CLP Australia FinanceÆs A$300 million one-year fundraising has been completed via lead arrangers Commonwealth Bank of Australia and National Australia Bank as a club deal. TRUenergy Holdings is acting as the guarantor.
A A$360 million dual-tranche loan for QIC Retail was sealed on June 4 via mandated leads Commonwealth Bank of Australia and Suncorp-Metway on a club basis.
The facility is split into two A$180 million term loans with a two-year and a four-year tenor.
Allocations saw the lenders provide A$180 million each.
Tatts GroupÆs A$1.1 billion multi-tranche fundraising was signed on June 5 via mandated arrangers and bookrunners ANZ, Commonwealth Bank of Australia, National Australia Bank, Royal Bank of Scotland and Westpac Banking Corporation.
The loan is split into three revolvers, a A$220 million one-year credit, a A$691 million three-year tranche and a A$189 million five-year portion.
Final allocations saw Westpac contributing A$250 million, while the other four mandated leads provided A$200 million apiece. Coming in as a lead manager was BNP Paribas with a hold of A$50 million.
Proceeds are for general corporate purposes and to refinance existing debt.
China
China Central PlaceÆs $400 million two-year debt package was simultaneously launched into senior and general syndication last week via sole mandated arranger Credit Suisse.
Banks have until the end of June to revert. Proceeds are to refinance a $350 million loan signed in 2006.
Syndication of Shanghai Forte LandÆs Rmb1 billion three-year facility is coming to an end with one more bank expected to join. The mandated leads are Hang Seng Bank and Standard Chartered Bank.
The bullet loan pays a spread of 110% of the PBOC rate and is likely to be completed on a club-style basis. So far syndication has seen two banks joining in û China Zheshang Bank and First Sino Bank.
The funds are to support the purchase of two buildings in Beijing.
Shanghai Zhenhua Port MachineryÆs $125 million three-year financing was launched into general syndication earlier this week (June 10) via original mandated leads and bookrunners Calyon and Royal Bank of Scotland.
The bullet loan pays a spread of 215bp over Libor.
So far, senior syndication saw four banks joining at the top-level û BayernLB, Commerzbank, Fortis and Industrial & Commercial Bank of China (Asia). The loan has already been upsized from $100 million.
Proceeds are for working capital requirements.
A $200 million three-and-a-half-year credit for Wuhan Iron & Steel is being well received in syndication with seven firm commitments so far. The bookrunners are Calyon and Royal Bank of Scotland.
The deal features a spread of 180bp over Libor, flexed-up from 110bp. Syndication is slated to close soon.
The funds are for working capital requirements.
Hong Kong
Champion Real Estate Investment TrustÆs HK$2.95 billion five-year dual-tranche financing was completed on June 3 via mandated leads Bank of China (Hong Kong Branch), Bank of East Asia, Citi, Hang Seng Bank, HSBC and Industrial & Commercial Bank of China (Asia) as a club deal.
The credit is split into a HK$2.45 billion term loan and a HK$500 million revolver with margins priced at 59bp over Hibor.
Proceeds are to fund the purchase of Langham Place, a commercial complex located in Hong Kong.
A HK$350 million three-year term loan for Tongda Group Holdings was sealed on June 6 via a consortium of six lead arrangers on a club basis û Bank of East Asia, Bank of Tokyo-Mitsubishi UFJ, DBS Bank, Hang Seng Bank, HSBC and KBC Bank.
The deal pays a spread of 110bp over Hibor and has an average life of two years. The funds are to refinance an existing HK$200 million facility signed in 2006.
TPV TechnologiesÆ $150 million three-year fundraising is in syndication via a consortium of eight mandated arrangers û ABN AMRO, Bank of America, BNP Paribas, CITIC Ka Wah Bank, ING Bank, Oversea-Chinese Banking Corporation, 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 pays a spread of 100bp over Libor and has an average life of 2.125 years. Due to liquidity issues, banks are able to commit either in HK dollars or US dollars.
Banks are welcome to join at three levels. Coordinating arrangers committing $15 million or more get an 83bp participation fee, while lead arrangers
and arrangers committing $10 million to $14 million and $5 million to $9 million receive 75bp and 68bp respectively.
A bank presentation was held in Hong Kong yesterday (June 12) and syndication is slated to close by June 23. Proceeds are for working capital purposes.
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