Mandated arranger National Australia Bank has launched a A$250 million five year refinancing for Adsteam Marine into syndication. The maritime services provider will use the funds to refinance a A$260 million facility that was completed in October 2003 and also led by National Australia Bank. Responses are due by the end of the month.
National Australia Bank and Goldman Sachs JB Were are arranging financing for Texas Pacific and NewbridgeÆs A$1.4 billion acquisition of the Myer department store chain. The deal will be launched into syndication shortly.
China
Syndication of the $466.5 million ship financing for Cosco Container Lines has been completed after an enthusiastic response in syndication. The facility was well oversubscribed but not increased.
Mandated lead arrangers ING Bank and SG Asia held $41 million each, Bank of China, Bank of Tokyo-Mitsubishi UFJ and BNP Paribas lent $40 million apiece, China Construction Bank took $29 million, Bank of Nova Scotia, CIC, DnB Nor Bank, HSH Nordbank, Industrial & Commercial Bank of China, KfW and Mizuho Corporate Bank took $28 million each and Banca Intesa and Oversea-Chinese Banking Corp with $20 million apiece.
Far Eastern IndustriesÆ $128 million equivalent financing has reached financial close. The facility was oversubscribed but not increased, with eight banks joining mandated arrangers DBS Bank and HSBC.
Hong Kong
Syndication of Eva Precision Industrial HoldingsÆ HK$120 million multi-tranche fundraising has been completed. Signing will be held next month.
Coordinating arrangers DBS Bank and HSBC held HK$30 million apiece while lead managers Citic Ka Wah Bank lent HK$20 million, Maybank and United Overseas Bank each took HK$15 million and Cathay United Bank provided HK$10 million.
Hang Fung JewelleryÆs HK$500 million three year term loan was signed on March 16. The facility met with a strong response and was increased from HK$300 million.
Mandated coordinating arranger HSBC held HK$45 million. Arrangers include Bangkok Bank lending HK$40 million, Korea Exchange Bank committing HK$36 million and Maybank and State Bank of India providing HK$35 million apiece.
Joining as lead managers are Bank Negara Indonesia contributing HK$34 million and Cathay United Bank and ICBC Asia each taking HK$26 million. Senior managers are Industrial & Commercial International Capital and Taiwan Business Bank pledging HK$23 million apiece, Sumitomo Mitsui Banking Corp absorbing HK$22 million, Allied Banking Corp, Banca di Roma, Bank of China, Bumiputra-Commerce Bank, EnTie Commercial Bank, E-Sun Commercial Bank and Taishin International Bank lending HK$20 million apiece and Chang Hwa Commercial Bank with a ticket of HK$15 million.
Lenovo GroupÆs $400 million five year revolving term credit was signed on Monday, March 13. The syndicate comprises a total of 20 banks including mandated lead arrangers ABN AMRO, BNP Paribas, Citigroup, HSBC, ICBC Asia and Standard Chartered Bank.
A HK$502.5 million two year financing for Macquarie Goodman has been completed via mandated arranger Citigroup. Signing was held on March 8.
Participating banks include Citic Ka Wah Bank, Wing Hang Bank and Industrial & Commercial Bank of China. Proceeds are to finance the acquisition of property.
A HK$780 million three year term loan for Pacific Textiles was inked on Wednesday. Citigroup, BNP Paribas, Hang Seng Bank and HSH Nordbank are the mandated lead arrangers.
Arrangers are Bank of Communications, Bank of East Asia, Bank of Tokyo-Mitsubishi UFJ, DBS Bank, Malayan Banking and Sumitomo Mitsui Banking Corp. Senior managers include Mizuho Corporate Bank, BBVA, ICBC Asia and Hua Nan Commercial Bank.
Shun Tak Finance InternationalÆs five and seven year financing was signed on Tuesday, March 14. The facility was oversubscribed and increased to HK$5 billion from HK$4 billion.
Mandated coordinating arrangers Bank of China (Hong Kong) held HK$470 million, Bank of China (Macau) lent HK$380 million, Bank of Nova Scotia Asia, BayernLB (Hong Kong), BNP Paribas (Hong Kong), CCB International Finance, Calyon, HSBC and ICBC Asia each took HK$330 million and Citic Ka Wah Bank, Liu Chong Hing Bank and Sumitomo Mitsui Banking Corp provided HK$250 million apiece.
WestLB joined as an arranger with a commitment of HK$250 million while Mizuho Corporate Bank and Wing Lung Bank took the title of lead managers with HK$180 million each. Senior managers include Nanyang Commercial Bank committing HK$150 million, Tai Fung Bank pledging HK$100 million, Citic Ka Wah Bank (Macau) lending HK$80 million and Hua Nan Commercial Bank (Hong Kong) and Maybank (Hong Kong) with tickets of HK$75 million each.
