AGL Energy has mandated Royal Bank of Scotland and Westpac to lead arrange a A$2 billion facility. Proceeds are to refinance existing debt and for general corporate purposes.
China
Market talk is that CNPC, a joint venture between PetroChina and China National Petroleum, is seeking $1.4 billion to finance its investment in Kazakhstan. The 10 year financing will be arranged by Calyon, Standard Chartered, ING Bank and Commonwealth Bank of Australia. Pricing is said to be around the 80bp mark.
The borrower last tapped the market in September 2005 when it raised $4.18 billion via a bridge financing. That facility was arranged by Citigroup, Sanpaolo IMI and Commonwealth Bank of Australia.
Hong Kong
BALtrans Logistics (Hong Kong)Æs HK$250 four year million dual-tranche fundraising was signed on October 6. BNP Paribas (Hong Kong) is the sole mandated arranger.
The facility consists of a HK$187.5 million term loan and a HK$62.5 million revolver. The margin is 69bp over Hibor. Mandated arrangers BNP Paribas (Hong Kong) committed HK$30 million, arrangers Industrial and Commercial Bank of China (Asia), Mizuho Corporate Bank and, SMBC took HK$28 million apiece, Bank of East Asia held HK$25 million, Bank of China (Macau), KBC Bank (Hong Kong) and United Overseas Bank took HK$23 million each while Dah Sing Bank and Wing Lung Bank joined as co-arrangers with tickets of HK$22 million and HK$20 million.
Proceeds will be used to refinance existing debt and provide for general corporate requirements.
Rumor has it that Kingway Brewery is tapping the market to raise HK$400 million to expand capacity. Around seven banks are bidding for the deal. Proceeds will be used to build plants and for general working capital. A formal mandate is expected to be announced by the end of this month.
Melco PBL Entertainment, a joint venture between Hong Kong based Melco International Development and AustraliaÆs Publishing & Broadcasting, has mandated ANZ Banking Group, Bank of America Securities Asia, Barclays Capital and Deutsche Bank to arrange its $1.1 billion facility. Proceeds will be used to finance its flagship casino resort in Macau.
Syndication of Sino-French Water DevelopmentÆs HK$1.4 billion financing is expected to close today (Friday). The seven year facility has secured commitments from several banks so far. Mandated arrangers are Bank of China (Hong Kong), BNP Paribas, Calyon and ICBC Asia. Proceeds will be used to refinance a HK$1.2 billion facility signed in September 2001.
Hong Kong-listed Shanghai Industrial HoldingsÆ HK$3 billion facility has been launched via a syndicate of eight banks. Mandated lead arrangers are Bank of China (Hong Kong), BNP Paribas, Calyon, CCB International Finance, DBS Bank, Hang Seng Bank, HSBC and SMBC. BNP Paribas and HSBC are running the books.
The five year facility is split equally into a term loan and a revolver. It carries a spread of 27bp over Hibor and is being marketed on two levels. Banks joining as arrangers receive 25bp, translating to a top level all-in of 32bp while those joining as lead managers earn 17.5bp for an all-in of 30.5bp.
Funds will be borrowed via a special purpose vehicle, SIHL Finance, which is wholly owned by the borrower. Proceeds will be used to refinance existing debt and to provide for working capital requirements. Banks have until October 31 to revert.
India
Bharat Petroleum CorpÆs $200 million facility has been launched into general syndication via mandated lead arrangers BNP Paribas, Calyon, Mizuho Corporate Bank and Standard Chartered. All mandated lead arrangers are running the books. BayernLB and DZ Bank joined as equal status arrangers prior to the launch.
The five year financing features a margin of 59bp over Libor. Banks are being invited to join on three levels. Lead arrangers contributing $20 million or above receive 35bp, leading to a top level all-in of 66bp over Libor; arrangers providing $10 million to $19 million get 25bp for an all-in of 64bp and co-arrangers pledging $5 million to $9 million earn 15bp for an all-in of 62bp.
Banks have until the end of this month to respond.
ING Vysya Bank signed a $100 million 364-day term loan on October 18. Mandated arrangers BayernLB, DBS Bank, ING, Lloyds Bank and Standard Chartered Bank lent $17.4 million apiece while arranger Erste bank pledged $10 million and lead manager UniCredit Group ended up with $3 million. Proceeds are for general corporate purposes.
Market talk is that Tata Steel is returning to the market after the completion of its $750 million fundraising early this month. It is said that ABN Amro, Deutsche Bank and Standard Chartered have been hired to lead arrange a $6.5 billion bridge financing. The facility will be used to back the acquisition of Corus Steel worth $10 billion. It could be the largest leveraged buyout in India.
UTI BankÆs $125 million one year credit has been signed. The deal carries a margin of 15bp over Libor. Proceeds are for general corporate purposes.
Mandated arrangers Banca Intesa, Barclays Capital, BNP Paribas, Citigroup, DBS Bank, Lloyds TSB Bank, Natexis Banques Populaires, Oversea-Chinese Banking Corp, Raffeisen Zentralbank Oesterreich (Singapore), and Standard Chartered committed $11.9 million apiece as did arrangers Banca Intesa (Hong Kong), DBS Bank and Lloyds TSB Bank (London). Banca Popolare di Verona e Novara and Zurcher Kantonalbank & St Gallische Kantonalbank also joined as arrangers and provided $3 million each.
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