Bank of QueenslandÆs $295 million two-and-a-half year bullet facility was closed on July 18 and upsized from $200 million via mandated lead arrangers ABN AMRO, Chinatrust Commercial Bank, First Commercial Bank and Taiwan Cooperative Banking Corp.
The transaction is now undergoing documentation procedures and signing is targeted to take place in the second week of August.
A A$700 million multi-tranche debt package for Billabong International was sealed on July 17 via mandated leads Commonwealth Bank of Australia and Westpac.
The deal is split into a A$300 million two-year tranche, a A$300 million three-year portion and a A$100 million two-year credit solely provided by HSBC.
Syndication saw ANZ, Bank of America, HSBC and Societe Generale coming in as participants. The funds are to refinance existing debt and for working capital purposes.
A A$365 million multi-tranche project financing for NewGen Braemar 2 Partnership was inked as a club deal on July 21 via six mandated leads. The mandated arrangers are ANZ, BOS International, KBC Bank, National Australia Bank, Suncorp-Metway and WestLB.
The fundraising comprises a A$134 million five-year bullet loan, a A$201 million 11-year tranche and a A$30 million 11-year guarantee facility.
Proceeds are to fund the construction of a 450MW gas-fired power station in Dalby, Queensland.
Powercor AustraliaÆs A$250 million three-year revolving credit has been completed on a club basis via Banco Bilbao Vizcaya Argentaria (Singapore), Barclays Capital, Commonwealth Bank of Australia, Toronto-Dominion Bank (Australia) and Westpac.
Proceeds are for working capital expenditures.
China
Eternal Chemical (Guangdong)Æs $51 million-equivalent three-year financing was signed earlier this week (July 29) via sole bookrunner BNP Paribas.
The facility is split into a $31 million term loan paying a margin of 200bp over Libor, and a Rmb140 million tranche priced at 110% of the three-year PBOC rate.
Final allocations saw mandated arrangers Bank of Communications, BNP Paribas and Sumitomo-Mitsui Banking Corp provide $10 million-equivalent apiece. Coming in as senior managers were Bangkok Bank, Intesa Sanpaolo and Mizuho Corporate Bank holding $7 million-equivalent each.
Proceeds are to refinance existing debt and for working capital requirements.
A HK$1.34 billion five-year term loan for Shenzhen International Holdings was completed yesterday (July 31) on a club basis.
Mandated lead arrangers Bank of China (Hong Kong) and Bank of Tokyo-Mitsubishi UFJ each provided HK$400 million, while DBS and Standard Chartered Bank committed HK$350 million and HK$190 million respectively.
The repayment schedule will be nine unequal semi-annual installments. Proceeds are for general corporate purposes.
Hong Kong
City TelecomÆs $65 million four-year dual-tranche facility was launched into syndication in early July via sole mandated lead arranger HSBC. The debt package is divided into $35 million and $30 million term loans. The proceeds are to refinance existing debt and for working capital purposes.
The banks will have until August 6 to revert.
Syndication of Crown Worldwide MoversÆ $85 million three-year and three-month credit has been extended as some lenders are still processing their credit approvals. The mandated lead arrangers and bookrunners are BNP Paribas and Standard Chartered Bank.
The deal pays a spread of 267bp over Libor and has an average life of 2.4 years. So far a handful of commitments have been received. Banks are expected to revert by mid-August.
Proceeds are to refinance an existing bridge facility signed in 2006 and for working capital purposes.
Meadville HoldingsÆ $170 million four-year dual-tranche fundraising was inked on July 29 on a club basis via a consortium of six mandated lead arrangers - Bank of China (Hong Kong), Chong Hing Bank, Citic Ka Wah Bank, DBS Bank (Hong Kong), HSBC and Wing Hang Bank.
The loan comprises a $120 million amortising facility and a $50 million revolver. Proceeds are to refinance existing debt and for general corporate purposes.
A $220 million and $65 million five-year term loan package for Nan Ya Plastics (Hong Kong) Corp and Nan Ya Printed Circuit Board (Hong Kong) Corp was signed on July 25 by coordinating arrangers Bank of Taiwan, Chinatrust Commercial Bank, Land Bank of Taiwan, Sumitomo Mitsui Banking Corp, Taiwan Cooperative Bank and Yuanta Commercial Bank.
For Nan Ya Plastics (Hong Kong) CorpÆs $220 million transaction, Bank of Taiwan Committed $73.3 million, Land Bank of Taiwan lent $38.6 million, Chinatrust Commercial Bank and Sumitomo Mitsui Banking Corp each contributed $27 million and Taiwan Cooperative Bank and Yuanta Commercial Bank gave $23.2 million apiece. Participant Ta Chong Bank rounded out the group with $7.7 million.
For Nan Ya Printed Circuit Board (Hong Kong) CorpÆs $65 million fundraising, Bank of Taiwan committed $21.7 million, Land Bank of Taiwan lent $11.4 million, Chinatrust Commercial Bank and Sumitomo Mitsui Banking Corp each contributed $8 million and Taiwan Cooperative Bank and Yuanta Commercial Bank gave $6.8 million apiece. Participant Ta Chong Bank rounded out the group with $2.3 million.