After an enthusiastic response in syndication, Sun Hung Kai PropertiesÆ five year dual tranche facility has been increased to HK$12 billion from HK$11.4 billion. Signing will be held on March 22.
Coordinating arrangers are Bank of China (Hong Kong) lending HK$1.1 billion, Fortis Bank, HSBC, Mizuho Corporate Bank, Standard Chartered Bank (Hong Kong) and Sumitomo Mitsui Banking Corp holding HK$1 billion apiece, ICBC Asia providing HK$900 million, Bank of Tokyo-Mitsubishi UFJ taking HK$850 million and Bank of East Asia, Calyon and DBS Bank committing HK$500 million each. Also at the top are BayernLB (Hong Kong) contributing HK$450 million and Agricultural Bank of China (Hong Kong), Bank of Communications (Hong Kong), China Construction Bank (Hong Kong), Citigroup and Wing Lung Bank pledging HK$300 apiece.
Joining as co-arrangers are Rabobank International (Hong Kong) and Sumitomo Trust & Banking (Singapore) lending HK$250 million each and Banca Intesa (Hong Kong) and Nanyang Commercial Bank with tickets of HK$100 million apiece.
India
Bank of Baroda is seeking a $150 million one year loan from the market and has approached a number of banks for proposals. Proceeds will refinance a $150 million facility that was signed in May last year.
Bank of Tokyo-Mitsubishi, DBS Bank, Mizuho Corporate Asia (HK), Natexis Banques Populaires and Standard Chartered Bank led the previous transaction. All-in pricing was 30bp over Libor. An arranger group will be finalised shortly.
Mandated arranger HSBC is syndicating a $50 million six year financing for Bhushan Steel & Strips. It is the debut financing for the Indian steel manufacturer.
The margin is 165bp over Libor and fees to the market are on three levels. Arrangers lending $10 million or above earn 75bp flat, co-arrangers providing $5 million to $9 million gain 65bp and senior managers committing $2 million to $4 million receive 55bp. For yen equivalent commitments, arrangers get a front-end fee of 80bp, co-arrangers earn 70bp and senior managers receive 60bp.
Proceeds are to partly finance the Orissa project, a steel and power plant that is being constructed and developed in Orissa. Bank responses are due at the end of the month.
Essar SteelÆs $120 million five year term loan is progressing in syndication. Barclays Capital and State Bank of India are leading the deal.
Export Development Canada is the latest to join with a $15 million commitment. KfW joined earlier and more investors are expected to join in the coming week.
A $100 million dual tranche fundraising for Export-Import Bank of India was signed on Monday. Bank of Tokyo-Mitsubishi UFJ, BayernLB, Calyon, Citigroup and Mizuho Corporate Bank provided the funds equally on a club basis. The facility comprises a $70 million Japanese yen equivalent tranche and a $20 million portion.
IDBI BankÆs Ñ11.8 billion 364 day credit was launched into syndication on March 14. DBS Bank, DZ Bank, Natexis Banques Populaires and RZB-Austria are arranging the deal.
The facility carries a margin of 15bp over yen Libor and banks have been invited to join on three levels. Lead arrangers committing Ñ1.15 billion or more receive a management fee of 10bp, co-arrangers lending Ñ600 million to Ñ1.1 billion gain 9bp and lead managers providing Ñ300 million to Ñ550 million gain 8bp.
The bank completed a $40 million syndicated loan in August 2004, offering an all-in of 48bp over Libor, well outside the 28bp featured in the current transaction. Natexis Banques Populaires and Oversea-Chinese Banking Corp arranged the financing. Bank responses are due by April 10.
Mandated arranger ABN AMRO has launched a $200 million seven year pre-export facility for JSW Steel into senior syndication. Duferco is the offtaker of the financing.
The margin is 170bp over Libor and banks underwriting $35 million or above earn 50bp.
Allocations for Power Finance CorpÆs $100 million 3-1/2 year fundraising have been finalised and signing will be held on March 21. A total of 21 banks are participating in the facility.
Mandated lead arrangers Calyon, DBS Bank, Mizuho Corporate Bank and State Bank of India held $7.5 million apiece. BayernLB joined as a lead arranger with a commitment of $7.5 million.
Arrangers are State Bank of India and Sumitomo Trust & Banking (Singapore) lending $7 million each, Chiao Tung Bank (Offshore Banking) committing $6 million and Banque des Mascareignes and SBI International (Mauritius) providing $5 million each.
