A A$5.2 billion multi-tranche bullet facility for Infrastructure Co has been launched into sub-underwriting via mandated lead arrangers ABN AMRO, ANZ Investment Bank, BNP Paribas, Calyon, Citigroup, Commonwealth Bank of Australia, National Australia Bank, Royal Bank of Scotland, Societe Generale, Sumitomo Mitsui Banking Corp, WestLB and Westpac. With the exception of Sumitomo Mitsui Banking Corp, all the banks are also bookrunners.
The facility comprises four tranches, A$2.25 billion three- and five-year term loans, a three-year A$600 million capital expenditure facility and a one-year A$100 million working capital financing.
An early bird take-and-hold for A$150 million has been offered for the title of arranger, while co-lead arrangers providing A$250 million and above receive 200bp.
There has been an overwhelming response from banks and the deal may not launch into genera syndication. Senior syndication is scheduled to close in mid-May.
Infrastructure Co will be separated from parent company Toll Holdings and will control rail and port businesses, Pacific National and Patrick Ports.
Woolnorth Studland Bay Wind FarmÆs A$95 million project financing has been signed. nabCapital provided the funds on a bilateral basis.
Roaring 40s Renewable Energy is the sponsor. Proceeds are to support a A$135 million project that entails the development of a 75 million-watt wind farm at Studland Bay in Woolnorth, northwest Tasmania, Australia. The facility comprises a A$95 million term loan and a A$40 million equity portion.
China
Shanghai Electric PowerÆs Rmb1 billion three-year revolver has been inked and allocated via sole arranger and bookrunner Citigroup which took Rmb130 million.
Arrangers Bank of East Asia and Bank of Tokyo-Mitsubishi UFJ provided Rmb125 million apiece while BNP Paribas, DBS Bank, Fortis Bank, Mizuho Corporate Bank and Sumitomo Mitsui Banking Corp held Rmb100 million each. Senior managers Hang Seng Bank and Nanyang Commercial Bank ended up with Rmb60 million each.
Proceeds will be used for general corporate purposes.
India
Syndication of BilcareÆs $20 million five-year facility has been completed via sole arranger HSBC which held $5 million.
Arrangers Bank of Baroda and Bank of Taiwan committed $4.5 million apiece while senior managers Chang Hwa Commercial Bank and RHB Bank ended up with $3 million each.
The signing ceremony is expected to take place in the first week of May.
JSW SteelÆs $125 million six-year loan is expected to close by the end of the week via mandated lead arrangers ABN AMRO, Citigroup, Standard Chartered Bank and State Bank of India.
The deal pays a margin of 125bp over Libor with an average life of 5.25 years.
Banks that have so far joined are Arab Investment Corp, Bank Sinopac, Bank of Taiwan, DBS Bank, Hua Nan Commercial Bank and Mizuho Corporate Bank.
In sub-underwriting, commitments of $25 million and above (with a take-and-hold of $15 million) receive 42bp for an all-in of 133bp over Libor.
A three-tier participation structure is being offered in general syndication with lead arrangers contributing $15 million and above earning 26.25bp for an all-in of 130bp. Arrangers joining with $10 million to $14 million get 15.75bp flat and lead managers taking $5 million to $9 million receive 5.25bp for all-ins of 128bp and 126bp respectively.
The loan is for general corporate purposes and there is a $50 million greenshoe.
A $90 million six-year term facility for Monnet Ispat & Energy was signed on April 24, after being upsized from $60 million. Mandated lead arrangers are ABN AMRO, Bank of India, Bank of Taiwan, Commerce International Merchant Bankers, DBS Bank, ICICI Bank and State Bank of India. ABN AMRO and State Bank of India were bookrunners.
The deal carries an average life of 5.5 years and a margin of 190bp over Libor.
All mandated lead arrangers committed $8.5 million apiece with the exception of ICICI Bank providing $8 million. Senior lead manager SBI International Merchant Banking Corp held $7 million. Bank Negara Indonesia (Persero), Chang Hwa Commercial Bank and Indian Overseas Bank contributed $5 million each and Banco Espirito Santo, Hua Nan Commercial Bank and Indian Bank gave $3 million respectively as participants.
Proceeds are for working capital purposes.
UTI BankÆs $160 million three-year financing has been signed via mandated arrangers and bookrunners Calyon and Standard Chartered Bank. BayernLB and Natixis both joined in senior syndication as equal-status arrangers. The loan was funded prior to signing.
The deal offers a margin of 31bp over Libor.
Mandated arrangers Calyon and Standard Chartered committed $43.35 million each, BayernLB held $43.3 million while Natixis provided $15 million. Co-arranger Zurcher Kantonalbank contributed $10 million while E.Sun Commercial Bank ended up with $5 million.
Banks were invited to join on three levels. Mandated arrangers contributed $15 million and above, co-arrangers joined with $10 million to $14 million and lead arrangers pledged $5 million to $9 million.
