Babcock & Brown Power SPVs BBI PipeCat and BBI PowerCatÆs, A$2.1 billion dual tranche financing has been completed via sole lead arranger Commonwealth Bank of Australia.
The loan comprises a A$1.6 billion one year limited recourse facility, tranche æAÆ and a separate A$518 million one year credit, tranche æBÆ.
Tranche æAÆ saw Commonwealth Bank, ANZ, BNP Paribas and Dexia Bank each provide A$395.3 million while tranche æBÆ saw the same banks holding A$129.5 million apiece.
Proceeds are to support Babcock & Brown Infrastructure, Babcock & Brown Power, Babcock & Brown Wind Partners and Singapore PowerÆs acquisition of energy infrastructure group Alinta.
FOXTEL ManagementÆs A$740 million five year credit was completed on September 3 via mandated arrangers ABN AMRO (Australia Branch), ANZ, Commonwealth Bank of Australia, nabCapital, Toronto Dominion (Australia Branch) and Suncorp-Metway. ABN AMRO was the sole bookrunner.
The bullet facility saw the mandated arrangers contribute A$100 million apiece with participants Sumitomo Mitsui Banking Corp and Citi holding onto A$75 million and A$65 million respectively.
Funds are to refinance an existing debt facility.
Hong Kong
CEC International HoldingsÆ HK$300 million credit has closed oversubscribed via sole lead arranger Standard Chartered. The facility was upsized from HK$230 million.
Final allocations saw Standard Chartered provide HK$60 million. Arrangers United Overseas Bank committed HK$45 million while Fubon Financial Holdings held HK$40 million. Lead managers China Construction Bank, Citic Ka Wah Bank and Oversea-Chinese Banking Corp took HK$30 million each while manager KBC Bank lent HK$25 million. Mizuho Corporate Bank and Wing Hang Bank ended up with HK$20 million each.
The funds are to refinance an existing deal signed in April 2005. Coils Electronics is the guarantor.
The signing ceremony is slated for mid-September.
A HK$6.5 billion seven year revolver for HH Finance, a SPV of Hopewell Holdings has had general syndication extended until next week as more banks are waiting for approvals. The facility is being led via a group of 13 mandated arrangers û Agricultural Bank of China, Bank of China (Hong Kong) Bank of Communications, BNP Paribas, Calyon, China Construction Bank, China Merchants Bank, Citi, DBS Bank, ICBC Asia, Mizuho Corporate Bank, Nanyang Commercial Bank and Sumitomo Mitsui Banking Corp.
The loan offers a spread of 32bp over Hibor. So far, around six commitments have been received.
Proceeds are to refinance an existing HK$5.35 billion fundraising signed in June 2006. Hopewell Holdings is the guarantor.
Mandarin Oriental (Hong Kong) and Excelsior HotelÆs HK$3.5 billion seven year dual-tranche facility was signed oversubscribed on September 4 via mandated lead arrangers Banco Bilbao Vizcaya Argentaria (Hong Kong Branch), Bank of Communications (Hong Kong Branch), Bank of Tokyo-Mitsubishi UFJ, BNP Paribas (Hong Kong Branch), HSBC, Industrial & Commercial Bank of China (Asia) and Standard Chartered Bank (Hong Kong Branch). The original mandated arrangers were Bank of Tokyo-Mitsubishi UFJ, BNP Paribas (Hong Kong Branch), HSBC and Standard Chartered Bank (Hong Kong Branch). The loan was upsized from HK$3 billion due to an enthusiastic response from the market.
The financing is divided into a HK$2.33 billion term loan and a HK$1.17 billion revolver, featuring a margin of 28bp over Hibor.
Final allocations saw the mandated lead arrangers Bank of Tokyo-Mitsubishi UFJ and HSBC contributing HK$350 million apiece, while BNP Paribas (Hong Kong Branch) and Standard Chartered Bank (Hong Kong Branch) provided HK$250 million each. Industrial & Commercial Bank of China (Asia) took HK$240 million while Banco Bilbao Vizcaya Argentaria (Hong Kong Branch) and Bank of Communications (Hong Kong Branch) held HK$215 million apiece.
Coming in as arrangers were Hang Seng Bank and Shanghai Commercial Bank providing HK$195 million each. China Construction Bank Corp (Hong Kong Branch), Chong Hing Bank, Mizuho Corporate Bank, Sumitomo Mitsui Banking Corp and Tai Fung Bank committed HK$155 million apiece.
Senior managers Nanyang Commercial Bank gave HK$125 million while Bank of China (Hong Kong), Bank of East Asia, Oversea-Chinese Banking Corp (Hong Kong Branch) and Wing Lung Bank took HK$85 million each.
Proceeds are to refinance an existing facility signed in August 2001.
Mass Transit Railway Corp (MTRC)Æs HK$10 billion dual-tranche loan was launched into general syndication on Wednesday (September 5) syndication via a consortium of 15 mandated lead arrangers. The banks were Bank of China, Bank of Tokyo-Mitsubishi UFJ, BNP Paribas, Calyon, China Development Bank, Citi, Fortis, Hang Seng Bank, HSBC, ICBC, ING Bank, Mizuho Corporate Bank, Rabobank, Standard Chartered Bank and Sumitomo Mitsui Banking Corp. Bank of China, Citi, HSBC and Standard Chartered Bank are also the bookrunners.
The fundraising is divided equally into a three year term loan, tranche æAÆ and a five year revolver, tranche æBÆ, with margins of 15bp and 19bp over Hibor respectively.
Fees to the market are on two tiers. Senior managers committing $300 million or above receive 12bp and 15bp in management fees for tranches æAÆ and æBÆ correspondingly. Those contributing $100 million to $299 million earn 9bp and 10bp as lead managers.
Proceeds are to support the merger of the two government-owned transport infrastructures, MTR and KCR. Banks have until September 24 to revert.
Swire PacificÆs HK$10 billion five year dual tranche facility was launched into senior syndication on September 3 via mandated arrangers Bank of China (Hong Kong), Calyon, HSBC, Standard Chartered (Hong Kong) and Sumitomo Mitsui Banking Corp.
The bullet facility is equally split into a term loan and a revolver, and features a spread of 25bp over Hibor.
In senior syndication, banks lending HK$1 billion or above receive 5bp over Hibor in underwriting fees and 25bp in management fees for an all-in of 31bp. There is also a take and hold option of HK$750 million where participating banks gain 25bp for an all-in of 30bp.
Banks joining at the senior level are expected to revert by September 18, with general syndication to follow soon after.
Proceeds are for general corporate purposes and for refinancing existing debt.
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