Bank of QueenslandÆs $200 million senior credit was launched into senior syndication on May 30 via mandated leads and bookrunners ABN AMRO and Chinatrust Commercial Bank.
The bullet loan features a 2.5-year tenor and a spread of 100bp over Libor.
Banks joining with $25 million and above receive an equal-status mandated lead arranger title with an upfront fee of 50bp.
Bank presentations will be held in Hong Kong, Singapore and Taiwan next week and in Sydney the week after. Banks have until July 4 to revert.
The funds are for general corporate and working capital requirements.
A A$390 million three-year dual tranche facility for Downer Group Finance was completed on May 23 via sole bookrunner nabCapital. The deal is split into two equal revolvers.
Final allocations saw the bookrunner committing A$50 million. Coming in as co-arrangers were Sumitomo-Mitsui Banking Corporation and Mizuho Corporate Bank, also contributing A$50 million apiece. BOS (International) Australia and WestLB (Sydney Branch) came in with A$45 million and A$35 million respectively. HSBC and Westpac Banking Corporation provided A$30 million each.
Participants ANZ took A$30 million while ABN AMRO and Oversea-Chinese Banking Corporation gave A$25 million apiece. Rounding off the syndicate was United Overseas Bank with a hold of A$20 million.
Proceeds are to refinance existing debt and for general corporate purposes.
Hong Kong
United Asia FinanceÆs HK$485 million three-year dual-tranche facility was completed on a club basis last Wednesday via China Construction Bank (Asia), Citic Ka Wah Bank, Fubon Bank (Hong Kong), Hua Nan Commercial Bank (Hong Kong), Mega International Commercial Bank (Hong Kong), Nanyang Commercial Bank, Standard Chartered Bank (Hong Kong) and Taishin International Bank.
The deal is split equally into a revolver and a term loan, with a margin of 100bp over Hibor.
Fubon Bank and Taishin International Bank committed HK$100 million each while the other banks (except Hua Nan Commercial Bank, which lent HK$35 million) held HK$50 million apiece.
Proceeds are for working capital purposes.
India
A $125 million three-year term loan for Bank of Baroda will be launched into syndication early this month via mandated lead arrangers and bookrunners Bank of America, BNP Paribas, DZ Bank and Sumitomo Mitsui Banking Corporation.
The loan features a bullet repayment and proceeds are for general corporate purposes.
Syndication of Canara BankÆs $100 million one-year loan has been closed via mandated lead arrangers BNP Paribas and DEPFA Bank.
The deal pays a margin of 50bp over Libor.
Syndication saw 10 banks joining in and the facility was oversubscribed. Final allocations are undisclosed as yet, but it is known that the loan will not be upsized.
Syndication of TML HoldingsÆ $3.0 billion one-year bridge facility is still in progress with 14 banks having committed so far. Bank of Baroda, Natixis and WestLB joined Bank of Tokyo-Mitsubishi UFJ, BNP Paribas, Citi, ING, JPMorgan, Mizuho Corporate Bank, Standard Chartered and State Bank of India as mandated lead arrangers. Bank of East Asia, Bank of Taiwan, Chinatrust Commercial Bank, DBS, Emirates International Bank, Export Development Canada, Intesa Sanpaolo, State Bank of Mauritius, Syndicate Bank, Taiwan Cooperative Bank, and Union National Bank participated at a lower level.
A few more banks are expected to come in soon. The deadline for commitments is now slated for early next week.
The sub-underwriting phase of Vedanta ResourcesÆ $1.0 billion five-year term loan was completed on May 30 and general syndication was launched earlier this week via coordinating arrangers ABN AMRO, Bank of Tokyo-Mitsubishi UFJ, Barclays, Calyon, Citi, Standard Chartered and Sumitomo Mitsui Banking Corporation. Bank of Baroda, Mizuho Corporate Bank, State Bank of India and WestLB have joined at the top level.
Banks are welcome to join at three levels. Lead arrangers giving $50 million get a participation fee of 100bp, arrangers lending $25 million earn 85bp and lead managers providing $10 million take 75bp.
Closing of syndication is intended to be on June 25.
Malaysia
A $1.0 billion debt package for Khazanah Nasional was launched into syndication on June 2 via mandated leads and bookrunners DBS Bank and Oversea-Chinese Banking Corporation.
The borrower is an investment arm of the Malaysian government.
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