Goodman FielderÆs A$670 million multi-tranche credit was inked on May 7 via sole mandated arranger nabCapital. The facility is split into three revolvers: a A$120 million one-year portion, a A$420 million three-year tranche and a A$130 million five-year credit.
Syndication saw a total of 10 banks joining in û ANZ, Bank of America, Bank of China (Sydney Branch), Bank of Tokyo-Mitsubishi UFJ, Commonwealth Bank of Australia, Rabobank, Sumitomo-Mitsui Banking Corporation, Toronto Dominion Bank (Australia Branch), WestLB and Westpac. Final allocations were undisclosed.
A A$2.26 billion multi-tranche LBO facility for Ned Group Holdings, an SPV of Coates Hire, is still in general syndication. ABN AMRO, ANZ, Calyon, Mizuho Corporate Bank, Sumitomo Mitsui Banking Corporation and Westpac Banking Corporation are the original mandated arrangers.
The debt package comprises a A$2.03 billion six-year credit, a A$175 million loan and a A$60 million revolver.
Senior syndication has already seen AIB Bank, Aozora Bank, Bank of Ireland, Bank of Tokyo-Mitsubishi UFJ, BOS International, Commonwealth Bank of Australia, Deutsche Bank, GE Commercial Finance, Rabobank, Scotiabank and WestLB joining in as equal-status arrangers.
So far, general syndication has received five early bird commitments from Aozora Bank, China Construction Bank, Industrial & Commercial Bank of China, Landsbanki and Natixis. A number of Taiwanese lenders are looking at the deal and would mark TaiwanÆs first foray in the Australian loan market. Close of syndication is expected by the end of the month.
Proceeds are to support the Carlyle Group and National Hire-led leveraged buyout of Coates Hire.
China
General syndication of Henan Expressway DevelopmentÆs Rmb5.968 billion 21-year transaction, which is led by Bank of China, is expected to close by the end of June.
The facility will be in the form of a bridge loan for the first year that will convert into a term loan starting from the second year. With a margin of 90% of the PBOC rate, banks are welcome to join as participants. Bank of China has so far received commitments from Agricultural Bank of China, China Construction Bank and Industrial & Commercial Bank of China.
Proceeds are to fund part of the Henan Expressway project.
Hong Kong
A $180 million three-year fundraising for Techtronic Industries was launched into senior syndication last week via sole lead arranger HSBC.
The loan pays a spread of 100bp over Libor and has an average life of 2.68 years.
Banks have been invited for the title of mandated coordinating arranger and bookrunner; commitments of $35 million and above receive 147bp in upfront fees and an underwriting fee of 30bp. A take-and-hold of $25 million and above earns the same management fee.
Syndication is slated to close by the end of May. Proceeds are to refinance an existing $200 million debt signed in January 2005 and for working capital requirements.
Yau Lee ConstructionÆs HK$260 million three-year revolver has been closed via sole bookrunner BNP Paribas. The deal was slightly oversubscribed.
The margin is priced at 110bp over Hibor and the loan has an average life of 2.7 years. The facility also features a two-year extension option and the parent company, Yau Lee is acting as the guarantor.
Syndication saw Hang Seng Bank and Nanyang Commercial Bank joining in as equal-status arrangers while Industrial & Commercial Bank of China (Asia) and Bank of East Asia came in as participants. Allocations are undisclosed as yet.
The funds are to support construction costs.
India
A $210 million three-year financing for Bank of India was sealed on May 6 via original mandated leads and bookrunners Bank of Tokyo-Mitsubishi UFJ, DZ Bank, HSBC, Intesa Sanpaolo and Sumitomo Mitsui Banking Corporation. The facility was oversubscribed and upsized from $100 million due to an overwhelming response from the market.
The bullet deal features a spread of 90bp over Libor.
Final allocations saw the bookrunners committing $15 million apiece. Coming in as equal-status arrangers were Chinatrust Commercial Bank, First Commercial Bank, KommunalKredit International Bank and Unicredito with holds of $14.25 million each. Lead arrangers Bank of China (Hong Kong branch), Bank of Taiwan, Banques des Mascareignes, Chang Hwa Commercial Bank, Hua Nan Commercial Bank and Land Bank of Taiwan provided $10 million apiece.
