Westfield GroupÆs $4 billion multi-tranche financing was launched into general syndication on May 8. The deal has already received $3 billion in commitments with a bank presentation held in Singapore on May 16.
The deal is split into a $1.46 billion nine month facility, a $2.19 billion three year loan that pays a margin of 35bp over Libor, a $210 million five year financing that carries a margin of 42.5bp and a $140 million two year portion.
Banks have been invited to join on six tiers. Bank joining with commitments of $225 million or above receive 20bp in fees while those providing between $150m and $225 million get 17.5bp. Commitments of $100 million to $150 million get 15bp while banks taking between $75 million and $100 million receive 12.5bp. Banks holding $50 million to $75 million receive 7.5bp and finally, those joining with holds between $25 million and $50 million get 5bp.
ANZ Investment Bank, Barclays Capital, Citigroup and National Australia Bank are the mandated arrangers and bookrunners of the facility.
Banks are expected to revert by the end of May.
Brunei
A $360 million dual tranche project financing has been completed for Brunei Methanol.
The facility is split into a $250 million bilateral loan provided by Japan Bank of International Cooperation and a $110 million 15 year credit facility
Bank of Tokyo-Mitsubishi UFJ led the 15 year portion while Mizuho Corporate Bank, Standard Chartered and Sumitomo Mitsui Banking Corp joined as arrangers.
Brunei National Petroleum and Itochu Corp are the sponsors. Proceeds are to support the development of a methanol plant at Sungai Liang Industrial Park.
China
Shanghai Xin Zhao Realty DevelopmentÆs RMB1.35 billion five year dual tranche credit was signed on May 12 via sole mandated lead arranger DBS Bank (Shanghai Branch).
The fundraising is split into a RMB1.3 billion term loan with an average life of 4.7 years and a RMB50 million portion. Both tranches carry a margin of 108bp priced over the PBOC rate.
Syndication saw five banks in total join as participants û Agricultural Bank of China, Bank of Communications, China Construction Bank, OCBC and United Overseas Bank.
Shanghai Xing Sheng Industrial Development is the guarantor. Proceeds are to refinance an existing debt facility and to provide for outstanding construction costs.
Hong Kong
Allocations for China Travel Service (Holdings)Æs HK$2.2 billion five year term facility have been finalised. The facility was oversubscribed and upsized from HK$2 billion due to an enthusiastic market response. A total of 20 banks joined the deal.
Mandated arrangers Bank of China and HSBC committed HK$400 million apiece while coordinating arrangers Agricultural Bank of China and Bank of East Asia took HK$160 million each. Bank of Communications held HK$130 million and Industrial & Commercial Bank of China lent HK$110 million. China Construction Bank and Bank of China (Tokyo Branch) held HK$90 million and HK$80 million respectively. Mizuho Corporate Bank and Wing Lung Bank provided HK$75 million each.
Arrangers Bank of China (Luxembourg Branch), Chong Hing Bank, Nanyang Commercial Bank and Tai Fung Bank took HK$65 million each while Bank of China (Macau Branch) held HK$55 million.
Senior managers Banco Bilbao Vizcaya Argentaria and Fortis Bank provided HK$50 million apiece while Shanghai Commercial Bank took HK$40 million. Maybank and Bank of China (Manila Branch) ended up with HK$35 million and HK$30 million respectively.
Florens MaritimeÆs $500 million dual tranche term loan was signed on May 11 via a consortium of 17 banks as a club deal.
The mandated lead arrangers were ABN AMRO, Bank of China (Hong Kong branch), Bank of Communications (Hong Kong branch), Bank of East Asia, Bank of Tokyo-Mitsubishi UFJ, Bayerische Landesbank (Hong Kong branch), Calyon, China Construction Bank (Hong Kong branch), China Merchants Bank (Hong Kong branch), Citibank (Hong Kong branch), DBS Bank (Hong Kong branch), Hang Seng Bank, HSBC, ICBC (Asia), Mizuho Corporate Bank (Hong Kong branch), Rabobank and SMBC.
The facility is split into a $300 million tranche æAÆ and a $200 million tranche æBÆ, both with a tenor of six years. The deal offers a spread of 32bp over Libor, with an average life of five years and grace period of 18 months.
In tranche æAÆ, Bank of China committed $27 million with China Merchants Bank holding $12 million. The remaining 15 mandated lead arrangers all contributed $17.4 million apiece.
Similarly in tranche æBÆ, Bank of China provided $18 million with China Merchants Bank giving $8 million. An equal portion of $11.6 million was lent by each of the other banks.
Proceeds of the loan are for general corporate purposes.
A HK$2 billion five year term loan for Nine Dragons Paper has been launched into sub-underwriting via sole mandated arranger Bank of China.
