COSCO Container Lines CorpÆs $100 million three year revolving credit was signed yesterday (May 31) via mandated lead arrangers DnB NOR Bank, Citigroup and Mizuho Corporate Bank. The deal was funded in April 2007.
The facility carries a margin of 28.5bp with a top level all-in of 38bp over Libor.
Syndication was oversubscribed and final allocations saw DnB NOR Bank, Mizuho Corporate Bank and Citigroup contribute $30 million, $20 million and $10 million respectively. Coming in as arrangers were Banca Intesa, Bank of Tokyo-Mitsubishi UFJ, BayernLB and OCBC committing $10 million apiece.
Proceeds are for general corporate purposes and to refinance existing debt.
ChinaÆs largest LBO facility, a $430 million dual-tranche term loan for Huawei-3Com Technologies, was signed on May 25 via sole mandated arranger Goldman Sachs. 3-Com Corp is the financial sponsor and will use the funds to purchase the remaining 49% stake in the borrower.
The financing is divided into tranche æAÆ, a $230 million three-and-a-half year term loan, priced at 200bp over Libor and tied to a debt-to-Ebitda grid; and tranche æBÆ, a $200 million five-and-a-half year portion with the pricing undisclosed.
Tranche æAÆ was oversubscribed and allocations saw the sole mandated lead commit $10 million. Coming in as lead arrangers in sub-underwriting were ICBC Asia and WestLB contributing $25 million and $45 million respectively. Arrangers Hana Bank (Hong Kong Branch) provided $12.5 million, with Bank of China (Hong Kong Branch), Bank of Nova Scotia and CITIC Ka Wah Bank taking $9.5 million apiece. HSH Nordbank (Hong Kong Branch), Rabobank International (Hong Kong Branch), Skandinaviska Enskilda Banken and Taipei Fubon Commercial Bank also held $9.5 million each. Sole lead manager Bank of East Asia took $7.5 million with senior managers Bank of America (Hong Kong Branch) and Maybank (Hong Kong Branch) committing $5 million each. The remaining commitments of $53.5 million and the allocations for tranche æBÆ were provided by institutional investors which were undisclosed.
Tickets offered in general syndication were on three levels. Arrangers committing $20 million and above gained 60bp flat, lead managers providing $15 million to $19 million received 50bp and senior managers holding $10 million to $14 million earned 40bp.
The facility is secured over shares and assets at offshore levels, as well as shares within the PRC subsidiary.
A $65 million three year dual-tranche loan for Texhong Textile has been launched into syndication via mandated arrangers ABN AMRO and Citigroup.
The facility is split into a $45 million term loan and a $20 million revolving credit.
CITIC Ka Wah Bank and OCBC have joined in syndication as mandated arrangers with syndication targeted to close in early June.
Wacker Chemical Fumed Silica (Zhangjiagang)Æs RMB320 million four year fundraising has been completed via mandated arranger HSBC which took RMB160 million.
Lenders Agriculture Bank of China and Bank of Communications took RMB80 million each.
Wacker Chemie is the guarantor. Proceeds are to finance 44% of the construction and development of the fumed silicon project in Zhangjiagang, Jiangsu Project and for general corporate purposes.
Hong Kong
A $100 million three year revolving credit facility for Agile Property Holdings has been launched into general syndication via HSBC.
The dual-currency deal features an average life of three years and a margin of 150bp over Hibor.
Banks have been invited on three tiers. Arrangers committing $15 million and above receive 35bp over Hibor while co-arrangers lending between $10 million and $14 million get 25bp and senior managers holding between $5 million and $9 million get 15bp.
A site visit in China is scheduled for June 5. Banks have until June 15 to respond.
Beijing Enterprises HoldingsÆ HK$2.1 billion five year term facility was signed on May 29 via mandated arrangers Bank of China, BNP Paribas, Calyon, DBS, Mizuho Corporate Bank and Rabobank.
The deal is still under syndication with banks expected to revert by June 8.
The margin is 28.5bp over Hibor. Proceeds are for general corporate purposes.
A HK$2.1 billion revolving and term credit facility for CITIC Pacific was signed on May 29 as a club transaction via a consortium of seven banks. Mandated lead arrangers were Agricultural Bank of China (Hong Kong Branch), Bank of Communications (Hong Kong Branch), Bank of East Asia, Bank of Tokyo-Mitsubishi UFJ, Calyon, DBS Bank and ICBC (Asia).
The deal pays a spread of 35bp over Hibor with a seven year tenor.
Allocations saw the mandated lead arrangers contribute equal portions of HK$300 million each. Proceeds are for general corporate purposes.
Pacific TextilesÆ HK$600 million three year financing has been launched into general syndication via sole mandated lead arranger Citigroup.
The single-tranche deal pays a margin of 49bp over Libor and has an average life of 1.91 years.
Syndication is set to close on June 8.
Success UnitedÆs HK$1 billion dual-tranche facility was inked on May 25 via mandated arranger Bank of China.
The deal is split equally into a term loan and a revolver and features a spread of 32.5bp over Hibor. Allocations are yet to be finalised.
TOM GroupÆs $230 million one year multicurrency bridge facility has signed via sole mandated arranger DBS Bank.
The bullet loan carries a margin of 100bp over Libor with a commitment fee of 25bp available for a period of 11 months.
DBS Bank allocated $115 million to HSBC, the only other bank that joined as co-arranger committing the same amount.
Proceeds are to finance the payment of shares in TOM online.
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