Co-arrangers with tickets of $3.5 million apiece are Export-Import Bank of the Republic of China, Hua Nan Commercial Bank (Singapore), International Commercial Bank of China (Offshore Banking) and Maybank (Singapore). Joining as lead managers are Chang Hwa Commercial Bank (Singapore) and Hua Nan Commercial Bank (Offshore Banking) contributing $3 million apiece and Central Trust of China (Offshore Banking), International Bank of Taipei (Macau), Banca Monte dei Paschi di Siena (Hong Kong), Shanghai Commercial & Savings Bank and International Commercial Bank of China (Singapore) taking $2.5 million each.
Union Bank of India will sign its $125 million 364 day facility today (Friday). BNP Paribas, Calyon, DBS Bank, DZ Bank, Lloyds TSB Bank and Standard Chartered Bank are the mandated lead arrangers. The loan has received a strong response and allocations are being finalised.
Mandated arrangers Calyon and Standard Chartered Bank have launched the $220 million five year term loan for Videsh Sanchar Nigam into general syndication. Sub-underwriting is ongoing.
The deal features a spread of 46bp over Libor and fees to the market are on three levels. Lead arrangers holding $15 million or above receive 55bp flat, co-arrangers lending $10 million to $14 million gain 50bp and senior managers committing $5 million to $9 million earn 45bp.
Banks underwriting $30 million or more receive an all-in of 58bp over Libor.
Proceeds are to support the $239 million acquisition of Teleglobe International Holdings and for general corporate purposes. Bank responses are due by March 28.
WockhardtÆs $250 million five year fundraising has received another sub-underwriting commitment and should launch into general syndication next week. Barclays Capital, Citigroup and ICICI Bank are the mandated arrangers.
Rabobank is the latest investor to join while Bank of Baroda and State Bank of India committed earlier. One more Indian bank is set to revert at the top level shortly.
All-in pricing is 125bp over Libor and proceeds will be used for investments by the pharmaceutical companyÆs overseas subsidiaries.
Indonesia
A $125 million five year multi-tranche facility for Indocement Tunggal Prakarsa is in the market via mandated arranger Standard Chartered Bank. Cement producer HeidelbergCement is providing a guarantee.
The loan is split into an Indonesian rupiah tranche, a US dollar portion and a Japanese yen offshore facility. The interest margin is 100bp over SBI or 90bp over Libor.
Proceeds are to refinance the cement makerÆs existing debt and to provide for general corporate requirements.
Malaysia
AmInternationalÆs $75 million one year term loan has reached financial close. The facility was slightly oversubscribed but not increased.
Public Bank, Bank of Tokyo-Mitsubishi UFJ and SG Asia joined mandated arranger Oversea-Chinese Banking Corp in syndication. Signing is at the end of the month.
Mandated lead arrangers ABN AMRO, Bank of Tokyo-Mitsubishi UFJ, Citigroup and Standard Chartered Bank have launched the $300 million five year facility for Bumiputra-Commerce Bank into senior syndication.
Banks underwriting $40 million or more receive an all-in yield of 22.5bp over Libor for the title of mandated lead arranger.
Malayan BankingÆs $350 million five year financing was inked on Monday, March 13. A total of 12 banks participated in the deal, including mandated lead arrangers BayernLB, Barclays Capital, Bank of Tokyo-Mitsubishi UFJ, Citigroup, Calyon, Fortis Bank, KBC Bank, LBBW, NordLB and Sumitomo Trust & Banking.
Singapore
Allocations for Alkas RealtyÆs S$548 million five year dual tranche fundraising have been finalised and is signing today (Friday). The syndicate comprises a total of 13 banks.
Mandated lead arrangers United Overseas Bank held S$130 million and Standard Chartered Bank lent S$55 million. Lead arrangers are ING Real Estate Finance and NordLB (Singapore) committing S$50 million each, Maybank (Singapore) providing S$48 million, Bank of Nova Scotia Asia contributing S$41 million and Bank of China (Singapore), Calyon (Singapore) and Oversea-Chinese Banking Corp taking S$34 million apiece.
Joining as arrangers are Credit Industriel et Commercial (Singapore) pledging S$27 million and Hua Nan Commercial Bank holding S$20 million. Senior managers include Bank of East Asia (Singapore) absorbing S$15 million and International Commercial Bank of China (Singapore) with a ticket of S$10 million.
Olam InternationalÆs $300 million five year financing is in the market via mandated arrangers DBS Bank, HSBC, Rabobank International and Standard Chartered Bank. The deal was launched into sub-underwriting and general syndication concurrently.
