John Fairfax GroupÆs A$668 million bridge loan has been completed on a club basis. The facility has a tenor of six months.
Mandated arrangers ANZ Bank and Commonwealth Bank of Australia each provided A$334 million.
China
China National Petroleum CorpÆs $1 billion 10 year term loan has been signed and allocations have been finalised. The funds will be used for acquisition purposes.
A group of 28 banks are participating in the facility. Mandated arrangers Calyon, Commonwealth Bank of Australia, ING Bank and Standard Chartered Bank committed $74 million apiece, Bank of China (Hong Kong), Bank of Communications (Hong Kong) and Industrial and Commercial Bank of China (Asia) provided $44 million each while 16 other mandated arrangers contributed $30 million apiece; they are ANZ Investment Bank, Bank of Tokyo-Mitsubishi UFJ, BayernLB (Hong Kong), CCB International Finance, Citic Ka Wah Bank, Deutsche Bank, DZ Bank (Singapore), Fortis Bank, KBC Bank, Mizuho Corporate Bank, Natexis Banques Populaires (Singapore), Rabobank International, Royal Bank of Scotland, Scotiabank (Hong Kong), Sumitomo Mitsui Banking Corp and WestLB.
Lead arrangers Bank of East Asia, China Citic Bank, Dexia, Intesa Sanpaolo and MCC (Capitalia Gruppo Bancario) joined with tickets of $21 million each.
Hong Kong
Cheung Kong HoldingsÆ HK$6 billion fundraising has closed on a club basis. A total of 12 banks are arranging the facility, they are Bank of China, Bank of Tokyo-Mitsubishi UFJ, BayernLB, Calyon, China Construction Bank, CIBC, Citigroup, Fortis, Hang Seng Bank, HSBC, Mizuho Corporate Bank and Standard Chartered Bank.
Proceeds are for general corporate purposes and signing will take place shortly.
India
Hindalco Industries has mandated ABN Amro, Banc of America (Asia) and UBS to lead arrange a $5.2 billion dual tranche facility. The loan comprises $2.8 billion and $2.4 billion 18 month tranches and proceeds will be used to fund the acquisition of CanadaÆs Novelis.
Union Bank of IndiaÆs $100 million yen-equivalent three year facility has been launched into general syndication. Banc of America Securities Asia, Citigroup, DBS Bank, Intesa Sanpaolo, Natexis Banques Populaires and Standard Chartered are the mandated arrangers.
The margin is 28bp over Libor and banks have been invited to join on three tiers. Lead arrangers joining with $12 million or above receive 36bp for an all-in of 40bp over Libor. Co-arrangers lending $6 million to $11 million get 30bp for an all-in of 38bp while lead managers joining with $2 million to $6 million get 27bp for an all-in of 37bp.
Indonesia
PT Central ProteinaprimaÆs $200 million five year financing has been signed and allocations have been finalised via bookrunners Barclays Bank, Chinatrust Commercial Bank and Sumitomo Mitsui Banking Corp.
Mandated arrangers Barclays Bank and Chinatrust Commercial Bank provided $17.2 million each while Sumitomo Mitsui Banking Corp lent $24 million. Commonwealth Bank of Australia, China Development Industrial Bank and DZ Bank held $17.2 million apiece while Lippo Bank came in with $30 million. Bank Permata and Rabobank each pledged $20 million while arrangers Chailease Bank and Resona Bank ended up with $10 million apiece.
The facility has a door-to-door tenor of five years with an average life of 3.1 years and carries a margin of 350bp over Libor.
Japan
Komatsu has signed a $300 million revolver via mandated arrangers Citibank and Sumitomo Mitsui Banking Corp. Bank of America, Commerzbank, HSBC, ING Bank, JP Morgan Chase Bank, Lloyds TSB Bank, Mizuho Corporate Bank, Norinchukin Bank and Standard Chartered joined as lenders in syndication.
The 18 month loan will be used to refinance an existing facility that was signed in February 2006.
Korea
Mandated arranger Korea Exchange Bank has launched Fila KoreaÆs $300 million fundraising into general syndication.
The facility is split into four tranches û a $100 million one year term loan with a margin of 225bp over Libor; a $100 million 18 month portion with a margin of 250bp; a $50 million five year credit carrying a margin of 275bp; and a $50 million revolver with a margin of 300bp.
Banks have been invited to participate on three tiers. Banks committing $30 million or above earn a front-end fee of 100bp, contributions of $20 million and above receive 75bp and commitments below $20 million get 50bp.
Banks are expected to revert by March 9. Proceeds will be used to acquire Fila Luxemburg held by Sports Brand International.
Shipping firm Korea LineÆs $166 million 11 year term loan was signed on February 15. A total of nine banks are participating in the transaction.
