Australia
BlueScope Steel (Finance)'s A$1.3 billion transaction was signed on May 5 via mandated lead arrangers ANZ, Commonwealth Bank of Australia, Credit Suisse and Westpac. General syndication is expected to be launched within a fortnight.
The loan is split into two revolvers comprising a A$200 million two-year tranche and a A$1.1 billion three-year portion priced at 330bp and 350bp over the Australian Domestic Bill Rate (ADBR) respectively.
The deal is guaranteed by BlueScope Steel and proceeds are for refinancing and general corporate purposes.
China
Shanghai Chengtou Corp's Rmb13.7 billion syndicated lending has been completed via China Development Bank, Industrial & Commercial Bank of China and Shanghai Pudong Development Bank, with Agricultural Bank of China, Bank of China, China Construction Bank and China Minsheng Banking Corp joining in at lower levels.
Proceeds are to support the Rmb21.2 billion A15, A16 and A17 expressway development projects in Shanghai, China.
Hong Kong
A HK$450 million 4.25-year term loan for Fountain Set (Holdings) has been signed on a club basis.
Mandated lead arrangers Bank of China (Hong Kong), HSBC and Standard Chartered Bank each provided HK$150 million.
Guaranteed by parent company Fountain Set, the deal is priced at 225bp over Hibor. Proceeds are to refinance existing indebtedness and for working capital purposes.
A self-arranged HK$5.2 billion debt package for Hutchison Telephone Company and Hutchison Telecommunications Hong Kong Holdings was completed on a club basis on May 8 through mandated leads Calyon, DBS, HSBC, Sumitomo Mitsui Banking Corp and Standard Chartered Bank .
The one-year debt package comprises a HK$4.5 billion term loan and a HK$700 million revolving facility, priced at 141bp over Hibor and with an upfront fee of 10bp.
Final allocations saw DBS take HK$2.4 billion while Calyon, HSBC and Standard Chartered Bank lent HK$750 million apiece. Sumitomo Mitsui Banking Corp gave HK$550 million.
Proceeds are to refinance a HK$9 billion deal signed in 2008 and for working capital purposes.
General syndication of Noble Group's $700 million debt was launched this week through bookrunners ING, Royal Bank of Scotland, Societe Generale and Standard Chartered Bank.
Proceeds are to extend a previous agreement completed in April 2008.
Syndication for Public Financial Holdings' HK$1.5 billion financing was closed on Wednesday (May 13) via bookrunners CIMB and Citic Ka Wah Bank. The facility was oversubscribed and upsized from HK$1.2 billion. The three-year term loan is priced at 165bp over Hibor, featuring a one-year put option at the end of second year with a waiver fee of 85bp.
Final allocations saw the bookrunners contribute HK$300 million each. Mandated lead arrangers Wing Lung Bank joined in with HK$300 million, while Bangkok Bank and Maybank committed HK$200 million apiece. Lead arrangers Dah Sing Bank and Mizuho Corporate Bank came in with HK$100 million each.
Proceeds are to refinance the borrower's existing indebtedness.
India
Gujarat NRE Minerals' $50 million deal has been sealed via sole mandated lead arranger Axis Bank. The five-year term loan is guaranteed by Gujarat NRE Coke, Gujarat NRE FCGL and Gujarat NRE Resources.
The lead contributed $19 million, while arrangers Bank of Baroda (London) and Bank of India (Antwerp) came in with $10 million apiece. Syndicate Bank (London) pledged $3 million and participant Union Bank of India (Hong Kong) rounded off the syndicate with $8 million.
Proceeds are for capital expenditure purposes.
Indonesia
PT Jakarta Tank Terminal (JTT), a joint venture between PT AKR Corporindo and Vopak Indonesia, has secured a $60 million dual facility from FMO (Nederlandse Financierings-Maatschappij Voor Ontwikkelingslanden) The Netherlands, DEG (Deutsche Investitions-und Entwicklungsgesellschaft) Germany, and ING Bank.
