Australia
A $100 million three year bullet loan for Redflex Holdings was signed on Tuesday (June 30) via sole mandated lead arranger and bookrunner Commonwealth Bank of Australia.
The lead contributed $40 million while participants National Australia Bank and Westpac took $30 million each.
According to Redflex, the deal is priced at around 600bp and the covenants of this current facility are generally consistent with the previous loan.
Proceeds are to refinance an existing $65 million financing and for working capital purposes.
Transpacific Industries Group's A$1.44 billion multi tranche fundraising has been signed via bookrunners ANZ, Commonwealth Bank of Australia and National Australia Bank.
The deal is split into A$421.7 million and A$411.7 million five year revolving credits and a A$601.7 million portion.
The leads each committed A$200 million, except for Commonwealth Bank of Australia, who took A$220 million. Participants Mizuho Corporate Bank, Rabobank Australia, Societe Generale and Sumitomo Mitsui Banking Corp held A$118.2 million apiece. Bank of Tokyo-Mitsubishi UFJ, St George Bank and Bank of China took A$98.5 million, A$78.8 million and A$52.9 million respectively. Caja de Ahorros Y Monte de Piedad de Madrid and Mega International Commercial Bank contributed A$34.2 million each while Credit Industriel et Commercial provided A$32.9 million. Chinatrust Commercial Bank rounded out the group with a A$11 million ticket.
Proceeds are to refinance A$2.35 billion and A$695 million financings signed in December 2007 and August 2008 respectively.
A $1.25 billion forward start facility for Westfield was formally launched at the end of June via mandated lead arrangers and bookrunners ANZ, Barclays, Commonwealth Bank of Australia, Citi, National Australia Bank, Royal Bank of Scotland and Westpac.
The transaction features a margin of 240bp over Libor and has an early bird fee of 5bp. Banks are welcome to join in at four levels. Co-arrangers coming in with $60 million to $89 million gain an upfront fee of 85bp; lead manager committing $40 million to $59 million earn 65bp; senior managers joining in with $30 million to $39 million get 55bp; and managers providing $30 million or below take 50bp.
Proceeds are to extend and refinance the $1.65 billion tranche of a $4.65 billion facility signed in 2007. The bank will have until July 29 to revert.
An A$212 million financing for Wyndham Vacation Resorts (Asia Pacific) was inked last week via sole lead arranger National Australia Bank with Bank of America Merrill Lynch, Credit Suisse, J.P. Morgan and Royal Bank of Scotland joining in at lower levels.
Proceeds are for debt repayment purposes.
China
Midea Group's RMB1 billion three year term loan has been signed via mandated lead arrangers and bookrunners ICBC and Morgan Stanley with Bank of Dongguan, China Everbright Bank, China Postal Savings Bank, Hang Seng Bank, Nanyang Commercial Bank and Shenzhen Development Bank joining at lower levels.
The deal is priced at 95% of the PBOC rate and proceeds are for general corporate purposes.
Hong Kong
HSH Finance's HK$1.2 billion deal was signed on a club basis last Thursday (June 25) via mandated lead arrangers ANZ, Bank of China, Bank of Tokyo-Mitsubishi UFJ, Calyon, HSBC, Industrial & Commercial Bank of China and Standard Chartered Bank. The facility was oversubscribed and upsized from HK$1 billion.
The four-year-term loan guaranteed by Hong Kong & Shanghai Hotels is priced at 150bp over Hibor.
Proceeds are for debt repayment and general corporate purposes.
India
A Rs71.7 billion dual tranche loan for Adani Power was sealed last week through sole bookrunner State Bank of India.
The 13.25 year loan is split into a Rs67.2 billion term loan and a Rs4.5 billion tranche. Final allocations saw the lead providing Rs39.7 billion while participants UCO Bank, Life Insurance Corp of India and Punjab National Bank gave Rs7 billion, Rs5 billion and Rs4.5 billion respectively. Allahabad Bank and Bank of India lent Rs3 billion each while Canara Bank and Union Bank of India pledged Rs2 billion apiece. Corporation Bank came in with a Rs1 billion ticket.
