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  • Yancoal secures $US250 loan | Business Spectator
    something of real value if it s to become a mainstream success Climate Carbon markets Energy markets Renewable energy Resources Solar energy Wind power CleanTech Science Environment Green Deals Policy Politics Smart Energy Latest stories Marking the milestones of 2013 Australia s transition to a clean energy economy took some political blows in 2013 but progress on the ground was heartening with energy efficiency solar and wind all providing tangible proof of their future potential A fifth year of declining power consumption Power consumption fell again in 2013 dipping 2 8 per cent across the National Electricity Market as scheduled renewables rose to 12 per cent of the market Industries Advertising and Marketing Agribusiness Automotive Aviation Construction and Engineering Education Family Business Financial Services Food and Beverages Gaming and Racing Health and Pharmaceuticals HR Industrial relations Information Technology Infrastructure Insurance Manufacturing Media and Digital Resources and Energy Professional Services Property Retail Small Business SME Telecommunications The Ashes Tourism Transport and Logistics Video KGB TV China Spectator CEO Hub Leadership Lab Management Insights Young Leaders Knowledge Centre Adapt or Die Knowledge Hub Business Accelerators Webinars eBooks Menu Yancoal secures US250 loan 13 Dec 2013 9 53 AM 1 DataRoom Debt Capital Markets Politics Industries Resources and Energy Group reaches deal with major shareholder Yanzhou for long term facility You must be logged in to read this article Not a member yet Register today Business Spectator is available on all of your devices so you can access the latest news and commentary where and how you like Register now Already a member Sign in here Email Address Enter your Email Address Password Enter the password that accompanies your Email Address Remember me Log in Request new password By a staff reporter Yancoal Australia Ltd has reached an agreement with major shareholder Yanzhou Coal Mining Company Limited for a US250 million long term loan facility In a statement to the Australian Securities Exchange Yancoal said the facility has a term of five and a half years with the principal to be repaid in full at maturity The loan is unsecured with no covenants The purpose of the facility is to fund the repayment of US100 million of existing debt in accordance with its terms as well as fund working capital and capital expenditure the group said The announcement comes just days after Treasurer Joe Hockey removed certain foreign investment conditions placed on the Chinese state owned enterprise that restricted its ownership of Yancoal In a statement Mr Hockey said the conditions required Yanzhou to reduce its ownership in Yancoal from 100 per cent to less than 70 per cent They also required Yanzhou to reduce its economic interest in Yancoal s former Felix Resources coal mining assets to less than 50 per cent by the end of December 2013 and in the Syntech Resources and Premier Coal mines to less than 70 per cent by December 31 2014 Print this page Related articles 13 Jan Indonesia ban no issue Palmer 10 Jan OM

    Original URL path: http://www.businessspectator.com.au/news/2013/12/13/resources-and-energy/yancoal-secures-us250-loan (2014-01-12)
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  • Aust auto group gets Swiss backing | Business Spectator
    Hub Leadership Lab Management Insights Young Leaders Knowledge Centre Adapt or Die Knowledge Hub Business Accelerators Webinars eBooks Menu Aust auto group gets Swiss backing Damon Kitney The Australian 11 Dec 2013 2 14 AM DataRoom Debt Capital Markets Industries Automotive Wheel maker Carbon Revolution receives funding from Swiss giant Ronal You must be logged in to read this article Not a member yet Register today Business Spectator is available on all of your devices so you can access the latest news and commentary where and how you like Register now Already a member Sign in here Email Address Enter your Email Address Password Enter the password that accompanies your Email Address Remember me Log in Request new password As the future of Holden in Australia hangs in the balance and Ford prepares to exit in three years a hi tech local group supplying revolutionary carbon wheels to the global automotive industry has secured the backing of Swiss wheel making giant Ronal for a 20 million capital raising to establish a new global manufacturing facility in Geelong Carbon Revolution chaired by Citi s former local head of investment banking James Douglas has secured the backing of Ronal and a group of high net worth individuals for the raising which will lift Ronal s stake in the company to 30 per cent and give it a capitalisation of more than 50 million Ronal is one of the world s leading manufacturers of alloy wheels for cars and commercial vehicles They are putting their backing behind us because they believe this technology will be very significant for the global wheel market over the coming decade Carbon Revolution s chief executive Jake Dingle said This also allows us to look at the aerospace and industrial markets in the future Mr Dingle said while he lamented the problems in the domestic car industry there were still opportunities for Australian companies to become hi tech suppliers to export markets It is a real problem to see manufacturing industries in decline like this but we are trying to develop new hi tech manufacturing from