Qantas AirwaysÆ $385 million equivalent 12-year aircraft financing was launched into general syndication last week via sole mandated lead arranger and bookrunner Bank of China (Hong Kong).
The margin of the dual-currency facility is 75bp over Libor or BBSY and has a commitment fee of 30bp. The amortising credit features an average life of roughly 7.5 years.
Banks are welcome to come in at three levels. Lead arrangers committing $30 million or above get an upfront fee of 52.5bp, lead managers lending $20 million to $29 million gain 37.5bp, and managers giving $10 million to $19 million take 22.5bp.
Proceeds will be used to purchase two A380 and one A330 Airbus aircraft. The planes will be delivered this year.
Banks have until the middle of June to revert.
China
A $45 million three-year term loan for China Huiyuan Juice Group was inked on May 19 via sole lead arranger and bookrunner ABN AMRO, who lent $10 million. Participants Rabobank contributed $15 million, while Commerzbank and Oversea-Chinese Banking Corporation ended up with $10 million each.
Proceeds are to finance the borrowerÆs capital expenditures and for working capital purposes.
A $100 million three-year financing for Shanghai Zhenhua Port Machinery has received two commitments so far at the top-level. Calyon and Royal Bank of Scotland are the mandated arrangers and bookrunners.
The bullet loan pays a spread of 215bp over Libor.
The closing date for senior syndication is scheduled for the end of this week and general syndication will be launched soon after.
Proceeds are for working capital requirements.
Wuhan Iron & SteelÆs $200 million 3.5-year credit is being well received in syndication with over $100 million from both written and verbal 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 has seen around 10 banks joining in. Banks have until next week to revert.
Hong Kong
COSCO Pacific ShippingÆs $97.2 million 10-year revolver was sealed on May 21 via lead arrangers BNP Paribas and Mizuho Corporate Bank on a club basis.
Allocations saw BNP Paribas committing $57.2 million, while Mizuho Corporate Bank held $40 million.
A HK$9 billion dual-tranche facility for Hutchison Telecommunications International and Hutchison Telephone Co was signed on May 15 on a club basis.
The 364-day financing, which pays a spread of 55bp over Hibor, is split into a HK$3 billion term loan and a HK$6 billion revolver.
Mandated lead arrangers ABN AMRO, BayernLB, Calyon, Rabobank, DBS Bank, Fortis Bank, HSBC, ING Bank, Standard Chartered Bank and Sumitomo Mitsui Banking Corporation committed HK$900 million apiece.
Proceeds are for general corporate purposes.
Coordinator Hang Seng Bank has approached existing relationship banks for Tongda Group HoldingsÆ HK$300 million three-year term loan.
The deal pays a spread of 110bp over Hibor and has an average life of two years. It is likely the facility will be completed on a club-style basis.
The signing ceremony is expected to take place by next week.
A $200 million debt package for TPV Technologies was launched into syndication last week 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.
Syndication is slated to close in late June.
India
Vedanta ResourcesÆ $1 billion take-out facility has yet to be formally launched into syndication. The coordinating arrangers and bookrunners are ABN AMRO, Bank of Tokyo-Mitsubishi UFJ, Barclays, Calyon, Citi, Standard Chartered Bank and Sumitomo Mitsui Banking Corporation.
The five-year amortising term loan pays a spread of 200bp over Libor in the first year and steps up to 300bp afterwards.
Mizuho Corporate Bank and State Bank of India have both joined the syndicate at the top level prior to the launch, with two more lenders processing approvals.
Proceeds are to take out the one-year bridge facility signed last August to support the acquisition of a 51% stake in India-listed iron-ore exporter Sesa Goa from Japan-listed Mitsui & Co.
Indonesia
PT IndosatÆs $200 million five-year fundraising is being well received in general syndication via mandated leads DBS Bank and ING Bank.
The deal is currently oversubscribed and the $100 million greenshoe option is likely to be exercised. The average life of the deal is 4.02 years. Offshore banks are paid a margin of 185bp over Libor while onshore lenders get 190bp.
Proceeds are to refinance an existing debt facility, and to provide for capital expenditure and working capital requirements.
The deadline for commitments is slated for early next week, with signing targeted for mid-June.
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