AMPCI Macquarie Infrastructure Management No 2's A$685 million three- and five-year multi-tranche facility was signed on August 28 on a club basis.
The secured bullet loan comprises a A$317.34 million three-year term loan, a A$267.66 million five-year term loan and a A$100 million three-year revolving credit.
Bank of Scotland provided A$100 million while Commonwealth Bank of Australia contributed A$82 million. Calyon, Natixis, Suncorp Metway and Westpac each committed A$75 million, while ANZ Investment Bank gave A$74 million. Barclays Capital and Societe Generale lent A$50 million apiece. National Australia Bank rounded out the group with A$29 million.
Proceeds are for refinancing purposes.
A $295 million 2.5-year term loan for Bank of Queensland was completed on August 28 via bookrunners ABN AMRO and Chinatrust Commercial Bank.
ABN AMRO, Chinatrust Commercial Bank, First Commercial Bank, Intesa Sanpaolo, Landesbank Baden-Wuerttemberg, Lloyds TSB Bank and Taiwan Cooperative Bank contributed $25 million apiece. Natixis gave $20 million, while Commerzbank lent $10 million. Bank of Kaohsiung, Export-Import Bank of Korea, Mega International Commercial Bank, Sunny Bank, Taiwan Business Bank and Taiwan Shin Kong Commercial Bank each committed $5 million. Shanghai Commercial Bank and Cathay United Bank took $3 million and $2 million respectively.
The transaction features a margin of 100bp over Libor and will be repaid on a bullet basis. Proceeds are for general corporate and working capital purposes.
BHP Billiton's $1.1 billion 130-day uncommitted renewable trade finance facility was launched into syndication last week via mandated lead arranger ABN AMRO.
Around a dozen of the borrowerÆs relationship banks have been approached and each is asked to commit a minimum of $100 million. The deadline to revert is at the end of next month, although there is a possibility of postponing the date by one to two weeks.
Proceeds from the secured loan are to fund shipments of materials such as coke and coal, which is being bought by BHPÆs client, ArcelorMittal.
Boral's $700 million three-year multi-currency fundraising has been sealed as a club deal.
Commonwealth Bank of Australia and National Australia Bank each gave $125 million, while Westpac, Sumitomo Mitsui Banking Corp and ANZ Investment Bank provided $110 million, $100 million and $80 million respectively. J.P. Morgan committed $63.8 million and Toronto Dominion Bank and Citi took $50 million and $46.2 million respectively.
Proceeds are for general corporate purposes
China
Syndication of FerroChina's $200 million three-year term loan is expected to close towards the end of the month. Credit Suisse is leading the deal, which is split between a $160 million tranche and a $40 million portion.
Proceeds will be used for refinancing and working capital purposes.
A $250 million three-year maiden loan for Inner Mongolia Huomei Hongjun Aluminium & Electricity, which has been upsized from $200 million, is expected to be signed within a fortnight.
Mandated arrangers and bookrunners Fortis and RBS contributed $32 million apiece, while equal status arrangers HSH Nordbank lent $29 million and Commerzbank, KBC Bank, Natixis and Rabobank provided $27 million each. Lead arranger Societe Generale took $21 million and arrangers Mizuho Corporate Bank and Sumitomo Mitsui Banking Corp each pledged $14 million.
The amortising credit, which is priced at 250bp over Libor, will be used as a pre-financing for the purchase of raw materials such as aluminium.
Hong Kong
A $1.5 billion one-year club transaction for COSL Norwegian was inked on August 27 through mandated leads Bank of China, Calyon, HSBC, Standard Bank, Standard Chartered Bank and Sumitomo Mitsui Banking Corp.
The financing is guaranteed by COSL Singapore, the parent of the borrower. Proceeds are to partially finance the $2.5 billion acquisition of Awilco by COSL Norwegian.
Sino-Ocean Land Holdings' $215 million two-year term loan was signed on August 25 as a club deal.
