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.
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