The A$2.4 billion multi-tranche credit for Australian Gas Light was signed on February 10. Mandated lead arrangers Commonwealth Bank of Australia committed A$321.38 million while Goldman Sachs did not provide any funds.
Joining as arrangers were Royal Bank of Scotland and Westpac Banking Corp with holds of A$209.39 million each, and ANZ Investment Bank, BNP Paribas, Mizuho Corporate Bank and National Australia Bank with A$167.51 million apiece.
Co-arrangers comprised SG Australia, Sumitomo Finance (Asia) and TD Securities with allotments of A$125.36 million each.
Lead managers ABN Amro, Bank of Tokyo-Mitsubishi UFJ, Calyon, Citigroup and HSBC lent A$104.7 million apiece, and BayernLB rounded up the group with A$89.41 million.
China
Mandated arranger BNP Paribas will be launching a $30 million dual tranche five year term facility for borrowers Fujian Ton Yi Tinplate and Jiangsu Ton Yi by today. Ton Yi Industrial is acting as guarantor.
Proceeds will be used for refinancing and working capital.
Lenovo GroupÆs $300 million five year facility has received at least one general syndication ticket. Korea Exchange Bank has joined mandated lead arrangers ABN Amro, BNP Paribas, Citigroup, HSBC, ICBC Asia and Standard Chartered Bank.
The loan pays a top level all-in of 58bp over Libor. Banks are expected to revert by today.
Sole lead arranger Calyon has received two verbal sub-underwriting commitments on Tripod (Wuxi) ElectronicÆs $40 million five year fundraising. The deal is priced at 57.5bp over Libor and will be launched into general syndication soon.
Hong Kong
One bank has joined Kerry PropertiesÆ HK$6 billion five year revolver, which pays a top level all-in of 34bp over Hibor to arrangers lending HK$150 million or more.
Agricultural Bank of China, Bank of China, Bank of Communications, Bank of Tokyo-Mitsubishi UFJ, BNP Paribas, Calyon, Citigroup, DBS Bank, HSBC, ICBC Asia, Mizuho Corporate Bank, Standard Chartered Bank and Sumitomo Mitsui Banking Corp are the mandated lead arrangers.
Bank of Communications and Hua Nan Commercial Bank are the latest participants to Progain GroupÆs HK$1.9 billion dual tranche five year loan.
Mandated lead arrangers Bank of Nova Scotia, Calyon, Standard Chartered Bank and Sumitomo Mitsui Banking were joined by Asia Commercial Bank, Bank of China (Macau), Maybank and Nanyang Commercial Bank earlier on. The total commitment amount from the six banks stand at HK$453 million currently.
Shun Tak Finance InternationalÆs HK$4 billion dual tranche financing was launched into general syndication this week via a group of 11 banks. The deal received an enthusiastic response in senior syndication and HSBC was joined at the top by mandated coordinating arrangers Bank of China, Bank of Nova Scotia, BayernLB, BNP Paribas, China Construction Bank, Calyon, Citic Ka Wah Bank, ICBC Asia, Liu Chong Hing Bank and Sumitomo Mitsui Banking Corp.
The loan is split into a HK$1.5 billion five year term facility and a HK$2.5 billion revolver. The margin is 63bp over Hibor for the term loan and 52bp for the revolving credit.
Banks have been invited to join on three levels. Arrangers lending HK$300 million or above receive 30bp flat, lead managers contributing HK$150 million to HK$299 million earn 25bp and senior managers providing HK$75 million to HK$149 million gain 20bp. This equates to a top level all-in of 62.2bp on a blended basis.
Proceeds are to finance the construction and development of projects in Macau. Banks have until March 1 to respond.
A HK$4.5 billion 3-1/2 year loan for Sino Land is in the market via mandated arrangers Bank of China, DBS Bank and HSBC. The deal was launched into sub-underwriting and general syndication concurrently.
The facility carries a margin of 36bp over Hibor and banks underwriting HK$600 million earn a sub-underwriting fee of 3.5bp and a management fee of 38.5bp for an all-in of 48bp over Hibor and the title of coordinating arranger. Fees to the market in general syndication are on three levels.
Arrangers committing HK$300 million or more gain a front-end fee of 31.5bp, co-arrangers lending HK$150 million to HK$299 million earn 28bp and senior managers absorbing HK$75 million to HK$149 million receive 24.5bp.
