A $600 million five year dual tranche fundraising for Semiconductor Manufacturing International (Shanghai) Corp has been launched into general syndication and increased from an initial $550 million after an enthusiastic response in sub-underwriting. ABN AMRO Bank, Bank of China (Hong Kong), Bank of Communications (Xingu), Bank of Tokyo-Mitsubishi UFJ, China Construction Bank (Pudong), DBS Bank, Fubon Bank (Hong Kong) and Shanghai Pudong Development Bank (Zhangjiang) are the coordinating arrangers and Semiconductor Manufacturing International Corporation is providing a guarantee.
The margin is 110bp over Libor for the first year and linked to a debt to Ebitda grid thereafter. Banks have been invited to join on four levels, where arrangers committing $30 million or more earn 30bp flat, senior managers contributing $20 million to $29 million gain 22.5bp, lead managers providing $10 million to $19 million receive 17.5bp and managers pledging $5 million to $9 million earn 12.5bp.
The loan is split into $393 million and $207 million term loans. Proceeds are to finance the borrowerÆs capital expenditure and general corporate funding requirements. A site visit will be held in Shanghai and signing will take place in May.
Allocations for Fujian Ton Yi Tinplate and Jiangsu Ton YiÆs $46 million fundraising have been finalised. The loan was oversubscribed and increased from $30 million.
Mandated arranger BNP Paribas (Shanghai) held $6 million while co-arrangers Bank of China (Zhangzhou) took $12 million, Bangkok Bank (Xiamen) lent $8 million and Mizuho Corporate Bank (Shanghai) provided $6 million. Joining as lead managers are Hang Seng Bank (Fuzhou) committing $6 million and Dah Sing Bank (Shenzhen) absorbing $5 million. Bank of East Asia took the title of manager with a ticket of $3 million.
The deal will be signed by circulation at the end of the month.
Hong Kong
Allocations for Best Profit and Union EmpireÆs HK$4.5 billion loan have been finalised and signing will be held shortly. Sino Land, Chinese Estates Holdings, Nan Fung Development and Nan Fung Textiles are the guarantors.
Mandated coordinating arrangers DBS Bank and HSBC each held HK$933 million and Bank of China lent HK$483 million. Coordinating arrangers include Bank of Communications committing HK$600 million and Bangkok Bank providing HK$500 million.
Joining as arrangers are Nanyang Commercial Bank contributing HK$400 million and Bank of Nova Scotia pledging HK$300 million. Tai Fung Bank took the title of co-arranger with a ticket of HK$200 million while senior managers include Wing Lung Bank taking HK$100 million and Liu Chong Hing Bank providing HK$50 million.
The HK$3 billion dual tranche facility for China Resources Enterprises should reach financial close shortly. The 10 strong coordinating arranger group comprises Bank of China, Bank of Tokyo-Mitsubishi UFJ, BayernLB, BNP Paribas, Calyon, Citibank, DBS Bank, Mizuho Corporate Bank, Rabobank and Standard Chartered Bank.
Banks are in the process of gaining their approvals and should revert by early next week. The loan is split equally into a term loan and a revolving credit facility that carry a margin of 28bp over Hibor. Arrangers lending HK$150 million to HK$200 million earn 20bp and senior managers providing HK$75 million to HK$140 million gain 15bp.
Proceeds are to refinance a HK$3 billion deal that was signed in October 2002 that offered an all-in of 49.5bp over Hibor, well outside the 32bp featured in the latest transaction.
Citic PacificÆs HK$7.2 billion five and seven year loan is expected to close syndication today (Friday). Citic Ka Wah Bank, Citigroup, DBS Bank, HSBC, Royal Bank of Scotland, Standard Chartered Bank and Sumitomo Mitsui Banking Corp are the bookrunners.
Banks that have so far joined include Tai Fung Bank, Wing Lung Bank and Liu Chong Hing Bank. The five year tranche offers an all-in yield of 35.5bp over Hibor and the seven year pays 39.5bp.
A HK$1.6 billion three year facility for Macquarie Global Property Advisors vehicle Foxhill is in the market via coordinating arranger Standard Chartered Bank. The loan was pre-funded in March.
The deal features a spread of 63bp over Hibor and banks have been invited to join on three levels. Coordinating arrangers lending HK$300 million or above receive 20bp flat, arrangers contributing HK$200 million to HK$299 million earn 15bp and lead managers providing HK$100 million to HK$199 million get 10bp.
Proceeds are to fund the purchase of Vicwood Plaza in Sheung Wan. Responses are due by April 25.
Ocean ParkÆs HK$4.16 billion 15 year financing is in the market via mandated lead arrangers Bank of China, DBS Bank and HSBC.
The loan comprises a HK$1.38 billion tranche æAÆ that will be guaranteed by the Hong Kong government and a HK$2.77 billion non-recourse tranche æBÆ. Tranche A carries a margin of 25bp over Hibor while tranche æBÆ pays 70bp for the first five years, 75bp for years 6 to 10 and 80bp thereafter.
Banks have been invited to participate on four levels. Lead arrangers committing HK$500 million or above earn a front-end fee of 35bp for tranche æAÆ and 52bp for tranche æBÆ, arrangers lending HK$300 million to HK$499 million gain 25bp and 36bp, senior managers contributing HK$150 million to HK$299 million get 17.5bp and 26bp while managers providing HK$75 million to HK$149 million receive 10bp and 15bp. This equates to blended all-ins of 62.6bp for lead arrangers, 61.3bp for arrangers, 60.4bp for senior managers and 59.6bp for managers.
Proceeds are to fund the redevelopment of the theme park with a further HK$1.38 billion to be injected by the Hong Kong government, bringing the total financing package to HK$5.55 billion. A presentation will be held next Monday with responses due by May 3.
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