After the slow response due to the holiday season, syndication of ASE Assembly & Test (Shanghai)Æs $190 million five-year credit has been well received. The mandated arrangers are DBS Bank and HSBC.
The financing features a margin of 90bp over Libor and an average life of four years. Advanced Semiconductor Engineering (ASE) (Taipei) is the parent company.
Seven commitments have been received so far with a handful of banks awaiting credit approvals. An extension has been implemented and banks are to revert by the end of January.
The funds are to partly refinance existing debt and for general corporate purposes.
Senior syndication for Huawei-3Com HoldingsÆ $800 million dual tranche LBO financing via mandated leads ABN AMRO, Bank of China, Citi, HSBC and UBS has closed with allocations to be released shortly.
Aozora Bank, China Development Bank, Rabobank, Sumitomo Mitsui Banking Corp and WestLB have joined at the top as equal-status arrangers while Bank of Nova Scotia and Chinatrust Commercial & Savings Bank came in as lead arrangers.
The five-year non-recourse loan is split into a $750 million credit and a $50 million revolver. The deal offers spreads of 306.25bp and 300bp over Libor, respectively.
A separate $400 million financing is being raised in the US. The funds are to support Huawei Technologies and Bain CapitalÆs proposed $2.2 billion acquisition of US-based 3Com Corp, which is subject to US regulatory approval.
Zhuhai Zhongfu EnterpriseÆs Rmb2.75 billion dual-tranche facility has been simultaneously launched into senior and general syndication via mandated leads and bookrunners Calyon, Chinese Mercantile Bank and Industrial & Commercial Bank of China.
The loan is split into a Rmb2.5 billion five-year portion with an average life of 3.5 years and a Rmb250 million three-year revolver. The margin is 105% of the PBOC rate for both tranches.
In senior syndication, banks coming in with Rmb500 million or above receive a management fee of 25bp with an underwriting fee of 10bp as equal-status arrangers.
In general syndication, banks have been invited on three tiers. Those contributing Rmb300 million or above earn 25bp flat, commitments between Rmb200 million and Rmb299 million take 15bp and banks holding between Rmb100 million and Rmb199 million get 10bp.
Proceeds are to refinance an existing debt facility.
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