China International Trust & Investment Corp (CITIC Group)Æs $200 million term loan has been launched via mandated coordinating arrangers Bank of Tokyo-Mitsubishi UFJ, HSBC, ING Bank and Mizuho Corporate Bank. HSBC and ING Bank are running the books while Bank of Tokyo-Mitsubishi UFJ is the facility and documentation agent.
The five year facility carries a margin of 35bp over Libor and is being marketed to banks on three tiers. Coordinating arrangers holding $15 million or above earn 30bp flat, translating to a top level all-in of 41bp; arrangers lending $10 million to $14 million get 22.5bp for an all-in of 39.5bp and senior managers pledging $5 million to $9 million receive 15bp for an all-in of 38bp.
Proceeds will be used for general corporate funding and to refinance existing debt. The facility has been fully underwritten by the mandated coordinating arrangers. Banks have until December 7 to revert.
Hong Kong
The HK$3 billion financing for Shangri-la Asia Treasury has been closed via mandated lead arrangers Bank of China (Hong Kong), DBS Bank, HSBC and Standard Chartered. The five year facility has received an overwhelming response in general syndication. It offers a spread of 29bp over Hibor, leading to a top level all-in of 34.5bp. Proceeds will be used for working capital. Allocations will be finalised soon and signing will take place shortly.
India
Bharat Petroleum Corp (BPCL)Æs $200 million financing has been closed via mandated coordinating arrangers BNP Paribas, Calyon, Mizuho Corporate Bank and Standard Chartered. Around five or six banks have committed and several others are said to be in the final stage of gaining approvals. The five year facility is priced at 59bp over Libor. Proceeds will be used for general capital expenditure purposes.
HSBC USA has signed a $4.67 billion multi-tranche project financing via a consortium of 11 banks. Proceeds are to support a natural gas liquefaction plant development project in the eastern Indonesian province of Irian Jaya (Papua). The 14.5 year facility is split into $1.9 billion, $1.3 billion, $1.1 billion and $350 million term loans that offer a margin of 22.4bp over Libor. China National Offshore Oil Corp is providing a guarantee and Mitsubishi Corp, Inpex Corp, Japan Oil, Gas & Metals National Corp, Kanematsu Communications, Mitsui & Co, Nippon Oil Exploration and LNG Japan are the sponsors. A group of 11 banks are participating in the transaction.
Mandated arrangers Bank of Tokyo-Mitsubishi UFJ, BNP Paribas, Fortis Bank, ING Bank, Mizuho Corporate Bank, Standard Chartered Bank and Sumitomo Mitsui Banking Corp committed $105.8 million apiece, BBVA (Singapore) and DnB NOR Bank provided $100 million each and WestLB ended up with $75 million. Commonwealth Bank of Australia (Singapore) joined with a ticket of $50 million.
The signing ceremony took place on November 15.
Reliance Natural ResourcesÆ $312 million revolver was signed on November 21 (Thursday) via mandated arrangers Bank of America Securities Asia, Barclays Capital, BNP Paribas, DBS Bank, Sumitomo Mitsui Banking Corp and KfW who committed $50.3 million apiece while arranger Mizuho Corporate Bank took $10 million. The margin is 75bp over Libor. Proceeds are for working capital purposes.
United BreweriesÆ $30 million facility has signed via a total of three banks. The facility is split into a $20 million four year loan and a $10 million five year portion that both carry a margin of 110bp over Libor. Sole mandated arranger BNP Paribas provided $20 million and arrangers Bank of Taiwan (Singapore) and United Taiwan Bank contributed $5 million piece. Proceeds are for working capital purposes.
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