Austar Entertainment completed a A$600 million multi-tranche credit facility on August 28. Mandated arrangers ANZ Investment bank, Commonwealth Bank of Australia and National Australia Bank lent A$300 million each, BNP Paribas held A$60 million and Calyon and ING Bank provided A$45 million apiece. Joining as senior managers are BOS International Australia contributing A$60 million and Natexis Banques Populaires and Societe Generale ending up with A$45 million each.
Transpacific Industries Group has completed a A$1.2 billion multi-tranche fundraising. A total of 12 banks are participating. Mandated arrangers are ANZ Investment Bank, Commonwealth Bank of Australia and National Australia Bank contributing A$150 million apiece. Lenders include Bank of Tokyo-Mitsubishi UFJ, BNP Paribas, BOS International Australia, Commonwealth Bank of Australia, Mizuho Corporate Bank, Societe Generale and St George Bank with tickets of A$92 million each while WestLB provided A$69 million and Sumitomo Bank held A$37 million.
Proceeds are to support the merger of Waster Management New Zealand and to refinance existing debt.
The facility is split into a A$25 million six year revolving credit and a A$275 million five year term loan both with a margin of 140bp over the bank bill swap rate; and a A$300 million seven year term loan with a spread of 170bp over the bank bill swap rate. Proceeds are for working capital purposes and to refinance existing debt.
Valad Property TrustÆs A$356 million financing has been signed and allocated. Proceeds are for general corporate purposes. The deal consists of a A$250.3 million four year tranche, a A$82.4 million three year portion and a A$23.77 million three year facility.
Sole mandated arranger Commonwealth Bank of Australia and arranger Bank of New Zealand (Australia) committed A$178.23 million each. The signing ceremony was held yesterday (Thursday).
China
Shanghai Rui Hong Xin ChengÆs HK$1.3 billion renminbi equivalent financing has been completed via a syndicate of four banks. The mandated co-ordinating arrangers are Standard Chartered, HSBC, Hang Seng Bank and Bank of East Asia. The four year facility is split into a HK$1.2 billion portion and an Rmb120 million tranche. Proceeds will be used to finance the Shanghai Rainbow City project.
Hong Kong
Hongkong Electric signed a HK$5 billion seven year fundraising on September 1 via a consortium of 10 banks. Mandated arrangers Bank of Tokyo-Mitsubishi UFJ, Calyon and HSBC lent HK$780 million each, Mizuho Corporate Bank held HK$660 million and Bank of China (Hong Kong), Fortis Bank (Singapore) and Westpac Banking Corp ended up with HK$500 million apiece. Commonwealth Bank of Australia joined as an arranger committing HK$300 million while senior managers BBVA (Hong Kong) and Tai Fung Bank pledged HK$100 million each.
The deal comprises a margin of 25bp over Hibor. Proceeds will be used for general corporate purposes.
India
Export-Import Bank of IndiaÆs $120 million equivalent term loan has been signed and allocated. A total of seven banks are participating in the transaction.
Mandated arrangers are BNP Paribas lending $20 million and ABN AMRO (Singapore) and Banca Monte dei Paschi di Siena (Hong Kong) providing $10 million apiece. Lead managers include Citibank (Bahrain) committing $30 million and BayernLB and Mizuho Corporate Bank (Singapore) with tickets of $20 million each.
The deal features a margin of 10bp over Libor and proceeds will be used for export financing purposes. Signing took place on August 28.
Korea
Hyundai Motor Manufacturing Alabama completed a $100 million one year facility via sole mandated arranger Sumitomo Mitsui Banking Corp. BLB Asia Pacific, Chang Hwa Commercial Bank (New York), Fifth Third Bank and Mizuho Corporate Bank joined as participants. Proceeds are for general corporate purposes. Signing was held on August 30.
Macau
Arc of Triumph Development has signed a HK$1.5 billion four year term loan. Mandated arrangers BNP Paribas (Hong Kong) held HK$250 million and Standard Chartered Bank (Hong Kong) took HK$125 million. Arrangers include Banco Weng Hang taking HK$120 million, Dah Sing Bank providing HK$110 million, China Construction Bank Corp (Hong Kong), Nanyang Commercial Bank, Tai Fung Bank, United Overseas Bank and Wing Lung Bank committing HK$95 million each and Oversea-Chinese Banking Corp and ICBC with tickets of HK$80 million apiece. Bank of China (Macau), Bank of East Asia (Macau) and Scotiabank (Hong Kong) ended up with HK$75 million each. Chow Tai Fook Enterprises is providing a guarantee.
