Australia
Boart Longyear has formally mandated bookrunners ANZ, Bank of America, BNP Paribas, Commonwealth Bank of Australia, National Australia Bank and Royal Bank of Scotland to arrange a refinancing to repay and extend existing debt facilities of up to A$850 million.
According to the borrower, the new facility will feature a reduced amount, extended tenor, increased pricing and amended financial covenants.
ElectraNet has successfully secured a A$200 million three-year bullet loan from a consortium of four domestic banks on a club basis.
Mandated lead arrangers ANZ, Commonwealth Bank of Australia, National Australia Bank and Westpac provided A$50 million apiece.
Proceeds are to repay the borrower's existing bond issues.
A A$191 million club deal for Stella SA Schools has been inked via mandated lead arrangers Commonwealth Bank of Australia, National Australia Bank and Westpac.
The leads each committed A$64 million. Proceeds are to fund a project that will design, build and maintain schools in South Australia for a period of 30 years.
China
A Rmb1 billion three-year term loan for Hitachi Construction Machinery Leasing (China) has been signed via sole mandated lead arranger and bookrunner Sumitomo Mitsui Banking Corp. Bank of Communications and Bank of China joined in as lead arrangers.
Proceeds are for working capital purposes.
A $100 million loan for Weiqiao Textile is still ongoing in syndication via bookrunners Calyon and Royal Bank of Scotland. So far, Wing Lung Bank has joined in with a commitment of around $20 million.
The three-year loan is priced at 180bp over Libor.
Proceeds are to refinance a previous deal signed in August 2006 and for working capital purposes.
Hong Kong
Henderson Land Credit (2009)'s HK$8 billion three-year self-arranged term loan received strong support from both Chinese and international banks and was upsized from the original HK$5 billion. Signing took place on July 21 and involved a total of 34 banks.
Guaranteed by Henderson Land Development, the financing pays a spread of 100bp over Hibor.
Final allocations saw mandated lead arrangers Bank of China (Hong Kong) commit HK$600 million and Agricultural Bank of China (Hong Kong), China Construction Bank (Hong Kong), HSBC and Industrial & Commercial Bank of China (Asia) take HK$500 million apiece. Bank of Communications (Hong Kong), Bank of East Asia (Hong Kong), Mizuho Corporate Bank and Sumitomo Mitsui Banking Corp each provided HK$400 million. ANZ, DBS (Hong Kong), Royal Bank of Scotland (Hong Kong) and Industrial & Commercial Bank of China (Macau) held HK$330 million apiece, while BNP Paribas (Hong Kong), Citi (Hong Kong), Oversea-Chinese Banking Corp (Hong Kong), United Overseas Bank and Wing Hang Bank offered HK$220 million each.
Senior manager Tai Fung Bank contributed HK$140 million, while Calyon (Hong Kong), Cathay United Bank (Hong Kong), Chang Hwa Commercial Bank, China Construction Bank (Asia), Chinatrust Commercial Bank, Chong Hing Bank, Dah Sing Bank, First Commercial Bank (Hong Kong), Fubon Bank (Hong Kong), Land Bank of Taiwan (Hong Kong), Scotiabank (Hong Kong), Shanghai Commercial Bank, Standard Chartered Bank (Hong Kong) and Wing Lung Bank came in as managers with HK$60 million tickets.
Proceeds are to refinance the HK$5 billion five-year tranche of a HK$10 billion financing due in September 2009 and for general corporate purposes.
Syndication of PrimeCredit's HK$1.2 billion fundraising was closed this week via sole bookrunner DBS. The facility was upsized from $500 million due to a good response from the market.
The deal pays a spread of 160bp over Hibor with a top level all-in of 220bp.
Final allocation saw the lead provide HK$75 million, while participant China Construction Bank came in with a HK$120 million ticket. United Overseas Bank ended up with HK$100 million, while Agricultural Bank of China (Hong Kong), Bank of China Macau, Dah Sing Bank, Industrial Bank of Taiwan, Mega International Commercial Bank, Natixis, Wing Lung Bank, and Yuanta Commercial Bank lent HK$75 million apiece. Bank SinoPac gave HK$55 million while Bank of Taiwan, Chang Hwa Commercial Bank, Far Eastern International Bank, Fubon Bank and Taiwan Business Bank provided HK$50 million each.
Signing is expected to take place next week. Proceeds are for refinancing purposes.
India
Fiat India Automobiles' $510 million-equivalent deal has been signed via sole mandated lead arranger and bookrunner Citi.
The deal is split into rupee- and euro-denominated portions. The syndicated rupee financing comprises a Rs10 billion six-year term loan and a Rs6 billion one-year tranche. The €130 million eight-year tranche is solely provided by Citi.
Participating lenders are IDBI Bank, Punjab National Bank, State Bank of India and Union Bank of India.
Proceeds are to support the manufacturing of Fiat branded cars, assembly of Tata cars and the production of transmissions and engines.
A $54 million four-year term loan for SV Oil & Natural Gas has been oversubscribed via sole mandated lead arranger and bookrunner Standard Chartered Bank.
The amortising facility is fully underwritten by the lead and pays a spread of 400bp over Libor.
Banks are welcome to come in at three levels. Mandated lead arrangers committing $15 million or above get 180bp, lead arrangers providing $10 million to $14 million earn 150bp and arrangers contributing $5 million to $9 million take 120bp.
Proceeds are to finance the rentals of oil drilling rigs. Signing is expected to take place by early August.
Vedanta Resources' $400 million two-year term loan was well received in the market and upsized to $400 million via a consortium of eight banks.
Mandated lead arrangers Bank of Tokyo-Mitsubishi UFJ contributed $70 million, while Axis Bank, Bank of Baroda, Calyon, Deutsche Bank and DBS Bank provided $50 million apiece. ANZ and BNP Paribas came in with holds of $40 million each.
The fundraising pays a spread of 425bp over Libor and proceeds are for general corporate purposes. Signing is expected to take place on July 24)
A €135 million loan for Volkswagen India was sealed last week via sole mandated lead arranger IFC. Bank of Tokyo-Mitsubishi, BNP Paribas, DBS and Societe Generale came in as equal-status lead arrangers.
The deal comprises a €60 million five-year and seven-month A loan solely provided by IFC and a €75 million syndicated nine-year B loan. Margins are priced at 290bp and 230bp over Euribor for the A and B loans respectively.
Proceeds are to partially finance the construction of a 230 hectare full production plant in Pune, India.