Macquarie GroupÆs A$9 billion multi-tranche fundraising was sealed on November 13 via a syndicate of 44 banks. The facility was heavily oversubscribed, and was upsized from A$8 billion. ABN AMRO, ANZ, Barclays Capital, Dresdner Kleinwort, HSBC, National Australia Bank, Royal Bank of Scotland, Westpac Banking Corp, Commonwealth Bank of Australia, JP Morgan and Merrill Lynch were the original mandated lead arrangers.
The facility was split into a A$1.6 billion 364 day standby facility, a A$2.4 billion three year revolver and a A$5 billion three year credit.
The funds are to help finance the previously announced restructure of the Macquarie Group under which it will be the ultimate listed parent entity of the group.
WesfarmersÆ A$10 billion multi-tranche financing is still in general syndication and is scheduled to close on November 23. The deal was funded in early October by ANZ, BNP Paribas and National Australia Bank who are the leads and bookrunners for the facility.
The fundraising comprises a A$4 billion one year bridge loan, a A$1 billion one year revolver and a A$5 billion three year bullet loan.
So far, 10 commitments have been received in addition to Commonwealth Bank of Australia and Westpac who joined in as sub-underwriters. The banks are ABN AMRO, Bank of Tokyo-Mitsubishi UFJ, Barclays Capital, Deutsche Bank, Goldman Sachs, JP Morgan, Mizuho Corporate Bank, Societe Generale, Sumitomo-Mitsui Banking Corp and WestLB.
Proceeds are to support the acquisition of Coles Group.
China
A $160 million three year term loan for Haton Polymer & Fibre Corp was completed last week (November 9) via sole mandated arranger and bookrunner Credit Suisse.
The secured bullet loan was priced at 500bp over Libor.
Syndication saw a number of undisclosed institutional investors joining in. Proceeds are for general corporate purposes.
Allocations have been finalised for Shanghai Zhenhua Port MachineryÆs $260 million three year bullet loan. HSBC was the original mandated lead arranger and bookrunner.
Final allocations saw HSBC, Bank of Beijing, Bank of Tokyo-Mitsubishi UFJ, China Development Bank, Hang Seng Bank, Mizuho Corporate Bank and Sumitomo-Mitsui Banking Corp each holding $30 million while Intesa Sanpaolo committed $20 million.
Arranger Swedbank provided $15 million while co-arranger Svanska Handelsbanken contributed $10 million. Wing Hang Bank ended up with $5 million.
Hong Kong
Syndication of Bayshore Development GroupÆs HK$4.2 billion five year bullet financing has been closed and allocated via sole mandated lead arranger Bank of China (Hong Kong). A total of 11 banks joined the syndicate.
Final allocations saw the sole lead taking HK$1.6 billion while co-ordinating arrangers Bank of Tokyo-Mitsubishi held HK$440 million. Tai Fung Bank committed HK$400 million while Sumitomo Mitsui Banking Corp took HK$370 million. Wing Lung Bank contributed HK$300 million.
Rounding off the allocation with commitments of HK$180 million apiece were arrangers China Construction Bank (Asia), Bank of Nova Scotia, Shanghai Commercial & Savings Bank and Wing Hang Bank.
The signing ceremony is expected to take place at the end of next week.
Chinese Estates and FinanceÆs HK$1.935 billion three year, eight month amendment was signed on November 8 via sole lead arranger and bookrunner Citi. The amendment was to a HK$1 billion facility signed in March 2005.
Allocations are undisclosed but syndication saw a total of eight banks joining in û Bank of China, Bank of Communications, Dah Sing Bank, Industrial & Commercial Bank of China (Asia), Maybank, Nanyang Commercial Bank, Public Bank and Tai Fung Bank.
Proceeds are for working capital purposes.
CRE Finance (Hong Kong)Æs HK$3.2 billion five year dual tranche debt package was closed on November 13 via mandated leads Bank of China (Hong Kong), Bank of Tokyo-Mitsubishi UFJ, Calyon, DBS Bank, Sumitomo Mitsui Banking Corp, Mizuho Corporate Bank, Oversea-Chinese Banking Corp and Standard Chartered.
Allocations are being finalised and the signing ceremony is to be held on November 22.
TrafiguraÆs $525 million multi-tranche fundraising was closed on November 14 via original mandated leads Barclays Capital, BNP Paribas and Mizuho Corporate Bank. The fundraising was oversubscribed, and was upsized from $400 million.
The deal is split into a 364-day revolver, a three year revolving credit and a five year term loan.
Allocations have not been disclosed at present.
The signing ceremony is expected to take place today (November 16).