an Australian base he said Carbon Revolution builds one piece carbon fibre wheels at its production facility at Waurn Ponds in Geelong for use as an after market product on a range of high performance cars for Porsche BMW Audi Lamborghini and McLaren in Europe Japan and North America The product is a one piece wheel that is 40 50 per cent lighter than equivalents made from aluminium and has been validated to levels above the standards set by the major automotive manufacturers in Europe and the United States The global market for carbon fibre wheels is estimated to be about 20 million sets a year But the wheels are expensive the cost of a set of four has been estimated at 15 000 But the company s future growth prospects will hinge on becoming a valued supplier to original equipment manufacturers in the US and Europe which mean the wheels will

    Original URL path: http://www.businessspectator.com.au/news/2013/12/11/debt-capital-markets/aust-auto-group-gets-swiss-backing (2014-01-12)
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  • IPO fatigue claims first victim | Business Spectator
    National Electricity Market as scheduled renewables rose to 12 per cent of the market Industries Advertising and Marketing Agribusiness Automotive Aviation Construction and Engineering Education Family Business Financial Services Food and Beverages Gaming and Racing Health and Pharmaceuticals HR Industrial relations Information Technology Infrastructure Insurance Manufacturing Media and Digital Resources and Energy Professional Services Property Retail Small Business SME Telecommunications The Ashes Tourism Transport and Logistics Video KGB TV China Spectator CEO Hub Leadership Lab Management Insights Young Leaders Knowledge Centre Adapt or Die Knowledge Hub Business Accelerators Webinars eBooks Menu IPO fatigue claims first victim Amanda Saunders 27 Nov 2013 6 15 PM DataRoom Equity Capital Markets Debt Capital Markets Industries Transport and Logistics Fund managers have given the cold shoulder to the 510m float of BIS Industries raising the risk that other IPOs may also be shelved in coming weeks You must be logged in to read this article Not a member yet Register today Business Spectator is available on all of your devices so you can access the latest news and commentary where and how you like Register now Already a member Sign in here Email Address Enter your Email Address Password Enter the password that accompanies your Email Address Remember me Log in Request new password Ambitious pricing and high gearing have been blamed for KKR s move to shelve its float of BIS Industries for the second time with fund managers saying other offerings could follow suit before Christmas It marks the first major blow to the country s frenzied IPO market While the lack of keen investor interest could be specific to the beleaguered mining services sector there was a broader IPO fatigue that could see other offerings dumped before Christmas according to fund managers Private equity giant KKR said in a statement it had elected not to proceed with the IPO at this point in time citing the unfavourable sentiment towards the resources and mining sectors in Australia KKR bought the company at the peak of the bull market and has already refinanced KKR s debt and sounded out the market for a potential float earlier this year The bookbuild for the mining services company was set to open this week with managers Goldman Sachs Merrill Lynch and UBS targeting a 510 million equity raising Fund managers say the bankers met with heavy resistance over price KKR was seeking 10 to 13 5 times net profit after tax and amortisation Fund managers also pointed to BIS high gearing as a reason to be wary of the asset It is understood that almost all of the 510 million equity raising was earmarked to meet debt repayments Of the raising 466 million was to be used to repay senior and subordinated debt BIS Industries chief executive officer Ian Lynass said that while the company received strong interest from potential investors both locally and overseas the decision to drop the IPO was driven by broader market concerns about companies linked to the struggling resources sector The

    Original URL path: http://www.businessspectator.com.au/news/2013/11/27/transport-and-logistics/ipo-fatigue-claims-first-victim (2014-01-12)
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  • Rank Group saves US$85m with refi | Business Spectator
    solar and wind all providing tangible proof of their future potential A fifth year of declining power consumption Power consumption fell again in 2013 dipping 2 8 per cent across the National Electricity Market as scheduled renewables rose to 12 per cent of the market Industries Advertising and Marketing Agribusiness Automotive Aviation Construction and Engineering Education Family Business Financial Services Food and Beverages Gaming and Racing Health and Pharmaceuticals HR Industrial relations Information Technology Infrastructure Insurance Manufacturing Media and Digital Resources and Energy Professional Services Property Retail Small Business SME Telecommunications The Ashes Tourism Transport and Logistics Video KGB TV China Spectator CEO Hub Leadership Lab Management Insights Young Leaders Knowledge Centre Adapt or Die Knowledge Hub Business Accelerators Webinars eBooks Menu Rank Group saves US 85m with refi Amanda Saunders 27 Nov 2013 1 35 PM DataRoom Debt Capital Markets Industries Manufacturing The New Zealand packaging giant has tapped the cheap US debt market to save millions