Proceeds will refinance a HK$2.97 billion six month bridge loan that was signed in October last year and provided by the lead banks.
The deadline for responses is March 2.
Sun Hung Kai Properties launched a HK$11.4 billion dual tranche five year facility on Wednesday via a group of 17 banks.
Agricultural Bank of China. Bank of China (bookrunner), Bank of Communications, Bank of East Asia, Bank of Tokyo-Mitsubishi UFJ, BayernLB, Calyon, China Construction Bank, Citigroup, DBS Bank, Fortis, HSBC (bookrunner), ICBC Asia, Mizuho Corporate Bank, Standard Chartered (bookrunner), Sumitomo Mitsui Banking Corp and Wing Lung Bank are the mandated lead arrangers.
The bullet deal is split between a HK$4.56 billion term loan and a HK$6.84 billion revolver, both offering a spread of 24bp over Hibor. There is also a commitment fee of 12.5bp.
Co-arrangers lending HK$100 million to HK$250 million earn an upfront fee of 25bp and lead managers providing HK$50 million to HK$90 million gain 20bp.
Proceeds are for general funding purposes. Banks have until March 1 to revert.
The borrower last raised a HK$12.6 billion five year loan in February 2005, which was priced at 25bp over Hibor and offered the same upfront fees to participating banks. That deal was lead arranged by nearly the same bank group, although BNP Paribas and Hang Seng Bank are not in the current facility while China Construction Bank, Fortis and Wing Lung Bank are.
India
Bank Muscat, BayernLB and DZ Bank have joined as mandated lead arrangers on Andhra BankÆs $75 million 364 day fundraising. The three banks came into the deal before Banc of America Securities Asia, Calyon, DBS Bank, Natexis Banques Populaires and RZB-Austria launched the loan into syndication last week.
ICICI Bank has successfully raised $300 million from the market via a 364 day facility that was signed on February 10. Mandated lead arrangers Fortis held $150 million, Banc of America Securities Asia lent $30 million and Bank of Tokyo-Mitsubishi, Bayerische Hypo-und Vereinsbank (Singapore), Lloyds TSB Bank and RZB (Singapore) took $25 million each.
United Overseas Bank joined as a lead manager with a commitment of $10 million while Banca Monte dei Paschi di Siena (Hong Kong) and UniCredito Italiano (Hong Kong) took the title of manager with tickets of $5 million apiece.
Proceeds are to support a commercial paper program and to provide for general corporate requirements.
IDBI Bank has approached banks for $100 million 364 day money. The borrower completed a $69 million 3-1/2 year financing last month via a group of five banks on a club basis. The deal was led by Calyon, Citigroup, DBS Bank, Mizuho Corporate Bank and Standard Chartered Bank and offered a margin of 28bp over Libor.
Mandated arrangers Calyon, DBS Bank, Mizuho Corporate Bank and State Bank of India have received a sub-underwriting ticket from BayernLB on Power Finance CorpÆs $100 million 3-1/2 year facility.
General syndication is in progress and the deadline is expected to be pushed back from February 22 to the end of the month.
Videocon Industries has mandated Chinatrust Commercial Bank, Natexis Banques Populaires, RZB-Austria and Shanghai Commercial & Savings Bank to lead arrange a $50 million 3-1/2 year loan.
The borrowing entity is the newly merged identity for former Videocon International which last tapped the market in August last year via an $82 million loan arranged by Barclays Capital, HVB, Natexis Banques Populaires and RZB-Austria. The deal offered an all-in yield of 224bp over Libor.
Proceeds are for working capital requirements and the lead banks will launch the deal into syndication imminently.
Macau
Melco PBL Entertainment has secured a HK$1.28 billion seven year term loan from a syndicate of six banks for its Crown Macau casino-hotel. Bank of China (Macau) and Banco Nacional Ultramarino are the mandated lead arrangers.
Participating banks include Banco Comercial de Macau, ICBC Asia, Banco Espirito Santo do Oriente and Liu Chong Hing Bank (Macau).
The deal offers a spread of 220bp over Hibor, compared to MGM Grand ParadiseÆs 250bp pre-completion spread and Venetian MacauÆs 275bp margin.
