Australia
Felix Resources has successfully secured a A$383 million multi-tranche debt package from mandated lead arrangers and bookrunners Commonwealth Bank of Australia and Sumitomo Mitsui Banking Corp. BNP Paribas, WestLB and Westpac are the other lenders in the deal.
The transaction comprises a A$150 million five-year term loan, a A$133 million five-year leveraged finance lease, a A$50 million two-year working capital facility and a A$50 million two-year revolving credit.
Proceeds are to fund the construction and development of the Moolarben Coal Project and for general corporate purposes.
Westfield's $1.36 billion forward start facility inked in mid-August was further upsized to $1.42 billion in late October with Lloyds Bank signed into the Accordion feature.
With Lloyds Bank having joined in as a co-arranger with a $60 million ticket in the revolving portion, the debt package is now split into a $1.3 billion revolving credit and a $110 million term loan tranche.
Proceeds are to refinance a $1.65 billion portion of a $4.7 billion facility signed in June 2007.
China
A Rmb875 million credit facility for Hebei Risun Coking was sealed last week via sole bookrunner Calyon.
Guaranteed by Xingtai Risun Coking, the three-year transaction is priced at 110% of the PBOC rate.
Final allocations saw the lead and co-lead arrangers Agricultural Bank of China and China Bohai Bank contribute Rmb200 million each, while senior managers Bank of Dalian and Postal Savings Bank of China committed Rmb100 million apiece. Hana Bank (China) came in with $75 million.
Proceeds are for working capital purposes.
Hong Kong
A HK$650 million three-year term loan for Apple Daily was completed on October 30 via sole mandated lead arranger and bookrunner HSBC. Bank Sinopac, Chang Hwa Commercial Bank, DBS Bank, Hua Nan Commercial Bank, Industrial Bank of Taiwan, Shanghai Commercial & Savings Bank and Taiwan Business Bank participated at lower levels.
The financing was guaranteed by Next Media and features an amortising repayment schedule. Proceeds are for working capital purposes.
Noble Group's $2.4 billion multi-tranche fundraising was upsized from $1.8 billion and signed on October 28 via bookrunners Agricultural Bank of China, Bank of Tokyo-Mitsubishi UFJ, China Development Bank, Commerzbank, DBS Bank, HSBC, ING, J.P. Morgan, Royal Bank of Scotland, Societe Generale and Standard Chartered Bank. China Minsheng Bank, Bank of Nova Scotia, Fortis Bank and Mizuho Banking Corp joined as equal status lead arrangers.
The facility is split into a $645 million 364-day new loan priced at 135bp over Libor, an $877 million one-year facility priced at 190bp over the same benchmark, and an $877 million two-year facility priced at 240bp.
Apart from the 14 top-tier lenders, there are four lead arrangers, 10 arrangers and 35 co-arrangers participating in the financing.
Proceeds from the new loan are for general corporate purposes, while the other portions are to extend a $1.2 billion revolving credit signed in June 2007.
India
Abhijeet Madc Nagpur Energy successfully secured a 13.75-year dual-currency transaction on October 30 from sole mandated lead arranger and bookrunner Axis Bank.
The deal comprises a Rs5.7 billion term loan and a $30 million portion.
The lead committed Rs2 billion, while participants Bank of Maharashtra, Indian Bank, State Bank of Hyderabad and State Bank of Travancore took Rs500 million apiece. UCO Bank, Vijaya Bank and India Infrastructure & Finance pledged Rs1 billion, Rs750 million and $30 million respectively.
Proceeds are to finance the construction of a 175MW coal-based thermal power plant based at Nagpur, India.
A $175 million seven-year debt package for Bhushan Power & Steel has been sealed via sole mandated lead arranger and bookrunner State Bank of India.
The lead contributed $39 million to the financing, while participants Punjab National Bank and Union Bank of India committed $28 million and $20 million respectively. Canara Bank and Indian Overseas Bank each gave $18 million. Bank of India lent $15 million and Bank of Baroda pledged $12 million. Allahabad Bank and Syndicate Bank provided $10 million apiece and Indian Bank rounded out the group with a hold of $5 million.
The deal pays a spread of 475bp over Libor and proceeds are for project financing purposes.
Educomp Solutions' Rs1.7 billion 4.6-year term loan has been inked via sole mandated lead arranger and bookrunner State Bank of India. Canara Bank, Standard Chartered Bank and State Bank of Patiala joined in the deal at lower levels.
