Chi Mei Optoelectronics (Ningbo) has launched a $180 million five year financing through mandated lead arrangers Banc of America Securities Asia, Calyon and HSBC. Parent company, Chi Mei Optoelectronics is acting as guarantor.
The loan pays a margin of 62bp over Libor and has an average life of 3.75 years.
Coordinating arrangers committing $20 million or above earn a participation fee of 18.75bp, with a top level all-in of 67bp. Arrangers providing $10 million to $19 million receive 13.125bp and senior managers pledging $5 million to $9 million gain 7.5bp.
The deadline for responses is March 10.
Mandated lead arranger Calyon will soon close the sub-underwriting phase of Tripod (Wuxi) ElectronicÆs $40 million five year deal. The facility is guaranteed by Taiwan-based parent company, Tripod Technology.
The loan pays a spread of 57.5bp over Libor and has a three year put option. Proceeds are for working capital and to refinance short-term debt.
General syndication should begin next week.
Hong Kong
CNPC (Hong Kong)Æs $80 million five year term loan was inked on Tuesday. The facility was decreased from $120 million as the borrower did not require the full amount.
Four banks joined mandated coordinating arrangers DBS Bank and Mizuho Corporate Bank.
Mandated arranger HSBC has launched a HK$300 million three year refinancing exercise for Hang Fung Jewellery into syndication. Hang Fung Gold Technology is providing a guarantee.
The loan offers a margin of 88bp over Hibor and fees to the market are on three levels. Arrangers lending HK$40 million or above receive a front-end fee of 58bp, lead managers contributing HK$30 million to HK$39 million earn 55bp and senior managers providing HK$20 million to HK$29 million gain 52bp.
The borrower successfully tapped the market in June 2004 with a HK$300 million three year facility that was also arranged by HSBC. The deal paid an all-in of around 162.8bp, well outside the 115bp offered in the current transaction.
Banks have until February 24 to respond.
Bank of Tokyo Mitsubishi UFJ, Calyon, Mizuho Corporate Bank and Standard Chartered Bank have provided a HK$1.8 billion dual tranche credit to Hong Kong Air Cargo Terminals on a club basis. The facility is split equally between a three year term loan and a five year revolver. Proceeds are for general corporate purposes.
Progain Group has received four commitments on its HK$1.9 billion dual tranche five year facility. Asia Commercial Bank, Bank of China (Macau), Maybank and Nanyang Commercial Bank have joined mandated arrangers Bank of Nova Scotia, Calyon, Standard Chartered Bank and Sumitomo Mitsui Banking Corp.
The loan was pre-funded last November and offers an all-in of 57bp over Hibor to banks joining on the first tier.
Proceeds are to support the listing of Prosperity REIT. Syndication should wrap-up by the end of the month.
Four banks have joined mandated lead arranger Barclays Capital on Sino-ForestÆs $150 million five year term loan, while two more are working on gaining approvals.
General syndication is expected to be launched in the week of February 20. A bank presentation along with a site visit to the forest will also be held during that week.
India
Andhra BankÆs $75 million 364 day credit was launched into syndication on Thursday. Banc of America Securities Asia, Calyon, DBS Bank, Natexis Banques Populaires and RZB-Austria are the mandated lead arrangers.
The deal offers a spread of 20bp over Libor and banks have been invited to participate on three levels. Lead managers committing $8 million or more receive 12bp flat, senior managers lending $5 million to $7 million earn 11bp and managers providing $2 million to $4 million gain 10bp.
The borrower raised $75 million via a 364 day facility in February last year. The loan paid an all-in yield of 44bp over Libor, outside the 32bp offered in the current transaction.
Proceeds are for general corporate purposes and banks have until February 24 to respond.
Mandated lead arrangers Barclays Capital and State Bank of India have launched a $120 million 5 year and 1 month facility for Essar Steel into sub-underwriting.
The bullet loan is priced at 225bp over Libor. An underwriting fee of 30bp and a management fee of 70bp are paid to mandated lead arrangers committing $25 million or more.
ICICI Bank has launched a $250 million 364 day term loan via 12 mandated lead arrangers, comprising ABN Amro, Banc of America Securities Asia, BNP Paribas, Calyon, Citigroup, DBS Bank, DZ Bank, HSBC, Lloyds TSB, Natexis Banques Populaires, RZB and Standard Chartered Bank.
The loan offers a margin of 13bp over Libor. Lead arrangers lending $12 million or above earn an upfront fee of 11bp, arrangers holding $8 million to $11 million receive 10bp and senior managers taking $4 million to $7 million gain 9bp.
Proceeds will be used for general corporate purposes. Banks have until February 24 to revert and if there is an oversubscription, a $50 million greenshoe can be exercised.
Mandated lead arrangers Calyon, Citigroup, DBS Bank and Standard Chartered Bank are targeting to launch Indian Overseas BankÆs $60 million one year deal today.
