Bank of QueenslandÆs $200 million senior credit is being well received in syndication via mandated leads and bookrunners ABN AMRO and Chinatrust Commercial Bank.
The bullet loan features a two-and-a-half-year tenor and a spread of 100bp over Libor. So far, 13 commitments have been received in syndication with the deal likely to be upsized. Syndication is slated to close by early next week.
The funds are for general corporate and working capital requirements.
BBP Finance AustraliaÆs A$2.7 billion multi-tranche debt package has been launched into general syndication via a consortium of 10 mandated lead arrangers û ANZ, BNP Paribas, Commonwealth Bank of Australia, Dexia, nabCapital, Natixis, Societe Generale, Suncorp-Metway, UniCredit Group and WestLB. With the exception of Suncorp-Metway, all the banks are also acting as bookrunners The loan was funded in early June.
The facility comprises a A$1.6 billion three-year loan, a A$960 million five-year debt, a A$60 million one-year portion and an A$80 million one-year revolver.
Proceeds are to refinance existing bridge facilities and for working capital requirements.
Senior syndication of a A$3.57 billion multi-tranche transaction for BrisConnections Finance Property led by Allied Irish Banks, ANZ, BNP Paribas, Bank of Scotland, DEPFA Bank, DZ Bank, Industrial & Commercial Bank of China, Societe Generale, United Overseas Bank and UniCredit is closing by the end of July and general syndication is expected to launch in early August.
The bullet facility is divided into two bridge loans, comprising a A$200 million six-year offer and a $475 million four-year offer; a A$3.15 billion four-year construction loan, which converts to a six-year term loan afterwards; and a A$120 million reserve facility.
The margin of the fundraising is 65bp and 190bp over BBSY for the bridge loans. Pricing of the construction loan is 190bp over BBSY; upon conversion into a term loan in year five, the margin will be 175bp over BBSY but then steps up to 180bp in years seven to eight, and to 185bp in years nine to 10. The pricing of the reserve facility is 185bp over BBSY.
Mandated lead arrangers joining with A$200 million and underwriting A$150 million get a fee of 140bp, while banks with the same title but providing only A$150 million earn 125bp. Co-arrangers lending A$125 million take 115bp.
Proceeds are to support the construction of the Northern Busway in Brisbane that will connect Brisbane to the northern suburbs.
A A$2.8 billion three-year financing for Singapore Power SPV SPI (Australia) Assets has received an overwhelming response from the market. The mandated arrangers and bookrunners are ANZ, BNP Paribas, Commonwealth Bank of Australia, Royal Bank of Scotland and Westpac.
The margin is priced at 85bp over BBSY and is tied to a ratings grid where an increment of 5bp will be added each time the rating of the borrower decreases. Singapore Power is acting as the guarantor.
Final allocations are not yet disclosed as the deal is currently in the documentation stage.
The signing date is slated for next Tuesday (July 15). Proceeds are to refinance existing loans signed in 2007 that were used for the acquisition of Alinta assets.
China
Syndication of Eternal Chemical (Guangdong)Æs $49 million-equivalent three-year fundraising has been closed via sole bookrunner BNP Paribas.
The facility is split into a $35 million term loan paying a margin of 200bp over Libor, and a Rmb97 million tranche priced at 110% of the three-year PBOC rate.
Syndication saw a total of five banks joining in û Bangkok Bank, Bank of China, Intesa Sanpaolo, Mizuho Corporate Bank and Sumitomo-Mitsui Banking Corp. Final allocations are currently being finalised.
The signing ceremony is scheduled for the end of this month. Proceeds are to refinance existing debt and for working capital requirements.
Hong Kong
Crown Worldwide MoversÆ HK$85 million three-year and three-month financing has been launched into general syndication via mandated lead arrangers and bookrunners BNP Paribas and Standard Chartered Bank.
The deal pays a spread of 267bp over Libor and has an average life of 2.4 years.
Banks are invited to join at three levels. Coordinating arrangers earn an upfront fee of 90bp by contributing HK$20 million or above, arrangers take 82.5bp by committing HK$14 million to HK$19 million and co-arrangers receive 75bp with tickets of HK$8 million to HK$13 million.
Banks are to revert by July 18. Proceeds are to refinance an existing bridge facility signed in 2006 and for working capital purposes.
A $200 million three-year dual-tranche debt package for TPV Technology was closed last week via eight mandated lead arrangers - ABN AMRO, Bank of America, BNP Paribas, CITIC Ka Wah Bank, ING Bank, Oversea-Chinese Banking Corp, Rabobank and Standard Chartered Bank. All the lenders are also acting as bookrunners with the exception of Bank of America, CITIC Ka Wah Bank and Oversea-Chinese Banking Corp. The deal was upsized from $150 million due to a good market response.
The term loan comprises a $193 million portion with the remaining $7 million tranche being syndicated in HK dollar equivalent. The margin is 100bp over Libor with an average life of 2.125 years.
Final allocations saw all the mandated leads contributing $14 million apiece. Coordinating arrangers Bank of Nova Scotia and Chang Hwa Commercial Bank provided $11.5 million each, while Bank Sinopac and Mizuho Corporate Bank took $9 million apiece.
Coming in as lead arrangers with holds of $6.5 million each were Chinatrust Commercial Bank, First Commercial Bank, Land Bank of Taiwan, Taiwan Business Bank, Taiwan Cooperative Commercial Bank and Taishin International Bank. Rounding off the syndicate were Hua Nan Commercial Bank and Bank Mandiri (Persero) taking $4 million apiece.
Proceeds are for working capital purposes.
¬ Haymarket Media Limited. All rights reserved.