The deal comprises a $45 million eight-year tranche and a $15 million five-year portion. Proceeds are to fund the $60 million petroleum storage terminal construction project at Tanjung Priok port in Jakarta.
Philippines
SM Prime Holdings' $90 million term loan has been signed via mandated lead arrangers and bookrunners Bank of Tokyo-Mitsubishi UFJ, ING Bank, Mizuho Corporate Bank and Standard Chartered Bank. Mega International Commercial Bank and Taiwan Cooperative Bank came in later as arrangers.
The three-year transaction pays a spread of 315bp over Libor and features a $30 million greenshoe option. Proceeds are for refinancing and general corporate purposes.
South Korea
A €80 million 364-day facility for Korea Exchange Bank has been completed as a club deal via Calyon, Commerzbank, Landesbank Baden-Wurttemberg and Standard Chartered Bank.
Proceeds are for refinancing and general corporate purposes.
A $120 million three-year loan-style FRN facility for Korea Expressway Corp was inked on May 11 as a club deal through mandated leads Calyon, Chinatrust Commercial Bank, DBS and Standard Chartered Bank.
Proceeds are for capital expenditure and working capital purposes.
Taiwan
ADDA Corp's NT$600 million fundraising has been completed via coordinating arrangers Chinatrust Commercial Bank, EnTie Commercial Bank and Ta Chong Bank.
The three-year debt package is split into a NT$600 million letter of credit and two NT$300 million revolving credits. However, the total amount of the loan cannot exceed NT$600 million. The letter of credit portion offers an L/C fee of 10bp, while the revolvers are priced at 150bp over the secondary CP rate, based on a net profit margin matrix with a spread ranging from 90bp to 150bp.
Allocations saw the leads commit NT$150 million each, while senior manager Land Bank of Taiwan held NT$100 million. Participant Taiwan Business Bank rounded off the syndicate with NT$50 million. Proceeds are for refinancing and working capital purposes.
A NT$10 billion financing for Advanced Semiconductor Engineering was launched into syndication on May 12 via mandated lead arrangers Bank of Taiwan, Calyon, Citi, First Commercial Bank and Taipei Fubon Commercial Bank.
The transaction comprises two five-year term loans of NT$6 billion and NT$4 billion. Pricing is split into three tiers, based on a net income-to-sales ratio over the 90-day secondary CP rate - if the ratio is below 0%, the margin is priced at 110bp; between 0% and 2.9% it pays a spread of 100bp and if greater than 3%, the margin is priced at 85bp. There is a pricing floor of 1.9% effective for the first 12 months after the draw-down.
Banks have been invited on three levels. Equal-status arrangers committing NT$1 billion or above gain upfront fees of 22.5bp, participants coming in with NT$700 million to NT$1 billion get 15bp, and those providing NT$500 million to NT$700 million will receive 7.5bp.
Proceeds are for refinancing and working capital purposes. Banks have until June 12 to revert.
Syndication for Kang Na Hsiung Enterprise's NT$1.3 billion five-year fundraising is expected to close on Monday (May 18) via bookrunner First Commercial Bank. Hua Nan Commercial Bank, Land Bank of Taiwan and Mega International Commercial Bank have joined in at the top level.
The debt is split equally into a term loan and a commercial paper guarantee facility. The term loan offers a spread of 60bp over the one-year post office savings rate, while the commercial paper guarantee facility pays a guarantee fee of 75bp. Both tranches feature a commitment fee of 20bp.
Three levels are being offered in syndication. Equal-status arrangers committing NT$300 million or above gain an upfront fee of 23bp. Lead arrangers coming in with NT$200 million to NT$300 million get 13bp, while managers holding NT$100 million to NT$200 million take 10bp.
Proceeds are to refinance a NT$1.3 billion five-year dual-tranche facility signed in April 2006 and for working capital purposes.
Vietnam
Bank of Tokyo-Mitsubishi UFJ, Calyon, Credit Suisse, Natixis, Societe Generale, and Standard Chartered Bank have been mandated for Vinacomin's $300 million five-year term loan.
Proceeds are for general corporate purposes.