Kribhco Shyam Fertilisers is in the market with a Ñ25 billion seven year facility via mandated lead arranger Lehman Brothers. The borrower is a joint venture between Krishak Bharati Cooperative (Kribhco) and Shyam Telecom.
Funds will be used to acquire Oswal Chemicals and FertilisersÆ (OCFL) urea plant.
Mandated lead arrangers Calyon, DBS Bank, Mizuho Corporate Bank and State Bank of India are holding roadshows for Power Finance CorpÆs $100 million 3-1/2 year financing this week. There was a presentation in Singapore yesterday and one is being held in Taipei today.
Although sub-underwriting and general syndication were launched last week, the information memorandum was not sent out until Wednesday. As a result, it is likely that the February 15 senior syndication deadline and the February 22 general syndication closing date will be pushed back to give banks more time to process approvals.
Sub-underwriters are paid a top level all-in of 57bp for commitments of $20 million or more while those taking and holding $15 million get an all-in of 56bp. In general syndication, banks coming in on the first tier receive an all-in of 55bp for tickets of $10 million or more.
Reliance PetroleumÆs $1.5 billion dual tranche fundraising will be arranged by a group of 14 banks. ABN Amro, Banc of America Securities Asia, Bank of Tokyo-Mitsubishi UFJ, BNP Paribas, Calyon, Citigroup, DBS Bank DZ Bank, HSBC, ICICI Bank, Mizuho Corporate Bank, State Bank of India, Standard Chartered Bank and Sumitomo Mitsui Banking Corp are the lead arrangers.
General syndication will launch once various reports and due diligence have been completed. The deal is split between a $950 million seven year term loan and a $550 million 10 year portion.
Proceeds will be used to construct a refinery in Jamnagar.
Tata TechnologiesÆ $60 million three year facility should be launching into syndication soon. The loan has a letter of comfort from Tata Motors.
Calyon and Standard Chartered Bank pre-funded the deal in early January, which pays a spread of 30bp over Libor. Proceeds are for refinancing and general corporate purposes.
The Ñ8.8 billion dual tranche loan-style FRN for United Phosphorus will be signed on Monday. Mandated lead arrangers ABN Amro, Allied Irish Banks, Bank of India, Barclays Capital, CCB International Finance, Commonwealth Bank of Australia, Persia International Bank, RZB, State Bank of India and UOB Asia committed Ñ610 million apiece.
Co-arrangers Indian Bank and SBI International (Mauritius) each provided Ñ600 million, while Syndicated Bank took Ñ500 million, Chiao Tung Bank lent Ñ400 million and UCO Bank (Hong Kong and Singapore branches) held Ñ600 million.
A $220 million five year financing for Videsh Sanchar Nigam (VSNL) was pre-funded last Friday via mandated lead arrangers Calyon and Standard Chartered Bank. Syndication is targeted to
A $250 million financing for Wockhardt is in the market via mandated lead arrangers Barclays Capital, Citigroup and ICICI Bank. This is the borrowerÆs debut international syndicated loan.
The deal was launched on Wednesday and is being offered at 125bp over Libor. Proceeds are to support the pharmaceutical and biotechnology companyÆs investments in overseas subsidiaries and acquisitions.
Malaysia
BayernLB has joined mandated lead arrangers Barclays and Citigroup on a $300 million five year fundraising for Malayan Banking.
The leads expect some more sub-underwriting commitments by early next week, with general syndication to launch afterwards. The bullet facility pays a top level all-in of 21bp over Libor.
Titan Capital is waiting for the final bank to revert before closing the books on its $700 million multi-tranche financing via mandated lead arrangers RHB Bank, Standard Chartered Bank and WestLB.
Banks that have so far joined include HypoVereinsbank holding $40 million, Sumitomo Mitsui Banking Corp lending $29.1 million, Oversea-Chinese Banking Corp and Shanghai Commercial & Savings Bank each providing $10 million, Chang Hwa Commercial Bank, First Commercial Bank and Hua Nan Commercial Bank contributing $9.7 million apiece and Bank of East Asia and Cathay United Bank with tickets of $5 million each.
The last bank is expected to join shortly after which the lead banksÆ allocations will be finalised.
Singapore
DBS Bank, HSBC, Rabobank and Standard Chartered Bank have been mandated to lead arrange a financing for Olam International.
Sole mandated lead arranger Sumitomo Mitsui Banking Corp has launched a loan of around S$200 million for Pontiac Land. Proceeds will go towards the development of a luxury resort on Sentosa Island.
South Korea
Hana Bank has issued a request for proposals last week, looking to raise a Ñ20 billion one and two year financing at an all-in of 14bp and 18bp respectively. Proceeds will be used for general funding purposes. Bids are due today.
Korea Development Bank has won a Eur100 million five year mandate from Hankook Tire Hungary. The bullet facility is guaranteed by Hankook Tire and will be used to build a new factory in Dunaujvaros, Hungary.