Proceeds are for project financing purposes.
Jaiprakash Associates' Rs193 million 9.75 year term loan was signed via sole mandated lead arranger Axis Bank.
Final allocations saw the bookrunner lending Rs1 billion while participant Corporation Bank joined in with a Rs1.5 billion commitment. Allahabad Bank and Dena Bank contributed Rs1 billion apiece while Andhra Bank, Central Bank of India, Indian Overseas Bank, Punjab National Bank, State Bank of Bikaner & Jaipur and State Bank of Travancore provided Rs800 million each.
Proceeds are for setting up a greenfield cement plant in Andhra Pradesh, India.
A $70 million debt package for Khopoli Investment was upsized from $40 million and signed on June 30 via a consortium of six lenders.
Final allocations saw bookrunner Sumitomo Mitsui Banking Corp contributing $25 million. Mandated lead arranger Deutsche Bank provided $15 million while Chinatrust Commercial Bank and DBS Bank took $10 million apiece. Arranger Bank Mandiri (Persero) and Taishin International Bank each held $5 million.
Guaranteed by Tata Power, the deal pays a spread of 300bp over Libor. Proceeds are to refinance a $40 million facility signed in June 2008.
A Rs21.5 billion 14 year facility for Korba West Power, an SPV sponsored by Avantha Power & Infrastructure, was completed last week through sole lead arranger Axis Bank.
Final allocations saw the mandated lead arranger and participant Bank of India lending Rs2 billion each while UCO Bank came in with Rs2.5 billion. Union Bank of India took a Rs1.9 billion ticket while Allahabad Bank and Life Insurance Corp of India joined in with Rs1.3 billion apiece. Allahabad Bank, Andhra Bank, Bank of Maharashtra, Corporation Bank, Dena Bank, State Bank of Hyderabad, State Bank of Patiala, State Bank of Travancore, Syndicate Bank and United Bank of India contributed Rs1 billion each.
Proceeds are to fund a 600 MW thermal power project at Raigarh in Chhattisgarh state, India.
ONGC Petro-additions' Rs87.1 billion project financing was secured on June 29 via sole lead arranger State Bank of India. The facility was oversubscribed to Rs119 billion but was not upsized.
The 14.5 year term loan is priced at 75bp below SBAR with a 120bp commitment fee.
Final allocations saw the bookrunner lending Rs11 billion while Canara Bank and Punjab National Bank gave Rs7.3 billion apiece. UCO Bank and Union Bank of India contributed Rs5.5 billion each while Life Insurance Corporation of India held Rs5.1 billion. Allahabad Bank, Bank of Baroda, Bank of India, Central Bank of India, Indian Bank and Indian Overseas Bank gave Rs3.7 billion apiece while United Bank of India joined in with Rs2.9 billion. Corporation Bank and Oriental Bank of Commerce lent Rs2.2 billion apiece while Bank of Maharashtra, Dena Bank, State Bank of Hyderabad, State Bank of Patiala and Syndicate Bank provided Rs1.9 billion each. Andhra Bank, Jammu & Kashmir Bank and Punjab & Sind Bank committed Rs1.5 billion apiece. State Bank of Bikaner & Jaipur participated with Rs1.1 billion while Bank of Rajasthan rounded off the syndicate with Rs730 million.
Proceeds are to set up a greenfield petrochemical complex in the Special Economic Zone (SEZ) at Dahej, Gujarat in India.
Malaysia
Kulim (Malaysia)'s MYR430 million seven year Islamic financing was signed on Tuesday (June 30) through mandated lead arrangers CIMB Islamic Bank and OCBC Al-Amin Bank as a club deal.
Proceeds are for refinancing and working capital purposes.
New Zealand
Kordia Group's NZ$135 million dual tranche facility has been signed via a consortium of three banks.
The deal comprises a NZ$125 million two year revolving credit and a NZ$10 million bilateral facility provided by Bank of New Zealand. Mandated lead arrangers ANZ, Bank of New Zealand and Commonwealth Bank of Australia have committed NZ$45 million apiece.
Proceeds are to refinance existing bilateral facilities.
