Notable syndicated transactions for the quarter included:
- Amcor Ltd refinanced US$4.5 billion ahead of its proposed merger with the US-based Bemis Co. over tenors of 3, 4 and 5 years.
- Qantas Airways Ltd increased its three tranche refinancing to A$1.33 billion from the original A$1.18 billion under a general syndication involving 36 banks. Pricing ranged from 105 to 115 basis points with the revolving debt facility basing margins on the company’s Moody’s corporate credit rating of Baa2.
- Metcash Trading Ltd went to market for a multi-tranche facility comprising tenors of 3, 4 and 5 years with margins tied to their senior leverage grid. Initial margins for the facilities are 145, 160 and 175 basis points respectively.
- IX Infrastructure Pty Ltd, a special purpose vehicle of Keppel Infrastructure Trust, has raised $607 million to assist with the acquisition of Ixom Group, which is a leading infrastructure group in Australia and New Zealand.
- Canadian investment firm Brookfield Capital Partners’ is seeking to raise A$2.15 billion as part of its planned $4.35 billion acquisition of Healthscope Limited via its SPV, VIG Bidco Pty Ltd. Seven underwriting banks are seeking commitments from banks after launching a senior syndication in early March with initial talk on margins of 400 bps.