on interest payments You must be logged in to read this article Not a member yet Register today Business Spectator is available on all of your devices so you can access the latest news and commentary where and how you like Register now Already a member Sign in here Email Address Enter your Email Address Password Enter the password that accompanies your Email Address Remember me Log in Request new password Rank Group will save more than US 85 million in interest after Credit Suisse finalised the repricing of the unlisted New Zealand packaging giant s US 2 2 billion term loan by tapping the cheap US debt market The cross border loan secured for Rank Group s packaging and storage subsidiary Reynolds Group on Wednesday priced at the tight end of the expected range It will save the group about US 17 million a year or 75 basis points in interest until the term loan matures in December 2018 The US 2 21 billion loan came in at 300 basis points over LIBOR with a one per cent floor and yielded 4 06 per cent The deal points to the attractiveness of the cheap US debt market to corporate issuers including in Australia The Rank deal takes advantage of the very liquid market conditions in the US Earlier this month Credit Suisse repriced a US 4 95 billion term loan for Fortescue Metals Group at 325 basis points over LIBOR with a one per cent floor Reynolds Group controlled by New Zealand s wealthiest man Graeme Hart is the largest issuer of Term Loan B s in the US market It has about 3 billion in term loans and roughly 13 billion in high yield notes The Reynolds refinancing also included a 297 million tranche also set to mature in December 2018 It will save Reynolds roughly 3 million a year over the term of the loan Credit Suisse has dominated US term loan and high yield issuance in Australia for more than a decade Earlier this month Credit Suisse also

    Original URL path: http://www.businessspectator.com.au/news/2013/11/27/dataroom/rank-group-saves-us85m-refi (2014-01-12)
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  • Debt deadline looms for PNG’s stake in Oil Search | Business Spectator
    relations Information Technology Infrastructure Insurance Manufacturing Media and Digital Resources and Energy Professional Services Property Retail Small Business SME Telecommunications The Ashes Tourism Transport and Logistics Video KGB TV China Spectator CEO Hub Leadership Lab Management Insights Young Leaders Knowledge Centre Adapt or Die Knowledge Hub Business Accelerators Webinars eBooks Menu Debt deadline looms for PNG s stake in Oil Search Amanda Saunders 25 Nov 2013 3 44 PM DataRoom Mergers Acquisitions Debt Capital Markets Industries Resources and Energy The Papua New Guinea government needs to refinance 1 7bn in debt soon or relinquish its 14 6 per cent holding in Oil Search You must be logged in to read this article Not a member yet Register today Business Spectator is available on all of your devices so you can access the latest news and commentary where and how you like Register now Already a member Sign in here Email Address Enter your Email Address Password Enter the password that accompanies your Email Address Remember me Log in Request new password Oil Search will find out next month if the Papua New Guinea government can raise A 1 68 billion to avoid giving up its 14 6 per cent stake in the company to an Abu Dhabi state owned wealth fund which could then expose the company to a takeover tilt If the PNG government is forced to give up its blocking stake in the Port Morseby based Oil Search it could provide a chance for the likes of ExxonMobil France s Total or Royal Dutch Shell to move in and attempt a takeover The PNG government is expected to announce before Christmas whether it will relinquish its stake to the Abu Dhabi sovereign wealth fund International Petroleum Investment Company IPIC In March 2009 the government struck a highly complex financial agreement to fund its share of construction costs in the country s flagship liquefied natural gas project PNG LNG To secure funding the government issued a five year exchangeable bond to IPIC raising A 1 68bn The bond matures in March when the government is due to transfer its 14 6 per cent holding to the sovereign wealth fund Oil Search s management has just finished an investor week in PNG and is understood to be sounding out interest from overseas funds in the 14 6 per cent stake to get on the front foot in the event the government gives up the stake and IPIC opts to sell it One person familiar with the matter said The concern for management is if they don t take a pro active role they open themselves up to someone they don t want on the share register Both Shell and France s Total have made no secret of their ambition to establish an LNG foothold in PNG and Oil Search could be just their ticket Oil Search has a 29 per cent interest in the US19 billion ExxonMobil operated PNG LNG project which is set to come on stream in the

    Original URL path: http://www.businessspectator.com.au/news/2013/11/25/dataroom/debt-deadline-looms-pngs-stake-oil-search (2014-01-12)
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  • SCA Property Group refinances $600 million of debt | Business Spectator
