PMPÆs A$330 million multi-tranche facility has been signed as club via a syndicate of four banks.
The deal comprises a A$150 million five year term loan, a A$105 million eight year revolver and a A$75 million one year revolving credit.
Mandated arrangers ANZ Bank committed A$130 million while Commonwealth Bank held A$100 million. Toronto Dominion Bank took A$60 million and Rabobank ended up with A$40 million.
Proceeds are to refinance existing bank facilities and for general corporate purposes. The signing ceremony was held on May 3.
Suncorp-MetwayÆs A$450 million bridge facility has signed via sole arranger and provider Citigroup.
The one year bilateral loan is to support the acquisition of Promina Group completed in March 2007.
BNP Paribas has been mandated to arrange WesfarmersÆ share purchases as part of their A$20 billion bid for Coles Group.
The bridge loan facility is also funded by a consortium comprising of Macquarie Bank, Pacific Equity Partners and Permira Holdings.
Limited information has been disclosed, but it is known rival bids from other consortiums are in process.
Hong Kong
A HK$1.45 billion four year term loan for Norstar Automobile Industrial was signed on April 30 via mandated lead arrangers and bookrunners Bank of Tokyo-Mitsubishi UFJ, Hang Seng Bank, KBC Bank and OCBC.
The dual -tranche facility was upsized from HK$1 billion and carries a margin of 105bp over Hibor, with an average life of three years based on a grace period of 24 months.
A three tier participation structure was offered, with banks contributing HK$50 million and above for the title of lead arrangers. Arrangers committed between HK$35 million and HK$49 million and lead managers provided HK$20 million to HK$34 million.
Allocations have been finalised with bookrunners committing HK$100 million apiece. Lead arranger State Bank of India (Hong Kong Branch) also took HK$100 million, with Commerzbank Aktiengesellschaft (Hong Kong Branch) and Korea Exchange Bank (Hong Kong Branch) holding HK$82 million and HK$67 million respectively. Contributing HK$52 million each were Arab Bank (Singapore Branch), Bank of Taiwan (Hong Kong Branch), China Construction Bank, Export Development Canada, Intesa Sanpaolo (Hong Kong) and Taiwan Business Bank (Hong Kong).
Coming in as arrangers were Bangkok Bank (Hong Kong Branch), CIMB Bank (Hong Kong Branch), Luso International Banking (Macau) and Public Bank (Hong Kong) providing HK$44 million apiece. ICBC (Asia), Bank Negara Indonesia (Persero) (Hong Kong Branch), Taipei Fubon Commercial Bank and Wing Hang Bank each held HK$36 million.
Lead managers were Korea Development Bank (Guangzhou Branch) taking HK$32 million. Banca di Roma (Hong Kong Branch), Cathay United Bank (Hong Kong Branch), Industrial & Commercial International Capital and Maybank (Hong Kong Branch) committed HK$28 million each. Contributing HK$25 million was Shanghai Commercial & Savings Bank (Offshore Banking Branch).
Proceeds are to refinance an existing debt and for working capital purposes.
India
Bhushan Steel & Strips has mandated Barclays Capital and State Bank of India to arrange its $100 million six year term financing which carries a $50 million greenshoe.
JSW SteelÆs $175 million six year term loan was closed on May 3 via mandated lead arrangers ABN AMRO, BNP Paribas, Citigroup, DBS Bank, Mizuho Corporate Bank Standard Chartered Bank and State Bank of India. Original mandated arrangers ABN AMRO, Citigroup, Standard Chartered Bank and State Bank of India are the bookrunners.
The $50 million greenshoe was exercised following a strong response. The margin is 125bp over Libor and the average life is 5.25 years.
Syndication attracted commitments from 12 banks. The mandated lead arrangers committed $15 million apiece with DBS Bank providing $18 million. Sole lead arranger Bank of Taiwan gave $15 million, with arrangers Bank SinoPac and Emirates Bank holding $10 million each. SBI International (Mauritius) took $9 million. Contributing $5 million each as lead managers were Arab Investment Corp, Bank of Baroda, Mashreqbank and Sumitomo Trust & Banking Company. Hua Nan Commercial Bank parted with $3 million as a manager.
