Cosco Container LinesÆ $466.5 million 10 year dual tranche ship financing is set to complete syndication shortly. Bank of China, Bank of Tokyo-Mitsubishi UFJ, BNP Paribas, ING Bank and SG Asia are leading the deal.
Four banks have so far joined with a handful expected to revert by the end of the week. The loan is already oversubscribed.
The $129 million equivalent multi-tranche financing for Far Eastern Industries should reach financial close soon as the final banks complete their credit approvals. DBS Bank and HSBC are the mandated arrangers.
The facility has received a strong response and is oversubscribed with commitments from eight banks so far. The amount will not be increased.
Signing is targeted for the end of the month.
Hong Kong
Lenovo GroupÆs five year facility has received a blowout response and has been increased to $400 million from $300 million. There are a total of 20 banks participating in the deal.
Mandated lead arrangers BNP Paribas, HSBC, ICBC Asia and Standard Chartered Bank held $26 million each while ABN AMRO and Citigroup lent $24.5 million apiece. Joining as arrangers are Bank of Tokyo-Mitsubishi UFJ and Mizuho Corporate Bank committing $26 million each and Banca Intesa, Calyon, Fortis and Korea Exchange Bank providing $24.5 million apiece.
Co-arrangers include Wing Lung Bank taking $18 million and Bank of East Asia with a commitment of $15 million. Senior managers are Banca Nazionale del Lavoro and Hang Seng Bank contributing $14 million each and Banca Monte dei Paschi di Siena, Bangkok Bank, Maybank and Taifung Bank with tickets of $9 million apiece.
Signing is on Monday, March 13.
Allocations for the HK$1.9 billion revolving/term credit for Prosperity Reit vehicle Progain Group have been finalised. Eight banks joined in syndication.
Mandated lead arrangers Calyon, Standard Chartered Bank and Sumitomo Mitsui Banking Corp held HK$336.8 million apiece while Bank of Nova Scotia Asia lent HK$36.8 million. Scotiabank (Hong Kong) joined with a commitment of HK$300 million for the title of arranger.
Lead managers are Chang Hwa Commercial Bank (Hong Kong) providing HK$100 million, Bank of China (Macau) contributing HK$78 million and Asia Commercial Bank, Bank of Communications (Hong Kong), Hua Nan Commercial Bank (Hong Kong), Malayan Banking (Hong Kong) and Nanyang Commercial Bank with tickets of $75 million apiece.
The loan was funded by the lead banks in November last year and the transfer is scheduled for March 16.
Sino LandÆs HK$4.5 billion dual tranche loan is expected to complete syndication today (Friday). Bank of China (Hong Kong), DBS Bank and HSBC are leading the facility.
A number of investors have joined with the final banks to revert by the end of the week. The deal offers an all-in of 45bp over Libor in general.
India
ICICI BankÆs $300 million yen equivalent 364 day credit was signed on March 7. The loan was oversubscribed and increased from $250 million, with participation from a total of 22 banks.
Mandated lead arrangers Lloyds TSB Bank held $20 million, ABN AMRO, Banc of America Securities Asia, Calyon, Citigroup, DBS Bank, DZ Bank, HSBC, Natexis Banques Populaires, RZB-Austria and Standard Chartered Bank each lent $19 million while BNP Paribas took $18 million.
Joining as arrangers are Banca Monte dei Paschi di Siena, Bank Austria, Bank of China and Banca Nazionale del Lavoro committing $10 million apiece and Banca Intesa and Export-Import Bank of the Republic of China providing $8 million each. Senior managers are BBVA absorbing $7 million, WGZ Bank contributing $5 million and Swedbank with a ticket of $4 million.
A $100 million 364 day loan for IDBI Bank was funded on Tuesday by DBS Bank, DZ Bank, Natexis Banques Populaires and RZB-Austria. The lead banks are preparing to launch the deal into general syndication shortly.
The borrower tapped the market in January this year via a $69 million 3-1/2 year credit that was provided by a group of five banks on a club basis and paid a margin of 28bp over Libor. Prior to that, $80 million was raised in September last year through another club deal that offered 29bp.
