and Oversea-Chinese Banking Corporation.
The amortising term loan features a margin of 250bp over Sibor with a door-to-door maturity of 4.25 years. The average life is 2.85 years.
The facility was oversubscribed with 19 commitments received in syndication. The relatively high margin and the relationship between the borrower and lenders accounted for the positive response.
Final allocations saw bookrunners Oversea-Chinese Banking Corp. providing $75 million, while ABN AMRO and DBS Bank took $66.4 million apiece. Citi (Singapore Branch) held $57.7 million.
Joining in as equal-status mandated arrangers committing $30 million each were China Development Industrial Bank, Sumitomo-Mitsui Banking Corporation, Taipei Fubon Commercial Bank, UniCredit Bank and United Overseas Bank.
Coming in as arrangers were Entie Commercial Bank, Industrial Bank of Taiwan, Shanghai Commercial & Savings Bank, Ta Chong Bank and Taishin International Bank lending $20 million apiece.
Rounding off the syndicate as lead managers were Bank of Taiwan (Singapore Branch), Bank Sinopec (Singapore Branch), Far Eastern International Bank, Land Bank of Taiwan (Singapore Branch), Mega International Commercial Bank (Singapore Branch), Raiffesisen Zentralbank Osterreich (Singapore Branch), RHB Bank (Singapore Branch), and Sunny Bank (Offshore Branch), which each contributed $10 million. Hua Nan Commercial Bank (Singapore Branch) gave $4.5 million.
The funds are to refinance an existing debt facility signed in 2005 and for capital expenditure requirements. This is the companyÆs fifth consecutive refinancing since 2000.
South Korea
A $120 million two-year offshore floating rate note for CJ Corporation has been sealed via mandated lead arrangers DBS Bank and Korea Development Bank Asia.
Final allocations saw DBS Bank providing $30 million while Korea Development Bank Asia took $2 million. Joining in syndication were Woori Bank and Hana Bank, contributing $30 million and $20 million respectively. Four other branches of Korea Development Bank committed a total of $28 million comprising offices in Ireland ($9 million), London ($9 million), Singapore ($5 million) and Tokyo ($5 million). Rounding off the syndicate was Kookmin Bank (Hong Kong Branch) and Kookmin Bank (Tokyo Branch), lending $5 million apiece.
Proceeds are for working capital requirements.
Taiwan
A $96 million multi-tranche fundraising for Hannstar Board International Holdings, Hannstar (SAMOA) Holdings Corporation and Hannstar Board Holdings (Hong Kong) was signed on March 20 via a group of 12 banks.
The debt comprises a $30 million two-year loan, a $30 million three-year bullet, a $21.6 million three-year revolver and a $14.4 million three-year portion.
Final allocations saw co-ordinating arrangers Chinatrust Commercial Bank, E Sun Commercial Bank, Far Eastern International Bank and Taishin International Bank contribute $13 million apiece while Bank of Tokyo-Mitsubishi UFJ held $10 million.
Managers Mega International Commercial Bank took $8.5 million while Bank of Taiwan provided $7.5 million.
Participants Ta Chong Bank committed $5 million, while Shanghai Commercial & Savings Bank and Taiwan Shin Kong Commercial Bank each lent $4 million. DBS Bank took $3 million and Hua Nan Commercial Bank came in with $2 million.
The funds are to refinance existing debt and for working capital purposes.
Leadtek GlobalÆs $700 million three-year credit was launched into the market on March 26. The mandated lead arrangers are ABN AMRO, Bank of Taiwan, Bank of Tokyo-Mitsubishi UFJ, Cathay United Bank, Chinatrust Commercial Bank, DBS Bank, HSBC, ING Bank, Sumitomo-Mitsui Banking Corporation and Taiwan Cooperative Bank. The loan amount was increased from $450 million as the MLA group was expanded.
The deal features an extension option of two years and offers a spread of 62.5bp over Libor. Chi Mei Optoelectronics is acting as the guarantor.
Banks committing $50 million and above receive the mandated arranger title.
A bank meeting is scheduled to take place in Hong Kong today (Friday 28). Syndication is expected to close towards the end of April.
The funds are for working capital purposes.
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