China International Trust & Investment Corp (CITIC Group) has awarded the mandate for its $200 million five year facility to Bank of Tokyo-Mitsubishi UFJ, HSBC, ING Bank and Mizuho Corporate Bank. Sole bookrunner HSBC is the documentation and facility agent. Proceeds will be used for working capital. A wider syndication will be launched shortly.
The borrower last tapped the market when its subsidiary, CITIC Pacific raised HK$7.2 billion in April 2006. That facility featured a spread of 32bp over Libor and saw a total of 22 banks participating.
Market talk is that Xinyi Glass Holdings, ChinaÆs largest exporter of auto glass, is planning to raise Rmb600 million worth of loans. Proceeds will be used to increase production capacity and for working capital.
Hong Kong
Hongkong Land Treasury Services (Singapore) has mandated Bank of Tokyo-Mitsubishi UFJ, BNP Paribas, DBS Bank, HSBC, Standard Chartered and Mizuho Corporate Bank to arrange its S$800 million facility. Proceeds will be used for working capital. A wider syndication is expected to be launched by early next week.
Mandated coordinating arrangers Bank of China (Hong Kong), DBS Bank, HSBC and Standard Chartered are still syndicating Shangri-la Asia TreasuryÆs HK$3 billion revolving/term facility. The five year financing carries a spread of 29bp over Hibor and a top level all-in of 34.5bp. Shangri-la Asia is providing a guarantee. Proceeds will be used for working capital. Banks are expected to revert by today (Friday).
SIHL FinanceÆs HK$3 billion five year facility has reached financial close via mandated arrangers Bank of China (Hong Kong), BNP Paribas, Calyon, CCB International Finance, DBS Bank, Hang Seng Bank, HSBC and Sumitomo Mitsui Banking Corp. Shanghai Industrial Holding is providing a guarantee.
The financing is split equally into a term loan and revolver, both with a spread of 27bp over Hibor. Proceeds are to refinance existing debt and signing will take place shortly.
Sino-French Water DevelopmentÆs HK$1.5 billion facility has been upsized from HK$1.4 billion due to an overwhelming response from the market. The seven year facility saw 13 banks join in general syndication.
Mandated coordinating arrangers are ICBC/ICEC taking HK$460 million, Bank of China (Hong Kong) holding HK$280 million, Calyon pledging HK$230 million and BNP Paribas committing HK$100 million.
Arrangers are Tai Fung Bank absorbing HK$70 million, Fortis Bank lending HK$50 million and Bank of East Asia, Bank of Tokyo-Mitsubishi UFJ and Dah Sing Bank holding HK$40 million each. BayernLB, Bank of China (Macau) and Wing Lung Bank are providing HK$30 million apiece. Five others û BBVA, Citic Ka Wah Bank, KBC, Maybank and Natexis Banques Populaires û joined with holds of HK$20 million each.
Proceeds will be used to refinance a HK$1.2 billion loan signed in September 2001. Signing took place on November 8.
Indonesia
Syndication of Bank Negara IndonesiaÆs $150 million fundraising has yet to close with banks expected to revert by early next week. Thus far, the dual tranche facility has received commitments from several banks. A couple more are still processing credit approvals. Mandated arrangers are ABN Amro, Mizuho Corporate Bank and Standard Chartered.
The financing is split between a $50 million two year tranche that is priced at 45bp over Libor and a $100 million three year tranche that carries a margin of 60bp over Libor. Proceeds will be used for working capital.
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