COUNTRY REPORT CHINA› WINGATE TO MARKET DEBUT ABS
WINGATE CONSUMER FINANCE, trading as Now
Finance, has mandated NAB to arrange an
Australian and New Zealand roadshow
commencing August 28 for a potential
debut consumer personal loans ABS
transaction.
SYNDICATED LOANS
› FRASERS LOGISTICS CLUBS LOAN
Singapore-listed FRASERS LOGISTICS & INDUSTRIAL
TRUST has closed a US$279m-equivalent
dual-tranche loan as a club.
Citigroup, DBS Bank and OCBC are the
lenders on the deal, which comprises a
A$275.55m (US$186.43m) portion and a
S$129m (US$93m) piece. DBS is the facility
agent.
FLT’s trustee, PERPETUAL ASIA, and Frasers
Logistics & Industrial Trust Europe are the
borrowers on the facilities. FRASERS LOGISTICS
& INDUSTRIAL ASSET MANAGEMENT, a wholly
owned subsidiary of Frasers Property, is the
manager of FLT.
A mandatory pre-payment will occur if
the manager resigns, or is removed and
not replaced by a substitute approved by
the Monetary Authority of Singapore, or
if Frasers Property ceases to hold, directly
or indirectly, more than 50% of the issued
share capital of the manager.
If a change of manager occurs, the
lenders shall not be obliged to fund a
drawdown and the facility agent shall, with
no less than five business days notice to the
borrowers, cancel the facilities under the
loan agreement.
In such an eventuality, a failure to
pre-pay or repay would trigger a cross-
default under other borrowings of FLT,
affecting an aggregate level of facilities of
approximately A$978.1m.
Separately, FRASERS PROPERTY TREASURY,
a unit of Frasers Property, is seeking
a A$750m five-year term loan, which
comprises a A$500m Green portion.
ANZ, Barclays, First Abu Dhabi Bank
Singapore branch, Mizuho Bank, OCBC
Bank and Scotiabank are the mandated lead
arrangers, bookrunners and underwriters
of the bullet transaction, which pays top-
level all-in pricing is 150bp based on an
interest margin of 135bp over BBSY and an
early bird fee of 10bp.
FLT has a portfolio comprising 81
logistics and industrial properties, worth
approximately A$2.9bn, concentrated
within major logistics and industrial
markets in Australia, Germany and the
Netherlands, according to the company’s
website.
EQUITY CAPITAL MARKETS
› CHARTER HALL REIT SELLS SHARESCHARTER HALL LONG WALE REIT has raised
A$220m (US$149m) from an institutional
entitlement offer and placement to part
fund the acquisition of a portfolio of Telstra
properties.
The A$130m placement of 25m new
shares received strong demand from new
and existing institutional investors. The
A$5.20 issue price was at a 4.1% discount to
the market close of A$5.42 on August 15.
The institutional 1–for–13 entitlement
offer was well supported by institutional
shareholders with 99% take-up. The
shortfall attracted both new and existing
shareholders.
Some 17.3m shares were issued under
the institutional entitlement offer for
A$90m at A$5.20 each. The retail portion
will be open from August 22 to September
2 to raise A$41m.
Charter Hall Group, the REIT’s largest
shareholder with a 15% stake, has
committed to take up its full entitlement
under the rights offer for about A$20m.
Proceeds will be used to part fund the
acquisition of a 24.5% interest in a portfolio
of 37 Telco Exchange Properties and an
office building in Brisbane for A$413.6m.
JP Morgan and UBS are the joint lead
managers and bookrunners.› MAGELLAN LAUNCHES IPO OF NEW TRUSTAustralia-based MAGELLAN FINANCIAL GROUP has
launched a A$250m IPO of an ASX-listed
investment trust.
The IPO of MAGELLAN HIGH CONVICTION TRUST
was offered at A$1.50 per unit via a priority
offer to underlying investors in Magellan,
Magellan Global Trust and Magellan High
Conviction Fund as well as a general public
offer.
Eligible priority investors can subscribe
to up to 33,334 units or A$50,000 of
Magellan High Conviction Trust’s new
units.
Magellan Chairman Hamish Douglass
intends to take up his priority offer and
subscribe to A$20m worth of units under
the IPO’s general public offer.
The offer will close on September 27. The
fund manager is not appointing a broker
syndicate.
The costs related to the IPO were funded
by a A$275m institutional placement in
Magellan.
The placement was strongly supported
by investors, according to Magellan CEO
Brett Cairns.
About 4.98m new shares, or 2.7% of
Magellan’s expanded issued capital,were sold at an issue price of A$55.20,
representing a 7.7% discount to the pre-deal
close of A$59.83 on August 12.
Macquarie is the sole lead manager,
bookrunner and underwriter of the
placement.› STEADFAST RAISES ACQUISITION FUNDSASX-listed STEADFAST GROUP has raised
A$100m through an institutional placement
to fund acquisitions of insurance brokerage
and underwriting agencies.
About 29.6m new shares, or 2.7% of
current issued capital, were placed at
A$3.38 per share, against the floor price of
A$3.28. The offer price represented a 5%
discount to the pre-deal close of A$3.56 on
August 20.
The placement was strongly
oversubscribed at a 10 cent per share
premium to the underwritten floor price,
with the deal supported by existing
institutional shareholders and new
institutions.
The company also intends to offer a non-
underwritten share purchase plan to raise
A$20m, allowing eligible shareholders to
subscribe to up to A$15,000 of shares each.
The insurance broker will use the
proceeds for future acquisitions and general
corporate purposes. It earlier announced a
plan to acquire fellow Australian general
insurance broker IBNA for about A$76m.
JP Morgan, Macquarie and UBS are lead
managers, bookrunners and underwriters.CHINA
DEBT CAPITAL MARKETS
› BOCOM INTL BUYS FUJIAN YANGO BONDSBOCOM INTERNATIONAL HOLDINGS has subscribed
to US$30m of a US$80m bond tap issue
from FUJIAN YANGO GROUP, according to a stock
exchange filing on August 12.
Yango (Cayman) Investment was the
issuer and Fujian Yango Group was the
guarantor. The settlement date was August
15.
The additional September 21 2020 notes
carry a coupon of 11.875% and were priced
at 99.347, plus accrued interest from March
21 to August 15, according to the filing.
The original US$150m notes were issued
in March and had already been reopened
for an extra US$110m in June.
BoCom International Holdings said
the subscription will enhance its income
stream and provide a stable investment