The deal is priced at 120bp per annum and is scheduled to be repaid in 18 quarterly installments after a grace period of two months.
Proceeds are for general corporate purposes.
A Rs9.6 billion 15-year term loan for Pune Solapur Expressways was completed on October 28 via sole mandated lead arranger and bookrunner IDBI Bank.
The lead provided Rs1.6 billion, while lender Bank of Baroda committed Rs1.3 billion. India Infrastructure Finance and Infrastructure Development Finance contributed Rs1 billion apiece. Canara Bank and Punjab National Bank each took Rs900 million, while Andhra Bank gave Rs800 million. Union Bank of India pledged Rs740 million. Indian Bank and Yes Bank each held Rs500 million and Bank of Maharashtra rounded out the group with Rs400 million.
Proceeds are to support a highway widening project in India.
Indonesia
Bukit Makmar Mandiri Utama (BUMA)'s $285 million four-year term loan was signed on October 29 via bookrunners Barclays and Sumitomo Mitsui Banking Corp.
Final allocations saw Sumitomo Mitsui Banking Corp providing $60 million, while Barclays and joint lead arranger ING Bank each committed $50 million. Deutsche Bank and Macquarie Bank contributed $35 million apiece. Bank of Tokyo-Mitsubishi UFJ and lender Farallon Capital joined with $30 million and $25 million tickets respectively.
The facility was guaranteed by Prime Dig. Proceeds are to refinance an acquisition bridge and for working capital purposes.
Garudafood Putra Putri Jaya TBK has secured a Rp500 billion four-year club fundraising via mandated lead arrangers ANZ Panin Bank, Bank CIMB Niaga TBK, Bank UOB Indonesia and Oversea-Chinese Banking Corp.
Proceeds are for refinancing and capital expenditure purposes.
Philippines
A $40 million three-year credit facility for SM Prime Holdings was sealed in late October via mandated lead arrangers and bookrunners Standard Chartered Bank and Sumitomo Mitsui Banking Corp with Norddeutsche Landesbank Girozentrale participating at a lower tier.
The fundraising pays a spread of 245bp over Libor. Proceeds are for working capital and capital expenditure purposes.
Singapore
A S$60 million three-year term loan for GP Batteries International is expected to sign in mid-November via bookrunners DBS and Oversea-Chinese Banking Corp.
Prefunded by the bookrunners in early October, the deal saw United Overseas Bank joining as an arranger.
Proceeds are for refinancing, capital expenditure and general corporate funding purposes.
Mercuria Energy Trading's $150 million one-year revolving credit has been launched into syndication via mandated lead arrangers and bookrunners BNP Paribas, ING Bank, Societe Generale and Standard Chartered Bank.
Guaranteed by the parent company, Mercuria Energy Group, the bullet loan pays a spread of 150bp over Libor. Potential lenders are welcome to join at three levels: banks committing $20 million or above get mandated lead arranger titles; lenders joining with $10 million to $19 million get a lead arranger role; and those coming in with $5 million to $9 million will be given an arranger title.
Closing is scheduled for November 26 and proceeds are for working capital purposes.
A $540 million dual-tranche facility for Olam International is in the market via mandated lead arrangers and bookrunners Bank of Baroda, BNP Paribas, Credit Suisse, DBS Bank, HSBC, ING Bank, J.P. Morgan, Natixis and Standard Chartered Bank.
The deal has been fully underwritten by the leads. Meanwhile, 14 lenders have joined and commitments totaling around $400 million have been received. The leads are still waiting for more banks to participate and the deal is likely to be upsized, although this has yet to be confirmed by the borrower.
Proceeds are for refinancing and general corporate purposes.
Trafigura Beheer's $700 million 364-day revolver was inked on October 29 via mandated lead arrangers Agricultural Bank of China, ANZ, China Minsheng Bank, Credit Europe, DBS Bank, Industrial & Commercial Bank of China, Oversea-Chinese Banking Corp, Standard Chartered Bank, State Bank of India, Sumitomo Mitsui Banking Corp, United Overseas Bank and Westpac.
The leads each committed $60 million, except for Credit Europe, Oversea-Chinese Banking Corp and State Bank of India, which pledged $30 million apiece. Lead arrangers Bank of Tokyo-Mitsubishi UFJ, First Gulf Bank and arranger Union de Banques Arabes et Francaises took $25 million, $20 million and $10 million respectively. Managers Bank Mandiri, Chinatrust Commercial Bank and Union Bank lent $5 million each.
