A A$617 million 6-1/2 year loan for Loy Yang B has been completed. Mandated arrangers ANZ Investment Bank, Bank of Tokyo-Mitsubishi UFJ, BNP Paribas, Commonwealth Bank of Australia and National Australia Bank provided the funds equally on a club basis. Proceeds are to refinance existing debt.
Hong Kong
China Travel International Investment (HK) has completed its HK$1.5 billion fundraising with a total of five banks participating. Mandated lead arranger Calyon held HK$850 million.
Joining as lead arrangers are Banca Intesa (Hong Kong) lending HK$250 million and BBVA and Fortis Bank contributing HK$200 million each.
Citic PacificÆs HK$7.2 billion dual tranche loan has reached financial close with four banks joining in general. The 18 strong arranger group comprises Agricultural Bank of China, Bank of China, Bank of Communications, Bank of Tokyo-Mitsubishi UFJ, BayernLB, BNP Paribas, Calyon, Citic Ka Wah Bank, Citigroup, DBS Bank, Hang Seng Bank, HSBC, ICBC Asia, Mizuho Corporate Bank, Rabobank, Royal Bank of Scotland, Standard Chartered Bank and Sumitomo Mitsui Banking Corp.
Bank of East Asia, Liu Chong Hing Bank, Tai Fung Bank and Wing Lung Bank have joined and signing will be held early next month.
The HK$3 billion five year dual tranche credit for CRE Finance (Hong Kong) is oversubscribed with a total of sixteen banks participating in the transaction. Bank of China, Bank of Tokyo-Mitsubishi UFJ, BayernLB, BNP Paribas, Calyon, Citibank, DBS Bank, Mizuho Corporate Bank, Rabobank and Standard Chartered Bank are the mandated lead arrangers.
Banks that have come on board include Banca di Roma, BBVA, Fortis Bank (Hong Kong), Nanyang Commercial Bank, Tai Fung Bank and Wing Lung Bank.
India
Alok IndustriesÆ $100 million five year deal was signed on April 26 and increased from $75 million after a strong response in syndication. Barclays Capital, Bank of India, Commonwealth Bank of Australia, State Bank of India and United Overseas Bank are the mandated lead arrangers.
Lenders include Syndicate Bank, Chang Hwa Commercial Bank, Fuhwa Bank, SBI International (Mauritius), Hua Nan Commercial Bank, Indian Bank, Persia International Bank and Taiwan Business Bank.
Mandated arrangers ABN AMRO, Banc of America and Citigroup have launched a $250 million dual tranche loan for Genpact, formally known as GE Capital International Services (Gecis), into sub-underwriting. There is a $50 million expansion option where the borrower can raise this additional amount at any time during the life of the facility.
The deal is split into a $100 million revolving credit and a $150 million term loan. The margin is based on a leverage ratio grid starting at 87.5bp over Libor if the ratio is over 1.75, 75bp if the ratio is 1.25 to 1.75 and falling to 70bp if the ratio is less than 1.25.
Proceeds are to refinance a $215 million LBO facility that was completed in March last year and arranged by Banc of America, Citigroup and Goldman Sachs as well as to fund expansion plans. Sub-underwriting is expected to close in mid-May with roadshows to be held in Singapore and Taipei on May 11 and 12.
HDFC Bank has launched a $100 million Japanese yen equivalent 364 day credit into general syndication via lead arrangers Banc of America Securities Asia, DBS Bank, DZ Bank, Natexis Banques Populaires and RZB-Austria. The deal has been fully underwritten by the lead banks.
The facility carries a margin of 13.5bp over Libor and fees to the market are on three levels. Arrangers providing $10 million or more gain a front-end fee of 11.5bp, lead managers contributing $5 million to $9 million receive 10.5bp and managers committing $2 million to $4 million get 9.5bp.
Proceeds are to refinance a $100 million facility that was completed in May last year and arranged by Calyon and Citigroup. The deal paid an all-in of 29bp over Libor, outside the 25bp offered in the current transaction. Responses are due by May 17.
Indian Farmers Fertilizer Co-operative (IFFCO) is heard to be tapping the market for a $250 million financing via mandated lead arrangers Calyon and ICICI Bank.
Mandated arranger ABN AMRO is set to launch JSW SteelÆs $200 million seven year export credit into general syndication shortly. Duferco is providing a guarantee.
KBC Bank and KfW have joined at the top level and a handful of banks are expected to join in sub-underwriting.
Banks are eyeing a $500 million five year financing for Reliance Energy and are in the process of preparing their bids for the deal. The borrower successfully raised $250 million in September last year via a seven strong bank group. The 3-3/4 year deal paid an all-in of 61bp over Libor and saw participation from a total of 18 banks.
