Australia
Hongkong Electric International Finance (Australia)'s A$617 million five year term loan was signed on January 19. Mandated arrangers ANZ Investment Bank, Bank of Tokyo-Mitsubishi, Citigroup, HSBC, Mizuho Corporate Bank, Royal Bank of Scotland and Standard Chartered Bank committed A$60.28 million each.
Coordinating arrangers Fortis Bank and Westpac Banking Corp lent A$60 million apiece while arranger Tai Fung Bank took A$40 million. Lead manager BBVA joined with a ticket of A$35 million.
CCMP Capital Asia and JP Morgan Partners Global Fund have completed the A$545 million equivalent six year LBO facility for the acquisition of South Africa-based industrial services company, Waco International.
The borrowing entities comprised Wire Aus Finco, Wire NZ and Wire UK. Sole mandated lead arranger UBS committed $40 million. Co-arrangers Bank of Scotland provided $86 million while GE Commercial Finance, Mizuho Corporate Bank and National Australia Bank took $64 million each, and Westpac Banking Corp lent $60 million.
Lead managers Australia & New Zealand Banking Group, Commonwealth Bank of Australia and Sumitomo Mitsui Finance Australia pledged $39 million apiece. Managers ABN Amro and HypoVereinsbank held $25 million each.
The loan was split into a A$102 million amortising term loan, a A$170 million bullet term facility, a A$60 million revolver for capital expenditure, a A$50 million revolver for working capital, a NZ$10 million amortising term loan, a NZ$38 million bullet term facility, a £17 million amortising term loan and a £31 million bullet term facility.
Margin was on a four-tier gearing ratio, ranging from 225bp to 275bp. Banks were paid upfront fees from 60bp to 90bp. There was a line fee of 100bp on the revolvers and a commitment fee on the capital expenditure portion.
China
Mandated lead arrangers ABN AMRO, BNP Paribas, Citigroup, HSBC, ICBC Asia and Standard Chartered Bank have launched a $300 million five year loan for Lenovo Group. Banks have until the end of February to revert.
The $72 million three year financing for HannStar Board Technology (Jiang Yin) has secured a ticket from Agricultural Bank of China.
ANZ Investment Bank, BNP Paribas, DBS Bank, HSBC, ING Bank and HSBC are lead arranging the facility.
The deadline for commitments has been postponed to February 8. Bankers expect the loan to be increased.
Mandated arranger Barclays Capital is in the process of expanding the arranger group for Sino-Forest Corp's $150 million five year financing. This is the debut loan for the forest harvesting company.
Proceeds are for general corporate requirements and the deal will be launched into syndication next month.
Hong Kong
Syndication of Eva Precision Industrial Holdings' HK$120 million four year dual tranche financing has closed. Mandated lead arrangers DBS Bank and Hang Seng Bank expect to finalise allocations by next week.
The HK$3 billion term facility for Hong Kong & China Gas (Towngas) has been upsized from HK$2.5 billion. Mandated lead arrangers Fortis and Mizuho Corporate Bank each committed HK$460 million while Citigroup and Liu Chong Hing Bank contributed HK$380 million apiece.
Arranger Export Development Canada pledged HK$300 million. Senior managers Tai Fung Bank provided HK$250 million, and Bank of Communications and BBVA lent HK$200 million each.
Managers Banca Intesa, Calyon and Hua Nan Commercial Bank took HK$100 million apiece, with Bank of China holding $70m million.
The deal paid a top level all-in of 22bp over Hibor to those that joined as mandated lead arrangers and offered an all-in of 21.5bp to the next level. Signing will be held in February.
Bank of China, DBS Bank and HSBC have been mandated by Ocean Park to arrange a HK$4.16 billion dual tranche loan. The leads are preparing the information memorandum and will launch the deal into sub-underwriting first.
Proceeds will go towards the marine-based theme park's HK$5.55 billion redevelopment master plan, which was announced in December. New attractions such as thrill rides, shows and animal species will be added.
Samson Paper has increased its HK$300 million 3-1/2 year fundraising from HK$260 million. Mandated arrangers China Construction Bank (Hong Kong) and DBS Bank provided HK$40 million each.