Rounding off the syndicate were arrangers Cathay United Bank, Shanghai Commercial & Savings Bank and Shin Kong Commercial Bank, which took $5 million each. Bank of Kaohsiung gave $3 million.
Proceeds are for general corporate purposes.
Jet AirwaysÆ $115 million 12-year aircraft financing has been inked via lead arrangers Calyon and ING Bank on a club basis.
The loan features a margin of 100bp over Libor.
Punjab National BankÆs $100 million three-year bullet term loan was launched on May 9 via mandated lead arrangers Banc of America Securities Asia, DZ Bank, HSBC, Sumitomo Mitsui Banking Corporation and Natixis.
The financing is priced at 105bp over Libor and banks are welcome to join at three levels. Coordinating arrangers committing $15 million or above earn a 37.5bp upfront fee, arrangers contributing between $10 million and $14 million gain 22.5bp while co-arrangers joining with $5 million to $9 million get 15bp.
Bank meetings will be held in Singapore and Taipei today (May 16) and next Monday respectively. The deadline for responses is June 4. Proceeds are for on-lending purposes.
Vedanta ResourceÆs $1 billion take-out facility is close to launching via coordinating arrangers ABN AMRO, Bank of Tokyo-Mitsubishi UFJ, Barclays, Calyon, Citi, Standard Chartered Bank and Sumitomo Mitsui Banking Corporation.
The five-year amortising term loan pays a spread of 200bp over Libor in the first year and steps up to 300bp thereafter.
Proceeds are to take out the one-year bridge facility signed last August to support the acquisition of a 51% stake in India-listed iron-ore exporter Sesa Goa from Japan-listed Mitsui & Co.
Indonesia
A $50 million three-year club deal for PT Surya Artha Nusantara Finance has been signed via ABN AMRO (Jakarta Branch), PT ANZ Panin Bank and Standard Chartered Bank.
Final allocations saw Standard Chartered Bank contributing $20 million while PT ANZ Panin Bank took $17.5 million. ABN AMRO ended up with $12.5 million.
Proceeds are for working capital purposes.
Tower BersamaÆs $150 million-equivalent multi-tranche debt package has been launched into limited senior syndication via sole mandated lead United Overseas Bank.
The facility consists of three term loans: a $50 million tranche, a $30 million portion and a $50 million credit, as well as an additional $20 million revolver. The margins are at 235bp over SBI for the $50 million term loan while the remaining three tranches pay a spread of 285bp. The deal has a door-to-door life of five years and an average life of 3.8 years.
The Indonesian rupiah-denominated transaction is a first for the tower sector industry and is set to become one of the highest-yielding syndicated loans this year for Indonesia.
The closing date for senior syndication is scheduled for mid-June and the facility will be launched into general syndication soon after. The funds are to refinance existing debt and for working capital purposes.
Singapore
A S$62 million 18-month bridge facility for Broadway Industrial was completed on May 9 via sole lead arranger and bookrunner United Overseas Bank.
The margin is priced at 200bp over SOR and can be stepped up by a further 50bp if the 18-month extendable option is exercised.
Final allocations saw the bookrunner providing S$31 million. Coming in as co-arrangers were RHB Bank and Commerzbank, contributing S$8.75 million each, while First Commercial Bank took S$6.75 million. Mega International Commercial Bank and Bank of East Asia gave S$3.75 million and S$3 million respectively.
Proceeds are for acquisition purposes.
Sri Lanka
Bank of CeylonÆs $190 million two-year financing was completed on May 7 via sole bookrunner HSBC. The loan was increased from $100 million due to a good market response.
The amortising deal offers a spread of 150bp over Libor and features a two-year extension option.
The full syndicate is undisclosed as yet but around 18 commitments were received. The funds are for general corporate requirements.
South Korea
Hyundai Merchant MarineÆs $181.4 million dual-tranche fundraising has been signed via a consortium of seven mandated leads as a club deal.
The debt package is split into a $145.1 million 12-year term loan, priced at 100bp over Libor, and a $36.3 million 10-year portion, paying a spread of 240bp over Libor.
