Westfield GroupÆs $4 billion multi-tranche financing was launched into general syndication on May 8. The deal has already received $3 billion in commitments with a bank presentation held in Singapore on May 16.
The deal is split into a $1.46 billion nine month facility, a $2.19 billion three year loan that pays a margin of 35bp over Libor, a $210 million five year financing that carries a margin of 42.5bp and a $140 million two year portion.
Banks have been invited to join on six tiers. Bank joining with commitments of $225 million or above receive 20bp in fees while those providing between $150m and $225 million get 17.5bp. Commitments of $100 million to $150 million get 15bp while banks taking between $75 million and $100 million receive 12.5bp. Banks holding $50 million to $75 million receive 7.5bp and finally, those joining with holds between $25 million and $50 million get 5bp.
ANZ Investment Bank, Barclays Capital, Citigroup and National Australia Bank are the mandated arrangers and bookrunners of the facility.
Banks are expected to revert by the end of May.
Brunei
A $360 million dual tranche project financing has been completed for Brunei Methanol.
The facility is split into a $250 million bilateral loan provided by Japan Bank of International Cooperation and a $110 million 15 year credit facility
Bank of Tokyo-Mitsubishi UFJ led the 15 year portion while Mizuho Corporate Bank, Standard Chartered and Sumitomo Mitsui Banking Corp joined as arrangers.
Brunei National Petroleum and Itochu Corp are the sponsors. Proceeds are to support the development of a methanol plant at Sungai Liang Industrial Park.
China
Shanghai Xin Zhao Realty DevelopmentÆs RMB1.35 billion five year dual tranche credit was signed on May 12 via sole mandated lead arranger DBS Bank (Shanghai Branch).
The fundraising is split into a RMB1.3 billion term loan with an average life of 4.7 years and a RMB50 million portion. Both tranches carry a margin of 108bp priced over the PBOC rate.
Syndication saw five banks in total join as participants û Agricultural Bank of China, Bank of Communications, China Construction Bank, OCBC and United Overseas Bank.
Shanghai Xing Sheng Industrial Development is the guarantor. Proceeds are to refinance an existing debt facility and to provide for outstanding construction costs.
Hong Kong
Allocations for China Travel Service (Holdings)Æs HK$2.2 billion five year term facility have been finalised. The facility was oversubscribed and upsized from HK$2 billion due to an enthusiastic market response. A total of 20 banks joined the deal.
Mandated arrangers Bank of China and HSBC committed HK$400 million apiece while coordinating arrangers Agricultural Bank of China and Bank of East Asia took HK$160 million each. Bank of Communications held HK$130 million and Industrial & Commercial Bank of China lent HK$110 million. China Construction Bank and Bank of China (Tokyo Branch) held HK$90 million and HK$80 million respectively. Mizuho Corporate Bank and Wing Lung Bank provided HK$75 million each.
Arrangers Bank of China (Luxembourg Branch), Chong Hing Bank, Nanyang Commercial Bank and Tai Fung Bank took HK$65 million each while Bank of China (Macau Branch) held HK$55 million.
Senior managers Banco Bilbao Vizcaya Argentaria and Fortis Bank provided HK$50 million apiece while Shanghai Commercial Bank took HK$40 million. Maybank and Bank of China (Manila Branch) ended up with HK$35 million and HK$30 million respectively.
Florens MaritimeÆs $500 million dual tranche term loan was signed on May 11 via a consortium of 17 banks as a club deal.
The mandated lead arrangers were ABN AMRO, Bank of China (Hong Kong branch), Bank of Communications (Hong Kong branch), Bank of East Asia, Bank of Tokyo-Mitsubishi UFJ, Bayerische Landesbank (Hong Kong branch), Calyon, China Construction Bank (Hong Kong branch), China Merchants Bank (Hong Kong branch), Citibank (Hong Kong branch), DBS Bank (Hong Kong branch), Hang Seng Bank, HSBC, ICBC (Asia), Mizuho Corporate Bank (Hong Kong branch), Rabobank and SMBC.
The facility is split into a $300 million tranche æAÆ and a $200 million tranche æBÆ, both with a tenor of six years. The deal offers a spread of 32bp over Libor, with an average life of five years and grace period of 18 months.
In tranche æAÆ, Bank of China committed $27 million with China Merchants Bank holding $12 million. The remaining 15 mandated lead arrangers all contributed $17.4 million apiece.
Similarly in tranche æBÆ, Bank of China provided $18 million with China Merchants Bank giving $8 million. An equal portion of $11.6 million was lent by each of the other banks.
Proceeds of the loan are for general corporate purposes.
A HK$2 billion five year term loan for Nine Dragons Paper has been launched into sub-underwriting via sole mandated arranger Bank of China.
The facility features a margin of 45bp over Libor. Banks committing HK$300 million or more receive the co-arranger title and a participation fee of 35bp for an all-in of 52bp over Libor.
The deal will be launched into general syndication next week and is expected to close in early June.
A HK$900 million four year facility for Peace Mark (Holdings) was launched into sub-underwriting via mandated lead arrangers ABN AMRO, Commonwealth Bank of Australia and ING Bank. ABN AMRO and ING Bank are the bookrunners.
The dual tranche facility is split into a HK$720 million term loan and a HK$180 million revolver with a blended average life of 3.2 years.
In sub-underwriting, mandated lead arrangers contributing HK$125 million and above receive an underwriting fee of 7.5bp and a front-end fee of 47.5bp.
Two tiers are being offered in syndication. Lead arrangers providing HK$50 million and above earn a management fee of 47.5bp and senior managers committing HK$25 million to $49 million take 42.5bp.
The loan is to refinance a HK$630 million facility signed in April 2005. Sub-underwriting is targeted to close on May 25 and general syndication in early June.
Seaspan CorpÆs $1.3 billion seven year financing has been completed via a consortium of 19 banks.
Mandated arrangers in the facility are Fortis Capital Corp, Citigroup, Credit Suisse, DnB Nor and Landesbank Hessen Thuringen.
Alliance & Leicester, Bank of Ireland, Bank of Scotland, Calyon, CIC Finance, Dexia, HSH Nordbank, HVB Group, KfW, Lloyds TSB Bank, NIBC Bank, Sumitomo Mitsui Banking Corp and Swedbank joined as participants.
The deal features a one-year extension option and a margin of 70bp over Libor. Proceeds are to support the purchase of vessels and to refinance existing debt.
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