China Construction Bank Asia and Maybank joined as arrangers with tickets of HK$34 million apiece. Lead managers Citic Ka Wah Bank and Taiwan Business Bank lent HK$28 million each, ICBC Asia took HK$24 million, and Bank of Taiwan, Bumiputra-Commerce Bank, Cathay United Bank and Taipei Fubon Commercial Bank held HK$18m apiece.
Signing will be held in Hong Kong on February 10.
Allocations for Tack Fat Group's HK$480 million three year deal have been finalised after the borrower increased the loan by HK$30 million.
Mandated lead arrangers Rabobank International and Taipei Fubon Commercial Bank committed HK$72.5 million each, and Sumitomo Mitsui Banking Corp contributed HK$50 million.
China Construction Bank and Nanyang Commercial Bank also provided HK$50m apiece, as co-arrangers. Banca di Roma came in as a lead manager with HK$40 million.
Co-lead managers Dah Sing Bank lent HK$35 million, Cathay United Bank and Taiwan Business Bank took HK$30 million each, and Industrial & Commercial International Capital and Malayan Banking held HK$25m apiece.
There will be a signing ceremony in mid-February.
India
Barclays Capital, Bank of India and State Bank of India have bagged a mandate from textile company, Alok Industries. The loan amount has yet to be determined, but will range from $75 million to $100 million with a tenor of five years.
Sub-underwriting should be launched next week with general syndication to follow. This is the company's first loan in the syndicated market. Proceeds will be used for general corporate purposes.
Bank of Baroda's $100 million three year request for proposals is understood to have been postponed due to pricing reasons.
Bankers expect ICICI Bank to soon mandate a $300 million one year facility. The borrower last raised a $125 million three year bullet loan in August 2005. The facility offered a top level all-in of 41bp over Libor.
Calyon, Citigroup, DBS Bank and Standard Chartered Bank may soon be awarded a $60 million one year mandate by Indian Overseas Bank.
The facility will have a $20m greenshoe, with proceeds to refinance a $50m one year loan signed last March.
Power Finance Corp should launch its $100 million 3-1/2 year fundraising into sub-underwriting next week. Calyon, DBS Bank, Mizuho Corporate Bank and State Bank of India are the mandated arrangers.
The facility will refinance a $100 million five year loan signed in July 2004, which paid a top level all-in of 115bp over Libor.
Reliance Infocomm's $500 million financing was signed on January 14. The 5-1/2 and seven year loan received an overwhelming response from the market and saw participation from 28 banks.
Mandated lead arrangers ABN AMRO, BNP Paribas, Calyon, Citigroup, DBS Bank, HSBC, ING Bank and Standard Chartered Bank each held $29 million, HVB, WestLB and Rabobank lent $25 million apiece, Bank of Baroda, Commerzbank, KfW and Sumitomo Mitsui Banking Corp contributed $20 million each and Chinatrust Commercial Bank took $16 million.
Syndicate Bank and Commercial Bank of Qatar joined as arrangers with tickets of $15 million apiece while Bumiputra-Commerce Bank, National Bank of Kuwait, Shanghai Commercial & Savings Bank and Taiwan Cooperative Bank took the title of co-arranger with commitments of $1 million each. Lead managers include Bank Sinopac, International Bank of Taipei, International Commercial Bank of China and Taishin International Bank committing $5 million apiece, Hua Nan Commercial Bank lending $4 million and Chiao Tung Bank providing $3 million.
The $500 million seven year credit for Tata Iron & Steel has finally been allotted after exercising the $100 million greenshoe. Signing will be held on February 2 in Singapore.
Mandated lead arrangers Calyon, HSBC, ING Bank and Standard Chartered Bank committed $50 million each while Bank of Tokyo-Mitsubishi, BNP Paribas, DBS Bank, Mizuho Corporate Bank and Sumitomo Mitsui Banking Corp contributed $35 million apiece.
Senior lead arrangers BayernLB, Maybank and SG Asia each took up $25 million, and arranger Sumitomo Trust & Banking Co held $15 million.