The deal carries a margin of 140bp over Libor. Banks underwriting $30 million or above receive a sub-underwriting fee of 20bp and a management fee of 55bp.
In general syndication, fees to the market are on four levels. Lead arrangers committing $25 million or more gain 75bp flat, arrangers lending $15 million to $20 million receive 50bp, lead managers providing $10 million to $14 million get 40bp and co-managers taking $5 million to $9 million earn 30bp.
Proceeds are to refinance existing debt and for general corporate funding. Roadshows will be held in Hong Kong on March 20 and in Singapore on March 22. Sub-underwriting is scheduled to close by April 7 and general on April 17.
A S$1.6 billion five year financing for the development of the Orchard Turn site is expected to be mandated to a consortium comprising BNP Paribas, Calyon, Citigroup, Standard Chartered Bank, Sumitomo Mitsui Banking Corp and United Overseas Bank shortly. A joint venture between CapitaLand and Sun Hung Kai Properties acquired the property last year.
The other group bidding for the deal involves Bank of Tokyo-Mitsubishi UFJ, DBS Bank, HSBC, Mizuho Corporate Bank and Oversea-Chinese Banking Corp.
South Korea
Hana BankÆs Ñ20 billion one and two year loan is set to complete syndication today (Friday). Banc of America Securities Asia, Barclays Capital, BNP Paribas, Calyon, DBS Bank, HSH Nordbank, Mizuho Corporate Bank and Sumitomo Mitsui Banking Corp are leading the facility.
Commitments from 12 banks have so far been secured and the last investor is expected to revert by the end of the week. Signing is next Tuesday.
A $250 million dual tranche facility for Kookmin Bank was launched into syndication on Tuesday. Barclays Capital, Calyon, DBS Bank, Dresdner Bank, HSBC, ING Bank, Mizuho Corporate Bank and Wachovia Bank are arranging the deal.
The loan comprises a $100 million one year tranche and a $150 million two year portion. The one year tranche offers a margin of 5bp over Libor and the two year pays 10bp.
Banks have been invited to join on two levels. For the one year facility lead arrangers lending $10 million or above receive a front-end fee of 5.5bp and arrangers committing $5 million to $9 million gain 5bp. For the two year tranche, lead arrangers earn 8bp and arrangers get 6bp.
Proceeds are to refinance a $225 million facility signed in April last year and arranged by a group of eight banks. The one year tranche paid an all-in of 14bp over Libor, outside the 10.5bp offered in the current transaction while the two year paid 21bp compared to the 14bp in the latest deal.
Bank responses are due by the end of the month.
Taiwan
Allied Integrated PatterningÆs NT$1.43 billion five year credit was signed last Friday. The facility was decreased from NT$1.5 billion.
Mandated arranger Bank of Taiwan held NT$300 million. Managers are First Commercial Bank lending NT$130 million and Bank of Kaohsiung, Bank of Overseas Chinese, Central Trust of China, Fuhwa Bank, Hsin Chu Commercial Bank, Hua Nan Commercial Bank, International Commercial Bank of China, Land Bank of Taiwan, Shanghai Commercial & Savings Bank and Taiwan Business Bank with tickets of NT$100 million apiece.
The NT$2 billion three year loan for Chailease Finance is receiving a strong response and will be increased to at least NT$2.5 billion. Mizuho Corporate Bank is leading the facility.
Sunny Bank has joined as an arranger while Farmers Bank of China, Chiao Tung Bank and Taiwan Business Bank have joined as co-arrangers. Three more investors are expected to revert by today (Friday).
Chi Mei OptoelectronicsÆ NT$60 billion equivalent dual tranche financing has been signed. The facility was oversubscribed and increased from NT$40 billion and saw participation from a total of 30 banks.
Coordinating arrangers Bank of Taiwan held NT$6 billion, Cathay United Bank, Chang Hwa Commercial Bank, China Development Industrial Bank and Taipei Fubon Bank took NT$4 billion each, Calyon and Chinatrust Commercial Bank lent NT$3 billion apiece and Land Bank of Taiwan committed NT$2.83 billion. First Commercial Bank joined with a hold of NT$2.5 billion, Chiao Tung Bank with NT$2.03 billion and BNP Paribas, Fuhwa Commercial Bank, HSBC, Hua Nan Commercial Bank, Morgan Stanley, Ta Chong Commercial Bank, Taiwan Business Bank and Taiwan Cooperative Bank with tickets of NT$2 billion apiece.