Guaranteed by parent company Nan Ya Plastics Corp, both bullet loans pay a spread of 51bp over three- or six-month Libor.
Proceeds are for capital expenditure and working capital purposes.
India
A $1.0 billion three-year term loan for Vedanta Resources is oversubscribed and the amount is currently being finalised. BayernLB, China Construction Bank, Chinatrust Commercial Bank, First Commercial Bank, Intesa Sanpaolo, Natixis and Taishin International Bank have joined the transaction in general syndication.
Indonesia
Bayan ResourcesÆ $300 million multi-tranche debt package was inked on July 22 via mandated lead arrangers Commerzbank, ING Bank (Singapore), PT ANZ Panin Bank, Standard Chartered Bank (Jakarta) and Sumitomo Mitsui Banking Corp.
Credit Industriel et Commercial joined as a lead arranger. Mizuho participated as an arranger while PT Bank Mandiri (Persero) and DZ Bank came in as co-arrangers.
The deal comprises $150 million and $50 million five-year term loans and a $100 million three-year revolving credit. The margin of the loan is 230bp over Libor.
Proceeds are to refinance existing debt facilities and for working capital purposes.
New Zealand
Visy Kraft HoldingsÆ A$403.4 million five-year term loan has been sealed via a syndicate of four mandated arrangers on a club basis.
The deal is split into a A$253.4 million tranche, a A$100 million credit and a A$50 million portion.
Final allocations saw ANZ and National Australia Bank committing A$101.2 million apiece, while Commonwealth Bank of Australia took A$101 million. Westpac contributed A$100 million.
A NZ$400 million one-year acquisition facility for Wellington Electricity Distribution Network was signed on July 23 via lead arrangers Bank of Tokyo-Mitsubishi UFJ, Commonwealth Bank of Australia and Royal Bank of Scotland as a club deal.
Final allocations saw the lenders contributing NZ$133.3 million apiece. Cheung Kong Infrastructure Holdings and Hongkong Electric Holdings are the guarantors.
Proceeds are to support the acquisition of Wellington Electricity Distribution Network Holdings by Wellington Electricity Distribution Network, a subsidiary of Hong Kong-listed Cheung Kong Infrastructure Holdings and Hongkong Electric Holdings, from New Zealand energy infrastructure group Vector.
Singapore
Parkway HoldingsÆ S$850 million five-year dual-tranche debt package was completed yesterday (July 31) via mandated leads and bookrunners Calyon, DBS Bank, HSBC, Oversea-Chinese Banking Corp, Royal Bank of Scotland and Standard Chartered Bank.
The facility comprises a S$560 million tranche to be used for land acquisition and a S$290 million construction loan. The margin is priced at 200bp over SOR.
Syndication saw a total of 13 commitments - CIMB Bank and Natixis (Singapore) joined in as equal-status mandated lead arrangers. Coming in as lead arrangers were Bank of Tokyo-Mitsubishi UFJ and Commonwealth Bank of Australia (Singapore). China Construction Bank (Singapore), DZ Bank (Singapore), Maybank and NordLB (Singapore) joined in as arrangers. Rounding off the syndicate as lead managers were Banco Bilbao Vizcaya Argentaria (Singapore), Bank of East Asia, Korea Exchange Bank (Singapore), RHB Bank and State Bank of India (Singapore).
Proceeds are for the acquisition of a land site and for the construction of a new hospital.
Thailand
An $830 million 20.5-year fundraising for GHECO-ONE û an SPV of Glow Energy and Hemaraj Land & Development û was launched into syndication on July 16 via mandated lead arrangers KfW Bank, Standard Chartered Bank and Sumitomo Mitsui Banking Corp.
The financing is split into $630 million and $200 million facilities. The deadline for commitments is expected to be on August 8.
Taiwan
CX Technology CorpÆs NT$1.25 billion five-year multi-tranche facility was completed on July 23 via mandated lead arrangers and bookrunners Bank of Taiwan, Cathay United Bank and Taiwan Cooperative Bank.
The leads each committed NT$300 million, except Taiwan Cooperative Bank who contributed NT$350 million. Participants Shanghai Commercial & Savings Bank and Taichung Bank lent NT$200 million and NT$100 million respectively.
The debt package is split into an NT$850 million term loan and a NT$150 million revolver, which are priced at 92bp over the 90-day secondary CP rate; and a NT$250 million term loan with a margin of 112bp over the same benchmark.
Proceeds are for refinancing and working capital purposes.
Winsome DevelopmentÆs NT$3.25 billion dual-tranche facility was sealed on July 23 through mandated leads and bookrunners Cathay United Bank, Chang Hwa Commercial Bank and Hua Nan Commercial Bank.
Except for Cathay United Bank, which contributed NT$750 million, the leads lent NT$725 million each. Participant First Commercial Bank gave NT$300 million while Agricultural Bank of Taiwan, Bank of Taiwan and Taipei Fubon Commercial Bank held NT$250 million apiece.
The loan comprises NT$750 million and NT$2.5 billion term loans. Guaranteed by Tai Yuen Textile and secured by land and a building, the two bullet loans feature spreads of 65bp and 70bp over the 90-day secondary CP rate respectively, and have a commitment fee of 25bp.
Proceeds are to support the acquisition of land and for construction purposes.
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