Proceeds of the new loan are for general corporate purposes.
Indian Airlines is expected to tap the market for aircraft financing soon, following the signing of an agreement for 43 Airbus aircraft last month.
Indian Overseas BankÆs $60 million one year facility was funded last week and launched into general syndication shortly after. Calyon, Citigroup, DBS Bank and Standard Chartered Bank are the mandated lead arrangers.
The margin is 12bp over Libor and fees to the market are on three levels. Arrangers lending $8 million or above receive 14bp flat, co-arrangers providing $5 million to $7 million gain 13bp and lead managers committing $3 million to $4 million earn 12bp.
Proceeds are to refinance a $50 million loan signed in March last year that paid an all-in of 40bp over Libor, well outside the 24bp offered in the current transaction. There is also a greenshoe of $50 million in the event of an oversubscription.
Responses are due by March 15 with signing to be held at the end of the month.
The $100 million 3-1/2 year credit for Power Finance Corp has closed syndication heavily oversubscribed. Calyon, DBS Bank, Mizuho Corporate Bank and State Bank of India are leading the deal. Allocations are being finalised and signing will be held soon.
Tata Iron & SteelÆs $500 million seven year fundraising was inked on Tuesday, March 7, with a consortium of 17 banks. Bank of Tokyo-Mitsubishi UFJ, BNP Paribas, Calyon, DBS Bank, HSBC, ING Bank, Mizuho Corporate Bank, Standard Chartered Bank and Standard Chartered Bank led the facility.
Syndication of Videocon IndustriesÆ $50 million 3-1/2 year credit has been extended until March 17 as banks finalise their approvals. Chinatrust Commercial Bank, Natexis Banques Populaires, RZB-Austria and Shanghai Commercial & Savings Bank are the mandated arrangers.
Commitments have so far been received from three banks with more to come. The deal offers an all-in of around 196.4bp over Libor.
Indonesia
Pamapersada Nusantara has mandated a group of four to lead arrange a $160 million financing. DBS Bank, Citigroup, Standard Chartered Bank and Sumitomo Mitsui Banking Corp are preparing to launch the deal within a couple of weeks.
Malaysia
Mandated arrangers ABN AMRO, Bank of Tokyo-Mitsubishi UFJ, Citigroup and Standard Chartered Bank are launching Bumiputra-Commerce BankÆs $300 million five year term loan into syndication today (Friday).
Malayan BankingÆs five year fundraising has been increased to $350 million from $300 million. The syndicate comprises a total of 12 banks.
Mandated lead arrangers BayernLB held $50 million, Barclays Capital and Citigroup lent $32.5 million each and Bank of Tokyo-Mitsubishi UFJ, Calyon, Fortis Bank (Hong Kong), KBC Bank, LBBW (Singapore), NordLB (Singapore) and Sumitomo Trust & Banking took $30 million apiece. Bank of China (Malaysia) joined as an arranger with a hold of $15 million while co-arranger Bank of China (Hong Kong) provided $10 million.
Signing is on Monday.
Singapore
Mandated arrangers DBS Bank, HSBC, Rabobank and Standard Chartered Bank plan to launch a $300 million financing for Olam International into syndication early next week.
South Korea
Samsung AsiaÆs $50 million fundraising was signed on Monday. Coordinating arrangers Bank of Tokyo-Mitsubishi UFJ, Export-Import Bank of Korea, Hana Bank (Singapore), Korea Exchange Bank (Singapore) and Standard Chartered Bank each held $7 million.
Arrangers include Industrial & Commercial Bank of China (Singapore) lending $5 million and the Singapore branches of Bank of Communication and Sanpaolo committing $3.5 million apiece. First Commercial Bank (Singapore) also joined with a ticket of $3 million for the title of lead manager.
Taiwan
Asia Vital ComponentsÆ NT$3 billion revolving credit is scheduled to launch into syndication today (Friday). Bank of Taiwan, Chinatrust Commercial Bank, First Commercial Bank and Taiwan Cooperative Bank are leading the deal.
