Bank of QueenslandÆs $200 million senior credit is being well received in syndication via mandated leads and bookrunners ABN AMRO and Chinatrust Commercial Bank.
The bullet loan features a two-and-a-half-year tenor and a spread of 100bp over Libor. So far, 13 commitments have been received in syndication with the deal likely to be upsized. Syndication is slated to close by early next week.
The funds are for general corporate and working capital requirements.
BBP Finance AustraliaÆs A$2.7 billion multi-tranche debt package has been launched into general syndication via a consortium of 10 mandated lead arrangers û ANZ, BNP Paribas, Commonwealth Bank of Australia, Dexia, nabCapital, Natixis, Societe Generale, Suncorp-Metway, UniCredit Group and WestLB. With the exception of Suncorp-Metway, all the banks are also acting as bookrunners The loan was funded in early June.
The facility comprises a A$1.6 billion three-year loan, a A$960 million five-year debt, a A$60 million one-year portion and an A$80 million one-year revolver.
Proceeds are to refinance existing bridge facilities and for working capital requirements.
Senior syndication of a A$3.57 billion multi-tranche transaction for BrisConnections Finance Property led by Allied Irish Banks, ANZ, BNP Paribas, Bank of Scotland, DEPFA Bank, DZ Bank, Industrial & Commercial Bank of China, Societe Generale, United Overseas Bank and UniCredit is closing by the end of July and general syndication is expected to launch in early August.
The bullet facility is divided into two bridge loans, comprising a A$200 million six-year offer and a $475 million four-year offer; a A$3.15 billion four-year construction loan, which converts to a six-year term loan afterwards; and a A$120 million reserve facility.
The margin of the fundraising is 65bp and 190bp over BBSY for the bridge loans. Pricing of the construction loan is 190bp over BBSY; upon conversion into a term loan in year five, the margin will be 175bp over BBSY but then steps up to 180bp in years seven to eight, and to 185bp in years nine to 10. The pricing of the reserve facility is 185bp over BBSY.
Mandated lead arrangers joining with A$200 million and underwriting A$150 million get a fee of 140bp, while banks with the same title but providing only A$150 million earn 125bp. Co-arrangers lending A$125 million take 115bp.
Proceeds are to support the construction of the Northern Busway in Brisbane that will connect Brisbane to the northern suburbs.
A A$2.8 billion three-year financing for Singapore Power SPV SPI (Australia) Assets has received an overwhelming response from the market. The mandated arrangers and bookrunners are ANZ, BNP Paribas, Commonwealth Bank of Australia, Royal Bank of Scotland and Westpac.
The margin is priced at 85bp over BBSY and is tied to a ratings grid where an increment of 5bp will be added each time the rating of the borrower decreases. Singapore Power is acting as the guarantor.
Final allocations are not yet disclosed as the deal is currently in the documentation stage.
The signing date is slated for next Tuesday (July 15). Proceeds are to refinance existing loans signed in 2007 that were used for the acquisition of Alinta assets.
China
Syndication of Eternal Chemical (Guangdong)Æs $49 million-equivalent three-year fundraising has been closed via sole bookrunner BNP Paribas.
The facility is split into a $35 million term loan paying a margin of 200bp over Libor, and a Rmb97 million tranche priced at 110% of the three-year PBOC rate.
Syndication saw a total of five banks joining in û Bangkok Bank, Bank of China, Intesa Sanpaolo, Mizuho Corporate Bank and Sumitomo-Mitsui Banking Corp. Final allocations are currently being finalised.
The signing ceremony is scheduled for the end of this month. Proceeds are to refinance existing debt and for working capital requirements.
Hong Kong
Crown Worldwide MoversÆ HK$85 million three-year and three-month financing has been launched into general syndication via mandated lead arrangers and bookrunners BNP Paribas and Standard Chartered Bank.
The deal pays a spread of 267bp over Libor and has an average life of 2.4 years.
