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.
Singapore
An $800 million revolver for LaSalle Asia Opportunity Fund II and LaSalle Asia Opportunity Fund III, SPVs of LaSalle Investment Management (Asia), has received a blowout response in syndication. The lead arrangers and bookrunners are Royal Bank of Scotland, Standard Chartered Bank and United Overseas Bank. The deal was upsized from $600 million and banks still need to be scaled back as total commitments have reached over $1.2 billion due to the overwhelming response from the market.
Syndication has seen Citic Ka Wah Bank and WestLB joining in as equal-status arrangers, while another 13 banks have joined at lower levels. Allocations are still being finalised.
The signing ceremony is expected to take place in two weeksÆ time.
Syndication of MGP BerthÆs S$1.94 billion 46-month dual tranche fundraising was closed last week via mandated arrangers and bookrunners DBS Bank, Hypo Real Estate Capital, Oversea-Chinese Banking Corporation and United Overseas Bank.
The facility features an attractive margin of 210bp over SOR and consists of a S$1.55 billion senior portion and a S$388 million junior tranche which will not be syndicated and held only by the bookrunners.
Syndication saw a total of seven commitments. Allocations are not yet disclosed.
The signing date is expected to be next week. Proceeds are to partially refinance an existing S$1.42 billion bridge loan and to fund construction costs.
Resorts World at SentosaÆs (RWS) S$4.19 billion multi-tranche fundraising is still in limited general syndication via original mandated lead arrangers DBS Bank, HSBC, Oversea-Chinese Banking Corporation, Sumitomo Mitsui Banking Corporation and Royal Bank of Scotland.
The 7.5-year credit comprises a S$3.5 billion amortising loan, a S$500 million revolver and a S$193 million bank guarantee. DBS Bank and Oversea-Chinese Banking Corp jointly provided the bank guarantee. The deal pays a spread of 175bp over Libor.
Senior syndication was closed in late April with 10 banks û Bangkok Bank, Bank of Tokyo-Mitsubishi UFJ, BNP Paribas, Calyon, CIMB, Commerzbank, DZ Bank, JPMorgan, Maybank and National Australia Bank - joining as equal-status arrangers.
So far eight commitments have been received. The closing date has been extended to mid-June.
Proceeds are for the construction of an integrated resort located on Signapore's Sentosa Island.
A S$2.25 billion bridge facility for SinoSing Power, an SPV of Tuas Power, is still ongoing in senior syndication via mandated lead arrangers BNP Paribas, Calyon, DBS Bank, Fortis, Oversea-Chinese Banking Corporation and Sumitomo-Mitsui Banking Corporation. With the exception of Fortis, the mandated leads are also acting as bookrunners.
The financing is split into S$2.1 billion and S$150 million term loan portions.
So far, two $250 million commitments have been received and a few more banks are processing credit approvals. Syndication is scheduled to close by mid-June. There will be no general syndication.
Proceeds are to support Huaneng PowerÆs acquisition of Tuas Power from Temasek Holdings, an investment arm of the Singapore Government.
SupernovaÆs S$200 million leveraged buy-out facility for the acquisition of Seksun Corporation is finally slated to close by next week. The mandated arrangers are Chinatrust Commercial Bank, DBS Bank and United Overseas Bank (Asia). The financing is sponsored by Citi Venture Capital International.
The fundraising comprises three tranches û a short term loan, a revolving credit and a term loan facility - with an average life of 3.25 years. The margin is priced at 335bp over SOR.
Commitments have already been received from First Commercial Bank, Ta Chong Bank, Taishin International Bank and Oversea-Chinese Banking Corporation, while credit approval is pending for one more lender. The loan was funded in early January by the mandated arrangers.
South Korea
Hanwha CorporationÆs $30 million three-year floating rating note was sealed on June 2 via sole mandated arranger Korea Development Bank. The deal was decreased from $60 million.
Syndication saw Kookmin Bank and Woori Bank joining in as participants. Allocations were not disclosed.
Proceeds are for general corporate purposes.
Taiwan
A NT$4.1 billion fundraising for Eversol Corporation was sealed on May 22 via bookrunners Land Bank of Taiwan, Mega International Commercial Bank and Ta Chong Commercial Bank.
Mandated lead arrangers Land Bank of Taiwan, Mega International Commercial Bank and Ta Chong Commercial Bank held NT$600 million each. Participants Agricultural Bank of Taiwan and Chang Hwa Commercial Bank committed NT$400 million apiece, while Export-Import Bank of the Republic of China contributed NT$300 million. Bank of Kaohsiung, Bank of Taiwan, Cathay United Bank, Hua Nan Commercial Bank, Taishin International Bank and Taiwan Cooperative Bank each lent NT$200 million.
The financing, which is secured by land, buildings and machinery, is divided into a NT$3.485 billion five-year term loan for the establishment of a factory and the purchase of machines, and a NT$615 million three-year revolving credit for working capital purposes.
The term loan pays a spread of 95bp over the 90-day secondary CP rate and has a commitment fee of 10bp that kicks in if the usage of the tranche is below 70%. The revolver is priced at 98bp over the 120-day secondary CP rate and has a commitment fee of 10bp which will be utilised if the usage is less than 60% of the tranche.
The repayment schedule of the term loan will be in 15 equal installments on a quarterly basis after an 18-month grace period.
Gold Circuit ElectronicsÆ NT$2.4 billion four-year debt package was upsized from NT$2 billion and signed on May 29 through Chang Hwa Commercial Bank, E.Sun Commercial Bank, Hua Nan Commercial Bank, Industrial Bank of Taiwan, Taishin International Bank and Taipei Fubon Commercial Bank.
E.Sun Commercial Bank committed NT$408 million for an upfront fee of 5bp while the other lead arrangers held NT$360 million each for the same fee. Participant Mega International Commercial Bank rounded up the group with NT$192 million.
The transaction was evenly split into a term loan and a revolving credit. Both tranches feature a margin of 60bp over the secondary CP rate and have a commitment fee of 10bp.
The repayment schedule of the term loan will be in five equal installments on a semi-annual basis after a two-year grace period.
Proceeds will be used to purchase machinery equipment and for working capital purposes.
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