South Korea
A $150 million one year loan-style FRN for Korea Resources Corp was signed on Monday (June 29) via Calyon, Industrial & Commercial Bank of China and Standard Chartered Bank on a club basis.
Proceeds are for general corporate purposes.
Taiwan
CSBC Corp's NT$8.4 billion transaction was completed on Wednesday (July 1) via eight coordinating arrangers led by First Commercial Bank.
The mandated lead arrangers Bank of Taiwan, Cathay United Bank, Chang Hwa Commercial Bank, DBS, Hua Nan Commercial Bank, Taipei Fubon Commercial Bank and Taishin International Bank committed NT$750 million each, except for First Commercial Bank, who lent NT$1.05 billion. Co-arrangers Bank Sinopac, Land Bank of Taiwan and Yuanta Commercial Bank took NT$500 million each while Agricultural Bank of Taiwan and Bank of Kaohsiung joined in as managers with holds of NT$300 million apiece.
Proceeds are for refinancing and working capital purposes.
Hon Chuan Holding's fundraising was sealed on Tuesday (June 30) via a group of 12 local bookrunners led by Land Bank of Taiwan. The deal was oversubscribed to $141 million from the original $56 million and finally sealed at $67 million.
Guaranteed by the parent -- Taiwan Hon Chuan Enterprise -- the five year facility is split into a $28 million term loan and a $39 million revolving credit. Both tranches offer a spread of 120bp over Libor with a commitment fee of 20bp.
Final allocations saw mandated leads Land Bank of Taiwan lending $9.5 million with Chang Hwa Commercial Bank committing $5.2 million. Bank of Taiwan, E.Sun Commercial Bank, First Commercial Bank, Mega International Commercial Bank, Shin Kong Commercial Bank, Taichung Commercial Bank, Taipei Fubon Commercial Bank, Taishin International Bank, Taiwan Business Bank and Yuanta Commercial Bank joined in with $4.8 million apiece. Participants Sunny Bank and Taiwan Cooperative Bank rounded off the syndicate with $2.4 million each.
Proceeds are for refinancing, investment and working capital purposes.
A NT$1.5 billion transaction for Hsing Wen Investment has been signed via sole bookrunner Industrial Bank of Taiwan.
The debt package comprises a NT$1.2 billion three year term loan that pays a margin of 165bp over the 90 or 180-day primary CP rate and a NT$267 million two year term loan that is priced at 180bp over the same rate. The pre-tax floor rate for both tranches is 3%.
Syndication saw the sole bookrunner giving NT$700 million while co-arrangers Agricultural Bank of Taiwan and Hwatai Bank pledged NT$250 million each. Participants Chang Hwa Commercial Bank committed NT$150 million while Bank of Kaohsiung lent NT$100 million and Bank of Panhsin ended up with NT$50 million.
Proceeds are to refinance a NT$1 billion facility completed in 2006.
Meland Development's NT$700 million 1.5 year financing has been completed via sole bookrunner EnTie Commercial Bank.
Secured by land, the debt package consists of three term loans - a NT$622 million tranche and a NT$18 million portion priced at 340bp over the 90-day secondary CP rate; and a $60 million credit priced at 350bp over the 90-day secondary CP rate.
Final allocations saw the bookrunner contributing NT$250 million while participants Farglory Life Insurance committed NT$176 million. Bank of Panhsin lent NT$174 million while Yuanta Commercial Bank joined in with NT$100 million.
Proceeds are for land acquisition purposes.
Yieh Hsing Enterprise's NT$2.5 billion facility has been signed via bookrunners Agricultural Bank of Taiwan, Chang Hwa Commercial Bank, Land Bank of Taiwan, Taiwan Business Bank and Taiwan Cooperative Bank.
The seven year term loan is priced at 160bp over the two year floating time deposit rate of Chunghwa Post Office with a commitment fee of 20bp.
Allocations saw bookrunners Land Bank of Taiwan committing NT$550 million while the other mandated leads joined in with NT$375 million each. Joint Arranger Mega International Commercial Bank lent NT$300 million while participant Taiwan Life Insurance committed NT$150 million.
Proceeds are for working capital purposes.