In sub-underwriting, commitments of $25 million and above (with a take-and-hold of $15 million) received 42bp for an all-in of 133bp over Libor.
A three tier participation structure was offered in general syndication with lead arrangers contributing $15 million and above earning 26.25bp for an all-in of 130bp. Arrangers joining with $10 million to $14 million get 15.75bp flat and lead managers taking $5 million to $9 million receive 5.25bp for all-ins of 128bp and 126bp respectively.
Proceeds are for general corporate purposes and signing is expected towards the end of May.
Allocations have been finalised for Reliance Utilities and Reliance Ports & TerminalsÆ $925 million 10 year dual tranche fundraising that was signed via a consortium of 28 banks.
The deal is split into a $425 million facility and a $500 million portion.
Mandated arrangers ICICI Bank took $236 million while Standard Chartered held $60 million. Mashreqbank provided $44.5 million and Arab Bank, BNP Paribas, DBS Bank, Intesa Sanpaolo and Sumitomo Mitsui Banking Corp committed $34.5 million apiece. Taking $30 million each were Emirates International and Union National Bank.
Senior managers Abu Dhabi Commercial Bank and Banco Espirito Santos des Orients provided $30 million apiece while ICBC (Asia) took $28 million and Bank of Tokyo-Mitsubishi held $24 million.
Arrangers First Gulf Bank and Nedbank contributed $30 million apiece. BayernLB and Credit Industriel et Commercial committed $24 million each and China Construction Bank took $16 million.
Lead managers DnB Norbank, Fortis Bank and Industrial Bank of Korea provided $16 million apiece while Ahli United Bank and National Bank of Dubai put in $15 million each.
Managers Bank of Bahrain & Kuwait, Bank of Taiwan and Dah Sing Bank committed $10 million each and Bank of Sinopac ended up with $8 million.
Barclays Capital has been mandated to arrange Sakthi Auto BridgeÆs Ç55 million term loan to finance the acquisition of Intermet Europe.
The deal is expected to have a tenor of five to six years.
Two banks are processing credit approvals to join at the top and general syndication is expected to launch by the end of May.
Tata Steel has mandated ABN AMRO, Citigroup and Standard Chartered to lead arrange a ú3.17 billion multi-tranche facility.
The fundraising is split into a ú1.67 billion five year amortising term loan with a ú500 million revolver; and a ú1.5 billion seven year amortising loan.
The loan will finance the acquisition of rival steelmaker, Corus. Syndication is set to launch near the end of the month.
A $400 million seven year term loan for Tata Teleservices was launched on April 26 via mandated lead arrangers ABN AMRO, Calyon, Commerzbank, DBS Bank, ICICI Bank, Rabobank and Standard Chartered.
The facility carries a margin of 120bp over Libor with an average life of 5.75 years.
In sub-underwriting, banks contributing $30 million or above receive 15bp in underwriting fees and a management fee of 54.6bp for an all-in of 129.5bp over Libor.
Three ticket levels are offered in general syndication. Lead arrangers holding $20 million and above gain 40.25bp, co-arrangers parting with $10 million to $19 million earn 34.5bp and senior managers contributing $5 million to $9million take 28.75bp. The all-in fees are 127bp, 126bp and 125bp over Libor respectively.
Proceeds are for capital expenditure purposes. Sub-underwriting is targeted to close on May 18 and general syndication on June 4.
The deadline for UnitechÆs $50 million seven year fundraising is likely to be extended from the original May 11 deadline as six banks are still processing approvals. One bank has so far joined.
The deal features a margin of 185bp over Libor and an average life of 5.08 years.
ICICI Bank and State Bank of India are the mandated arrangers.
Vedanta Resources has mandated ABN AMRO, Barclays, Citigroup and ICICI Bank to arrange a $1.1 billion one year bridge facility.
The loan is to fund the purchase of a 51% stake in Sesa Goa, an iron-ore exporter. Syndication is expected to launch in a couple of weeksÆ time.
