AGL EnergyÆs A$270 million two-year financing has been launched into general syndication via mandated lead arrangers Royal Bank of Scotland and Westpac Banking Corporation.
The deadline for banks to revert is mid-May. Proceeds are to refinance a $270 million 364-day facility signed in October 2007.
An A$800 million multi-tranche fundraising for Goodman Group is still under syndication via bookrunners ANZ and National Australia Bank.
The four-year multi-currency loan comprises two A$100 million portions and a A$600 million tranche.
Sole lead Bank of China has been mandated to arrange a $385 million-equivalent aircraft financing for Qantas Airways. The deal is to formally launch into syndication in May.
Leads Commonwealth Bank of Scotland, National Australia Bank, Royal Bank of Scotland and Westpac Banking Corporation launched a A$1 billion multi-tranche debt package for Tatts Group into syndication on April 23.
The tranche breakdown has yet to be disclosed but it will feature tenors of one, three and five years respectively.
Hong Kong
Pacific Andes Treasury ManagementÆs $160 million four-year dual tranche fundraising is at the final stages of syndication and has been extended to accommodate the lendersÆ internal processing time. The mandated leads and bookrunners are Rabobank and Standard Chartered Bank.
The deal comprises a $100 million term loan and a $60 million revolver. The margin is priced at 125bp over Libor and features an average life of three years. The parent company, Pacific Andes International Holdings is acting as the guarantor.
Citic Ka Wah Bank has already joined in as an equal-status arranger and several other commitments have been received but not disclosed.
The syndication is expected to close by the end of the month. Proceeds are to refinance an existing debt signed in July 2006 and for working capital purposes.
A HK$4.65 billion dual tranche four-year financing for Teamer International was signed on April 18 as a club deal via a consortium of 10 mandated arrangers.
The credit is split between a HK$2.85 billion term loan and a HK$1.8 billion revolver. The deal pays a spread of 55bp over Hibor. Acting as the guarantors are K. Wah International Holdings, Nan Fung Development, Nan Fung Textiles and Sino Land.
Final allocations saw Bank of China (Hong Kong branch) and Bank of Communications committing HK$844 million apiece, while DBS Bank, HSBC and Sumitomo-Mitsui Banking Corporation held HK$500 million each. Standard Chartered Bank provided HK$465 million while Industrial & Commercial Bank of China (Asia) and Wing Hang Bank gave HK$300 million apiece. Rounding off the syndicate were Bangkok Bank and Shanghai Commercial Bank with holds of HK$200 million each.
The funds are to partly refinance an existing facility used for the acquisition of land and to support construction costs.
India
Syndication of Sigma ElectricÆs $115 million five-year financing is expected to close soon, with four banks joining the syndicate so far. HSBC and Shinhan Bank have joined as equal-status arrangers. Royal Bank of Canada has joined as a lead arranger while Chinatrust Commercial Bank has committed as an arranger. JPMorgan is leading the transaction.
The loan comprises a $75 million five-year credit and a $40 million five-year bullet with both tranches featuring a spread of 275bp over Libor.
Banks have been invited to participate on three levels. Those lending $20 million and above receive the title of mandated lead arranger and upfront fees of 125bp, while banks committing between $15 million and $19 million get the lead arranger title and 112.5bp in fees. The title of arranger and fees of 100bp will be given to those providing between $10 million and $14 million.
The funds are to refinance a Goldman Sachs Principal Investments-led equity investment into the borrower.
ABN AMRO, Calyon, HSBC, Mizuho Corporate Bank, Rabobank, Scotiabanc and Standard Chartered have launched the $500 million yen-equivalent five-year portion of an $850 million debt package for Tata Chemical into general syndication. The $350 million five-year credit has been completed on a club basis via the seven mandated lead arrangers.
Banks have been invited on three tiers. Lead arrangers contributing $20 million or above receive 90bp in management fees for an all-in of 152.14bp while arrangers holding between $10 million and $19 million get 84bp for an all-in of 151bp. Managers lending between $5 million and $9 million gain 76bp for an all-in of 149.48bp.
The margin is priced at 135bp over yen Libor. Roadshows were held in Singapore on April 21 and Taipei on April 22. Banks have until May 23 to respond. Aozora Bank joined the syndicate at the top level prior to the launch of general syndication.
Proceeds are to finance the acquisition of General Chemical Industrial Products.
Vedanta Resources has mandated ABN AMRO, Barclays Capital, Bank of Tokyo-Mitsubishi UFJ, Calyon, Citi, Standard Chartered and Sumitomo Mitsui Banking Corporation to arrange its $1 billion-four year facility.
The loan is expected to be launched into syndication in early May.
Indonesia
PT PLN Perusahaan Listrik Negara (Persero) Æs $592.28 million 13-year project financing has been allocated. Bank of China, BNP Paribas, China Construction Bank, China Development Bank, China CITIC Bank, ICBC Asia and Societe Generale led the facility.
Final allocations saw all the leads but China Citic Bank provide $50.18 million each. China Citic Bank took $34.2 million.
Arrangers ANZ, BayernLB, Calyon, Credit Suisse, Fortis, ING Bank, Natixis, Royal Bank of Scotland and WestLB committed $25 million apiece while co-arrangers Mizuho Corporate Bank and Sumitomo Mitsui Banking Corp each ended up with $16 million.
The signing ceremony is expected to take place on April 28.
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