The $700 million multi-tranche financing for MGM Grand Paradise was launched into syndication on Tuesday. Banc of America Securities Asia and HSBC are bookrunning the deal while Banco Nacional Ultramarino, Bank of China (Macau), BNP Paribas, CCB International Finance, Royal Bank of Scotland and Sumitomo Mitsui Banking Corp round up the mandated lead arranger group.
The facility comprises two seven year term loans and a five year revolving credit. The tranche split is yet to be determined although the revolver is set at $10 million.
The pre-completion margin is 250bp over Libor and post-completion pricing is linked to a leverage ratio grid where if the ratio is 2.0 to 3.0 the margin drops to 225bp and if it is less than 2.0 it falls to 200bp. There is also a commitment fee of 50bp.
Fees to the market are on two levels. Arrangers lending $15 million to $20 million gain a management fee of 75bp and senior managers holding $10 million to $14 million receive 60bp.
Proceeds will fund the development of the 28-storey MGM Grand Macau hotel-casino resort. A bank presentation was held in Macau on Wednesday with a large turnout from banks in the region.
The response deadline is March 14.
Malaysia
Malayan BankingÆs $300 million five year financing has completed sub-underwriting and has garnered six commitments at the top level. The mandated lead arranger group now includes Bank of Tokyo-Mitsubishi, Barclays Capital, BayernLB, Calyon, Citigroup, Fortis Bank, KBC Bank and LBBW (Singapore).
The facility offers an all-in yield of 21bp over Libor and will be launched into general syndication shortly.
Philippines
Wine and spirit manufacturer Tanduay Distillers inked a Ps4.2 billion five year financing with a group of domestic banks on February 10. BDO Capital & Investment Corp arranged the deal while PNB Trust Banking acted as facility agent and PNB Capital & Investment as financial advisor.
Participating banks include Equitable PCI Bank, Metropolitan Bank & Trust, China Banking Corp, Banco de Oro Universal Bank, International Exchange Bank, Allied Banking Corp and Rizal Commercial Banking Corp.
Proceeds are for general corporate purposes and to refinance existing debt.
Singapore
The S$548 million dual tranche fundraising for Alkas Realty has so far secured four commitments in syndication. Standard Chartered Bank and United Overseas Bank are the mandated lead arrangers.
The loan is split into a S$476 million five year term loan and a S$72 million portion that will be provided by Standard Chartered.
Proceeds are to fund the purchase of DBS Towers 1 and 2 in Singapore, by Goldman Sachs. The final banks are gaining their credit approvals and syndication will close shortly.
South Korea
DC ChemicalÆs $60 million three year term facility was signed last week. Mandated arrangers Kookmin Bank provided $30 million and Shinhan Bank pledged $20 million. Korea Exchange Bank and Bank of China (Seoul) joined with tickets of $5 million apiece.
Hana Bank has mandated eight banks to arrange a Ñ20 billion dual tranche term loan. Banc of America Securities Asia, Barclays Capital, BNP Paribas, Calyon, DBS Bank, HSH Nordbank, Mizuho Corporate Bank and Sumitomo Mitsui Banking Corp are the lead arrangers.
The bullet facility is split between a one year tranche that offers a spread of 8bp over yen Libor and a two year portion that is priced at 14bp.
Proceeds will be used for working capital. Syndication is targeted to launch next week.
Coordinating arranger Standard Chartered Bank has launched a $50 million three year loan for Samsung Asia into syndication. Parent company Samsung Corp is providing a guarantee.
The loan carries a margin of 42.5bp over Libor and fees to the market are on three levels. Coordinating arrangers providing $10 million receive a management fee of 37.5bp, arrangers lending $5 million to $9 million gain 31.5bp and lead managers committing $3 million to $4 million get 28.5bp.
The facility refinances the borrowerÆs existing $50 million loan that was signed in March 2003 and arranged by Sumitomo Mitsui Banking Corp, Hana Bank and Arab Bank. The three year deal paid an all-in of 90bp over Libor, well outside the 55bp offered in the current transaction.
Banks have until March 1 to respond.
Taiwan
Syndication of China AirlinesÆ NT$5 billion 12 year financing was completed last Friday. The deal was oversubscribed to NT$7.2 billion, but will not be increased.
