Beach PetroleumÆs A$300 million dual tranche revolving credit has been completed as a club via Commonwealth Bank of Australia and Societe Generale Australia, both of which took A$150 million each.
The facility carries a tenor of three years and the funds are to refinance existing debt.
China
China Southern AirlinesÆ $107 million 14 year facility was signed on May 24 via sole mandated lead arranger DBS Bank.
Syndication saw only Bank of China (Tokyo Branch) joining as a participant.
The deal has an average life of seven years and proceeds are to finance the purchase of four Boeing aircraft.
China Development Bank and Korea Development Bank have been mandated for Hynix-ST Semi Conductor WuxiÆs $650 million bridge loan with the tenor undecided at either six or 12 months.
The purpose of the loan is to fund the purchase of machinery and is targeted to launch in mid June.
The loan is separate to the current $750 million five year facility which also has China Development Bank and Korea Development Bank as lead arrangers. Proceeds are to fund the construction of the second phase of the wafer plant project.
Sub-underwriting for Tianrui Cement is slated to close at the end of the week. The RMB3 billion five year multi-tranche term loan has been oversubscribed and saw Agricultural Bank of China, Citic Industrial Bank, ING Bank, International Finance Corp, Societe General join original mandated arranger JPMorgan at the top.
A few banks in China are still getting their approvals processed. General syndication is expected to be launched next week.
Hong Kong
HSBC has launched Citic SecuritiesÆ HK$500 million revolver into general syndication. The deal pays a margin of 95bp over Hibor and will be used for working capital purposes.
Arrangers joining with commitments of HK$70 million or above get an upfront fee of 35bp for a top level all-in of 106.7bp, co-arrangers lending HK$50 million to HK$65 million receive 25bp for an all-in of 103.3bp, and senior managers taking between HK$30 million and HK$45 million earn 15bp for an all-in of 100bp.
Banks are expected to respond by June 15.
Syndication is still ongoing for HKR InternationalÆs HK$2 billion five year revolver via mandated arrangers Calyon, HSBC and Standard Chartered.
Banks have been invited to join on three levels. Arrangers lending HK$200 million or more get a management fee of 45bp for an all-in of 43bp, co-arrangers committing between HK$150 million and HK$195 million receive 40bp for an all-in of 42bp while lead managers holding between HK$75 million and HK$145 million get 35bp for all-in of 41bp.
Proceeds are to refinance an existing facility signed in October 2002. Banks have until tomorrow (June 8) to respond.
Union King (Hong Kong)Æs HK$3 billion dual tranche fundraising has been inked on a club basis via a syndicate of ten banks.
The deal comprises a HK$2 billion term loan and a HK$1 billion revolver. It features a spread of 32bp over Hibor and carries a tenor of four years.
Bank of China, China Construction Bank, DBS Bank, HSBC and Industrial and Commercial Bank of China committed HK$370 million each while Chong Hing Bank, Sumitomo Mitsui Banking Corp and Wing Lung Bank took $250 million apiece. Bangkok Bank and Standard Chartered Bank ended up with HK$200 million each.
Nan Fung Development, Nan Fung Textiles, K Wah International Holdings and Sino Land acted as guarantors in the facility.
United Asia FinanceÆs HK$1.5 billion three year term loan, which saw six commitments in sub-underwriting, has launched into general syndication. Bank of Communications, Bank of East Asia, First Commercial Bank, Fubon Bank, Mizuho Corporate Bank and Taishin International Bank joined sole mandated arranger Standard Chartered as mandated arrangers.
The facility amount has been lowered from HK$1.7 billion by the borrower. It features a spread of 70bp over Hibor.
Banks have been invited to join on three tiers. Arrangers committing HK$130 million or above receive a participation fee of 30bp for an all-in of 80bp while senior managers holding between HK$100 million and HK$120 million get 27bp for an all-in of 79bp. Managers providing between HK$70 million and HK$90 million gain 24bp for an all-in of 78bp.
Banks are slated to revert by June 15.
¬ Haymarket Media Limited. All rights reserved.