Lead managers Hua Nan Commercial Bank, International Commercial Bank of China, and Taiwan Cooperative Bank lent $10 million apiece. Canara Bank rounded up the group with $5 million.
United Phosphorus' ¥8 billion dual tranche loan-style FRN has received a few more commitments. ABN Amro, Barclays Capital and Bank of India are mandated arrangers.
China Construction Bank and Persia International Bank are the latest participants. Allied Irish Banks, Chiao Tung Bank, Commonwealth Bank of Australia, Indian Bank, State Bank of India, State Bank of India (Mauritius), Syndicate Bank, UCO Bank and United Overseas Bank joined earlier.
The loan is heading for an oversubscription and the greenshoe of ¥11 billion is likely to be exercised. Syndication is set to close today or mid-next week. There are still three more banks that are processing approvals.
International telecommunications provider, Videsh Sanchar Nigam, is set to launch a $220 million five year term facility via mandated arrangers Calyon and Standard Chartered Bank in a fortnight.
The bullet facility will be pre-funded by the end of this week. Proceeds are to support the $239 million acquisition of Teleglobe International Holdings, which was announced in July 2005.
Indonesia
Syndication of Bakrie Sumatera Plantation's $69 million multi-tranche credit has closed. Mandated lead arrangers RZB-Austria held $18 million, ICICI Bank took $15 million and Barclays Capital lent $13 million.
Arrangers are WestLB committing $10 million and RHB Bank providing $8 million. Moscow Narodny Bank joined as a senior manager with a ticket of $5 million.
Signing will be held early next month.
Macau
The $2.5 billion multi-tranche credit for casino operator, Venetian Macau is well oversubscribed, with some banks still interested in joining the deal. Citigroup, Goldman Sachs and Lehman Brothers are the lead arrangers.
Malaysia
Malayan Banking's $300 million five year term loan was launched into sub-underwriting on Tuesday. Barclays and Citigroup are the lead arrangers.
The bullet deal offers a margin of 18bp over Libor. Mandated lead arrangers lending $50 million or above are paid a sub-underwriting fee of 5bp and a management fee of 10bp, leading to a top level all-in of 21bp.
The deadline to revert is February 10, after which general syndication is set to launch on February 13. Proceeds will be used for general corporate purposes.
Philippines
The $50 million term facility for Development Bank of the Philippines will complete syndication shortly as the final banks gain approval to join. Calyon, Natexis Banques Populaires and RZB Austria are the mandated arrangers.
The financing has so far secured commitments totalling $21 million from UniCredito Italiano, Banca Nazionale del Lavoro, Bank Muscat, Export-Import Bank of the Republic of China and International Commercial Bank of China. DZ Bank joined early on as an arranger.
Syndication of NutriAsia Pacific's $215 million bridge loan has been completed and allocations are being finalised. Banco de Oro, Development Bank of the Philippines and HSBC are arranging the deal.
Proceeds are to fund the acquisition of Del Monte Pacific.
Singapore
Sole arranger Standard Chartered Bank launched a S$548 million property financing for Goldman Sachs into syndication on Monday. Special purpose vehicle Alkas Realty is the borrowing entity.
The facility comprises a S$476 million tranche that is being syndicated to banks and a S$72 million portion that is being held by Standard Chartered Bank. United Overseas Bank joined early on as a mandated lead arranger.
The deal offers a margin of 70bp over the Singapore dollar swap offer rate and fees to the market are on three tiers. Lead arrangers committing S$50 million or above earn 20bp flat, arrangers contributing S$30 million to S$49 million receive 15bp and senior managers providing S$20 million to S$29 million gain 10bp.
Proceeds are to support the purchase of DBS Tower 1 and DBS Tower 2 in Singapore, with DBS Bank to lease back the properties. This is the first time that Goldman Sachs has entered the property market in Singapore and the biggest property financing to come out of South East Asia.
A A$362 million five year facility for CapitaLand was signed last Friday. Mandated arrangers BNP Paribas, Royal Bank of Scotland and Standard Chartered Bank held A$50 million apiece.