Taiwan
Au Optronics CorpÆs NT$50.2 billion financing has been launched into syndication via 22 mandated lead arrangers. They are ABN AMRO, Agricultural Bank of China, Bank of America, Bank of Taiwan, Bank of Tokyo-Mitsubishi UFJ, Bank of Taiwan, Calyon, Cathay United Bank, Chang Hwa Commercial Bank, Chinatrust Commercial Bank, E-Sun Bank, First Commercial Bank, Hua Nan Commercial Bank, Industrial Bank of Taiwan, ING Bank, Land Bank of Taiwan, Mega International Commercial Bank, Mizuho Corporate Bank, Standard Chartered Bank, Taipei Fubon Commercial Bank, Taipei International Commercial Bank and Taiwan Cooperative Bank.
The margin is 55bp over the CP rate. Mandated lead arrangers committing NT$2 billion or above earn a management fee of 35bp, co-arrangers providing NT$1 billion to NT$1.99 billion get 15bp, lead managers contributing NT$600 million to NT$999 receive 10bp and managers lending NT$300 million to NT$599 million end up with 7bp.
The NT$1.35 billion fundraising for Boltun Corp has been completed via a consortium of 22 banks. The facility comprises a NT$575 million three year portion, a NT$345 million three year revolver, a NT$230 million three year tranche and a NT$200 million one year guarantee facility.
Mandated co-ordinating arrangers and bookrunners Chinatrust Commercial Bank, Hua Nan Commercial Bank, Chang Hwa Commercial Bank and First Commercial Bank ended up with holds of NT$100 million apiece. Lenders are Bank of Overseas Chinese and Central Trust of China pledging NT$70 million each, Bank of Taiwan taking NT$60 million while 14 others provided NT$50 million apiece. They are Land Bank of Taiwan, Taipei Fubon Commercial Bank, Industrial Bank of Taiwan, Taishin International Bank, Far Eastern International Bank, E-Sun Commercial Bank, Shanghai Commercial & Savings Bank, Cathay United Bank, Chinese Bank, Sunny Bank, China Bills Finance, Mega Bills Finance, International Bills Financial Corp and Hua Nan Finance.
Proceeds will be used to refinance existing debt and to provide for capital expenditure requirements. Signing was held on August 24.
Chung Hung Steel CorpÆs NT$14 billion facility has been increased from NT$12 billion due to an overwhelming response from the market.
Bank of Taiwan, Chinatrust Commercial Bank, Industrial Bank of Taiwan, Mega International Commercial Bank, Land Bank of Taiwan, Taipei Fubon Commercial Bank, Taishin International Bank, Taiwan Business Bank and Taiwan Cooperative Bank are the mandated arrangers. Central Trust of China, Chang Hwa Commercial Bank, China Development and Far Eastern International Bank joined as co-arrangers. Cathay United Bank, Hua Nan Commercial Bank and Hsinchu International Bank took the title of manager while Chinese Bank, Chinfon Commercial Bank, EnTie Commercial Bank, First Commercial Bank, Fuhwa Bank, KingÆs Town Bank, Overseas Chinese Bank, Shanghai Commercial & Savings Bank, Shin Kong Commercial Bank and Sunny Bank joined as participants. China Steel is providing a letter of comfort.
The deal is split into a NT$5 billion three year revolver, a NT$3 billion guarantee facility and a NT$6 billion 10 year term loan. Proceeds will be used to refinance existing debt.
Eva Airways Corp signed a NT$10.4 billion multi-tranche aircraft financing on September 5. A total of 11 banks are providing the funds.
Mandated arrangers Cathay United Bank, Chang Hwa Commercial Bank, Chinatrust Commercial Bank, First Commercial Bank, Hua Nan Commercial Bank, International Commercial Bank of China and Taipei Fubon Commercial Bank provided NT$1.05 billion each while lenders are Cathay Life Insurance committing NT$850 million, Bank of Oversea Chinese and Central Trust of China pledging NT$650 million apiece and Export-Import Bank of the Republic of China and Land Bank of Taiwan contributing NT$550 million each.
The transaction is split equally into NT$5.2 billion 12 year term loans and the margin is 45bp over the CP rate.
Mandated lead arrangers First Commercial Bank, KBC Bank and Mizuho Corporate Bank have launched Inventive InternationalÆs $100 million financing into general syndication.
The five year revolver carries a margin of 69.5bp over Libor and is being marketed on three tiers. Banks providing $10 million or above receive 15bp, translating to a top level all-in of 72.5bp over Libor; banks holding $7 million to $9 million get 9bp for an all-in of 71.3bp over Libor while banks taking $4 million to $6 million earn 6bp for an all-in of 70.7bp over Libor.
Proceeds will be used to repay an existing facility signed in August 2004 and to provide for working capital requirements. Banks have until September 30 to respond.
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