India
A $3.59 billion 44 month term loan for Essar Communications has been closed via original mandated arrangers BNP Paribas, Commerzbank, Citi and Standard Chartered. The deal was funded by the leads on 17 September.
Documentation is in progress and banks are expected to ink the deal at the end of next week.
Larsen & ToubroÆs $280 million dual tranche financing is expected to be signed today (November 16) via a consortium of 11 banks. The transaction received a positive market response. As a result, banks waited till the borrower decided on the final amount of the loan, which was increased from $200 million. Barclays Capital, Citi and HSBC were the original mandated arrangers.
The facility comprises a $150 million five year fundraising and a $130 million seven year credit.
Allocations saw co-ordinating lead managers Barclays Capital taking $45 million while Bank of Tokyo-Mitsubishi UFJ, Citi, Commonwealth Bank of Australia, Export Development Bank of Canada, Mizuho Corporate Bank and Sumitomo Mitsui Banking Corp provided $25 million each. Scotiabanc lent $20 million
Coming in as arrangers holding $20 million apiece were Land Bank of Taiwan and Sumitomo Trust & Banking Corp.
Mandated leads Citi and ICICI Bank are looking to close a $395 million financing for Rain Calcining and its subsidiary, Rain/CII Holdings.
The loan split into six tranches with three tranches borrowed under the parent and the latter three borrowed under the subsidiary.
The $220 million three tranches for the subsidiary, Rain/CII Holdings, comprises a $105 million six year amortising loan tranche æAÆ, a $75 million seven year amortising loan tranche æBÆ, a $40 million six year revolver tranche æCÆ.
Rain Calcining is the borrower on a $175 million three-tranche facility, which is split into a $23.7 five year amortising loan tranche æD1Æ, a $97 million six year amortising facility tranche æD2Æ and a $54.33 million six year revolver tranche æEÆ.
Tranches æAÆ, æCÆ and æD2Æ feature a spread of 250bp over Libor while tranche æBÆ pays a margin of 350bp. Tranche æD1Æ and æEÆ pay 200bp and 100bp over Libor respectively.
Proceeds are to fund the acquisition of CII Carbon, a US-based producer of calcined petroleum coke, creating the worldÆs leading producer.
The deal has been receiving a good response from the market and is set to sign on November 22.
Sole lead Barclays Capital is in the process of expanding the mandated lead arranger group to refinance a $950 million dual tranche bridge facility for Tata Power that was signed in June 2007.
The loan comprises a recourse and non-recourse facility which features a $350 million seven year amortising facility tranche æAÆ and a $600 million six year fundraising tranche æBÆ respectively.
Tranche æAÆ is guaranteed by the borrower and pays a spread of 80bp over Libor. For banks joining in senior syndication, it offers 60bp in upfront fees for an all-in of 89bp.
Tranche æBÆ features a spread of 325bp over Libor and banks joining in sub-underwriting gain 160bp in fees for an all-in of 364bp.
So far, Bank of India, ICICI Bank, State Bank of India, Sumitomo Mitsui Banking Corp, Axis Bank, Export-Import Bank of India and Fortis Bank have joined at the top level and the deal is expected to launch into general syndication next week.
Indonesia
A $750 million dual tranche fundraising for PT Astro and Coaltrade International Services has been launched into senior syndication via mandated lead arrangers Bank of Tokyo-Mitsubishi UFJ, DBS Bank, Standard Chartered Bank, Sumitomo-Mitsui Banking Corp and United Overseas Bank. DBS Bank, Sumitomo-Mitsui Banking Corp and United Overseas Bank are acting as the bookrunners.
In order to accommodate both domestic and foreign lenders there is an onshore and offshore tranche; PT Astro is borrowing $550 million while Coaltrade International Services is taking $200 million.
The loan is split between a $650 million five year amortising term loan, with an average life 3.542 years and a $100 million three year revolver. Margins are priced at 130bp over Libor for the onshore portion and 120bp for the offshore tranche.
In senior syndication, fees to the market are on one level. Equal-status mandated lead arrangers committing $75 million and above or a take-and-hold of $50 million receive 100bp flat.
The funds are to refinance an existing $200 million loan signed in March 2007 and a $400 million high-yield bond.
Japan
A Ñ75 billion five year credit facility for LGJ Holdings was inked on November 5 via mandated lead arrangers Aozora Bank, Calyon, Chinatrust Commercial Bank (Tokyo Branch), Chuo Mitsui Private Equity Investment Partnership, Citi and Shinsei Bank. The original sole mandated arranger and bookrunner was Citi.
Syndication saw 74% of the facility marketed in Japan and 26% in Hong Kong. The final allocations were not disclosed but a syndicate of nine financial investors and 10 banks provided the funding.
Proceeds are for general corporate purposes.
