loan-week-september-1522

Loan Week, September 15-22

A round up of the latest syndicated loan market news.
Australia

Credit Suisse has fully underwritten Affinity Equity PartnersÆ A$310 million financing. Proceeds will be used to finance Affinity Equity PartnersÆ leveraged buyout of footwear and clothing retailer Colorado Group. A wider syndication will be launched shortly.

Great Southern Plantations has signed a $245 million three year facility via sole mandated arranger ANZ Investment Bank. Proceeds are to refinance existing and for general corporate purposes.

Sole mandated arranger ANZ Investment Bank contributed A$120 million while lenders Mizuho Corporate Bank took A$75 million and Commonwealth Bank of Australia joined with a ticket of A$50 million. Signing took place on September 15.

Incitec Pivot has successfully raised A$430 million via sole mandated lead arranger Credit Suisse. The facility saw five banks join in general syndication. They are Commonwealth Bank of Australia, National Australia Bank, Westpac, Rabobank and ANZ Investment Bank. Proceeds will be used to support the 15% share buy-back in Incitec Pivot from Orica and to finance the A$165 million acquisition of Southern Cross Fertilisers from BHP Billiton.

Sole mandated lead arranger Credit Suisse has yet to close syndication of Integra CoalÆs A$350 million. The multi-tranche facility has attracted several commitments so far. Proceeds will be used to refinance existing debt held by Glennies Creek Colliery and Camberwell Coal as well as for a debt recapitalisation. Credit Suisse has fully underwritten the deal.

InvoCareÆs A$180 million five year facility was signed on September 18. Mandated arrangers ANZ Investment Bank and National Australia Bank held A$90 million apiece. Proceeds are for general corporate purposes.

Spotless GroupÆs A$290 million loan has been signed on a club basis. Mandated arrangers Australia and New Zealand Banking Group, Commonwealth Bank of Australia and HSBC contributed A$80 million apiece and JP Morgan held A$50 million.

The transaction is divided into three tranches - a A$35 million 364 day loan, a A$30 million three year facility and a A$15 million five year revolver. Proceeds are to refinance existing bank facilities and to provide for working capital and general corporate requirements.

The A$450 million five year credit for Transfield BBF has been completed. Mandated arrangers Calyon took A$100 million and ANZ Investment Bank provided A$80 million. Lenders Commonwealth Bank of Australia contributed A$140 million, Royal Bank of Scotland committed A$50 million and Westpac lent A$80 million. Proceeds are for refinancing purposes. Signing was held on September 11.


Hong Kong

A consortium of 13 banks is syndicating IFC DevelopmentÆs HK$10.3 billion financing. The arranger group comprises Bank of China (Hong Kong), Fortis Bank, Standard Chartered, BNP Paribas, ABN Amro, CCB International Finance, ICBC (Asia), Bank of Tokyo-Mitsubishi UFJ, BayernLB, DBS Bank, Mizuho Corporate Bank, Rabobank and SMBC.

The six year facility offers a margin of 27.5bp over Hibor. Bank of China (Hong Kong) is acting as both facility and documentation agent. Proceeds will be used to refinance a HK$7 billion facility signed in October 2000. Banks have until next Wednesday to respond.

Nine Dragons PaperÆs $350 million fundraising has been completed via sole mandated lead arranger Bank of China (Hong Kong) with a total of 15 banks on board.

The four year financing features an average life of 3.6 years and is priced at 55bp over Libor. Joining as arrangers are Bank of Communications, BNP Paribas, Commonwealth Bank of Australia and KBC Bank. Co-lead managers are China Construction Bank, Bank of China (Macau), Shanghai Commercial & Savings Bank and UOB (Guangzhou) while managers are Maybank, Cathay United Bank, Citic Ka Wah Bank, E.Sun Commercial Bank and Public Bank.

Proceeds will be used for working capital purposes and signing took place on Tuesday (September 19).


India

UTI BankÆs $125 million yen-equivalent facility has been launched into general syndication via a syndicate of 10 banks. Mandated lead arrangers are Barclays Capital, BNP Paribas, Banca Intesa, Citigroup, DBS Bank, Lloyds TSB Bank, Natexis Banques Populaires, Oversea-Chinese Banking Corp, RZB Austria and Standard Chartered.

The one year financing features a margin of 15bp over Libor and is being marketed on two tiers. Lead arrangers holding $6 million to $9 million receive 11bp, translating to a top level all-in of 26bp over Libor while arrangers providing $3 million to $5 million get 10bp for an all-in of 25bp over Libor.

Proceeds will be used to refinance a $120 million yen-equivalent facility signed in September 2005. Banks have until October 6 to revert.
New Zealand

Dominion Income Property FundÆs NZ$100 million three year facility has completed syndication via mandated arrangers ANZ Investment Bank and ASB Bank, providing NZ$50 million each. Proceeds are for general corporate purposes.

Allocations for InfratilÆs NZ$300 million fundraising have been finalised. The transaction is split equally into one and three year term loans. Proceeds are to refinance existing debt.