The facility features a margin of 45bp over Libor. Banks committing HK$300 million or more receive the co-arranger title and a participation fee of 35bp for an all-in of 52bp over Libor.
The deal will be launched into general syndication next week and is expected to close in early June.
A HK$900 million four year facility for Peace Mark (Holdings) was launched into sub-underwriting via mandated lead arrangers ABN AMRO, Commonwealth Bank of Australia and ING Bank. ABN AMRO and ING Bank are the bookrunners.
The dual tranche facility is split into a HK$720 million term loan and a HK$180 million revolver with a blended average life of 3.2 years.
In sub-underwriting, mandated lead arrangers contributing HK$125 million and above receive an underwriting fee of 7.5bp and a front-end fee of 47.5bp.
Two tiers are being offered in syndication. Lead arrangers providing HK$50 million and above earn a management fee of 47.5bp and senior managers committing HK$25 million to $49 million take 42.5bp.
The loan is to refinance a HK$630 million facility signed in April 2005. Sub-underwriting is targeted to close on May 25 and general syndication in early June.
Seaspan CorpÆs $1.3 billion seven year financing has been completed via a consortium of 19 banks.
Mandated arrangers in the facility are Fortis Capital Corp, Citigroup, Credit Suisse, DnB Nor and Landesbank Hessen Thuringen.
Alliance & Leicester, Bank of Ireland, Bank of Scotland, Calyon, CIC Finance, Dexia, HSH Nordbank, HVB Group, KfW, Lloyds TSB Bank, NIBC Bank, Sumitomo Mitsui Banking Corp and Swedbank joined as participants.
The deal features a one-year extension option and a margin of 70bp over Libor. Proceeds are to support the purchase of vessels and to refinance existing debt.
India
Syndication was closed on May 4 for Finolex CablesÆ $30 million five year credit via mandated arrangers and bookrunners Barclays Capital and BNP Paribas. The deal was funded in February 2007.
The deal carries a margin of 85bp over Libor with an average life of five years.
Commitments saw the bookrunners contributing $6.75 million apiece, with Bank of Nova Scotia and First Commercial Bank also committing $6.75 million each. Bank of Taiwan ended up with $3 million.
Fees to the market are on two levels û arrangers lending $5 million and above earn a front-end fee of 40bp and lead managers providing $3 million to $4 million gain 35bp.
Proceeds are for general corporate purposes.
Housing Development Finance CorpÆs $100 million yen-equivalent fundraising has been launched into general syndication via mandated arrangers Bank of America Securities Asia, BLB Asia Pacific, DBS Bank, DZ Bank, Intesa Sanpaolo, Natixis and Raiffeisen Zentralbank Oesterreich.
Banks have been invited on two tiers. Arrangers committing between $6 million and $10 million receive 10.5bp flat for an all-in of 24bp over Libor while co-arrangers providing between $3 million and $5 million get 9.5bp for an all-in of 23bp. Banks also have an option of joining as take-and-hold participants on both levels. So far, a commitment of $10 million has been received.
Banks are to revert by the end of May. Proceeds are to refinance existing debt.
Rural Electrification CorpÆs (REC) $200 million term loan has been closed via mandated lead arrangers BNP Paribas, DEPFA Bank, DZ Bank, Kommunalkredit International Bank and Standard Chartered Bank. Original mandated lead arrangers DEPFA Bank and Standard Chartered Bank are the bookrunners and have already pre-funded the deal.
The five year bullet facility pays a margin of 48bp over Libor.
Allocations have been finalised with DEPFA Bank and Standard Chartered Bank committing $66 million and $33 million respectively, and Kommunalkredit International Bank providing $22 million. BNP Paribas and DZ Bank contributed $20 million each. Arrangers Bank of China and Bank of Taiwan both pledged $10 million apiece. Coming in as lead managers were Export-Import Bank of the Republic of China with $6 million, Cathay United Bank and Intesa Sanpaolo holding $5 million each and Mega International Commercial Bank lending $3 million.
In sub-underwriting banks providing $20 million and above gained 60bp as mandated lead arrangers.
In general syndication, three participation levels were offered with lead arrangers holding $15 million and above taking 37.5bp, arrangers parting with $10 million to $14 million gaining 30bp and lead managers committing between $5 million and $9 million taking 22.5bp.
Tata Power has mandated Calyon to arrange a $600 million non-recourse loan.
The loan is to fund the acquisition of a 30% stake in Arutmin Indonesia as well as Kaltim Prima Coal. A $350 million recourse portion has yet to be mandated.
Syndication is ongoing for West Coast Paper MillsÆ $106 million seven year fundraising via mandated arrangers ICICI Bank and State Bank of India.