Malaysia
Syndication of Penerbangan MalaysiaÆs $1 billion dual tranche financing has been completed via sole mandated arranger and bookrunner Standard Chartered.
The facility comprises a $700 million portion with a tenor of 1.89 years that pays a margin of 12bp over Libor; and a $300 million loan with a tenor of 3.89 years and a spread of 17bp.
Participants that joined are ABN AMRO, Bank of China (Hong Kong), Bank of China (Malaysia), HSBC, KfW, Mizuho Corporate Bank, Oversea-Chinese Banking Corp, Raiffeisen Zentralbank Oesterreich, Standard Chartered (Malaysia) and United Overseas Bank.
The Government of Malaysia is providing a guarantee. Proceeds are to refinance an existing deal signed in June 2004.
Singapore
A $20 million three year term loan for Asia Pharmaceuticals was signed on May 4 via sole mandated lead arranger OCBC.
Syndication saw Bangkok Bank, Bank Mandiri, China Construction Bank and United Overseas Bank join as participants.
The funds are for working capital purposes.
Ho Bee CoveÆs S$280 million multi-tranche facility was signed on May 3 via mandated arrangers Arab Bank, DBS Bank, HSBC, Maybank and OCBC.
The deal was oversubscribed and increased from S$250 million. The fundraising is split into a S$217 million term loan, a S$56 million revolving credit and a S$7 million facility. The three tranches have a tenor of three years and are priced at 78bp over Sibor.
Final allocations saw OCBC contributing S$50 million with the remaining mandated arrangers providing S$30 million each. Arrangers Bank of East Asia and Hong Leong Finance took S$26 million apiece, with co-arranger Bangkok Bank holding S$23 million. Lead managers Bank of Taiwan took S$15 million with Hua Nan Commercial Bank and Land Bank of Taiwan committing S$10 million each.
Fees to the market were on three levels. Arrangers providing S$30 million and above gained a participation fee of 18bp, co-arrangers contributing S$20 million to S$29 million earned 15bp and lead managers giving S$10 million to S$19 million received 12bp.
Proceeds are to fund a new residential development in Sentosa Island with the facility secured over future receivables from the sale of other apartments.
South Korea
A $200 million one year loan for Korea Exchange Bank was signed on May 4 via 11 mandated lead arrangers BayernLB, Calyon, Citigroup, DBS Bank, HSBC, KBC Bank, LBBW, OCBC, Standard Chartered, Sumitomo Mitsui Banking Corp and Wachovia Bank. With the exception of BayernLB and OCBC, all the mandated lead arrangers acted as bookrunners.
The single tranche bullet facility offers a margin of 6bp over Libor.
Allocations were finalised with the mandated lead arrangers committing $14.5 million each. Lead arrangers Banque et Caisse dÆEpargne de LÆEtat and Commerzbank (Hong Kong Branch) also provided $14.5 million apiece with Banco Popolare di Verona e Novara (London Branch) holding $7.5 million. Arranger Bank of Montreal Ireland contributed $4 million.
Two tiers were offered, with lead arrangers coming in at $10 million and above receiving 11bp and arrangers providing between $3 million and $9 million gaining 10bp.
Proceeds of the loan are for general corporate purposes.
A $500 million equivalent facility for Total Terminals International, Hanjin Pacific Corp (Japan) and Hanjin Pacific Corp (Taiwan) was signed near the end of April via mandated lead arrangers BNP Paribas, Calyon, Mizuho Corporate Bank, Shinhan Bank and Woori Bank. Calyon and Mizuho Corporate Bank were the bookrunners.
The multi-tranche facility known as Project Blue Ocean was funded in December 2006. Macquarie Korea Opportunities Fund and Hanjin Shipping Company are the sponsors.
The facility comprises a five year term loan and a revolving credit denominated in US dollars, Japanese yen and New Taiwan dollars.
Total Terminal International is borrowing in US dollars, Hanjin Pacific Corp (Japan) in Japanese yen and Hanjin Pacific Corp (Taiwan) in New Taiwan dollars. The term loan is split into $274 million, $125 million yen equivalent and $50 million New Taiwan dollar equivalent portions; while the revolver is split into $30 million, $7 million yen equivalent and $13 million New Taiwan dollar equivalent components.
