Candlestick BidcoÆs A$610 million dual tranche fundraising has been completed on a club basis via a group of four mandated lead arrangers.
The loan comprises a A$540 million three year revolving/term loan and a $70 million three year bullet.
Final allocations saw ANZ provide A$220 million while Suncorp-Metway contributed A$170 million. BOS International (Australia) committed A$145 million while National Australia Bank took A$75 million.
Proceeds are to refinance existing debt and to fund acquisitions.
A A$2.26 billion multi-tranche LBO facility for Ned Group Holdings, an SPV of Coates Hire, is still in general syndication, ABN AMRO, ANZ, Calyon, Mizuho Corporate Bank, Sumitomo Mitsui Banking Corp and Westpac Banking Corp are the original mandated arrangers.
The debt package comprises a A$2.03 billion six year credit, a A$175 million loan and a A$60 million revolver.
Senior syndication saw AIB Bank, Aozora Bank, Bank of Ireland, Bank of Tokyo-Mitsubishi UFJ, BOS International, Commonwealth Bank of Australia, Deutsche Bank, GE Commercial Finance, Rabobank, Scotiabank and WestLB coming in as equal-status arrangers.
After the recent roadshow in Taipei, a number of Taiwanese lenders are looking at the deal. This would mark TaiwanÆs first foray in the Australian debt market. Close of syndication has been left open to allow sufficient time for potential lenders to decide.
Proceeds are to support the Carlyle Group and National Hire-led leveraged buyout of Coates Hire.
Primary HealthcareÆs A$2.54 billion multi-tranche fundraising has already received a handful of commitments since being launched into sub-underwriting. The deal has been partially funded via mandated arrangers and bookrunners ABN AMRO, Calyon, Credit Suisse, Deutsche Bank and National Australia Bank.
The two year credit comprises a A$1.44 billion loan, a A$1 billion bullet and a A$100 million portion with a 12 month extension option.
Banks have until mid-April to revert with general syndication expected to be launched soon after.
Proceeds are to support the acquisition of Symbion Health.
China
Country GardenÆs $200 million five year offshore financing has generated good interest amongst potential lenders since its soft launch at the end of March via sole lead Bank of China.
The transaction is slated to be formally launched into the market at the beginning of May after changes to the loan structure have been finalised amidst new property regulations and laws.
Palm Springs HoldingsÆ $120 million two and a half year fundraising was completed last week via sole bookrunner Credit Suisse.
Full syndication was undisclosed. Proceeds are to fund the development and construction of real estate properties.
A $200m three year term loan for Protostar has been signed via sole lead arranger Credit Suisse.
The margin is priced at 450bp over Libor. The funds are to support the construction of satellites used for television broadcasting.
Hong Kong
A $150 million three year credit for Huawei Tech Investment was signed on April 3 on a club basis via leads Bank of China (Hong Kong), Royal Bank of Scotland and Standard Chartered with each lending $50 million.
The loan features a margin of 65bp over Libor and a two year extension option to be exercised at the discretion of the borrower.
Marble WayÆs, an SPV of Shui On Development, HK$2.54 billion multi-tranche financing has been inked through sole mandated lead Credit Suisse.
The facility is split into three term loans - a HK$1.32 billion tranche, a HK$740 million portion and a HK$480 million credit. The margins pay a spread of 450bp over Libor for the HK$740 million portion and 200bp for the other two tranches.
Full syndication is undisclosed. Proceeds are for the development of property.
India
Roadshows were held in Singapore and Taipei on April 9 and April 10 for Bank of IndiaÆs $100 million three year facility. Bank of Tokyo-Mitsubishi UFJ, DZ Bank, HSBC, Intesa Sanpaolo and Sumitomo Mitsui Banking Corp are leading the deal.
Banks have been invited on three tiers. Mandated lead arrangers committing $15 million or above gain 60bp in management fees for an all-in of 110bp while arrangers providing $10 million to $15 million receive 45bp for an all-in of 105bp. Co-arrangers coming in with tickets of $5 million to $10 million get 30bp for an all-in of 100bp.
The margin is priced at 90bp over Libor. Banks have until the end of April to respond.
Tata ChemicalÆs $850 million dual tranche five year financing is still in senior syndication via mandated leads ABN AMRO, Bank of Nova Scotia, Calyon, HSBC, Mizuho Corporate Bank, Rabobank and Standard Chartered Bank.
The credit comprises a $500 million five year fundraising that will be syndicated to the market while a $350 million portion will be completed as a club deal by the seven leads. The margin is priced at 135bp over Yen-Libor and there is an average life of 5.25 years.
So far, six banks are processing credit approvals and syndication is scheduled to close by the end of next week. General syndication will not be launched until the end of the month to avoid coinciding with another transaction, Tata Motors.
Proceeds are to support the acquisition of US-based General Chemical Industrial Products.
Syndication of TML HoldingsÆ, an SPV of Tata Motors, $3 billion 12-month bridge facility has seen a couple of banks join the deal at the top. Bank of Tokyo-Mitsubishi UFJ, BNP Paribas, Citi, ING Bank, JPMorgan, Mizuho Corporate Bank, Standard Chartered Bank and State Bank of India are the leads who have also fully underwritten the loan.
Banks have been invited on two levels in senior syndication and four in general. At the mandated arranger level, banks underwriting $175 million or above receive 5bp in underwriting fees and 45bp in upfront fees for an all-in of 160bp over Libor. Mandated arrangers coming in with take-and-hold commitments of $150 million gain 45bp for an all-in of 155bp over Libor.
Lead arrangers providing $100 million or above get 40bp for an all-in of 150bp while arrangers holding between $75 million and $99 million receive 35bp for an all-in of 145bp. Lead managers committing between $50 million and $74 million gain 30bp while managers lending between $25 million and $49 million get 25bp for all-ins of 140bp and 135bp respectively.
The margin is 85bp for the first six months, 120bp from the sixth to the ninth month and 150bp thereafter. The blended margin is 110bp over Libor.
Senior syndication is targeted to close in mid-April and general syndication is expected to be completed at the end of April.
Proceeds are to finance the acquisition of Jaguar and Land Rover from Ford.
Visiting the market again is Vedanta Resources. The company is looking to refinance the bridge facility signed in August 2007. Banks have not been officially mandated but the previous original mandated leads ABN AMRO, Barclays Capital, Citi and ICICI Bank are the frontrunners.
Banks are expected to be mandated by early next week and syndication is slated to be launched towards the end of April.
¬ Haymarket Media Limited. All rights reserved.
