Singapore Power SPV SPI (Australia) AssetsÆ A$3.4 billion three-year facility was signed on July 15 and was oversubscribed following a blowout response from the market. The original mandated arrangers and bookrunners are ANZ, BNP Paribas, Commonwealth Bank of Australia, Royal Bank of Scotland and Westpac. The deal attracted commitments close to A$4 billion and was upsized from the original A$2.8 billion due to the overwhelming response.
The margin is priced at 85bp over BBSY and is tied to the ratings grid, meaning that an increment of 5bp will be added each time the ratings of the borrower decreases. Singapore Power is acting as the guarantor.
Syndication saw a total of 27 banks joining in. Eight of those, namely Bank of Tokyo-Mitsubishi UFJ, Bank of Nova Scotia, Calyon, Dexia, Mizuho Corporate Bank, Sumitomo-Mitsui Banking Corp, Svenska Handelsbanken and TD Securities, came in at the top level as equal-status arrangers.
Coming in as co-managers were Bank of East Asia, Banco Bilbao Vizcaya Argentaria, Chang Hwa Commercial Bank, Chinatrust Commercial Bank, China Development Bank, Citic Ka Wah Bank, DZ Bank, First Commercial Bank, ING Bank, Intesa Sanpaolo, Morgan Stanley, Sumitomo Trust & Banking Corp, UBS and United Oversea Bank. Final allocations were not disclosed.
Proceeds are to refinance existing loans signed in 2007 that were used for the acquisition of Alinta assets.
China
A $30 million two-year refinancing for China Metal Packaging Group was signed on July 8 on a club basis.
Shinhan Asia, Standard Chartered Bank and Bank of Taiwan (Hong Kong) committed $15 million, $10 million and $5 million respectively. The margin of the term loan is 325bp over Libor.
China Resources Power HoldingsÆ $100 million equivalent three-year dual-currency facility has been inked by lead arrangers and bookrunners Commerzbank, Mizuho and Sumitomo Mitsui Banking Corp.
The leads each committed $30 million, except Commerzbank which provided $25 million. Senior lead managers Yamaguchi Bank (Dalian branch) held $9 million while Maybank and Banca Monte dei Paschi di Siena gave HK$50 million and HK$39 million respectively.
The bullet loan features a margin of 75bp over Libor and has a commitment fee of 20bp. Proceeds are for working capital purposes.
Shanghai Zhenhua Port MachineryÆs $125 million three-year financing is being well received in syndication via original mandated leads and bookrunners Calyon and Royal Bank of Scotland. The loan was already upsized from $100 million prior to launch but will be further increased up to approximately $180 million due to the good response from the market.
The bullet loan pays a spread of 215bp over Libor. Senior syndication saw four banks joining at the top level û BayernLB, Commerzbank, Fortis and Industrial & Commercial Bank of China (Asia).
So far, general syndication has seen a handful of commitments from Bank of Nova Scotia, HSH Nordbank, Natixis, United Overseas Bank and Wing Hang Bank. An additional lender is currently processing its approval and is expected to join in soon.
Proceeds are for working capital requirements.
Hong Kong
A HK$3.8 billion three-year term loan for Hutchison International Finance was completed on July 7 via a syndicate of 10 banks. ANZ, Banco Bilbao Vizcaya Argentaria (Hong Kong), Bank of Tokyo-Mitsubishi UFJ, BayernLB (Hong Kong), BNP Paribas, Canadian Imperial Bank of Commerce, HSBC, Scotia Bank (Hong Kong), Standard Chartered (Hong Kong) and Sumitomo Mitsui Banking Corp each committed HK$380 million.
The pricing of the facility is 60bp over Hibor. Proceeds are to refinance existing indebtedness and for general working capital purposes.
India
A $1 billion five-year debt package for Reliance Industries was launched into general syndication on July 11 via a consortium of 17 mandated lead arrangers and bookrunners, namely ABN AMRO, Banco Bilbao Vizcaya Argentaria, Bank of Tokyo-Mitsubishi UFJ, BayernLB, BNP Paribas, Calyon, Citi, DBS Bank, Fortis, HSBC, ING Bank, Mashreqbank, Natixis, NordLB, Rabobank, Sumitomo-Mitsui Banking Corp and WestLB.
The margin is priced at 130bp over Libor with a commitment fee of 25bp.
Banks have been invited on four levels. Lead arrangers committing $40 million or above earn 105bp in upfront fees, while co-arrangers holding between $30 million and $39 million take 95bp. Lead managers providing $20 million to $29 million earn 85bp and managers lending between $10 million and $19 million get 75bp flat.
Banks have until August 12 to revert. The funds are for working capital purposes
Indonesia
Bank Ekspor IndonesiaÆs $100 million one-year term loan was pre-funded on July 11 and is likely to be upsized in the near future. The original mandated lead arrangers and bookrunners are Bank of Tokyo-Mitsubishi UFJ, Natixis, Oversea-Chinese Banking Corp, Standard Chartered and Sumitomo Mitsui Banking Corp.
Proceeds are for export financing purposes.
General and senior syndication of a $300 million three- and five-year multi-tranche transaction for Bayan Resources is in progress via original arrangers ING Bank, Standard Chartered and Sumitomo-Mitsui Banking Corp.
The debt package comprises a $150 million five-year term loan and a $100 million three-year revolving credit that are still syndicating, and a $50 million five-year revolver, which will be solely provided by the leads on a club basis.
Proceeds are for working capital purposes.
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