The deal is priced at 150bp over Libor and proceeds are for refinancing and working capital purposes.
Taiwan
China America Petrochemical's NT$6 billion financing was completed last week via mandated leads Bank of Taiwan, Cathay United Bank, First Commercial Bank, Hua Nan Commercial Bank, Land Bank of Taiwan, Mega International Commercial Bank and Taiwan Cooperative Commercial Bank.
Pricing of the five-year term loan is linked to the borrower's earnings before tax ratio as follows: if the ratio is above zero, the margin is 90bp over the 90-day secondary CP rate; if the ratio is below zero, the pricing steps up to 110bp over the same rate.
Final allocations saw Bank of Taiwan, Mega International Commercial Bank and Taiwan Cooperative Commercial Bank lend NT$1 billion each, while Land Bank of Taiwan joined in with NT$900 million. Cathay United Bank, First Commercial Bank and Hua Nan Commercial Bank ended up with NT$700 million apiece.
Proceeds are to refinance outstanding facilities signed in 2005 and 2007 respectively, and for working capital purposes.
Danen Technology Corp's NT$435 million dual-tranche transaction has been signed via sole bookrunner Chinatrust Commercial Bank.
With superficies, buildings and machinery pledged as securities, the three-year facility comprises a NT$391.5 million term loan and a NT$43.5 million revolving credit. The pricing of both tranches are linked to the borrower's net income before tax ratio as follows: if the ratio is below zero, the pricing is 250bp over the secondary CP rate; if the ratio is above or equal to zero but lower than five, the spread narrows to 220bp over the same rate; and if the ratio is higher than or equal to five, the margin is reduced to 190bp over the same rate.
Final allocations saw the sole lead give NT$150 million, while lead manager Mega International Commercial Bank lent NT$95 million. DBS pledged NT$80 million and manager First Commercial Bank contributed NT$50 million. Bank of Panhsin and Taiwan Cooperative Commercial Bank came in with NT$30 million apiece.
Proceeds are to refinance bilateral facilities and for working capital purposes.
Fu-tai Engineering has secured a NT$918 million project financing via coordinating arrangers Chang Hwa Commercial Bank, Taipei Fubon Commercial Bank, Taiwan Cooperative Commercial Bank and Yuanta Commercial Bank.
The debt package consists of several tranches, including a NT$123 million four-year guarantee facility, a NT$245 million four-year guarantee facility and a NT$123 million three-year guarantee facility. The total amount of the latter two tranches cannot exceed NT$245 million. There is also a NT$350 million-equivalent three-year letter of credit tranche and a NT$200 million three-year revolver.
All three guarantee facility tranches feature an annual guarantee fee of 95bp, while the letter of credit facility pays an annual L/C fee of 50bp. The revolving credit offers a margin of 105bp over the one-year post office savings rate.
Final allocations saw the leads contribute NT$206 million each, while Bank Sinopac joined as a participant with a hold of NT$92 million.
Proceeds are to back the borrower's bid and construction of a project for CPC Corp Taiwan to assemble oil purification machinery.
Li Peng Enterprise' NT$2.5 billion financing was sealed last week via sole mandated lead Land Bank of Taiwan. The facility was oversubscribed by 160% to NT$3.2 billion and upsized from NT$2 billion.
Guaranteed by the chairman, the five-year term loan is priced at 140bp over the 90-day secondary CP rate, with a minimum interest rate of 2% and a commitment fee of 12.5bp.
Final allocations saw the lead give NT$630 million, while participant Agricultural Bank of Taiwan lent NT$400 million. Taichung Commercial Bank contributed NT$350 million, while Taiwan Shin Kong Commercial Bank and Yuanta Commercial Bank committed NT$240 million each. Chang Hwa Commercial Bank, First Commercial Bank, Shanghai Commercial & Savings Bank and Taiwan Business Bank ended up with NT$160 million apiece.
Proceeds are to refinance two existing syndicated facilities -- a NT$2.5 billion loan signed in September 2004 and a NT$1.4 billion facility completed in June 2006 -- and for working capital purposes.
Vietnam
A $145 million 10-year amortising transaction for Vietnam Oil & Gas (Petrovietnam) has been completed on a club basis via mandated lead arrangers BNP Paribas, Calyon and HSBC.
Proceeds are to finance the construction of the Quang Nam Polypropylene Plant in Vietnam.
