Loan week, February 15-21

A roundup of the latest syndicated loan market news.

A A$574 million dual tranche financing for BBI (DBCT) Finance has been completed via mandated leads ANZ, Dresdner Bank and Westpac Banking Corporation.

The bullet loan is split equally into two A$287 million portions with tenors of three and five years respectively.

Final allocations saw Westpac Banking Corp provide A$219 million while Dresdner Bank took A$190 million. ANZ ended up with A$165 million.

The funds are to finance the A$1.1 billion Dalrymple Bay Coal Terminal project in Queensland, Australia.

Hastings Diversified Utilities Fund's A$370 million dual tranche fundraising has been inked via sole bookrunner Westpac Banking Corporation.

The loan comprises a A$250 million six-month loan and a A$120 million one-year revolver. Allocations saw the bookrunner and ANZ each commit A$185 million. Proceeds are to refinance senior and subordinated debt.

A A$2.26 billion multi-tranche leveraged buy-out facility for Ned Group Holdings, an SPV of Coates Hire, has been launched into general syndication this week, with bank presentations scheduled to be held in Singapore, Hong Kong and Sydney between February 21 and 27.

The debt package comprises a A$2.03 billion six-year credit, a A$175 million loan and a A$60 million revolver.

A total of 21 banks are said to have joined the facility with ABN AMRO, ANZ, Calyon, Mizuho Corporate Bank, Sumitomo Mitsui Banking Corporation and Westpac Banking Corporation leading the transaction. 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.

Banks have until the end of March to revert. Proceeds are to support the Carlyle Group and National Hire-led leveraged buyout of Coates Hire.

Lead arrangers ABN AMRO, Calyon, Credit Suisse, Deutsche Bank and National Australia Bank have approached relationship banks for senior syndication of Primary HealthcareÆs credit facility. The exact loan amount is yet to be determined but it is understood to be in the range of A$2.5 billion to A$2.6 billion.

The funds are to support the acquisition of a 50.1% stake in Symbion Health
Syndication and the deal is expected to be officially launched in early March.

Syndication of WesfarmersÆ A$10 billion multi-tranche financing has been extended to accommodate banks that are reprocessing their credit approvals due to the New Year. The deal was funded last year by ANZ, BNP Paribas and National Australia Bank who are the leads and bookrunners for the facility.

The fundraising comprises a A$4 billion one-year bridge loan, a A$1 billion one-year revolver and a A$5 billion three-year bullet loan.

In senior syndication a total of 12 commitments have been received with ABN AMRO, Bank of Tokyo-Mitsubishi UFJ, Barclays Capital, Commonwealth Bank of Australia, Deutsche Bank, Goldman Sachs, JPMorgan, Mizuho Corporate Bank, Societe Generale, Sumitomo-Mitsui Banking Corporation, WestLB and Westpac coming in as coordinating arrangers.

General syndication has been well received with the closing date scheduled for March 7. Proceeds are to support the acquisition of Coles Group.


Swire PacificÆs Rmb2.4 billion dual tranche three-year bullet fundraising was closed just after the Lunar New Year via original mandated leads BNP Paribas, HSBC and Standard Chartered Bank. The deal was oversubscribed due to a good market response.

The credit comprises a Rmb2.2 billion facility and a Rmb200 million portion. Both tranches offer a spread of 110bp over the PBOC rate.

Allocations saw the original leads each provide Rmb433.34 million, while joining at the top with a Rmb300 million hold was Agricultural Bank of China.

Arrangers Bank of East Asia, Nanyang Commercial Bank and Oversea-Chinese Banking Corporation contributed Rmb200 million apiece while Bank of Tokyo-Mitsubishi UFJ and Sumitomo Mitsui Banking Corporation each took Rmb100 million.

Signing will be held towards the end of the month. Proceeds are for working capital purposes.

Syndication of Weiqiao AluminiumÆs $125 million three-year amortising loan is still ongoing via sole lead Royal Bank of Scotland.

The facility pays a spread of 240bp over Libor.