Shinhan Bank contributed $23.35 million while BNP Paribas committed $19.8 million. ING Bank, Citibank and Sumitomo Mitsui Banking Corp lent $19.5 million apiece. Lenders NordLB pledged $35 million while Credit Industriel et Commercial took $15 million. Woori Bank held $10 million and National Federation of Fisheries Cooperatives ended up with $4.7 million.
The deal features a margin of 44bp over Libor and proceeds will be used to finance two crude oil tankers.
New Zealand
Flavoured Beverages, ILNZ Group Holdings and Independent Liquor have successfully raised NZ$730 million from the market via a multi-tranche term loan. The facility is split into NZ$480 million, NZ$150 million and NZ$100 million six year tranches. ANZ Investment Bank and Barclays Capital are the mandated arrangers with commitments of NZ$365 million apiece. Proceeds are to support the Pacific Equity Partners and CCMP Capital Asia Group-led leveraged buyout of Independent Distillers.
Philippines
An $85 million facility for Philippine National Oil has been completed via mandated arrangers Citibank (Manila) and Standard Chartered Bank (Manila). The five year loan features a spread of 85bp over Libor and proceeds are to refinance existing debt.
Citibank (Manila) and Standard Chartered Bank (Manila) committed $5.59 million apiece while lead arrangers Metropolitan Bank & Trust Co took $24.3 million, Banco de Oro Universal Bank held $9.7 million, Security Bank Corp contributed $8.7 million, Land Bank of the Philippines lent $5.83 million and Mega International Commercial Bank pledged $4.86 million. DZ Bank (Singapore) and managers Chinatrust Commercial Bank (Manila) and Taiwan Cooperative Bank (Offshore Banking) joined with tickets of $3.4 million each. Bank of Taiwan took $2.43 million and Allied Banking Corp, Bank of Communications (Singapore), Cathay United Bank and China Construction Bank (Singapore) ended up with $1.94 million apiece.
Singapore
Shenton Singapore HoldingsÆ S$226.5 million financing has been launched via mandated lead arranger Calyon. The transaction includes S$190 million and S$36.5 million three year revolvers with an average life of 2.87 years. The proceeds will be used for the acquisition of Lippo Centre in Singapore.
The deal carries a margin of 110bp over SOR and banks have been invited to join on three tiers. Arrangers providing $40 million or above get a management fee of 31bp fee, translating to a top level all-in of 51bp over SOR; lead managers contributing $30 million to $39 million receive 28bp for an all-in of 50bp while managers taking $20 million to $29 million earn 25bp for an all-in of 49bp. Banks will have until the end of March to respond.
Taiwan
Feng Ching Metal CorpÆs NT$945 million dual tranche facility has been completed via sole mandated arranger Chinatrust Commercial Bank. A total of nine banks took part in the transaction.
The NT$378 million three year letter of credit facility saw the mandated arranger provide NT$80 million. Arranger Taiwan Cooperative Bank pledged NT$66 million. Lead managers Bank of Panhsin contributed NT$40 million while Central Trust of China, Hwa Tai Bank, Cathay United Bank, Sunny Bank, Taishin International Bank and Taiwan Business Bank lent NT$32 million apiece.
The NT$567 million revolving credit facility carries a margin of 128bp over the primary CP rate. Mandated arranger Chinatrust Commercial Bank took NT$120 million while arranger Taiwan Cooperative Bank held NT$99 million. Managers Bank of Panhsin pledged NT$60 million while Central Trust of China, Hwa Tai Bank, Cathay United Bank, Sunny Bank, Taishin International Bank and Taiwan Business Bank each ended up with NT$48 million.
Syndication of Inotera MemoriesÆ $1.2 billion dual currency facility has been completed. A group of 25 banks are providing the funds.
The deal is split into a $400 million tranche that pays a margin of 40bp over Libor and a NT$27 billion term loan with a margin of 40bp over the CP rate.
Mandated arrangers are Calyon, Cathay United Bank, Chang Hwa Commercial Bank, Chinatrust Commercial Bank, China Development Industrial Bank, E Sun Commercial bank, Far Eastern International Bank, First Commercial Bank, Hua Nan Commercial Bank, Land Bank of Taiwan, Mega International Commercial Bank, Taipei Fubon Commercial Bank, Taiwan Business Bank and Taiwan Cooperative Bank. Arrangers are Agricultural Bank of Taiwan, Central Trust of China, Taiwan Shin Kong Commercial Bank, Oversea-Chinese Banking Corp and Shanghai Commercial & Savings Bank while Bangkok Bank, Bank of Kaohsiung, Bank of Tokyo-Mitsubishi UFJ, Bank of Overseas Chinese, Sunny Bank and Export-Import Bank of China joined as participants.
Proceeds are for general corporate purposes. The signing ceremony will take place next week.
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