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Friday, 12 March 2010

Galaxy heads for loan orbit as Las Vegas Sands falls to earth

IFR Asia 638 - March 6, 2010

A tepid lender reception to Las VegasSands’ US$1.75bn five-year loan is leading to questions over the syndication strategy for rival gaming operator Galaxy Entertainment’s HK$7bn (US$903m) six-year financing.

ECA financings provide hope for foreign lenders to Indian PF

IFR Asia 638 - March 6, 2010

ONGC Petro-additions (Opal) has mandated BNP Paribas to arrange an up to US$1bn ECA loan in a move that underscores foreign lenders’ growing role in India’s burgeoning infrastructure financing sector. Foreign lenders have long been unable to match the competition in the hugely liquid domestic market for PF loans, which have hitherto been locally dominated. But banks now hope the mandate means international lenders will play a larger role in the ECA space.

Timing and onshore funding crucial for Bharti’s US$10.7bn Zain bid

IFR Asia 636 - February 20, 2010

Less than six months after Bharti Airtel’s failed merger attempt with South Africa’s MTN Group designed to give it a strong foothold in Africa, the Indian telco has returned to the acquisition trail. This time the company seems to have emerged wiser from its previous experiences – not just on the merger itself but also on the related financing.

Property refinancings bring tighter pricing to Singapore

IFR Asia 635 - February 6, 2010

MGP Raffles is preparing to launch a S$635m (US$450m) three-year loan via bookrunner OCBC. Not only is the deal the first sole bookrun deal from Singapore in 2010, it also suggests that there will be no let up in pricing pressure even as the pipeline of new loans from the city state’s real estate sector alone swells to US$4bn.

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Leveraged Finance

Leads push the envelope on all-rupiah Matahari LBO

IFR Asia 634 - January 30, 2010

Leveraged finance may have become little more than a symbol of pre-crisis excesses, but CIMB and Standard Chartered have their sights set on a daring and groundbreaking LBO financing in Indonesia. The duo plans to syndicate the loan backing CVC Asia Pacific’s Rp7.17trn (US$764m) acquisition of Indonesian retailer Matahari Putra Prima’s department store business.

Paper sale

IFR Asia 637 - February 27, 2010

India’s largest paper maker Ballarpur Industries and Japan’s Oji Paper Group are believed to be among three bidders for the entire stake held by CVC Asia Pacific in Malaysian paper and packaging maker Genting Sanyen Industrial Paper. The private equity firm had purchased the stake for M$745m (US$220m) in 2007 and funded it via a M$680m dual-currency LBO.

Galaxy heads for loan orbit as Las Vegas Sands falls to earth

IFR Asia 638 - March 6, 2010

A tepid lender reception to Las VegasSands’ US$1.75bn five-year loan is leading to questions over the syndication strategy for rival gaming operator Galaxy Entertainment’s HK$7bn (US$903m) six-year financing.