Arrangers ING Bank and Rabobank have launched a $74m 5-1/2 year term loan for Florens Container Inc (1998), guaranteed by parent Florens Container Inc and Cosco Pacific. Banks joining the facility will receive a margin of 72.5bp over Libor. Fees to the market are at two tiers: arrangers lending $10m or more will receive 86bp and co-arrangers pledging $5m-$9m will gain 74bp.
The parent last tapped the market in December 2001 with a $140m two year LC facility, arranged by BA Asia. Banks received a margin of 50bp and a top participation fee of 11.5bp.
Proceeds are to purchase a number of new marine containers and to refinance existing debt. Responses are due on June 24.
Size: $74m
Type: 5-1/2 year term loan
Margin: 72.5bp over Libor
Arrangers: ING Bank, Rabobank
Participation fees: Arrangers 86bp
for $10m or more
Co-arrangers 74bp for $5m-$9m
Purpose: Purchase new containers and refinancing
Co-ordinating arrangers Bank of China (Hong Kong), HSBC and ICBC Asia have launched to sub-underwriting a HK$3bn five year term loan for New World Development.
Banks looking to join the facility will receive a margin of 65bp over Hibor. Fees are set at two tiers: co-ordinating arrangers committing HK$400m-HK$500m will earn 70bp and arrangers contributing HK$250m-HK$390m earn 70bp on a take and hold basis. Lenders will also receive an underwriting fee of 10bp.
Proceeds will refinance a HK$6bn seven year term loan signed in November 1997, arranged by BA Asia, Deutsche Bank, SG Asia and Sumitomo Bank (Hong Kong). Banks involved with the deal received a margin of 50bp and a top participation fee of 35bp. Responses are due in mid-June.
Size: HK$3bn
Type: Five year, term loan
Margin: 65bp over Libor
Arrangers: Bank of China (Hong Kong), HSBC, ICBC Asia
Fees: Underwriting fee - 10bp
Participation fee - co-ordinating arrangers 70bp for HK$500m or more
Arrangers 70bp for HK$250m-HK$390m (take and hold)
Purpose: Refinancing
Lead arrangers BayernLB, Crédit Agricole Indosuez, Commerz East Asia, National Australia Bank and Standard Chartered have launched a HK$2.5bn two year FRCD for Standard Chartered Bank (Hong Kong).
Banks joining will earn a margin of 12bp over Hibor. Fees to the market are at two levels: arrangers pledging HK$120m-HK$200m will receive 14bp and co-arrangers taking HK$75m-HK$119m gain 10bp.
Proceeds are for general corporate purposes. Responses are due on June 19.
Size: HK$2.5bn
Type: Two year FRCD
Margin: 12bp over Hibor
Arrangers: BayernLB, Crédit Agricole Indosuez, Commerz East Asia, National Australia Bank, Standard Chartered
Participation fees: Arrangers 14bp
for HK$120m-HK$200m
Co-arrangers 10bp for HK$75m-HK$119m
Purpose: General corporate
Co-ordinating arrangers BNP Paribas and DBS Bank have completed the HK$300m five year term loan for Chevalier (Hong Kong), a subsidiary of the Chevalier Group. Co-ordinating arrangers pledged HK$60m apiece.
Arrangers are Bank of China (Hong Kong), ICBC Asia, International Bank of Asia and UFJ Bank contributing HK$42m each, and Bank of East Asia providing HK$36m.
Joining the deal as co-arranger is Jian Sing Bank committing HK$26m.
Proceeds are to refinance a HK$250m three year revolving term loan facility completed in January 2001. Banks involved were paid a margin of 105bp and a top participation fee of 55bp. Signing will take place in mid-June.
Size: HK$300m
Type: Five year term loan
Margin: 72bp over Hibor
Co-ordinating arrangers: BNP Paribas, DBS Bank
Participation fees: Arrangers
60bp for HK$60m-HK$70m
Lead managers 50bp for HK$40m-HK$50m
Managers 40bp for HK$20m-HK$30m
Purpose: Refinancing
Borrower's last deal: Signed January 2001; arranger BNP Paribas; HK$250m, three year term loan; margin 105bp, top participation fee 55bp
The $100m three year revolving credit for Noble Group has been completed by co-ordinating arrangers FleetBoston Financial and Bank of China (Hong Kong).
Bank of India is co-arranger, and IntesaBci (Hong Kong), Standard Chartered Bank, Hamburgische Landesbank Girozentrale (Singapore) and United Overseas Bank are lead managers.
Senior managers are Indover Asia and Nedcor Bank.
Proceeds are for working capital. Signing took place on June 13 in Hong Kong.