Joining as arrangers are Bank of Tokyo-Mitsubishi, Commonwealth Bank of Australia lending A$40 million and National Bank of Australia and WestLB (Singapore) committing A$35 million each. Bank of China took the title of co-arrangers with a ticket of A$25 million.
Senior managers include the Singapore branches of Bank of Communications and Mizuho Corporate Bank contributing A$16 million apiece. International Commercial Bank of China (Singapore) took A$10 million in the capacity of manager.
The financing features a spread of 40bp over BBSY and a top level all-in yield of 44bp. Proceeds are to refinance existing debt.
CDL Properties' five year million five year term was increased to S$400 million from S$300 million after an enthusiastic response from the market. Signing was held on January 18.
Bookrunners DBS Bank held $40 million and HSBC lent $20 million. Mandated lead arrangers also include NordLB providing $48 million, Bank of China, Bank of Nova Scotia, Bank of Tokyo-Mitsubishi and Mizuho Corporate Bank contributing $40 million each, Credit Industriel et Commercial and Calyon lending $35 million apiece and Royal Bank of Scotland committing $26 million.
Agricultural Bank of China joined as a lead manager with a commitment of $18 million while managers include Industrial & Commercial Bank of China holding $10 million and Bank of Communications with a ticket of $8 million.
South Korea
Kookmin Bank and Shinhan Bank have completed syndication of a $60 million three year financing for DC Chemical. The bullet loan, paying a spread of 62bp over Libor, is separate from the $375 million multi-tranche five and seven year LBO facility that was launched into sub-underwriting recently via JP Morgan, Hana Bank and Woori Bank.
However, proceeds will also be used for DC Chemical's acquisition of Columbian Chemicals Corp. Bank of China (Seoul) and Korea Exchange Bank have joined as lenders. Allocations are being finalised and signing will be held in February.
Taiwan
China Airlines' NT$5 billion aircraft financing has secured five commitments so far and should complete syndication today (Friday). The loan is already oversubscribed but the amount will not be increased.
Far Eastern International Bank, International Commercial Bank of China and Taipei Fubon Commercial Bank are leading the facility. Banks that have joined include Farmers Bank of China with a commitment of NT$800 million, Cathay United Bank, International Bank of Taipei and Sunny Bank providing NT$500 million each and Taiwan Business Bank with a ticket of NT$300 million. Commitments will be scaled back.
Up to four more investors are expected to revert by the end of the week. Signing is slated for mid-February.
Leadwell CNC Machines signed its NT$520 million 3-1/2 year credit on January 19. The loan was oversubscribed and increased from NT$500 million.
Mandated arranger Taishin International Bank held NT$100 million while Industrial Bank of Taiwan joined as an arranger with a ticket of NT$100 million. Lead managers include Asia Trust & Investment Corp, Hwatai Bank, E.Sun Bank, Jih Sun International Bank and Sunny Bank lending NT$50 million apiece.
Managers are EnTie Commercial Bank committing NT$40 million and Shanghai Commercial & Savings Bank with a hold of NT$30 million.
International Commercial Bank of China and Taipei Fubon Commercial Bank have been mandated to lead arrange a NT$2.6 billion 18 year dual tranche financing for North Shore Corp.
The facility comprises a NT$100 million guarantee facility and a NT$2.5 billion amortising term loan. The guarantee facility offers a fee of 65bp and the term loan a margin of 65bp over the CEPD rate.
The borrower is a subsidiary of construction firm Continental Engineering Corp. Proceeds are to finance the construction of a sewerage system for Taipei County.
The deal will be launched in mid-February.
Thailand
Mandated lead arranger Barclays Capital will soon wrap-up the sub-underwriting phase of Krungthai Card's ¥15 billion three year term loan, which pays a spread of 57.5bn over yen Libor.
Those joining with a ticket of ¥3 billion or above will earn a sub-underwriting fee of 7.5bp and a management fee of 22.5bp, leading to a top level all-in of 67.5bp.
General syndication will start after Chinese New Year. Proceeds are for general corporate purposes.