Mandated lead arrangers Far Eastern International Bank, International Commercial Bank of China and Taipei Fubon Commercial Bank are joined by Cathay Life Insurance, Cathay United Bank, Central Trust of China, Export-Import Bank of the Republic of China, Farmers Bank of China, International Bank of Taipei, Land Bank of Taiwan, Sunny Bank and Taiwan Business Bank.
Allocations should be finalised by next week while a signing date has not yet been set.
Mandated lead arranger Chinatrust Commercial Bank has received commitments from Asia Trust & Investment, Hsinchu International Bank and Shanghai Commercial & Savings Bank on Grand Pacific PetrochemicalÆs NT$2.2 billion dual tranche five year loan.
Syndication is expected to close shortly. Proceeds are for debt repayment and working capital.
Mandated lead arrangers ANZ Investment Bank, BNP Paribas, DBS Bank, HSBC and ING Bank have completed syndication for HannStar Board Technology (Jiang Yin)Æs $72 million three year credit.
The deal was oversubscribed to around $85 million, with Agricultural Bank of China, Banca Intesa, Hang Seng Bank, Nan Yang Commercial Bank and Wing Hang Bank amongst the lending group.
Signing is scheduled on February 21.
International Commercial Bank of China and Taipei Fubon Commercial Bank have won a mandate from Phoenix Precision Technology to arrange a NT$6 billion dual tranche five year facility.
The loan is split equally, with one of the tranches secured by equipment. Both offer a spread of 40bp over the primary CP rate and have a commitment fee of 15bp.
Proceeds will be used for working capital and the purchase of equipment. Syndication launch is targeted in the first week of March.
Taiwan Hopax ChemicalsÆ NT$600 million dual tranche five year term loan will complete syndication soon. Mandated lead arrangers International Commercial Bank of China and Taipei Fubon Commercial Bank are waiting for Bank of Overseas Chinese and Fuhwa Bank to revert.
The deal is spit between a NT$300 million tranche paying a spread of 84.5bp over the 90 day secondary CP rate and another NT$300 million portion offering 99.5bp. There is a commitment fee of 10bp on the entire facility.
Lenders have security against the first tranche, which is pledged against plant and machinery. Proceeds will be used to expand the borrowerÆs existing chemical plant and for working capital.
Mandated lead arranger Taiwan Cooperative Bank expects to complete syndication of Wan Da Tong EnterpriseÆs NT$8.8 billion dual tranche 15 year fundraising by the end of March.
Shanghai Commercial & Savings Bank, Taichung Commercial Bank, Taipei International Commercial Bank and Union Bank of Taiwan have joined the deal so far.
Zhong De Construction has awarded a NT$3.84 billion three year mandate to Taiwan Cooperative Bank.
The facility is split into a NT$1.86 billion term loan, paying a spread of 85.5bp over Taiwan Cooperative BankÆs one year term deposit rate, a NT$1.7 billion tranche and a NT$280 million portion, both offering a margin of 93bp. A commitment fee of 15bp is applicable on the entire loan.
Syndication is set to launch next week. Commitments of NT$1 billion or above will earn banks an upfront fee of 10bp, tickets of NT$500 million to NT$999 million will pay 6bp and holds of NT$300 million to NT$499 million will garner 3bp.
Lenders will have security against land and building. Proceeds will be used to develop a residential building.
Thailand
Rayong RefineryÆs $300 million dual tranche credit was launched into general syndication on Tuesday after five banks joined bookrunner HSBC in sub-underwriting. Bank of Nova Scotia, BayernLB, Fortis Bank, HSBC and WestLB are the mandated coordinating arrangers.
The loan comprises a $100 million seven year term facility and a $200 million five year revolver. The term loan features a spread of 25bp over Libor for the first 18 months and steps up to 49bp thereafter while the revolving credit pays 42.5bp.
Banks have been invited to participate on three levels. For the seven year tranche, arrangers lending $20 million or above earn 28bp flat, co-arrangers providing $10 million to $19 million receive 25bp and senior managers contributing $5 million to $9 million gain 22bp.
For the five year portion, arrangers get 25bp, co-arrangers earn 20bp and senior managers receive 15bp. Both tranches also feature an extension fee of 39.5bp.
Proceeds are to refinance existing debt and banks have until March 17 to respond.
Cable television company, United Broadcasting Corp is expected to award a $200 million mandate by the first week of March. Calyon, Citigroup and DBS Bank have submitted individual bids. Proceeds will be used for refinancing.
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