A $40 million dual tranche credit for Shree Renuka Sugars is in senior syndication via mandated arranger ABN AMRO. The deal is split equally into three and five year facilities.
The three year tranche carries a spread of 150bp over Libor and the five year offers 160bp. Banks have been invited to underwrite $15 million.
Proceeds are to fund capacity expansion for the sugar manufacturer and banks have until May 5 to respond at the top level.
Indonesia
A $75 million co-financing facility for Federal International Finance (FIF) is in the market via joint leads ABN AMRO and Netherlands Development Finance Company (FMO).
The loan comprises a $25 million five year A-loan that will be provided by FMO and a $50 million three year B-loan that is being syndicated by bookrunner ABN AMRO. FMO is the lender of record for both tranches.
The B-loan offers a margin of 185bp over Libor and banks have been invited to join on two levels. Lead arrangers committing $10 million or more receive a front-end fee of 10bp and arrangers lending $5 million gain 5bp.
A roadshow will be held in Singapore on May 3 and banks have until May 26 to respond.
Syndication of the $100 million two year financing for Indofood Sukses Makmur has closed oversubscribed but the deal size will not increased. ING Wholesale Banking is leading the facility.
Indover Bank has launched a $50 million 364 day credit via mandated lead arrangers BayernLB, Natexis Banques Populaires and Oversea-Chinese Banking Corp.
The deal features a spread of 75bp over Libor and banks have been invited to join on three levels. Co-arrangers providing $8 million or more receive 30bp flat, lead managers committing $4 million to $7 million gain 25bp and senior managers holding $2 million to $3 million earn 20bp. Proceeds are to finance the borrowerÆs trade related facilities.
Pamapersada NusantaraÆs $160 million dual tranche financing has received its first verbal commitment in syndication. Citigroup, DBS Bank, Standard Chartered Bank and Sumitomo Mitsui Banking Corp are leading the deal.
The three year tranche carries an all-in yield of 199bp over Libor to top level banks and the four year offers 201bp.
Tunas Financindo Sarana has raised $60 million via a three year club loan provided by Standard Chartered Bank and United Overseas Bank. Proceeds are for working capital requirements.
Malaysia
Bumiputra-Commerce BankÆs $300 million five year loan is progressing in syndication and has so far received two commitments in general syndication. ABN AMRO, Bank of Tokyo-Mitsubishi UFJ, BayernLB, Citigroup and Standard Chartered Bank are the mandated lead arrangers. The facility offers an all-in of 29bp over Libor to top level banks.
Singapore
Coordinating arranger ABN AMRO Bank has completed a $22 million three year note issuance facility for eSys Technologies. The Dutch house held $10 million.
Commerzbank joined as a senior manager with a ticket of $10 million while IFS took the title of manager with a commitment of $2 million. Proceeds are for general corporate purposes.
The S$249 million 3-1/2 year financing for Ho Bee Cove has so far secured three commitments in syndication. DBS Bank, HSBC and Oversea-Chinese Banking Corp are the mandated arrangers and have pre-funded the deal.
The deal features a spread of 75bp over the Singapore dollar swap rate and fees to the market are on four levels. Mandated lead arrangers committing S$50 million or more receive 25bp flat, arrangers providing S$30 million to S$49 million earn 18bp, co-arrangers lending S$20 million to S$29 million gain 15bp and lead managers contributing S$10 million to S$19 million earn 12bp.
Proceeds are to finance the development of a residential project on Sentosa Island and will be guaranteed by Ho Bee Investments. Bank responses are due by May 5.
Olam InternationalÆs $300 million five year facility should reach financial close today (Friday). DBS Bank, HSBC, Rabobank and Standard Chartered Bank are leading the deal.
More than 10 banks have so far joined with a handful of investors expected to revert by the end of the week. The loan offers a top level all-in of 155bp over Libor.South Korea
Coordinating arrangers Calyon, ING Bank and Sumitomo Mitsui Banking Corp have launched a $100 million one year revolving credit for Hyundai Card into syndication. This is the credit card providerÆs first time back in the market since 2000.
The deal carries a margin of 40bp over Libor and fees to the market are on two levels. Arrangers lending $10 million or above receive 8bp flat and co-arrangers providing $5 million to $9 million gain 6bp.
Proceeds are for working capital requirements and banks have until mid-May to respond.
Taiwan
Ardentec Corp has raised NT$2 billion six year money from a syndicate of six banks. Mandated arranger Chiao Tung Bank held NT$380 million.
Joining as co-arrangers are Farmers Bank of China, Land Bank of China, Hsinchu International Bank and Hua Nan Commercial Bank lending NT$360 million each. Lucky Bank is also participating with a hold of NT$180 million. Proceeds are for the purchase of equipment and machinery.