Bank of China (Hong Kong) committed $65 million, Standard Chartered Bank (Hong Kong) $50 million and ICBC $40 million, while Bank of Communications (Hong Kong) and Bank of East Asia provided $30 million apiece.
The secured financing pays a spread of 225bp over Libor. Proceeds are to meet the borrowerÆs working capital requirements and to fund real estate development projects in mainland China.
India
The mandated arranger group on Hindalco Industries' $1 billion five-year financing is expected to be finalised by the end of this week after one or two more banks obtain approval to join ABN AMRO, Banc of America Securities Asia, Bank of Tokyo-Mitsubishi UFJ, Barclays Capital, Calyon, Citi, Deutsche Bank, HSBC, Mizuho Corporate Bank and Sumitomo Mitsui Banking Corp.
Upon getting a formal mandate, syndication could be launched as early as next week. The loan pays a spread of 275bp over Libor during the first year, which will increase to 309bp thereafter.
Proceeds are to take out an existing $3.1 billion bridge facility signed on May 11, 2007, for the acquisition of Novelis, a Canada-based producer of rolled aluminium products. A rights issue will be used to take out the rest of the bridge.
Reliance Industries' $1.2 billion multi-currency syndicated debt package was signed on August 29 and split into a $1 billion loan and a $200 million facility.
Final allocations on the $1 billion deal saw the 19 mandated lead arrangers û ABN AMRO, Banco Bilbao Vizcaya Argentaria, Bank of Nova Scotia, Bank of Tokyo-Mitsubishi UFJ, BayernLB, BNP Paribas, Calyon, Citi, DBS Bank, Fortis, HSBC, ING Bank, KfW Bank, Mashreqbank, Natixis, NordLB, Rabobank, Sumitomo Mitsui Banking Corp and WestLB û committing $40.25 million apiece.
Lead arrangers China Development Bank lent $40 million and Commonwealth Bank of Australia held $37.25 million. Lead managers Chinatrust Commercial Bank, DnB Nor Bank, Mega International Commercial Bank, Mizuho Corporate Bank and Norinchukin Bank each provided $20 million. Managers Bank of Taiwan took $17 million, while Bank of East Asia, First Commercial Bank and Qatar National Bank pledged $10 million apiece. Rounding up the group were co-managers E Sun Commercial Bank and Hua Nan Commercial Bank with contributions of $6 million and $5 million respectively.
Final allocations on the $200 million term loan saw mandated lead arrangers û ABN AMRO, Banco Bilbao Vizcaya Argentaria, Bank of Tokyo-Mitsubishi UFJ, BayernLB, BNP Paribas, Calyon, Citi, DBS Bank, HSBC, ING Bank, Natixis, Rabobank, Sumitomo Mitsui Banking Corp and WestLB û lend $12.2 million each. NordLB held $9.75 million and Bank of Nova Scotia and KfW Bank provided $9.7 million apiece.
The $1 billion 4.75-year deal for Vedanta Resources was signed last week. Mandated lead arrangers ABN AMRO, Bank of Baroda, Bank of Tokyo-Mitsubishi UFJ, Barclays Capital, Calyon, Citi, Mizuho Corporate Bank, Standard Chartered Bank, State Bank of India, Sumitomo Mitsui Banking Corp and WestLB each contributed $66.8 million while lead arrangers Natixis (Singapore) and Scotiabank committed $50 million apiece.
Arrangers BayernLB, DBS Bank and Intesa Sanpaolo lent $25 million each, while lead managers Indian Bank took $20 million and Chang Hwa Commercial Bank and Chinatrust Commercial Bank held $15 million apiece, China Construction Bank, First Gulf Bank and Taishin International Bank each pledged $10 million and Bank of East Asia and First Commercial Bank provided $5 million apiece.
A Rs1.5 billion six-month revolving credit for Vodafone Essar was completed in late August via sole mandated lead arranger and bookrunner Royal Bank of Scotland. Three financial institutions joined the deal, which is for general working purposes.
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