Proceeds are for general corporate purposes.
Indonesia
Pacific Oil & GasÆ $180 million dual-tranche credit has been launched via mandated lead arrangers Credit Suisse and Lehman Brothers.
The fundraising is split into a $120 million senior tranche and a $60 million junior portion. Both have a tenor of five years, with an average life of 3.5 years and offer a margin of 300bp over Libor.
Proceeds are for working capital purposes.
A $70 million three year revolver for United Tractors has been signed on a club basis via a syndicate of eight banks.
The margin is 130bp over Libor. United Tractors Heavy Industry is the guarantor.
Bank Mandiri committed $15 million while HSBC, Mizuho Bank, Oversea-Chinese Banking Corp and Standard Chartered took $10 million each. ABN AMRO, BNP Paribas and Sumitomo Mitsui Indonesia ended up with $5 million apiece.
Malaysia
CIMB BankÆs $200 million facility has been downsized from $300 million following the launch of general syndication after the borrower considered changes in its cash flow projections and funding requirements.
The deal pays a margin of 14.5bp over Libor and has an average life of three years.
Banks have been invited on three levels. Arrangers joining with $20 million or above will get a front-end fee of 13.5bp for an all-in of 19bp over Libor while co-arrangers committing between $10 million and $19 million receive 12bp for an all-in of 18.5bp. Lead managers providing $5 million to $9 million earn 9.75bp for an all-in of 17.75bp.
Bank of Tokyo-Mitsubishi UFJ is leading the deal with Bank of China, BayernLB, Natixis and NordLB having joined as sub-underwriters.
Banks have until April 27 to respond.
A $200 million seven-year, two month multi-tranche term loan for Sabah Forest Industries is targeted to close syndication by the end of the month. Five equal status arrangers û Bank of Baroda, Bank of India, Export-Import Bank of India, NordLB and State Bank of India have joined original mandated arrangers and bookrunners ABN AMRO and JP Morgan.
The loan is split into six tranches, consisting of $60 million, $51.25 million, $36 million, $31.25 million, $20.5 million and $1 million portions. The margin is 260bp over Libor for the first year and tied to a leverage grid thereafter. The average life is 5.2 years.
In sub-underwriting lead arrangers committing $25 million and above earn 50bp flat with a sub-underwriting fee of 20bp.
General syndication is made up of three tiers. Arrangers coming in with $15 million and above receive 50bp, co-arrangers providing $10 million to $14 million hold 40bp and contributions of $5 million to $9 million gain 30bp as lead managers.
Proceeds are for acquisition and capital expenditure purposes.
Singapore
Sub-underwriting for Asia Mobile HoldingsÆ $1.06 billion dual-tranche facility is scheduled to close on April 27 via mandated arrangers ING Bank, Oversea-Chinese Banking Corp, Sumitomo Mitsui Banking Corp and United Overseas Bank Asia.
The deal is split into a $960 million five-year bullet portion that is being syndicated and a $100 million revolver that will be provided by the four mandated banks.
The facility is expected to close in mid-May if it does not launch into general syndication; otherwise, it is slated to close in late June.
Continental Chemical CorpÆs $250 million dual-tranche credit is to close today (Friday) via sole lead arranger Credit Suisse. DEPFA Bank has joined as an arranger.
The funds are 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.
Proceeds are to refinance an existing debt.
Horizon Singapore TerminalÆs S$342 million 11-year term loan is syndicating via sole mandated arranger HSBC.
The margin is 105bp over Sibor. Proceeds will be used to expand the oil storage terminal in Singapore.
The deadline for banks to respond is in mid-May.
The S$226.5 million three-year dual-tranche financing for Shenton Singapore Holdings will be signed on April 27 via sole mandated arranger Calyon. The facility was funded in January this year.
The financing is divided into a S$190 million senior tranche and a S$36.5 million junior tranche, solely funded by Calyon. The bullet term loans carry margins of 40bp and 110bp over SOR respectively and have an average life of 2.75 years.
In the senior tranche, Calyon and lead arranger Great Eastern Life Assurance contributed S$60 million each while DZ Bank held S$40 million. Bank of China (Singapore Branch) committed S$30 million as an arranger.
Proceeds are for general corporate and working capital purposes, as well as to finance the acquisition of Lippo Centre in Singapore.
Syndication of Wing Tai HoldingsÆ S$100 million five year bullet facility is to close on April 30 via sole arranger HSBC.
The deal carries a margin of 75bp over Sibor.
Banks have been invited on two levels. Arrangers joining with $20 million or above receive 25bp flat for an all-in of 80bp over Sibor while co-arrangers providing between S$10 million and S$19 million get 20bp for an all-in of 79bp.
South Korea
A $200 million one-year loan for Korea Exchange Bank is due to close syndication by the end of the week via 11 mandated lead arrangers and bookrunners: BayernLB, Calyon, Citigroup, DBS Bank, HSBC, KBC Bank, LBBW, Oversea-Chinese Banking Corp, Standard Chartered, Sumitomo Mitsui Banking Corp and Wachovia Bank.