The facility carries a margin of 100bp over the secondary CP rate and banks have been invited to participate on two levels. Co-arrangers providing NT$300 million or more receive a management fee of 5bp and lead managers contributing NT$150 million to NT$300 million gain 3bp. There is also a commitment fee of 20bp.
Proceeds are for working capital requirements.
The NT$2 billion three year term loan for Chailease Finance should reach financial close shortly. Mizuho Corporate Bank is arranging the facility.
E-Sun Commercial Bank has joined as a co-arranger while Bank of Overseas Chinese, Far Eastern International Bank and Hwa Tai Bank are lead managers. Arranger Hua Nan Commercial Bank joined earlier. Up to six more investors are expected to participate.
Allocations for China AirlinesÆ NT$5 billion 12 year aircraft financing have been finalised and signing will be held on March 16. Mandated arrangers Far Eastern International Bank, International Commercial Bank of China and Taipei Fubon Commercial Bank held NT$800 million each.
Participants are Farmers Bank of China lending NT$650 million, Central Trust of China, International Bank of Taipei and Sunny Bank providing NT$300 million apiece, Cathay Life Insurance, Cathay United Bank and Export-Import Bank of the Republic of China committing NT$250 million each and Land Bank of Taiwan and Taiwan Business Bank with tickets of NT$150 million apiece.
Signing will be held on March 17.
Syndication of Chipbond TechnologyÆs NT$2.2 billion five year has been completed. A total of 19 banks joined mandated arranger Chinatrust Commercial Bank.
Participating banks are Bank of Overseas Chinese, Cathay United Bank, Chang Hwa Commercial Bank, China Development Industrial Bank, E-Sun Commercial Bank, Far Eastern International Bank, First Commercial Bank, Hsinchu International Bank, Hua Nan Commercial Bank, Industrial Bank of Taiwan, International Bank of Taipei, International Commercial Bank of China, Jih Sun International Bank, Land Bank of Taiwan, Shanghai Commercial & Savings Bank, Sunny Bank, Taipei Fubon Commercial Bank, Taiwan Business Bank and Taiwan Cooperative Bank. Signing is at the end of the month.
Ford Taiwan Services relaunched a 3-1/2 year credit at a reduced amount of NT$1.5 billion last month after originally seeking NT$5 billion from the market. Chinatrust Commercial Bank and First Commercial Bank are leading the deal.
Eight banks have so far joined and around four more investors are expected to revert by the end of the week. The loan offers an all-in of 71.8bp over the secondary CP rate.
Grand Pacific PetrochemicalÆs NT$2.64 billion dual tranche financing was inked on Tuesday and increased from NT$2.2 billion. Mandated arranger Chinatrust Commercial Bank held NT$381 million.
Chiao Tung Bank joined as a co-arranger with a commitment of NT$332 million while managers include Central Trust of China and Hsinchu International Bank lending NT$209 million each, China United Trust & Investment Corp providing NT$190 million, Hua Nan Commercial Bank, International Commercial Bank of China and Taipei Fubon Commercial Bank committing NT$148 million apiece, Lucky Bank, Shanghai Commercial & Savings Bank and Sunny Bank taking NT$143 million each and Chang Hwa Commercial Bank with a ticket of NT$140 million. Joining as participants are Fuhwa Commercial Bank and Hwa Tai Bank contributing NT$106 million apiece and Asia Trust & Investment absorbing NT$94 million.
A NT$3 billion five year term loan for King Yuan Electronics CorpHo Tung Chemical is set to complete syndication soon. First Commercial Bank, Fuhwa Bank and Industrial Bank of Taiwan are the mandated arrangers.
A handful of banks have joined and the final investor is expected to respond by today (Friday). The facility features a spread of 85bp over the 90-day secondary CP rate.
King Yuan Electronics Corp launched its NT$6.5 billion five year dual tranche fundraising on Thursday. Cathay United Bank, Chinatrust Commercial Bank, First Commercial Bank, Hsinchu International Bank, International Commercial Bank of China, Taipei Fubon Commercial Bank, Taishin International Bank and Taiwan Cooperative Bank are leading the deal.
