Deutsche Bank is leading the transaction, which is open to retail lenders at three levels. Mandated lead arrangers have to commit $40m or higher to earn 225bp in fees and 375bp all-in; lead arrangers have to commit $25m-$39m for 200bp in fees and 366.67bp all-in; and arrangers have to commit $10m-$24m for 175bp in fees and 358.33bp all-in. Banks earn a margin of 300bp over Libor.
There is an early bird reward of 25bp for banks that make their commitments by November 18. This pushes up the early bird all-ins by 8.3bp at each level, based on the three year life of the loan. The final commitment deadline is November 25.
Oxley’s loan offers lenders security in the form of a legal mortgage as well as fixed, floating and other charges over the group’s assets in the UK. These assets include the company’s upcoming Royal Wharf development.
The complex will be located along the Thames river in London and features a 500m south-facing riverside walk. The Royal Wharf has 3,400 apartments and townhouses, 15,000sq m of office space and 5,000sq m of retail and food and beverage space.
Singapore-headquartered Oxley develops residential, commercial and industrial projects. Besides the Lion City and the UK, it has a presence in Cambodia, China and Malaysia.
Its last outing in the loan market was in July, when it signed a S$110m ($80m) two year bullet arranged by Credit Suisse. That paid a margin of 425bp over Sibor for the first 18 months, stepping up by 50bp from 18-21 months and then by another 50bp from 21-24 months.
The company will use the latest deal for ongoing capital expenditure and general corporate purposes.