Macau
Melco PBL EntertainmentÆs $1.75 billion dual tranche financing has been well-received in the market despite the present gloomy financial environment.
So far, besides the six original leads ANZ, Banc of America Securities Asia, Barclays Capital, Citi, Deutsche Bank and UBS, commitments have been received from a total of 23 banks. China Construction Bank, Bank of China, First Commercial Bank and Banco Nacional Ultramarino are amongst them.
The funds are to support the City of Dreams project. Syndication is slated to close at the end of the month.
Malaysia
Astro All Asia NetworksÆ $300 million five year dual tranche financing was launched into syndication on Wednesday (November 14) via mandated arrangers and bookrunners Citi and DBS Bank.
The facility is split equally into a term loan and a revolving credit with the margin priced at 50bp over Libor.
Banks are to revert by the end of the first week of December. Proceeds are for general corporate purposes.
New Zealand
Alliance Group has completed a NZ$250 million three year bullet loan via sole lead ANZ which committed NZ$125 million.
Lenders HSBC and Rabobank took up the remaining portion with contributions of NZ$62.5 billion each.
Singapore
A $200 million dual tranche credit for Fraser & Neave (F&N) has been launched into syndication via lead arrangers and bookrunners Bank of Tokyo-Mitsubishi UFJ and DBS Bank.
The loan comprises a $150 million five year term loan and a $50 million seven year revolver.
Syndication is slated to close by the end of the month.
SupernovaÆs S$200 million leveraged buy-out facility for the acquisition of Seksun Corp was launched into general syndication on Tuesday (November 13) via mandated leads and bookrunners Chinatrust Commercial Bank, DBS Bank and United Oversea 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.
Banks are invited to join on two levels. Commitments of $11 million to $15 million earn the title of arranger while contributions of $7 million to $10 million gain the co-arranger title.
South Korea
PF Financial KoreaÆs Ñ14.45 billion two year credit was signed on Monday (November 12) via a syndicate of 11 banks. The mandated lead arrangers were ANZ (Hong Kong Branch), DBS Bank (Hong Kong Branch), KBC Bank (Hong Kong Branch), Standard Chartered Bank (Hong Kong Branch) and United Overseas Bank. The first four banks were the original mandated arrangers and bookrunners. The loan was oversubscribed and upsized from Ñ12 billion due to a good market response.
The facility features a margin of 50bp over Yen-Libor and a one year put-option is available after the two year tenor.
A $200 million term loan for Hanjin Heavy Industries and Construction Philippines has been launched into syndication via sole mandated lead and bookrunner Korea Development Bank.
The facility features a margin of 101bp over Libor and an average life of 5.5 years.
Syndication is expected to close by November 27 and proceeds are to finance the construction and expansion of the shipyard.
A $750 million five year facility for Hynix û ST Semi Conductor (Wuxi) is still in syndication via mandated leads China Development Bank and Korea Development Bank.
The fundraising pays a spread of 140bp over Libor, has a one year grace period and carries an average life of 3.5 years.
Syndication has been further delayed as some domestic Chinese banks are still waiting for approvals. So far, it is known that Agricultural Bank of China, Bank of China, China Construction Bank, China Everbright Bank and Oversea-Chinese Banking Corp have committed, with some still pending approvals.
Proceeds of the loan are to support the construction of the second phase of a wafer plant project based in Wuxi, China. Syndicated is slated to close by the end of the month.
STX Dalian Heavy Industries and STX Dalian ShipbuildingÆs $400 million seven year dual-tranche fundraising was completed on Wednesday (November 14) as a club deal via lead arrangers Korea Development Bank, Kookmin Bank, Shinhan Bank and Woori Bank.
The term loans were split with STX Dalian Heavy Industries borrowing $280 million and STX Dalian Shipbuilding taking $120 million. The margin was priced at 130bp over Libor with an average life of 4.625 years and a grace period of two years.
All four lead arrangers contributed an equal amount of $100 million.
The funds are to finance the construction of a shipyard. Signing took place in Dalian, China.
Taiwan
A $736 million dual tranche credit for Cayman Holding Company was inked last week (November 6) via mandated arrangers Bank of Taiwan, Bank of Tokyo-Mitsubishi UFJ, BNP Paribas and Mizuho Corporate Bank. BNP Paribas and Mizuho Corporate Bank were the original mandated arrangers and bookrunners. The borrower is a joint venture created by the four sponsors Chinese Petroleum Corp (CPC), Mitsui, Nippon Yusen Kaisha (NYK) and Qatar Gas Transport.
The deal is split into a $344 million term loan and a $392 million portion that was solely funded by Japan Bank for International Cooperation (JBIC).