The loan comprises NT$3.9 billion and NT$2.6 billion term facilities. The NT$3.9 billion tranche offers a margin of 45bp over the CP rate and the NT$2.6 billion portion pays 55bp.
Fees to the market are on three levels. Banks lending NT$800 million or more receive a front-end fee of 8bp, NT$500 million to NT$799 million gain 5bp and NT$200 million to NT$499 million earn 2bp. There is also a commitment fee of 15bp.
Proceeds are for the purchase of equipment and machinery.
Powerchip Semiconductor Corp has mandated a 12 strong bank group to lead arrange a NT$30 billion financing. Hua Nan Commercial Bank is the facility agent.
Funds will be used to purchase equipment worth NT$60 billion. The borrower bought a plant from Macronix International and will use the new facility to expand its memory chip production.
Cathay United Bank, Chang Hwa Commercial Bank, Hua Nan Commercial Bank and International Commercial Bank of China have been mandated to arrange a NT$2 billion multi-tranche credit for Rich Forest Development.
The loan is split into a NT$1.91 billion 15 year tranche, a NT$30 million five year portion and NT$60 million five year guarantee facility. The term loans carry a margin of 190bp over the postal office floating deposit rate while the guarantee facility pays a fee of 100bp.
Proceeds are to support a NT$2.78 billion line gondola build-operate-transfer project. The chairman of the borrower is providing a guarantee and the deal will be launched towards the end of the month.
Tatung launched a NT$2 billion five year dual tranche fundraising on March 6 via mandated arranger Taiwan Cooperative Bank.
The facility comprises a NT$1.2 billion term loan and an NT$800 million guarantee facility. The term loan carries a spread of 54bp over the CP rate while the guarantee facility offers 52.5bp.
Banks have been invited to join on three tiers. Participants lending NT$500 million or above receive 9bp flat, NT$300 million to NT$499 million gain 6bp and NT$200 million to NT$299 million earn 3bp.
Proceeds are for working capital requirements and responses are due by the end of March.
Teapo Electronic CorpÆs NT$1 billion five year revolving credit has reached financial close. Six banks joined mandated arrangers Hua Nan Commercial Bank and Ta Chong Bank.
Participants are Chiao Tung Bank, China United Trust & Investment, Chinese Bank, Land Bank of Taiwan, Shanghai Commercial & Savings Bank and Taiwan Cooperative Bank. Signing is on March 24.
A NT$2 billion five year dual tranche financing for Ton Yi Industrial Corp was launched into syndication on Monday. Bank of Taiwan and Ta Chong Bank are leading the facility.
In the event of an oversubscription, an additional note issuance facility will be introduced with a maximum amount of NT$600 million with only bills finance companies participating.
The margin for the term loan is 60bp over the one year postal office floating deposit rate and the note issuance facility pays a fee of 40bp.
Banks have been invited to participate on three levels. Co-arrangers lending NT$300 million or more receive 10bp, lead managers providing NT$200 million to NT$299 million gain 6bp and managers committing NT$100 million to NT$199 million get 3bp. There is also a commitment fee of 20bp.
Proceeds are to refinance existing debt and provide for working capital requirements. Seven banks have so far joined and more are expected to revert shortly. The deadline for responses is the end of March.
Thailand
Krungthai CardÆs Ñ15 billion financing was signed on Monday but the books remain open as banks complete their approvals. Bank of Tokyo-Mitsubishi UFJ, Barclays Capital and Mizuho Corporate Bank are arranging the deal.
Banks that have so far joined include Bank of China (Bangkok), Bank of Taiwan, Chang Hwa Commercial Bank, E-Sun Commercial Bank, International Commercial Bank of China, Norinchukin Bank and Sumitomo Trust & Banking.
Suez Energy Thailand has successfully raised $254 million equivalent via a dual tranche facility arranged by a group of five banks. ABN AMRO, Bank of Tokyo-Mitsubishi UFJ, KfW, Mizuho Corporate Bank and Sumitomo Mitsui Banking Corp provided the funds on a club basis. The loan is split into a Bt6 billion facility and a Eu84.25 million portion.
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