Banks are invited to join at three levels. Coordinating arrangers earn an upfront fee of 90bp by contributing HK$20 million or above, arrangers take 82.5bp by committing HK$14 million to HK$19 million and co-arrangers receive 75bp with tickets of HK$8 million to HK$13 million.
Banks are to revert by July 18. Proceeds are to refinance an existing bridge facility signed in 2006 and for working capital purposes.
A $200 million three-year dual-tranche debt package for TPV Technology was closed last week via eight mandated lead arrangers - ABN AMRO, Bank of America, BNP Paribas, CITIC Ka Wah Bank, ING Bank, Oversea-Chinese Banking Corp, Rabobank and Standard Chartered Bank. All the lenders are also acting as bookrunners with the exception of Bank of America, CITIC Ka Wah Bank and Oversea-Chinese Banking Corp. The deal was upsized from $150 million due to a good market response.
The term loan comprises a $193 million portion with the remaining $7 million tranche being syndicated in HK dollar equivalent. The margin is 100bp over Libor with an average life of 2.125 years.
Final allocations saw all the mandated leads contributing $14 million apiece. Coordinating arrangers Bank of Nova Scotia and Chang Hwa Commercial Bank provided $11.5 million each, while Bank Sinopac and Mizuho Corporate Bank took $9 million apiece.
Coming in as lead arrangers with holds of $6.5 million each were Chinatrust Commercial Bank, First Commercial Bank, Land Bank of Taiwan, Taiwan Business Bank, Taiwan Cooperative Commercial Bank and Taishin International Bank. Rounding off the syndicate were Hua Nan Commercial Bank and Bank Mandiri (Persero) taking $4 million apiece.
Proceeds are for working capital purposes.
India
Vedanta ResourcesÆ $1 billion five-year term loan is expected to be completed in mid-July. Mandated arrangers ABN AMRO, Bank of Baroda, Bank of Tokyo-Mitsubishi UFJ, Barclays, Calyon, Citi, Mizuho Banking Corp, Standard Chartered Bank, State Bank of India, Sumitomo Mitsui Banking Corp and WestLB have received commitments from Bank of East Asia, Bank of Nova Scotia, Chang Hwa Commercial Bank, DBS and First Gulf Bank in general syndication.
Malaysia
A $332.5 million six-year facility for two subsidiaries of Titan Chemical û Titan Capital (L) and Titan Kimia Nusantara û has been downsized from $380 million and signed via RHB Bank, Standard Chartered Bank and WestLB. Other banks joining the facility were Bank of East Asia, Bank of East Asia (Labuan branch), First Commercial Bank and Oversea-Chinese Banking Corp (Labuan branch).
The pricing is 200bp over Libor for the first three years, with a step-up to 220bp thereafter. Proceeds are to refinance existing debt facilities.
New Zealand
Hikurangi Forest FarmsÆ NZ$128 million dual-tranche credit has been completed via sole mandated lead ANZ.
The bullet deal comprises a NZ$122 million six-and-a-half-year term loan and a NZ$6 million two-year and nine-month portion.
ANZ contributed NZ$76.8 million while BOS International held NZ$51.2 million.
A NZ$140 million one-year standby facility for Medical Mortgages was inked on July 4 with sole bookrunner ANZ committing NZ$105 million. Westpac lent NZ$35 million as a participant.
Tuaropaki PowerÆs NZ$31.1 million five-year term loan has been sealed via sole mandated arranger and bookrunner ANZ.
Allocations saw the bookrunner providing NZ$19.4 million, while Bank of New Zealand came in as a participant with a hold of NZ$11.7 million.
Singapore
HSBC Institutional Trust Service (Singapore)Æs S$650 million two-year term loan on behalf of CapitalCommercial Trust was inked on July 3 on a club basis via mandated lead arrangers Bank of Tokyo-Mitsubishi UFJ (Singapore branch) and Standard Chartered Bank.
The margin of the deal is 125bp over SOR. Proceeds are to finance the acquisition of One George Street in Singapore.