Final allocations saw the bookrunners committing $55 million apiece while Bank of Taiwan and Bank of Tokyo-Mitsubishi UFJ contributed $47 million each. Coming in as arrangers were Cathay United Bank, Land Bank of Taiwan, Shinkin Central Bank and Taipei Fubon Bank holding $30 million apiece. Mega International Commercial Bank took $20 million.
Proceeds are to support the construction and to finance the purchase of four LNG vessels to charter hire Chinese Petroleum Corp (CPC) Taiwan.
Dragon Steel CorpÆs NT$57 billion 10 year term loan was launched into general syndication yesterday (November 15) via a consortium of nine banks û Bank of Taiwan, Cathay United Bank, E.Sun Commercial Bank First Commercial Bank, Land Bank of Taiwan, Mega International Commercial Bank, Taipei Fubon Bank, Taiwan Business Bank and Taiwan Cooperative Bank.
The fundraising pays a spread of 40bp over the secondary CP rate, has a grace period of 3.5 years and is secured by the companyÆs factory and machinery.
So far, it is understood 11 relationship banks have been invited to join in syndication. Agricultural Bank of Taiwan, Bank of Kaohsiung, BNP Paribas, Chang Hwa Commercial Bank, Chinatrust Commercial Bank, Entie Commercial Bank, Export-Import Bank of The Republic of China, Far Eastern International Bank, Industrial Bank of Taiwan, Shanghai Commercial & Savings Bank and Shin Kong Commercial Bank.
Fees to the market are on four levels. Co-arrangers contributing NT$3 billion and above receive 16bp flat, arrangers committing between NT$2 billion and NT$2.9 billion earn 12bp, senior managers providing NT$1 billion to NT$1.9 billion hold 8bp and managers taking between NT$500 million and NT$900 million get 3bp.
Banks have until December 21 to revert.
A NT$14.97 billion equivalent LBO financing for the Longreach Management Corp-led leveraged buyout of EnTie Bank has been completed via a syndicate of five banks.
The seven year debt package comprises a NT$13.818 billion bullet loan and a NT$1.152 billion portion. The margin is priced at 205bp and 230bp respectively, over the 10, 30, 60 or 90 day secondary CP rate based on the borrowerÆs preference.
Final allocations saw original mandated lead arranger Mega International Commercial Bank holding NT$3.181 billion. Joining as equal-status arrangers were Land Bank of Taiwan and Agricultural Bank of Taiwan providing NT$3 billion each. Taiwan Cooperative Bank took NT$2.989 billion and Taiwan Business Bank ended up with NT$2.8 billion.
Syndication of Nanya TechnologyÆs NT$22 billion five year financing is still ongoing via lead arrangers and bookrunners Bank of Tokyo-Mitsubishi UFJ, E Sun Commercial Bank, ING Bank, Standard Chartered, Sumitomo Mitsui Banking Corp and Taipei Fubon Commercial Bank. Yuanta Commercial Bank is the latest to join the facility at the top.
The deal pays a spread of 35bp over the secondary CP rate
Banks are expected to revert by the end of November.
A NT$12.3 billion LBO-facility to fund the Carlyle Group led buyout of Ta Chong Bank has been completed via mandated lead arrangers and bookrunners Mega International Commercial Bank and Taiwan Cooperative Bank. It is understood the deal was funded on October 31 and has now been signed. The bookrunners are in the process of selling down syndication.
The fundraising is split between a NT$6.3 billion debt package to finance the purchase of new common and preferred shares in the bank and another to purchase NT$6 billion in convertible bonds. The margin is priced at 225bp over the 90 day secondary CP rate.
So far, allocations saw Mega International Commercial Bank providing NT$3.8 billion, Taiwan Cooperative Bank contributing NT$2 billion with Chinatrust Commercial Bank and Taipei Fubon Bank holding NT$1.25 billion apiece. It is known that Land Bank of Taiwan and Taiwan Business Bank have also committed but allocations have not yet been finalised.
Banks committing NT$1.25 billion and above earn 175bp in management fees and the title of equal-status lead arrangers.
Bank of Taiwan, Land Bank of Taiwan, Mega International Commercial Bank and Taiwan Business Bank launched a NT$3.8 billion multi-tranche debt package for Tainergy Tech into general syndication on November 14.
The five year deal is split into a NT$3 billion term loan, a NT$1 billion credit and a NT$800 million portion. The margin is priced at 125bp over the primary CP rate.
Banks have been invited on three tiers. Mandated lead arrangers providing NT$600 million or more receive 35bp in management fees while arrangers taking between NT$400 million and NT$600 million get 25bp. Co-managers lending between NT$200 million and NT$400 million gain 15bp.
Banks are expected to revert by December 7.
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