Joining as co-arrangers are Farmers Bank of China contributing NT$1.2 billion and Bank of Kaohsiung, DBS Bank and Standard Chartered Bank providing NT$1 billion each. Senior managers include Bank of Overseas Chinese absorbing NT$830 million, Taishin International Bank lending NT$800 million, Central Trust of China committing NT$600 million and ABN AMRO, Agricultural Bank of Taiwan, Mizuho Corporate Bank and Tainan Business Bank pledging NT$500 million each and E-Sun Commercial Bank with a commitment of NT$300 million.
The five year term loan for Chipbond Technology Corp has been increased to NT$2.5 billion from NT$2.2 billion. Signing will be held on March 29.
Mandated arranger Chinatrust Commercial Bank held NT$200 million. Co-arrangers are International Bank of Taipei and Taiwan Business Bank lending NT$200 million each and Chang Hwa Commercial Bank, E-Sun Commercial Bank, Land Bank of Taiwan and Taiwan Cooperative Bank committing NT$150 million apiece.
Joining as lead managers are China Development Industrial Bank providing NT$130 million and Cathay United Bank, Far Eastern International Bank, Hsinchu International Bank, Hua Nan Commercial Bank, International Commercial Bank of China and Taipei Fubon Commercial Bank absorbing NT$115 million each.
Managers include Bank of Overseas Chinese, First Commercial Bank, Industrial Bank of Taiwan, Jih Sun International Bank, Lucky Bank and Shanghai Commercial & Savings Bank with tickets of NT$80 million apiece.
Ford Taiwan ServiceÆs NT$1.5 billion revolving credit is set to complete syndication today (Friday). Chinatrust Commercial Bank and First Commercial Bank are leading the deal.
Far Eastern International Bank is the latest bank to join. Bank of Kaohsiung, Bank of Overseas Chinese, Central Trust of China, E-Sun Commercial Bank, Hua Nan Commercial Bank, International Bank of Taipei, Shin Kong Commercial Bank and Tainan Commercial Bank joined earlier. Two more banks are expected to revert by the end of the week.
The five year facility for Ho Tung Chemical has been increased to NT$3.2 billion from NT$3 billion. Signing was held yesterday (Thursday).
Mandated lead arrangers Industrial Bank of Taiwan, First Commercial Bank and Fuhwa Bank held NT$400 million each. Participating banks are Hua Nan Commercial Bank, Shanghai Commercial & Savings Bank and Taiwan Business Bank lending NT$300 million apiece, Far Eastern International Bank and Farmers Bank of China committing NT$250 million each and Chang Hwa Commercial Bank, Land Bank of Taiwan and Taiwan Cooperative Bank providing NT$200 million apiece.
Powerchip Semiconductor is expected to formally mandate a 12 strong bank group for a NT$30 billion financing today (Friday). The consortium comprises Bank of Taiwan, Chang Hwa Commercial Bank, Chinatrust Commercial Bank, Chiao Tung Bank, Cathay United Bank, First Commercial Bank, Hua Nan Commercial Bank, Industrial Bank of Taiwan, Land Bank of Taiwan, Shanghai Commercial & Savings Bank, Taipei Fubon Commercial Bank and Taiwan Cooperative Bank.
Banks are waiting for Siliconware Precision to award the mandate for a NT$7 billion six year fundraising. One of the groups bidding for the deal includes Bank of Taiwan, Chinatrust Commercial Bank, International Commercial Bank of China and Mizuho Corporate Bank.
Chinatrust Commercial Bank has launched a NT$1 billion one year revolving credit facility for Taiwan Thick-Film Industries into syndication. The borrowerÆs chairman and president are providing personal guarantees.
The deal offers a margin of 125bp over the 90, 120 or 180 day primary market CP rate. The commitment fee is 20bp. Proceeds are for working capital purposes.
Tsann Kuen Enterprise has mandated Hsinchu International Bank, Industrial Bank of Taiwan, Ta Chong Commercial Bank, Taipei Fubon Commercial Bank and Taiwan Cooperative Bank to lead arrange a NT$3 billion five year dual tranche financing. The deal will be launched into syndication shortly.
Thailand
Syndication of Glow IPPÆs $278 million 12 year credit has been completed. Calyon, Fortis Bank, KBC Bank and Sumitomo Mitsui Banking Corp are the mandated arrangers while NordLB joined as a lead arranger.
Thai Union Frozen ProductsÆ $100 million five year term loan was inked earlier this month. Mandated lead arrangers Calyon held $16 million and Bank of Nova Scotia, BNP Paribas, Mizuho Corporate Bank and Rabobank lent $15 million each.
Arrangers are Sumitomo Mitsui Banking Corp committing $9.5 million and Sumitomo Trust & Banking holding $9 million. Bank of China (Bangkok) joined as a manager with a ticket of $5.5 million.
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