ABN AMRO (Australia), National Australia Bank and Royal Bank of Scotland have been mandated to arrange Boart LongyearÆs $850 million three tranche deal.
The fundraising is split into a $585 million three year bullet financing, a $65 million five year bullet loan and a $200 million five year revolving credit. The margin is priced at 70bp and 80bp over Libor for the three and five year tranches respectively.
Proceeds are to fund the repayment of an existing debt.
Westfield Group has mandated ANZ Investment Bank, Barclays Capital, Citigroup (Australia) and National Australia Bank to arrange a $4 billion refinancing facility.
The facility is similar to the deal completed in December 2004, comprising of four bullet tranches. The maturity date has been extended for between three to five years.
Syndication is expected to launch in mid-April and scheduled to close by the end of June.
China
China International Marine Containers (Group)Æs $200 million five year financing was launched into general syndication on April 12 via mandated arrangers Citigroup and ING Bank.
The facility pays a margin of 30bp over Libor and has an average life of four years.
Banks have been invited to join on two tiers. Lead arrangers joining with $20 million or above receive 32bp in fees for a top-level all-in of 38bp over Libor while arrangers committing $10 million to $19 million get 26bp for an all-in of 36.5bp.
Proceeds are to refinance existing debt and for general corporate purposes. Banks are expected to revert by early May.
Citigroup, DnB NOR Bank and Mizuho Corporate Bank launched a $100 million three year revolver for Cosco Container Lines Corp into general syndication on April 13.
The deal carries a margin of 28.5bp over Libor and is guaranteed by China Cosco Holdings.
Banks have been invited on two levels. Arrangers lending $20 million or above get 28.5bp in fees for an all-in of 38bp over Libor. Senior managers taking between $10 million to $19 million get 22.5bp for an all-in of 36bp.
The deadline for responses is in early May.
Goldman Sachs has launched the largest LBO facility in China into syndication û a $430 million dual-tranche term loan for Huawei-3Com Technologies. 3-Com Corp is the financial sponsor and will use the funds to purchase the remaining 49% stake in the borrower.
ICBC Asia and WestLB have already joined in senior syndication as lead arrangers.
The financing is divided into a $230 million three-and-a-half year term loan, priced at 200bp over Libor and tied to a debt-to-Ebitda grid; and a $200 million five-and-a-half year portion with the pricing yet to be confirmed.
Tickets offered in general syndication are on three levels. Arrangers committing $20 million and above gain 60bp flat, lead managers providing $15 million to $19 million receive 50bp and senior managers holding $10 million to $14 million earn 40bp.
The facility is secured over shares and assets at offshore levels, and also shares within the PRC subsidiary which is conditional upon the PRC pledge approval.
Syndication close is targeted for April 25.
Hong Kong
Kam Hing Piece WorksÆ HK$440 million four year financing was inked on April 13 via sole bookrunner Citigroup.
Mandated arrangers are Citigroup, CCB International Finance, CITIC Ka Wah Bank, United Overseas Bank, Oversea-Chinese Banking Corp and Bank of Taiwan.
Senior managers are Bangkok Bank Public, Bank of Communications, Cathay United Bank, Mizuho Corporate Bank and Malayan Banking.
Kam Hing International Holdings, Kam Hing Textile Macau Commercial Offshore and Kam Hing Textile (International) are providing a guarantee.
Proceeds are to refinance existing debt and for capital expenditure purposes.
Norstar Automobile IndustrialÆs HK$1 billion four year credit is to close syndication by the end of the month via mandated lead arrangers and bookrunners Bank of Tokyo-Mitsubishi UFJ, Hang Seng Bank, KBC Bank and Oversea-Chinese Banking Corp.
The multi-tranche facility is split into HK$570 million and HK$430 million loans, both paying a spread of 105bp over Hibor. The average life of the facility is three years based on a grace period of 24 months.
A two tier participation structure is being offered, with banks contributing HK$40 million to HK$55 million earning 45bp as arrangers and lead managers committing between HK$20 million and HK$35 million holding 35bp.
Syndication close is targeted for the beginning of May. Proceeds are to refinance an existing debt and for working capital purposes.
A HK$1 billion dual-tranche three year facility for Success United was launched into general syndication last week via sole mandated arranger Bank of China, with Sino Land acting as guarantor.
The financing is split equally into a term loan and a revolving credit. Both tranches offer a margin of 32.5bp over Hibor.
Three ticket levels are being offered in syndication. Coordinating arrangers providing HK$200 million and above gain 37.5bp flat, arrangers holding HK$100 million to $190 million earn 34.5bp and senior mangers contributing HK$75 million to HK$90 million receive 31.5bp.
The syndication deadline is set for April 27 and proceeds are for working capital purposes.
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