Banks have been invited on three tiers. Mandated lead arrangers committing $30 million or more receive an all-in of 290bp over Libor while lead arrangers providing between $20 million and $30 million get an all-in of 279bp. Senior managers holding between $15 million and $20 million gain an all-in of 270bp.

Syndication is expected to close in the first week of March.

Hong Kong

Wheelock & CoÆs HK$6 billion dual tranche fundraising has received commitments from First Commercial Bank, which has joined as a senior manager holding HK$300 million, and Tai Fung Bank as a manager taking HK$200 million.

The facility is split into a HK$5.5 billion credit and a HK$500 million revolver. Both tranches feature a margin of 50bp over Libor.

Seven banks û ANZ, Bank of China (Macau), Bank of Communications, Bayerische Landesbank, Industrial & Commercial Bank of China (Asia), Mizuho Corporate Bank and Sumitomo Mitsui Banking Corp have joined the original mandated arranger Standard Chartered as equal-status arrangers.

Banks have until the end of February to respond.


A $150 million yen-equivalent six-year amortising loan for Welspun Gujarat Stahl Rohren has been inked via a consortium of 16 banks. Deutsche Bank, HSBC and Standard Chartered are bookrunning the deal.

Final allocations saw mandated arrangers Bank of Baroda contributing $20 million while Bank of India (New York) provided $15 million. Deutsche Bank, HSBC, Standard Chartered and State Bank of India committed $10.5 million apiece.

Arrangers Bank Muscat, Canara Bank (London), DBS Bank, SBI International (Mauritius) and Woori Bank each took $10 million, while senior managers Bank of Taiwan, Chang Hwa Commercial Bank, Krung Thai Bank, Bank Negara and Cathay United Bank ended up with $5 million each.


PT United TractorsÆ $150 million one-year debt package was signed on February 14 on a club basis via Mizuho Corporate Bank, Oversea-Chinese Banking Corporation and Sumitomo Mitsui Banking Corporation with each taking $50 million.

Proceeds are to fund an acquisition and for capital expenditure requirements. Linklaters Allen & Gledhill acted as the legal advisers to the banks.


Some 10 banks are said to be bidding to arrange First GenÆs $1.2 billion fundraising which would mark one of the largest loans from the Philippines.


A $435 million four-year transferable facility for Augite has been completed as a club deal via Bank of Tokyo-Mitsubishi UFJ, Oversea-Chinese Banking Corporation, Standard Chartered and Sumitomo Mitsui Banking Corporation.

The loan pays a spread of 71.25bp over the Singapore Swap Offer rate. Proceeds are to finance the acquisition of land and for the construction of a residential development on the site.

HydrochemÆs $43 million guarantee loan has been completed via sole mandated arranger BNP Paribas. Hyflux is acting as the guarantor.

Final allocations saw BNP Paribas contributing $18 million while lead arrangers Natixis and Calyon committed $15 million and $10 million respectively.

Proceeds are to support and finance the construction of a reverse osmosis plant in Tiemcen.

A S$130 million three-year term loan for SEB Asian Property Fund was launched into limited syndication over a week ago via sole mandated lead and bookrunner Calyon.

The deal pays a spread of 73bp over Sibor and has an average life of 2.83 years.

Fees to the market are on two levels. Lead arrangers providing S$25 million and above receive 54bp flat for an all-in of 92bp and arrangers committing between S$15 million and S$24 million earn 48bp for an all-in of 90bp.

Proceeds are for the acquisition of a property located on 79 Anson Road, Singapore.


Syndication of Dragon Steel CorpÆs NT$51.7 billion 10-year financing has closed via a group of 13 banks. The facility, which pays a margin of 40bp over the secondary CP rate, was downsized from NT$57 billion.

Bank of Taiwan, E. Sun Commercial Bank, First Commercial Bank, Land Bank of Taiwan, Mega International Commercial Bank, Taipei Fubon Bank and Taiwan Cooperative Bank are leading the facility. General syndication saw participation from Agricultural Bank of Taiwan, Export-Import Bank of China, Hua Nan Commercial Bank, Industrial Bank of Taiwan, Taiwan Business Bank and Cathay United Bank.

Allocations are yet to be finalised with the signing ceremony slated to take place on February 25.
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