The deal carries a margin of 90bp for the term loan and 100bp for the revolver, over the corresponding base of Libor, Tibor and the Taiwanese primary commercial paper rate.
Syndication saw Calyon and Mizuho Corporate Bank allocating the equivalent of $35 million each, with equal-status arrangers Shinhan Bank and Woori Bank committing $80 million apiece. BNP Paribas took $30 million. Lead arrangers BBVA and DEPFA Bank contributed $55 million and $35 million respectively, with KBC Bank and Espirito Santo Investment holding $30 million and $26 million correspondingly. WestLB and HSBC gave $22 million and $20 million, with Allied Irish Bank and Natixis providing $16 million each. Coming in as arrangers are Shanghai Commercial & Savings Bank and Taipei Fubon Commercial Bank committing $10 million apiece.
The funds are to support the acquisition of a 40% stake in Total Terminals International, a US-based shipping terminals operator, from Hanjin Shipping Company.
Taiwan
Signing for Advance Materials Corp & AMC HoldingsÆ US$35.5 million multi-currency loan was held on May 9 via a syndicate of five banks.
The facility is split into a NT$750 million loan that features a margin of 75bp over the 90 day secondary CP rate and a $13 million portion that pays 75bp over three-month Libor.
Mandated arrangers Chinatrust Commercial Bank, China Development Industrial Bank, Industrial Bank of Taiwan and Taishin Bank committed NT$150 million and $3.25 million each while manager Taiwan Cooperative Bank ended up with NT150 million.
Auto Parts IndustrialÆs NT$2.35 billion multi-tranche facility has been completed via mandated arrangers Bank of Taiwan, Chang Hwa Commercial Bank and Ta Chong Bank.
The deal is split into a NT$1.2 billion seven year tranche, a NT$350 million loan and a NT$800 million portion.
Mandated arrangers Bank of Taiwan, Chang Hwa Commercial Bank and Ta Chong Bank lent NT$350 million apiece while arranger Taiwan Cooperative Bank took NT$301 million.
Lenders Taiwan Business Bank, Bank of Kaohsiung, Sunny Bank, Hwa Tai Bank, Mega International Commercial Bank, Shanghai Commercial & Savings Bank committed NT$102 million each while First Commercial Bank, Hua Nan Commercial Bank and Land Bank of Taiwan ended up with NT$95 million apiece.
Thailand
True MoveÆs Bt7.9 billion five year term loan was launched into sub-underwriting at the end of April via sole mandated arranger DBS Bank.
The deal has an average life of 3.8 years with a grace period of 24 months.
In senior syndication, banks committing Bt1.65 billion (with a final take of Bt1 billion) receive an underwriting fee of 45bp and a management fee of 100bp.
Banks joining as equal status mandated arrangers in general syndication take 100bp flat, for a final take of Bt1 billion. Senior lead arrangers committing a final take of Bt650 million acquire an 85bp participation fee.
Banks have the option to commit in Thai baht, US dollars or Japanese yen.
Proceeds are to refinance an existing debt and to go towards other fees related to the transaction. Bangkok Inter Teletech, True Distribution and other investors of the company are acting as guarantors for the facility.
Sub-underwriting is scheduled to close in mid-May.
Vietnam
Syndication is ongoing for Phu Bia MiningÆs $207 multi-tranche project financing via sole arranger ANZ Bank.
The deal is split into a $160 million loan, a $25 million overdraft facility, a $20 million credit facility and a $2 million letter of credit.
Proceeds are to support a $317 million project that entails the development of the Phu Kham deposit. Syndication is expected to close in early June.
Syndication has been completed as a club deal for Vietnam BreweryÆs $73 million dual tranche facility via a consortium of four banks.
The Vietnamese dong equivalent facility is split into a $60 million three year term loan and a $13 million portion.
Mandated arrangers ANZ Bank, BNP Paribas, HSBC and Standard Chartered each provided $18.25 million.
Proceeds are to finance the acquisition of two target companies.
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