Loan week, October 26-November 1

A roundup of the latest syndicated loan market news.

Mandated lead arrangers Royal Bank of Scotland and Westpac Banking Corp have closed a A$269.5 million one-year bullet loan for AGL Energy. A total of 25 banks joined the facility.

Final allocations saw the leads provide A$21.5 million each. Arrangers Mizuho Corporate Bank held A$25 million while ANZ held A$19 million. Societe Generale committed A$9 million. Co-arrangers Bayerische Landesbank contributed A$28 million while JP Morgan and Toronto Dominion Securities took A$14 million apiece. Bank of China (Macau) lent A$6 million.

Joining as lead managers with holds of A$14.5 million each were Bank of Tokyo-Mitsubishi UFJ, Banco Bilbao Vizcaya Argentaria, Citi, Fortis, Mega International Commercial Bank and Oversea-Chinese Banking Corp. Commonwealth Bank of Australia held A$10 million while Bank of Nova Scotia took A$9.7 million. Scotiabanc ended up with A$4.8 million.

GPT REÆs Ç2.01 billion multi-tranche financing was sealed on October 26 via lead arrangers National Australia Bank and Commonwealth Bank of Australia. The facility saw a total participation of 24 banks.

The bullet loan comprises a Ç1.005 billion five-year revolver, a Ç335 million 364-day portion and a Ç670 million three-year loan.

Joining the syndicate with holds of Ç200 million each were the leads, accompanied by arrangers ANZ and ING Bank. Lead managers Deutsche Bank and Sumitomo Mitsui Banking Corp contributed Ç110 million apiece.

Holding Ç75 million apiece as senior managers were Mizuho Corporate Bank, Oversea-Chinese Banking Corp, Toronto Dominion Bank, WestLB and Westpac Banking Corp.

Managers taking Ç50 million each were Bank of America, Bank of Nova Scotia, Bank of Tokyo-Mitsubishi UFJ, Barclays Capital, BayernLB, Citi, HSBC, JPMorgan Chase, Landesbank Baden-Wurttemburg, Morgan Stanley, Societe Generale and United Overseas Bank.

Rounding off the consortium was lender Chinatrust Commercial Bank with a commitment of Ç$15 million.

A $200 million five-year credit for Olam Australia was inked on October 30 via bookrunners ANZ and Rabobank, with each holding A$50 million.

Arrangers St. George Bank committed A$40 million while Commonwealth Bank of Australia and Westpac Banking Corp took A$30 million apiece.

Proceeds are to refinance an existing bridge loan. Olam International is acting as guarantor. Syndication took place in Australia and Singapore.

Sonic HealthcareÆs A$1.75 billion multi-tranche fundraising has been completed via a consortium of seven banks. National Australia Bank is the original mandated arranger.

The debt package comprises a A$750 million five-year revolver, two A$350 million bullet loans with tenors of three and five years respectively and a A$300 million two-year portion.

Final allocations saw joint-lead arrangers ANZ committing A$400 million while Commonwealth Bank of Australia held A$300 million. National Australia Bank, Royal Bank of Scotland and Westpac Banking Corp each contributed A$250 million while Citi provided A$200 million. JPMorgan ended up with A$100 million.

TelstraÆs A$1 billion five-year financing has been inked via leads National Australia Bank and Westpac Banking Corp. The facility was heavily oversubscribed with total commitments received in excess of A$2 billion, and had to be scaled bank.

Allocations saw the leads and co-arrangers ANZ, Bank of Tokyo-Mitsubishi UFJ, Banco Bilbao Vizcaya Argentaria, Commonwealth Bank of Australia, Sumitomo Mitsui Banking Corp, Toronto Dominion Securities and UBS each commit A$73 million.

Bank of America, Bank of China (Hong Kong), BNP Paribas, Citi, JPMorgan Chase, Oversea-Chinese Banking Corp and Societe Generale joined the syndicate as lead managers taking A$49 million apiece.

This was the borrowerÆs first time in the syndicated loans market since September 2000.

A Rmb1 billion three-year fundraising for China National Salt Industry Corp has been completed via a syndicate of 17 banks. DBS Bank ran the books with a hold of Rmb95 million.

Joining the syndicate with commitments of Rmb75 million each were lead arrangers Bank of Tokyo-Mitsubishi UFJ, Calyon, China Citic Ka Wah Bank, Hang Seng Bank, Oversea-Chinese Banking Corp, Shinhan Bank and Sumitomo Mitsui Banking Corp.

Senior manager Rabobank provided Rmb55 million while Intesa Sanpaolo, Mizuho Corporate Bank, Nanyang Commercial Bank and United Overseas Bank took Rmb50 million each.

Managers Public Bank (Hong Kong) contributed Rmb35 million while Banca di Roma, Bank of East Asia and KBC Bank ended up with Rmb30 million each.

Sole lead Standard Chartered has completed a HK$657 million dual-currency financing for Shanghai Huang Pu Liu Chong Hing Property Development.

The five-year facility is split into a HK$450 million tranche æAÆ that pays a spread of 63bp over Hibor and a Rmb200 million tranche æBÆ

Tranche æAÆ saw commitments of HK$135 million each from Standard Chartered, arrangers Bangkok Bank and Shanghai Commercial Bank, while Wing Lung Bank joined with a take of HK$45 million.