A $70 million club loan for LG Chemical will be signed soon. Mandated arrangers Mizuho Corporate Bank and Sumitomo Mitsui Banking Corp provided $25 million each while Bayerische Landesbank and Citigroup pledged $10 million apiece.
The deal is split equally between a 2-1/2 year portion and a 3-1/2 year tranche, paying a spread of 45bp over Libor. Proceeds are for working capital and refinancing.
Taiwan
The NT$40 billion equivalent dual tranche fundraising for Chi Mei Optoelectronics has secured commitments from 14 participating banks and will close syndication soon.
The loan is lead arranged by a group of 15 banks including Bank of Taiwan, BNP Paribas, Calyon, Cathay United Bank, Chang Hwa Commercial Bank, Chiao Tung Bank, China Development Industrial Bank, Chinatrust Commercial Bank, First Commercial Bank, Fuhwa Bank, HSBC, Hua Nan Commercial Bank, Land Bank of Taiwan, Ta Chong Commercial Bank and Taipei Fubon Commercial Bank.
Morgan Stanley was the latest bank to join the loan. ABN Amro, Agricultural Bank of Taiwan, Bank of Kaohsiung, Bank of Overseas Chinese, Central Trust of China, DBS Bank, E Sun Commercial Bank, Farmers Bank of China, Mizuho Corporate Bank, Standard Chartered Bank, Tainan Business Bank, Taishin International Bank and Taiwan Business Bank came in earlier.
The borrower will be using the funds to build a new 7.5G factory.
CMC Magnetics has secured a NT$4.8 billion multi-tranche loan after downsizing the facility from NT$6 billion. Mandated lead arrangers Chang Hwa Commercial Bank, Chinatrust Commercial Bank, Hua Nan Commercial Bank and Land Bank of Taiwan provided NT$575 million each while Ta Chong Bank committed NT$500 million.
Co-arrangers Central Trust of China, First Commercial Bank, Industrial Bank of Taiwan and Taiwan Cooperative Bank took NT$300 million apiece.
Managers Asia Trust & Investment, Bank of Kaohsiung, Chinatrust Bills Finance Corp, Far Eastern International Bank, Hwa Tai Bank, International Bills Finance Corp, Jih Sun International Bank and Shanghai Commercial & Savings Bank joined with tickets of NT$100 million each.
Proceeds will be used for refinancing and working capital.
A Ç30 million three year credit for Lloyd Triestino was signed yesterday. Taiwan-based Evergreen International was the guarantor.
Sole lead mandated arranger SG Asia held Eur3 million. Arrangers Banca Monte dei Paschi di Siena, Banca Nazionale del Lavoro, Bank of Nova Scotia, Bank of Tokyo-Mitsubishi, HVB Group, Maybank, Mizuho Corporate Bank, Oversea-Chinese Banking Corp, Sanpaolo and UniCredito Italiano each took Eur2.5 million. United Overseas Bank joined as a manger with a Eur2 million ticket.
Proceeds will be used to refinance a Ç40 million loan signed in March 2004.
Taiwan Broadband CommunicationsÆ NT$16.2 billion multi-tranche leveraged buyout facility is already oversubscribed with a few more institutions set to join at the top level shortly. Chinatrust Commercial Bank, Citigroup, DBS Bank and ING Bank are the mandated lead arrangers.
A handful of commitments have so far been received from local and foreign banks with more to revert soon, after which the deal will be launched into general syndication.
Bank of Kaohsiung and Taiwan Business Bank have joined mandated lead arranger Bank of Taiwan on a NT$2 billion five year dual tranche loan for Tonho Development.
Two other banks are in credit and syndication is expected to close by the end of the month. Funds will be used for debt repayment and working capital.
Thailand
Krungthai CardÆs Ñ15 billion three year credit is receiving a good response from the market. Mandated lead arranger Barclays Capital has received sub-underwriting tickets from Bank of Tokyo-Mitsubishi UFJ and Mizuho Corporate Bank, with two more banks looking to join.
General syndication was launched on Monday. Arrangers providing Ñ1.15 billion or more earn a participation fee of 22.5bp, leading to an all-in of 65bp over yen Libor. Co-arrangers lending Ñ900 million to Ñ1.1 billion get 18bp and senior managers holding Ñ600 million to Ñ899 million take 13.5bp.
Bank presentations are being held today in Singapore, in Taipei on Monday and in Hong Kong on Tuesday. The deadline for responses is February 27.
Rabobank Nederland is the last sub-underwriter to join Thai Union Frozen ProductsÆ $150 million five year term loan, which is already oversubscribed. Mandated lead arranger Calyon received commitments from Bank of Nova Scotia, BNP Paribas and Mizuho Corporate Bank earlier on.
General syndication has begun. Arrangers lending $10 million earn a participation fee of 15bp, with an all-in of 68bp over Libor and senior managers holding $5 million gain 10bp.
Banks have until February 22 to revert.
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