A $240 million syndicated facility for Mirabela Nickel has been downsized from $280 million as the borrower has reduced the project cost by $40 million. Mandated lead arrangers Barclays Capital and Credit Suisse have underwritten the debt facility and an $80 million bridge loan has been drawn down by the borrower.
The transaction was initially expected to be completed by early December this year. However, the borrower and leads have decided to have the financing temporarily put on hold for around two months due to the current market situation.
Perpetual Trust's NZ$750 million debt package has been completed as a club deal. Final allocations saw mandated lead arrangers Westpac, Bank of New Zealand and Commonwealth Bank of Australia commit NZ$325 million, NZ$225 million and NZ$200 million respectively.
The bullet facility comprises a NZ$217 million one-year revolving facility and a NZ$533 million three-year term loan. Proceeds are for refinancing purposes.
India
Senior syndication of Hindalco Industries' $1 billion five-year term loan was closed on October 31 via mandated leads Bank of America, Barclays, Bank of Tokyo-Mitsubishi UFJ, Calyon, Citi, Deutsche Bank, HSBC, Mizuho Corporate Bank, Rabobank, Royal Bank of Scotland and Sumitomo Mitsui Banking Corp.
The facility pays a spread of 265bp over Libor. General syndication has been launched and is expected to close within two to three months.
Proceeds will be used to take out an existing $3.1 billion bridge facility signed on May 11, 2007, for the acquisition of Novelis, a Canada-based producer of rolled aluminium products.
A Rs3.5 billion dual tranche debt package for Mobile Store has been signed via sole mandated arranger State Bank of India.
The deal comprises a Rs2.8 billion five-and-a-half-year term loan and a Rs707 million facility. The margin is priced at 25bp over Punjab National BankÆs PLR.
Final allocations saw participant Punjab National Bank provide Rs930 million. Axis Bank contributed Rs733 million, while UCO Bank ended up with Rs680 million. Jammu & Kashmir Bank and the State Bank of Patiala joined in with Rs560 million apiece.
Proceeds are for working capital purposes.
A Rs24 billion financing for Petronet LNG, an SPV for the Kochi R-LNG Terminal project, has been completed via mandated lead State Bank of India.
The deal is split into a Rs14 billion 13-year term loan paying a spread of SBAR minus 125bp and a Rs10 billion foreign currency portion solely provided by the International Finance Corporation.
Allocations saw the mandated lead take Rs4 billion, while participants Canara Bank and Syndicate Bank provided Rs2.5 billion and Rs2 billion respectively. Jammu & Kashmir Bank, Oriental Bank of Commerce, State Bank of Hyderabad and State Bank of Travancore gave Rs950 million apiece. State Bank of Indore joined in with Rs700 million, while Federal Bank and State Bank of Patiala both held Rs500 million each.
Proceeds are to fund the construction of a greenfield LNG Regasification Terminal in Kerala, India.
Laos
A $587 million dual-currency financing for Theun Hinhoun Power has been signed on a club basis.
The 16-year debt package is divided into a $187.5 million tranche and a Bt13.94 million portion. Mandated lead arrangers ANZ, Export-Import Bank of Thailand and KBC Bank each committed $50 million, with BNP Paribas joining in with $37.5 million.
Proceeds are to fund the Theun Hinboun Hydro-Power expansion project.
New Zealand
Mandated lead arrangers ANZ, Bank of Scotland, Calyon and Credit Suisse are currently in talks with other lenders for the extension of Rank Group's $1.6 billion one-year financing, signed in February 2008, to 18 months.
The extended facility will pay a spread of 450bp over Libor with an upfront fee of 170bp.
Proceeds are to support the borrowerÆs $2.7 billion acquisition of AlcoaÆs Packaging & Consumer Business units.
Sri Lanka
National Savings BankÆs $50 million one-year fundraising is expected to be signed early next week via mandated leads Citi and State Bank of India.
The loan pays a spread of 140bp over Libor. Bank Muscat and National Bank of Oman are currently processing their credit approvals and are expected to sign this month.
The proceeds raised will be lent to the Government of Sri Lanka.
Taiwan
A NT$2 billion five-year dual tranche fundraising for Genesis Photonics has been signed via a consortium of six lead arrangers and bookrunners.
The amortising facility is split into NT$560 million and NT$1.4 billion term loans. Mandated lead arrangers Hua Nan Commercial Bank provided NT$350 million, while Mega International Commercial Bank gave NT$300 million. Chang Hwa Commercial Bank, First Commercial Bank, Land Bank of Taiwan and Taiwan Business Bank each gave NT$250 million. Participants Bank of Taiwan and DBS lent NT$130 million apiece and Cathay United Bank rounded out the group with NT$90 million.
Secured by equipment and machinery, the deal features a margin of 57.5bp over the one-year time deposit floating rate of Chunghwa Post, which is subject to adjustments according to the debt ratio and operating income.
Proceeds are for general corporate purposes.
Pegatron Corp's NT$12 billion three-year transaction has been upsized from NT$10 billion and signed via mandated lead arrangers ABN AMRO, Bank Sinopac, DBS, First Commercial Bank, Land Bank of Taiwan and Taiwan Cooperative Bank.
The leads each committed NT$1.05 billion. Co-arrangers Mega International Commercial provided NT$850 million, while Bank of Taiwan and Yuanta Bank gave NT$800 million apiece. Chang Hwa Commercial Bank lent NT$700 million. Senior lead managers Cathay United Bank, China Development Industrial Bank, Shanghai Commercial & Savings Bank and Taipei Fubon Commercial Bank took NT$500 million apiece, while Bank of Tokyo-Mitsubishi UFJ and Mizuho Corporate Bank contributed NT$300 million each.
The facility is priced at 60bp over the secondary CP rate. Proceeds are for working capital purposes.
A NT$6 billion five-year term loan for Walsin Lihwa has been inked by a group of eight mandated lead arrangers and bookrunners.
Arrangers Hua Nan Commercial Bank, Mega Taipei Fubon Commercial Bank and Taiwan Cooperative Bank each contributed NT$800 million, while Cathay United Bank, Chinatrust Commercial Bank, First Bank and Land Bank of Taiwan lent NT$600 million apiece. Participants Agricultural Bank of Taiwan and Far Eastern International Bank came in with NT$200 million each.
The deal features a margin of 65bp over the 90-day secondary CP rate. Proceeds are for debt repayment and working capital purposes.
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