The five year revolving credit for Cayman President Holdings has been increased to $180 million from $100 million and signing was held on April 19. Mandated lead arrangers International Commercial Bank of China, Mizuho Corporate Bank, Taipei Fubon Commercial Bank and Sumitomo Mitsui Banking Corp lent $20 million apiece.
Participating banks are Cathay United Bank and Nanyang Commercial Bank contributing $19 million each, Chiao Tung Bank, Chiba Bank, Hsinchu International Bank, Land Bank of Taiwan and Shin Kong Commercial Bank providing $10 million apiece, Shanghai Commercial & Savings Bank taking $8 million and BBVA with a commitment of $5 million.
Epistar Corp has completed a NT$1.5 billion five year financing. Mandated lead arrangers Chiao Tung Bank and Hua Nan Commercial Bank each lent NT$500 million.
Lenders include Hsinchu International Bank and Tainan Business Bank contributing NT$150 million apiece and China Development Industrial Bank and Land Bank of Taiwan providing NT$100 million each. Proceeds are for working capital requirements.
Eva Airways is seeking NT$10 billion aircraft financing from banks. The airline tapped the market in November last year via a NT$3.6 billion five year facility that was led by Cathay United Bank and Taishin International Bank. The term loan paid a margin of 57bp over the CP rate and the guarantee facility a fee of 55bp.
The NT$3 billion three and four year loan for First International Telecom was signed on April 27 with a syndicate of 19 banks. Coordinating arranger Taishin International Bank lent NT$750 million.
Senior lead managers are Farmers Bank of China contributing NT$250 million and Cosmos Bank lending NT$200 million. Lead managers include Bank of Overseas Chinese, Central Trust of China, Hsinchu International Bank, Sunny Bank and Tainan Business Bank absorbing NT$150 million each, Bank of Kaohsiung contributing NT$135 million, Taiwan Cooperative Bank taking NT$115 million and Asia Trust & Investment Corp, China United Trust & Investment, Hua Nan Commercial Bank, Shanghai Commercial & Savings Bank, Shin Kong Commercial Bank and Taichung Commercial Bank lending NT$100 million apiece.
Participating banks are Chinese Bank holding NT$90 million, Hwatai Bank committing NT$60 million and Mass Mutual Mercuries Life with a contribution of NT$50 million.
Forhouse Corp signed its NT$2 billion five year deal with a syndicate of 10 banks on April 12. Mandated lead arranger Industrial Bank of Taiwan held NT$300 million.
Participating banks are Far Eastern International Bank lending NT$260 million and Cathay United Bank, Chang Hwa Commercial Bank, China Development Industrial Bank, First Commercial Bank, Hua Nan Commercial Bank, International Commercial Bank of China, Land Bank of Taiwan and Shin Kong Commercial Bank providing NT$180 million each.
King Yuan ElectronicsÆ five year dual tranche facility has been increased to NT$8.1 billion from NT$6.5 billion after an enthusiastic response in syndication. Signing was held on April 26.
Coordinating arrangers 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 held NT$600 million each. Lead managers include Hua Nan Commercial Bank and International Bank of Taipei lending NT$450 million apiece.
Lenders are Bank of Overseas Chinese, Far Eastern International Bank, Land Bank of Taiwan and Shin Kong Commercial Bank committing NT$300 million each and Central Trust of China, Farmers Bank of China, Hwatai Bank, Sunny Bank and Taichung Commercial Bank with tickets of NT$200 million apiece.
Taiwan Hopax Chemicals signed its NT$600 million fundraising with a syndicate of four banks yesterday (Thursday). Mandated lead arrangers Taishin International Bank held NT$300 million and International Commercial Bank of China lent NT$150 million. Joining as arrangers are Fuhwa Bank committing NT$100 million and Bank of Overseas Chinese pledging NT$50 million.
The NT$2.6 billion dual tranche credit for Ton Yi Industrial Corp was inked on Monday, April 24. A total of 17 banks are participating in the transaction.
For the NT$2.2 billion loan, mandated arrangers Bank of Taiwan and Ta Chong Bank held NT$400 million apiece. Lenders include Bangkok Bank, Cathay United Bank and Taipei Fubon Commercial Bank committing NT$200 million each, Taiwan Cooperative Bank providing NT$150 million and Bank of Overseas Chinese, Chiao Tung Bank, China United Trust & Investment Corp, Fuhwa Bank and Shanghai Commercial & Savings Bank contributing NT$100 million apiece.
The NT$400 million guarantee facility saw China Bills Finance Corp and Chung Hsing Bills Finance Corp take NT$100 million each and Taching Bills Finance and Union Bills Finance lend NT$50 million apiece.
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