Sole mandated arranger ANZ Investment Bank is taking NZ$125 million. Lenders include HSBC providing NZ$125 million and Bank of New Zealand committing NZ$50 million. The signing ceremony is scheduled for September 27.

RFS Trust has completed a NZ$300 million one year fundraising. ANZ Investment Bank and Westpac are providing the funds. Sole mandated arranger ANZ Investment Bank provided NZ$235 million while Westpac joined with a hold of NZ$65 million. Proceeds will be used for standby purposes.

Tuaropaki Power Company has signed a NZ$215 million financing via sole mandated arranger ANZ Investment Bank. The deal is split into a NZ$93.8 million nine year tranche, a NZ$81.6 million six year portion and a NZ$40 million 14 year term loan. Sole mandated arranger ANZ Investment Bank committed NZ$134.6 million and participant Bank of New Zealand provided NZ$80.8 million. Proceeds will be used to refinance existing debt and for expansion purposes.


Philippines

Mirant Asia Pacific has successfully raised $700 million via sole mandated lead arranger and bookrunner Credit Suisse. The six year project financing saw 15 banks join in general syndication. They are ABN Amro, Banco de Oro Universal Bank, Bank of the Philippine Islands, Bayerische Hypo-und Vereinsbank, BNP Paribas, Calyon, Fortis Bank, ING Bank, JP Morgan Chase, Natexis Banques Populaires, SMBC, Bank of Tokyo-Mitsubishi UFJ, HSBC, Royal Bank of Scotland and WestLB.


Singapore

Singtel Group Treasury has successfully raised S$650 million from the market. A group of 10 banks are participating in the facility. BNP Paribas, Calyon (Singapore), Citigroup Global Markets Singapore, DBS Bank, Oversea-Chinese Banking Corp and Royal Bank of Scotland (Singapore) are the mandated arrangers. HSBC and Westpac joined as lead arrangers while Commonwealth Bank of Australia (Singapore) and United Overseas Bank ended up as arrangers. Proceeds will be used for general corporate purposes.

South Korea

National Agriculture Cooperative FederationÆs Ç200 million two year credit was signed on September 15.

Mandated arrangers ABN Amro, Barclays Capital, BayernLB, BNP Paribas, Calyon, Citigroup Global Markets Asia, DBS Bank and Standard Chartered Bank (Hong Kong) provided Ç17.67 million apiece. Lead arrangers BBVA (Hong Kong), Fortis Bank (Hong Kong) and Wachovia Bank contributed Ç10 million each while Banca Monte dei Paschi (Hong Kong) lent Ç2 million and Toronto-Dominion Bank pledged Ç1 million. Bank of China (Hong Kong) joined as an arranger with a commitment of Ç8 million. Proceeds are for working capital purposes.

Reliance Natural ResourcesÆ $312 million 51/4 year financing was signed on Thursday (September 20). Banc of America Securities Asia, Barclays Capital, BNP Paribas, DBS Bank, KfW and SMBC are the mandated arrangers.

Suhyup Bank signed a $150 million three year term loan yesterday (Thursday). The mandated arrangers are Bank of Tokyo-Mitsubishi UFJ, Banque Bruxelles Lambert, Calyon, Citibank, Mizuho Corporate Bank, Standard Chartered and SMBC


Taiwan

Far Eastern ConstructionÆs NT$4 billion financing has been allocated. A group of 13 banks are participating in the deal.

Mega Commercial Bank is committing NT$750 million and Chinatrust Commercial Bank, E Sun Bank, Hua Nan Commercial Bank, Ta Chong, Taipei Fubon and Taishin International Bank are providing NT$350 million apiece. China Bills Finance, Far Eastern International Bank, Hua Nan Bills Finance Corp, International Bills Financial Corp, Mega Bill Corp and Taching Bill Finance Corp are lending NT$200 million each. Proceeds are to refinance existing debt.

Hai Kwang EnterpriseÆs NT$2.1 billion term loan has signed. There are 15 banks participating in the transaction.

Mandated arrangers Industrial Bank of Taiwan took NT$300 million and Mega Commercial Bank held NT$210 million. Lenders Taiwan Cooperative Bank committed NT$240 million, E Sun Bank provided NT$210 million, Bank of Kaohsiung and International Commercial Bank of China lent NT$180 million each, Bangkok Bank contributed NT$120 million and Chang Hwa Commercial Bank, Taipei Fubon Commercial Bank and Taishin International Bank contributed NT$90 million apiece while Land Bank of Taiwan, Shanghai Commercial & Savings Bank, Ta Chong Bank and Taichung Commercial Bank ended up with NT$50 million each. Proceeds are to refinance existing debt.

Prodisc Technology has launched a NT$2.3 billion two year credit into general syndication via three banks. The mandated arrangers are Bank of Taiwan, Mega Commercial Bank and Taishin International Bank. The deal carries a margin of 100bp over the CP rate. Proceeds are to refinance existing debt and for working capital purposes. Chairman Lin Ming Fa is providing a guarantee.



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