Two tiers are being offered, with lead arrangers coming in at $10 million and above receiving 11bp and arrangers providing between $3 million and $9 million gaining 10bp.
The deal carries a margin of 6bp over Libor and the proceeds are for general corporate purposes.
The $100 million one-year term loan for Kyongnam Bank was signed via mandated arrangers BayernLB, Calyon, Citibank (Korea), DBS Bank, HSH Nordbank and Oversea-Chinese Banking Corp as a club deal.
The loan carries a margin of 8bp over Libor. Commitments from the banks were split equally, amounting to $16.7 million apiece.
Proceeds are for general corporate purposes.
A $150 million nine-year term facility has been completed for Masan Marine New Town via mandated arranger Kookmin Bank which took $45 million.
Lenders Kyongnam Bank and Nonghyup Banking Corp held $35 million apiece while Pusan Bank lent $25 million and National Federation of Fisheries Cooperatives-Suhyup Bank ended up with $10 million.
The deal pays a margin of 179bp over the Korean government bond. Hyundai Corp is the sponsor.
Proceeds are to support a $150 million project that entails the urban development project in Masan, South Korea.
Shinsegae CompanyÆs $212.72 million three year loan was signed on April 25 via mandated lead arrangers Calyon, DBS Bank (Seoul Branch), Korea Exchange Bank and Mizuho Corporate Bank. Calyon was also the sole bookrunner for the transaction.
The bullet term loan offers a margin of 22.5bp over Libor.
Mandated lead arrangers Calyon committed $102.72 million with Mizuho Corporate Bank allocating $40 million. Korea Exchange Bank and DBS Bank contributed $30 million and $25 million correspondingly. Sole co-arranger Bank of China (Seoul Branch) provided $15 million.
The funds are for general corporate purposes.
Zhangjiagang POSCO Stainless SteelÆs $120 million three-year financing has been completed on a club basis via six banks.
ING Bank, Korea Development Bank, Mizuho Bank and Sumitomo Mitsui Banking Corp took $25 million apiece while BNP Paribas and Standard Chartered ended up with $10 million each.
Proceeds will be used to refinance existing debt. POSCO Investment is the guarantor and provided a letter of comfort on the deal.
Sri Lanka
Bank of CeylonÆs $210 million three-year fundraising has closed oversubscribed and increased from $100 million due to an overwhelming market response.
Sole bookrunner HSBC and RZB Bank took $10 million each while arrangers Mashreqbank and Union National Bank committed $18 million each and Commercial Bank of Qatar, DBS Bank, National Bank of Kuwait contributed $15 million apiece.
Lead arrangers Bank Muscat, Bank Sinopac, Commerzbank, Erste Bank, National Bank of Abu Dhabi, NordLB and Saudi National Commercial Bank provided $10 million each while Arab Investment Bank and State Bank of India held $7 million apiece.
Co-arrangers Bank of Baroda, Bank Muscat International, National Bank of Dubai, National Bank of Oman and Oversea-Chinese Banking Corp ended up with $5 million apiece.
The signing ceremony is slated for April 27.
Taiwan
Syndication has closed for Lien Hwa Industrial CorpÆs NT$1.5 billion five-year term loan via a consortium of seven banks.
Mandated arrangers Cathay United Bank held NT$300 million while Agricultural Bank of China, E Sun Commercial Bank and Taiwan Business Bank provided NT$250 million apiece. Lenders Central Trust of China, Shin Kong Commercial Bank and Sunny Bank took NT$150 million each.
The deal carries a margin of 35bp over the secondary CP rate.
Yi-Ho Development Construction CorpÆs NT$930 million dual-tranche facility has been completed via mandated lead arranger Taishin International Bank.
The deal is split into a NT$551 million loan and a NT$379 million portion. Both tranches offer a margin of 65bp over the Taiwan postal one-year rate
Taishin International Bank committed NT$179.025 million while lead managers Agricultural Bank of Taiwan, Central Trust of China, Taiwan Business Bank and Taiwan Cooperative Bank took NT$158.1 million each. Manager Shanghai Commercial & Savings Bank lent NT$118.56 million.
Vietnam
Syndication was closed on April 24 for Vietnam Shipbuilding Industry (Vinashin) CorpÆs $600 million eight-year facility via sole mandated arranger Credit Suisse. The deal was significantly oversubscribed and increased from $200 million.
The deal offers a margin 150bp over Libor with an average life of 5.75 years and a grace period of 11 years and three months.
The syndicate has not yet been disclosed.
Fees to the market were on three levels. Mandated arrangers contributing $50 million or more received 25bp in management fees. Arrangers with commitments between $25 million and $50 million got 15bp while co-arrangers holding between $10 million and $25 million took 10bp.
Proceeds are to provide for general corporate requirements.
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