Seven MediaÆs A$2.65 billion leveraged buyout facility has been launched via mandated lead arrangers Morgan Stanley, Goldman Sachs JBWere and Citigroup. The senior debt comprises a A$2.1 billion six year tranche æAÆ, a A$200 million six year revolving credit æBÆ and a A$350 million six year term tranche æCÆ. There is another A$400 million 6.5 year subordinated debt portion.
Both tranches æAÆ and æBÆ offer a margin of 237.5bp over BBSY and tranche æCÆ is priced at 212.5bp over BBSY. Proceeds will be used to fund the acquisition of Seven Media Group by Kohlberg Kravis Roberts & Co. Banks have until December 28 to revert.
Bangladesh
Bangladesh Petroleum CorpÆs $250 million 360 day facility has been completed via sole mandated lead arranger Standard Chartered. A total of 22 banks are participating in this deal. The 360 day facility is priced at 135bp over Libor and proceeds will be used to pay for imports of crude oil.
Mandated lead arranger Standard Chartered and arranger BNP Paribas are pledging $23.75 million each. Arrangers Commercial Bank of Qatar, DZ Bank, National Bank of Dubai and Societe Generale are lending $20 million apiece. Managers are Bank Muscat International, Bank Negara Indonesia (Hong Kong), Calyon, Indian Bank, Mizuho Corporate Bank, Muslim Commercial Bank, State Bank of India (London), TAIC, Union National Bank and United Bank holding $10 million each. Participants are Bahraini Saudi Bank, Bank Al Habib (Bahrain), Emirate International Bank, Habib Bank (Zurich) and ICICI Bank joining with holds of $5 million each.
China
Syndication of China International Trust & Investment Corp (CITIC Group)Æs $200 million term loan has yet to close via mandated coordinating arrangers Bank of Tokyo-Mitsubishi UFJ, HSBC, ING Bank and Mizuho Corporate Bank. Thus far, the five year facility has secured commitments from several banks. Several others are said to be in the final stage of getting credit approvals.
The five year facility carries a margin of 35bp over Libor, leading to a top level all-in of 41bp. HSBC and ING Bank are running the books while Bank of Tokyo-Mitsubishi UFJ is the facility and documentation agent. Proceeds will be used for general corporate funding and to refinance existing indebtedness.
Banks have until today (December 8) to respond.
Dongfeng Yueda Kia AutomobilesÆ $250 million facility is syndicating via sole mandated arranger Citigroup. The five year financing has secured commitments from at least 11 banks. Up to two other banks are still processing credit approvals. Proceeds will be used to fund the construction of a plant in China. Financial close is slated for late December.
Sole mandated lead arranger Citigroup has launched Shanghai Electric PowerÆs Rmb1 billion ($127 million equivalent) revolving credit facility into syndication. The three year facility features a margin of 90bp over PBOC and is being marketed to banks on two tiers. Arrangers holding Rmb150 million or above get 2.5bp for a top level all-in of 90.8bp and senior managers lending Rmb75 million to Rmb100 million will get a zero commitment fee. Proceeds will be used for working capital purposes.
India
Sub-underwriting and general syndication for ICICI BankÆs $1 billion yen-equivalent financing are yet to close with banks expected to revert by the end of December.
Thus far, the facility has secured its first commitment. A handful of banks are processing credit approvals.
The arranger group consists of Bank of Tokyo-Mitsubishi UFJ, BayernLB, BNP Paribas, Calyon, Chinatrust Commercial Bank, Fortis Bank, HSBC, Lloyds TSB Bank, Mizuho Corporate Bank, Natexis Banques Populaires, Royal Bank of Scotland, Standard Chartered and SMBC. Proceeds will be used for general corporate purposes.
Syndication for Tata SteelÆs $1.78 billion financing has received commitments from three banks. Several other banks are said to be in the final stage of getting credit approvals.
Joint mandated arrangers ABN Amro and Standard Chartered have already underwritten the facility. The bridge facility carries a margin of 25bp and proceeds will be used for further acquisition purposes.
Tata Tea has awarded the mandate for its ú284.3 million facility to ICICI Bank and Standard Chartered. The multi-tranche facility is split between an ú85 million six year senior debt æAÆ, a ú108.5 million seven year senior debt æBÆ, a ú35 million six year revolving credit facility æCÆ and a ú55.8 million 10 year junior tranche æDÆ, featuring margins of 180bp, 210bp, 180bp and 400bp over Libor respectively. A wider general syndication will be launched shortly.
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