Banks have been invited on four tiers. Banks joining with commitments of $25 million or above get the mandated arranger title and receive a front-end fee of 161bp while arrangers providing between $10 million and $15 million receive 155bp. Co-arrangers lending $5 million to $10 million get 151bp and lead managers putting in between $4 and $5 million get 147bp.
The deal features a margin of 135bp over Libor and an average life of five years. Proceeds will be used for capital expenditure and working capital purposes.
Banks have until the end of May to revert.
Indonesia
Mandated arrangers Bank Danamon, Mizuho Corporate Bank and Standard Chartered have launched Mitra AdiperkasaÆs $80 million dual tranche fundraising into general syndication. The deal pays a margin of 250bp over Libor.
The facility comprises a $40 million five year term loan with an average life of three years and a HK$40 million revolver.
Arrangers joining with $15 million or above receive a management fee of 50bp while co-arrangers with commitments ranging between $10 million and $14 million get 40bp. Lead managers holding $5 million to $9 million receive 30bp.
Banks have until May 25 to respond.
A $50 million A/B loan for Summit Auto has been launched via sole mandated arranger ABN AMRO.
The facility is divided into a $20 million four year A-loan contributed by The Netherlands Development Finance Company (FMO). The $30 million three year B-loan will be syndicated via ABN AMRO. The B-loan carries a margin of 165bp over Libor with an average life 2.1 years.
A bank presentation is being held in Singapore today (May 18).
Malaysia
ABN AMRO has been mandated to arrange Binariang GSMÆs $7.1 billion LBO transaction. The LBO facility is to finance the buyout of the remaining 54% stake in Maxis Communications by parent company Usaha Tegas Group.
The loan is split into $6 billion and $1.1 billion bridge facilities and proceeds are to finance the acquisition of Maxis Communications, refinance existing debt and to provide for capital expenditure requirements.
At present only relationship banks have been approached and it is not certain a full syndication will take place.
Singapore
A $250 million dual tranche facility for Continental Chemical Corp was signed on May 4 via sole lead arranger Credit Suisse. The loan was oversubscribed and increased from $200 million.
The fundraising is split into a $200 million five year portion and a $50 million five year, five month facility. Both term loans feature a margin of 40bp over Libor.
DEPFA Bank joined as an arranger but the full syndicate of banks has been undisclosed.
The loan is to refinance an existing debt facility.
Syndication for Eureka Office FundÆs S$325 million five year multi-tranche credit has closed via mandated lead arrangers BNP Paribas and OCBC. The deal was funded in March 2007.
The facility offers a spread of 54bp over SOR and top level banks committing S$60 million or above earn 15bp flat.
Joining as mandated lead arrangers were Bank of Tokyo Mitsubishi UFJ, Maybank and WestLB with DZ Bank coming in as a lead arranger.
Proceeds are to refinance existing debt.
Syndication has closed for Horizon Singapore TerminalÆs S$342 million 11 year term loan via HSBC.
The facility carries a margin of 105bp over Sibor.
Banks joining the facility are Bank of Tokyo Mitsubishi UFJ, BNP Paribas, Bayerische Hypo-Vereinsbank, Credit Industriel et Commercial, DZ Bank, Fortis Bank, KBC, Natixis, NordLB, Oversea-Chinese Banking Corp and United Overseas Bank.
The signing ceremony is slated for the end of May or early June.
South Korea
Asiana AirlinesÆ $68.7 million 12 year credit was launched into general syndication via mandated arrangers Korea Development Bank and Allco Financial Group.
The fundraising is divided into three tranches, a $28.1 million tranche with an average life of 4.9 years, a $28.4 million portion with an average life of 6.11 years and a $12.2 million facility consisting of an average life of 5.37 years. The deal pays a margin of 45bp, 160bp and 40bp over Libor respectively.
Banks are invited to join on two levels. Co-arrangers contributing $10 million and above earn 63.5bp and senior managers committing $5 million to $9 million gain 60bp.
The loan is to finance the acquisition of an aircraft. Syndication is targeted to close on May 29.
Taiwan
Sunspring International Corp & Golden Faith International CorpÆs $45 million three year dual tranche revolving credit facility has been completed via sole mandated arranger Chinatrust Commercial Bank.
The deal is split into a $15 million portion and a $30 million loan. The margin for both tranches is 80bp over Libor.
Mandated arranger Chinatrust Commercial Bank contributed $6.75 million while lead manager E Sun Commercial Bank held $6.3 million. Bank Sinopac, Chang Hwa Commercial Bank, Fuhwa Commercial Bank and Industrial Bank of Taiwan lent $5.4 million each.
Managers Central Trust of China and Taipei Fubon Bank provided $4.05 million apiece while Shanghai Commercial & Savings Bank ended up with $2.25 million.
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