The A$995 million multi-tranche facility for Myer is still progressing in general syndication. Credit Suisse, Goldman Sachs JB Were and National Australia Bank are leading the deal. Thus far, the financing has secured at least 10 commitments from banks. A handful of banks are said to be in the final stages of gaining credit approvals.
The six year facility is split into an A$675 million amortising term portion, an A$300 million revolver and an A$20 million capital expenditure facility. Proceeds will be used to support the A$1.4 billion Newbridge and Texas Pacific-led leveraged buyout of the Myer department store chain.
China
The $425 million multi tranche financing for AU Optronics (Suzhou) Corporation and AU Optronics (Xiamen) Corporation was signed on Wednesday (August 2). A total of 21 banks are participating the deal.
China Southern Airlines has successfully raised $450 million via a consortium of seven banks. Mandated lead arrangers are BNP Paribas, Calyon and SG while three other lenders are BayernLB, DekaBank Deutsche Girozentrale, KfW and NordLB. All mandated lead arrangers are running the books.
The 10 year facility will be used to support the purchase of four Boeing 737-700 and six Airbus A320-200. Signing took place on Monday (July 31).
Jiangsu Century Texhong Textile, Taizhou Texhong Yintai Textile, Xuzhou Texhong Tims Textile and Texhon (China) InvestmentÆs $35 million three year fundraising was signed on Tuesday (August 1).
Coordinating arranger ABNAMRO contributed $11 million while arranger Oversea-Chinese Banking Corporation committed $6 million. Citic Ka Wah Bank, Korea Development Bank and Korea Exchange Bank joined as senior managers with tickets of $5 million apiece and Asia Commercial bank ended up with $3 million. Proceeds are for general corporate purposes.
Joint mandated lead arrangers and bookrunners HSBC and Mizuho Corporate Bank are set to launch Long Chen (Zhejian) Paper FactoryÆs $68 million five year financing. The borrowerÆs Taiwanese parent company, Long Chen Paper Corp last visited the market in April 2005 when it raised NT$1.2 billion. That five year facility offered a spread of 75bp over CP rate. Proceeds were used to refinance existing debt and for working capital requirements.
The second biggest home-appliance retailer, Sunning Appliance has secured a Rmb10 billion credit line from state policy lender China Development Bank to fund its expansion plans.
Zhenjiang Union Chemical Industry Corp (Union) and Zhuhai Unicizers Industrial Corp (Unicizers)Æs $100 million renminbi equivalent fundraising has been closed via mandated lead arrangers BNP Paribas and Mizuho Corporate Bank. The three year facility has received commitments from nine banks with total subscriptions of $138 million. However, the facility size is unlikely to be increased according to bankers close to the deal. The dual tranche financing is guaranteed by the borrowersÆ Taiwanese parent company, UPC Technology Corp.
Hong Kong
Allocations for Champion REITÆs HK$7.2 billion financing have been finalised. The three year facility saw seven banks join in general syndication.
Mandated lead arrangers are Bank of East Asia, Citigroup Global Markets Asia, Hang Seng Bank, HSBC, ICBC Asia, JP Morgan Securities Asia and SMBC û ended up with HK$762.5 million apiece. Bank of China came in with a hold of HK$662.5 million and joined as an equal status lead arranger.
Arrangers are UOB Asia and Liu Chong Hing Bank committing HK$500 million and HK$200 million respectively. Five others û DBS Bank, DZ Bank, Malayan Banking, Nanyang Commercial Bank and Tai Fung Bank û joined as managers with tickets of HK$100 million each.
The revolver is priced at 53bp over Hibor and proceeds will be used to support a real estate investment trust of Great Eagle Holdings.
Chinese Estates (Tung Ying Building)Æs HK$2.26 billion fundraising has been allocated. The four-and-a-half-year facility saw 11 banks participate in syndication.
Joint mandated lead arrangers Bank of China (Hong Kong) and Standard Chartered ended up with HK$350 million and HK$220 million respectively. Co-ordinating arrangers are Dah Sing Bank and DBS Bank holding HK$250 million each. Three others are Liu Chong Hing Bank, Nanyang Commercial Bank and SMBC contributing HK$180 million apiece.
Arrangers are Bank of China (Macau) and Wing Lung Bank providing HK$150 million each, Cathay United Bank and Tai Fung Bank lending HK$100 million apiece. Lead managers are Bank of East Asia and Hua Nan Commercial Bank û joined with commitments of HK$75 million each.
The facility is guaranteed by Chinese Estates Holdings and proceeds will be used to fund the redevelopment of Tung Ying Commercial Building.
Signing is targeted for mid-August.
Rumor has it that Hutchison Whampoa is seeking a HK$9 billion financing. The borrowerÆs subsidiary, AS Waston last tapped the market in July 2006 when it raised Ç600 million via a five year term facility. That facility was priced at 27bp over Euribor and was led by Calyon, Natexis Banques Populaires, SG and Banca Intesa.
K Wah Stones HoldingsÆ HK$1.5 billion revolver has been launched via mandated co-ordinating arrangers Bank of China (Hong Kong), Hang Seng Bank and Standard Chartered. The financing is split equally between a three year portion that is priced at 55bp over Hibor and a five year tranche that features a margin of 58bp over Hibor.
Banks are being invited to join on three tiers. Co-ordinating arrangers providing HK$200 million or above earn 34bp, translating to a top level all-in of 65bp over Hibor. Co-arrangers lending HK$130 million to HK$190 million receive 26bp for an all-in of 63bp while senior managers taking HK$50 million to HK$120 million get 18bp for an all-in of 61bp over Hibor.
The Hong Kong-listed parent company, K Wah International Holdings is acting as a guarantor. Proceeds will be used for general working capital.
Banks have until August 17 to respond.
Allocations have been finalised after a long wait following the close of Lee & Man Paper ManufacturingÆs HK$1 billion five year facility. A total of 12 banks are joining the deal.
Mandated co-ordinating arrangers are BNP Paribas, Bank of China (Hong Kong), Bank of Communications, Bank of Tokyo-Mitsubishi UFJ, Citigroup, China Construction Bank, Export Development Canada, Fortis Bank, ICBC Asia, Mizuho Corporate Bank, SMBC and UOB Asia û joined with holds of HK$83.33 million each.
Citigroup is running the books on a sole basis. The five year facility offers a margin of 58bp over Hibor and proceeds will be used to refinance existing debt and for working capital requirements.
Signing was held on Monday (July 31).
Superior International FinanceÆs $6.45 billion facility has been signed. Sole mandated lead arranger Standard Chartered (Hong Kong) saw seven banks join in general syndication. They are Bangkok Bank Public (Hong Kong), Cathay United Bank (Hong Kong), Bank Sinopac, Export Development Canada, Mizuho Corporate Bank (Hong Kong), Hang Seng Bank and Citic Ka Wah Bank.
The three year facility offers a spread of 85bp over Libor and is guaranteed by Roly International Holdings. Proceeds will be used to refinance existing debt and for general corporate purposes.
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