Tranche æBÆ saw the same banks holding Rmb60 million apiece with Wing Lung ending up with Rmb20 million.


Syndication of Amtek AutoÆs $200 million seven-year fund raising has been extended with a few Indian banks still processing credit approvals. So far, commitments have been received from Bank of Taiwan, Hua Nan Commercial Bank, Mega International Commercial Bank and Shanghai Commercial & Savings Bank.

Banks now have until mid-November to respond.

HDFC BankÆs $153 million dual-tranche facility has closed via a consortium of 11 banks. The deal was well received and upsized from $100 million.

The yen-equivalent loan comprises a $93 million one-year credit and a $60 million three-year portion.

Lead arrangers DBS Bank contributed $22.5 million while Natixis committed $20 million. DZ Bank provided $16 million while Commerzbank and arranger United Overseas Bank each held $15 million. Bank of America took $14.5 million while Bank of Tokyo-Mitsubishi UFJ and Calyon lent $12.5 million apiece. Bank Muscat and co-arranger Raiffeisen Zantralbank each lent $10 million. Senior Manager Mega International Commercial Bank ended up with a hold of $5 million.

The signing ceremony will be held on November 6.

A $250 million one-year fundraising for Reliance Energy has been completed via sole mandated arranger Standard Chartered.

The loan was funded in February and pays a margin of 25bp over Libor.

The syndicate was fully subscribed including commitments from Bank of Baroda and State Bank of India. The complete syndicate was undisclosed.

A $100 million three-year financing for Tata America International Corp has been completed via bookrunners Banc of America Securities Asia and Citi.

Allocations saw the bookrunners, along with lead arrangers Mizuho Corporate Bank and Sumitomo Mitsui Banking Corp provide $12.53 million each. Shinsei Bank contributed $15 million while Bank of Tokyo-Mitsubishi UFJ and BNP Paribas held $12.45 million apiece. Arrangers Banca Monte dei Paschi di Siena and Mega International Commercial Bank ended up with $5 million each.

Usha MartinÆs $35 million five-year yen-equivalent facility has received commitments of $10 million from DBS Bank and $7 million from Doha Bank. Two banks are still processing the transaction. Syndication is slated to close by mid-November. ICICI is the sole mandated arranger.

MGM Grand Macau is back in the market looking to add an additional $220 million to a $700 million debt package that was completed in June 2006.

The add-on facility comprises a $180 million amortising loan and a $40 million bullet financing, featuring spreads of 250bp over Libor pre-completion and 200bp post-completion.

Banks have been invited on three levels. Arrangers providing $20 million or more receive 50bp, while senior managers taking between $15 million and $19 million gain 30bp. Managers lending between $10 million and $14 million get 20bp. The 17 banks that participated in the original deal have been invited.

Banc of America Securities Asia, Banco Nacional Ultramarino, Bank of China (Macau), BNP Paribas, CCB International Finance, Hang Seng Bank, HSBC, Royal Bank of Scotland and Sumitomo Mitsui Banking Corp are leading the deal.

The funds are to support the development of the MGM Grand Macau hotel-casino resort.

New Zealand

A NZ$200 million three-year revolver for Dominion Income Property Fund has been signed on a club basis via ANZ and ASB Bank with each holding NZ$100 million.


AcerÆs NT$19.8 billion dual-tranche fund raising was inked on October 30 via a group of 16 banks.

The three-year facility was split into a NT$16.5 billion credit and a NT$3.3 billion bullet portion.

Final allocations saw Mega International Bank contribute NT$1.56 billion while Bank of Taiwan and Citi committed NT$1.32 billion each.

Rounding off the syndicate with holds of NT$1.2 billion apiece were ABN AMRO, ANZ, BNP Paribas, Calyon, Chang Hwa Commercial Bank, Chinatrust Commercial Bank, DBS Bank, HSBC, ING Bank, Mizuho Corporate Bank, Sumitomo Mitsui Banking Corp, Taipei Fubon Commercial Bank and Taiwan Cooperative Bank.

The funds are to support the acquisition of Gateway, a US-based computer store.

Syndication of the NT$14.97 billion equivalent LBO financing for the Longreach Management Corp-led leveraged buyout of EnTie Bank is still ongoing and expected to close in the next three weeks.

Mega International Commercial Bank is leading the facility.

Also in the market is a $12.3 billion LBO-facility to fund the Carlyle Group and Corsair Capital-led buyout of a 35% stake in Ta Chong Bank.

The fundraising is split between a NT$14 billion debt package to finance the purchase of new common and preferred shares in the bank and another to purchase NT$7.5 billion in convertible bonds.

So far, four banks have joined the facility. Mega International Commercial Bank is leading the deal. Syndication is said to be closed with documentation being drawn up at present.

A $200 million two year revolver for Techview International has received a commitment of $10 million from Taipei Fubon Commercial Bank. Mega International Commercial Bank is leading the facility.

Arrangers providing $30 million or more gain 20bp. The deal pays a spread of 25bp over Libor.

Banks have until the end of November to revert.

¬ Haymarket Media Limited. All rights reserved.
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