Final allocations saw BNP Paribas, Calyon, DnB NOR Bank, Fortis Bank and Sumitomo-Mitsui Banking Corporation contributing $29.02 million apiece. Kookmin Bank and Korea Development Bank took $18.15 million each.
Proceeds are to support the purchase of two capsize bulk carriers.
A Ç70 million two-year revolving credit for Hyundai Motor Manufacturing (Czech) was sealed on May 8 on a club basis. HSBC and ING Bank were the mandated leads.
Allocations saw HSBC committing Ç50 million while ING Bank held Ç20 million.
The funds are for the construction of Hyundai MotorÆs new car manufacturing plant in Nosovice, Czech Republic.
Syndication of Kolon IndonesiaÆs $50 million two-year bullet term loan was closed on May 9 via sole bookrunner Korea Development Bank.
The deal features a spread of 230bp over six-month Libor. Kolon Industries is the guarantor.
Final allocations saw Korea Development Bank contributing $18 million while co-arrangers Export-Import Bank of Korea and Hana Bank (Singapore branch) committed $9 million apiece. Kookmin Bank (Auckland branch) provided $8 million. Coming in as a manager was PT Bank Woori (Indonesia branch) with a hold of $6 million.
The signing date is slated for today (May 16). Proceeds are to refinance an existing $55 million facility signed in 2006.
Taiwan
Syndication of a $50 million multi-tranche credit for Kenmos Technology is expected to close by the end of May via mandated lead arrangers and bookrunners First Commercial Bank, Mega International Commercial Bank and Taichung Bank.
The debt package is divided into two $50 million revolvers and a $25 million stand-by facility but the maximum total outstanding amount of the three tranches cannot exceed $50 million.
The deal pays a spread of 85bp over Libor. Banks joining as mandated lead arrangers committing $8 million or above are rewarded a 25bp participation fee, while banks providing $5 million to $7.99 million and $3 million to $4.99 million get 15bp and 25bp respectively.
Leadtek Global GroupÆs three-year revolver, guaranteed by parent company Chi Mei Optoelectronics Corporation, was upsized to $870 million from $700 million and inked on May 8.
Mandated lead arranger Bank of Taiwan committed $70 million, while other leads (ABN ARMO Bank, Bank of Tokyo Mitsubishi UFJ, Cathay United Bank, Chinatrust Commercial Bank, DBS Bank, HSBC, ING, Land Bank of Taiwan, Mega International Commercial Bank, Standard Chartered Bank, Sumitomo Mitsui Banking Corporation, Taipei Fubon Commercial Bank and Taiwan Cooperative Bank) lent $50 million apiece. KBC Bank provided $35 million.
Arrangers Shin Kong Commercial Bank held $25 million, while Intesa Sanpaolo and Taishin International Bank joined the group with $20 million each. Managers Bank of America and Yuanta Commercial Bank gave $15 million apiece while Calyon and Shanghai Commercial & Savings Bank ended up with $10 million each.
The deal, which has an extension option, pays a spread of 62.5bp over Libor and has a commitment fee of 10bp. Banks were invited to join on four levels û those lending $50 million or more earn an upfront fee of 40bp, while tickets of $30 million to $49 million pay 22.5bp, contributions between $20 million and $29 million offer 15.5bp, and commitments of $10 million to $19 million provide 12bp.
A NT$1.41 billion three-year dual-tranche fundraising for Yem Chio was sealed through coordinating arrangers and bookrunners Industrial Bank of Taiwan, Taishin International Bank and Taiwan Cooperative Bank on May 9.
The transaction is split into an NT$846 million term loan with a spread of 90bp over the secondary CP rate and a NT$564 million revolver, which pays a margin of 100bp over the secondary CP rate.
Industrial Bank of Taiwan and Taishin International Bank provided NT$300 million each, while Taiwan Cooperative Bank committed NT$270 million. Managers Shanghai Commercial & Savings Bank, Shin Kong Commercial Bank, Taiwan Business Bank and Bank of Kaohsiung joined the deal with NT$170 million, NT$150 million, NT$120 million and NT$100 million respectively.
Proceeds are to refinance an existing credit facility and for working capital purposes.
¬ Haymarket Media Limited. All rights reserved.