A S$1 billion five-year fundraising for Khazanah Nasional was signed on July 1 via mandated leads and bookrunners DBS Bank and Oversea-Chinese Banking Corp. The borrower is an investment arm of the Malaysian Government.
The facility was oversubscribed with a total of six banks joining in. Final allocations are not yet disclosed but commitments had to be scaled back.
Proceeds are to refinance an equity investment in Singapore-listed Parkway.
Resorts World at SentosaÆs S$4.19 billion multi-tranche credit has been completed via original mandated lead arrangers DBS Bank, HSBC, Oversea-Chinese Banking Corp, Sumitomo Mitsui Banking Corp and Royal Bank of Scotland.
The seven-and-a-half-year credit comprises a S$3.5 billion amortising loan, a S$500 million revolver and a S$193 million bank guarantee. DBS Bank and Oversea-Chinese Banking Corp jointly provided the bank guarantee. The deal pays a spread of 175bp over Libor.
Senior syndication was closed and funded in late April via the mandated leads and 10 other banks that joined in as equal-status arrangers, namely Bangkok Bank, Bank of Tokyo-Mitsubishi UFJ, BNP Paribas, Calyon, CIMB, Commerzbank, DZ Bank, JPMorgan, Maybank and National Australia Bank.
Limited general syndication saw two commitments from Bank of East Asia and First Commercial Bank. Final allocations were not disclosed.
Proceeds are for the construction of an integrated resort located on Sentosa Island in Singapore.
Taiwan
A NT$2.5 billion five-year refinancing for Asia Vital Components was signed on Tuesday (July 8) via mandated lead arrangers and bookrunners Bank of Taiwan, Chinatrust Commercial Bank, First Commercial Bank, Mega International Commercial Bank and Taiwan Cooperative Bank.
The leads each committed NT$400 million. Co-arranger Taiwan Business Bank lent NT$250 million, manager Yuanta Commercial Bank held NT$150 million and participant Shanghai Commercial & Savings Bank joined the deal with NT$100 million.
Secured by account receivables, the deal is priced at 75bp over the 90-day secondary CP rate and has a commitment fee of 15bp.
Auria SolarÆs NT$5 billion five-year multi-tranche debt package was sealed on July 2 by coordinating arrangers Chang Hwa Commercial Bank, Chinatrust Commercial Bank, E.Sun Commercial Bank and Taiwan Cooperative Bank.
Taiwan Cooperative Bank, E.Sun Commercial Bank and Chinatrust Commercial Bank committed NT$1 billion, NT$700 million and NT$600 million respectively. Chang Hwa Commercial Bank and participants Land Bank of China and Yuanta Commercial Bank lent NT$500 million apiece. Hua Nan Commercial Bank, Jih Sun International Bank, Mega International Commercial Bank and Taiwan Business Bank each held NT$300 million.
The amortising facility comprises a NT$3.8 billion term loan, which can also be drawn down in euros, a NT$400 million term loan and an NT$800 million revolver. Secured by plant and machinery, the facility pays a spread of 98bp over the 90-day secondary CP rate or 115bp over three-month Libor and has a commitment fee of 2bp for the term loans. The revolving credit has a margin of 105bp over the 90-day secondary CP rate and a fee of 5bp.
Proceeds are for capital expenditure and working capital purposes.
A NT$2.194 billion dual-tranche fundraising for Jing Yung Gi - an SPV of Kelti Group - was signed on July 8 through mandated leads and bookrunners Cathay United Bank and Taiwan Cooperative Commercial bank.
Cathy United Bank provided NT$1.0 billion, while Taiwan Cooperative Bank lent NT$591 million. Hua Nan Commercial Bank, Shanghai Commercial & Savings Bank and Shin Kong Commercial Bank committed NT$203 million, NT$299 million and NT$100 million respectively.
The amortising facility is split into a NT$1.109 billion term loan to refinance an existing debt facility and a NT$1.085 billion facility for construction purposes. The repayment schedule will be 12 quarterly installments after a grace period of 2.25 years.
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