A A$170 million multi-tranche LBO facility for BNT Holdco, an SPV of Bras N Things, is looking to close syndication in the coming week via mandated lead arrangers ANZ, Bank of Scotland (International) and Royal Bank of Scotland.
The loan comprises an A$80 million six-year bullet, a A$50 million amortising loan, a A$10 million six-year revolver and a A$30 million 6.5-year subordinated debt portion.
Proceeds are to support the ANZ Capital and Hastings Private Equity-led leveraged buyout of Bras N Things.
Crown Group FinanceÆs A$600 million five-year dual tranche credit was launched into general syndication on May 9 via mandated arrangers and bookrunners ANZ, Bank of America, Commonwealth Bank of Australia, Royal Bank of Scotland and Westpac.
The deal is split equally into a term loan and a revolver portion.
The funds are to refinance existing debt and for general corporate purposes for casino operator Crown.
Primary HealthcareÆs A$2.54 billion multi-tranche fundraising has been launched into general syndication via lead arrangers and bookrunners ABN AMRO, Calyon, Credit Suisse, Deutsche Bank and National Australia Bank.
The two-year credit comprises a A$1.44 billion loan, a A$1 billion bullet and a A$100 million portion with a 12-month extension option. The deal has been partially funded.
Around eight commitments were already received in sub-underwriting and a further two banks, ANZ and Commonwealth Bank of Australia have joined in as early birds in general syndication with holds of $100 million each.
Syndication is slated to close by mid-June. Proceeds are to support the acquisition of Symbion Health.
Telstra CorporationÆs five-year term loan was upsized to $600 million from $500 million and sealed on May 20 via mandated lead arrangers Bank of China (Hong Kong) and Bank of China (Sydney).
The deal, which pays a spread of 80bp over three-month Libor, saw a total of eight international banks joining from Asia and Europe. The two mandated leads contributed $305 million altogether, while coordinating lead arrangers Sumitomo Mitsui Banking Corporation and Bank of Tokyo-Mitsubishi UFJ held $100 million and $75 million respectively.
Senior managers Banco Bilbao Vizcaya Argentaria (Singapore) contributed $50 million and DZ Bank (Singapore) gave $40 million. Managers Banca Monte Dei Paschi Di Siena, Cathay United Bank and Hua Nan Commercial Bank lent $10 million apiece.
Proceeds are for general corporate purposes.
China
Industrial & Commercial Bank of China (Asia), ING Bank, Rabobank, RBS and WestLB have re-launched a $248.3 million equivalent multi-tranche facility for Asia Timber Products, an SPV for Plantation Timber Products Group, into syndication. The previous structure of the loan required lenders to commit on a pro-rata basis to the onshore and offshore tranches û this has now been withdrawn and banks are allowed to commit to either portion.
The dual currency loan comprises an offshore portion made up of an $80 million five-year financing and a $116.5 million six-year credit, while the onshore tranche consists of a Rmb252 million six-year portion and a Rmb108 million five-year revolver. The dollar portions feature spreads of 275bp and 325bp over Libor respectively, while the two renminbi tranches are priced at 110% of the PBOC rate.
Banks have been invited on two levels. Mandated lead arrangers providing $25 million and above receive 175bp in upfront fees while lead managers lending between $15 million and $24 million gain 150bp flat.
Proceeds are to refinance an $86 million LBO financing for Plantation Timber Products Group in 2006 and to support an add-on acquisition of Asia Dekor Holdings.
Shanghai Zhenhua Port MachineryÆs $100 million three-year financing has been launched into senior syndication via mandated arrangers Calyon and Royal Bank of Scotland.
The loan pays a spread of 215bp over Libor.
A title of equal-status mandated arranger is given to banks committing $20 million and above on a take-and-hold level.
The closing date for senior syndication is scheduled for the end of May and general syndication will be launched soon after.
A $138 million 12-year revolving credit for Yu Zhong Hai Maritime and Yu Hua Hai Maritime, SPVs of Qingdao Ocean Shipping Company, has been inked via coordinating arrangers BNP Paribas (Hong Kong Branch), Bank of China and Bank of China (Hong Kong Branch) on a club basis.
Proceeds are to finance the construction of two shipping vessels.
Hong Kong
Citic PacificÆs $523 million shipping facility, arranged by Bank of Tokyo-Mitsubishi UFJ, BNP Paribas, Calyon and Standard Chartered, is expected to close in June.
The term loan is split into a three-year pre-delivery tranche and a 12-year post-delivery portion. Proceeds are to support the purchase of 12 115,000 dead-weight tonne (dwt) vessels.
A $160 million four year debt package for Pacific Andes Treasury Management was inked earlier this week (May 20) via mandated arrangers Bank of China (Tokyo Branch), CITIC Ka Wah Bank, Rabobank and Standard Chartered Bank.
The deal comprises a $100 million term loan and a $60 million revolver. The margin is priced at 125bp over Libor and features an average life of three years. The parent company Pacific Andes International Holdings is acting as the guarantor.
Final allocations saw the mandated arrangers committing $30 million apiece while co-arranger Bank of China (Singapore Branch) took $10 million.
Coming in as lead managers were Bank of Taiwan, Industrial & Commercial Bank of China (Asia), Taipei Fubon Commercial Bank, Taishin International Bank, Taiwan Business Bank and United Overseas Bank holding $5 million each.
Proceeds are to refinance an existing debt signed in July 2006 and for working capital purposes.
Yau Lee ConstructionÆs HK$260 million three-year revolver was signed on May 20 via sole bookrunner BNP Paribas. The deal was slightly oversubscribed.
The margin is priced at 110bp over Hibor and features an average life of 2.7 years. The facility also features a two-year extension option. Parent company Yau Lee is acting as the guarantor.
Final allocations saw the bookrunner contributing HK$50 million while equal-status arrangers Hang Seng Bank and Nanyang Commercial Bank held HK$75 million apiece. Coming in as arrangers were Industrial & Commercial Bank of China (Asia) and Bank of East Asia, providing HK$35 million each.
The funds are to support construction costs.
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