    into something of real value if it s to become a mainstream success Climate Carbon markets Energy markets Renewable energy Resources Solar energy Wind power CleanTech Science Environment Green Deals Policy Politics Smart Energy Latest stories Marking the milestones of 2013 Australia s transition to a clean energy economy took some political blows in 2013 but progress on the ground was heartening with energy efficiency solar and wind all providing tangible proof of their future potential A fifth year of declining power consumption Power consumption fell again in 2013 dipping 2 8 per cent across the National Electricity Market as scheduled renewables rose to 12 per cent of the market Industries Advertising and Marketing Agribusiness Automotive Aviation Construction and Engineering Education Family Business Financial Services Food and Beverages Gaming and Racing Health and Pharmaceuticals HR Industrial relations Information Technology Infrastructure Insurance Manufacturing Media and Digital Resources and Energy Professional Services Property Retail Small Business SME Telecommunications The Ashes Tourism Transport and Logistics Video KGB TV China Spectator CEO Hub Leadership Lab Management Insights Young Leaders Knowledge Centre Adapt or Die Knowledge Hub Business Accelerators Webinars eBooks Menu SCA Property Group refinances 600 million of debt Brett Cole 21 Nov 2013 12 21 PM DataRoom Debt Capital Markets Industries Property The property trust got better pricing and longer maturities for its loans You must be logged in to read this article Not a member yet Register today Business Spectator is available on all of your devices so you can access the latest news and commentary where and how you like Register now Already a member Sign in here Email Address Enter your Email Address Password Enter the password that accompanies your Email Address Remember me Log in Request new password SCA Property Group has refinanced 600 million of its debt through Australia s four major banks reducing the average weighted cost of its debt to 4 8 per cent from 5 3 per cent The property trust which owns shopping centres at 76 locations in Australia and New Zealand has increased the weighted average debt maturity of the loans to 4 1 years from 3 6 years Mark Fleming SCA s chief financial officer says the property trust s refinancing was for three loans a three year 150 million debt a four year 225 million loan and a five year 225 million loan We re a very safe and secure credit Fleming told DataRoom adding that 60 per cent of SCA s tenants are supermarket operators Woolworths and Coles The weighted average lease period of its tenants is 15 years Australia New Zealand Banking Group Ltd Commonwealth Bank of Australia Ltd National Australia Bank Ltd and Westpac Banking Corp are SCA s lenders Print this page More from Brett Cole 13 Jan Singh behind key KKR deal 13 Jan Financial Index to buy Centric Wealth for 130m 10 Jan Saputo pushes for Bega s Warrnambool stake 10 Jan Saputo tipped to extend Warrnambool offer 09 Jan Saputo s Warrnambool stake now

    Original URL path: http://www.businessspectator.com.au/news/2013/11/21/dataroom/sca-property-group-refinances-600-million-debt (2014-01-12)
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  • Rank Group reprices $2.3bn debt | Business Spectator
    Market as scheduled renewables rose to 12 per cent of the market Industries Advertising and Marketing Agribusiness Automotive Aviation Construction and Engineering Education Family Business Financial Services Food and Beverages Gaming and Racing Health and Pharmaceuticals HR Industrial relations Information Technology Infrastructure Insurance Manufacturing Media and Digital Resources and Energy Professional Services Property Retail Small Business SME Telecommunications The Ashes Tourism Transport and Logistics Video KGB TV China Spectator CEO Hub Leadership Lab Management Insights Young Leaders Knowledge Centre Adapt or Die Knowledge Hub Business Accelerators Webinars eBooks Menu Rank Group reprices 2 3bn debt Amanda Saunders 15 Nov 2013 2 29 PM 1 DataRoom Debt Capital Markets Industries Manufacturing The privately owned group is tapping the liquid US market to refinance at significantly lower cost You must be logged in to read this article Not a member yet Register today Business Spectator is available on all of your devices so you can access the latest news and commentary where and how you like Register now Already a member Sign in here Email Address Enter your Email Address Password Enter the password that accompanies your Email Address Remember me Log in Request new password Privately owned New Zealand packaging giant Rank Group has tapped the cheap US debt market to reprice a 2 3 billion term loan hot on the heels of Fortescue Metals Group Credit Suisse bankers hit the phones late last night to seal a cross border term loan for Rank Group packaging and storage subsidiary Reynolds Group The refinancing is understood to have included a US 2 21 billion term loan and a 297 million tranche Both will mature in December 2018 The deal is further proof that corporate issuers including in Australia are taking advantage of very liquid market conditions in the US and European leveraged loan and high yield bond markets to refinance at significantly lower costs Credit Suisse has dominated US term loan and high yield issuance in Australia for more than a decade The dollar tranche was expected to price at 300 to 325 basis points over LIBORm with a one per cent floor and will yield 4 06 4 32 per cent based on the proposed guidance The deal will save Reynolds Group 50 to 75 basis points in interest and lengthen the maturity of its terms loans by about two months Earlier this week Fortescue Metals Group repriced its US 4 95 billion term loan in another deal led by Credit Suisse The deal will see Fortescue pay interest at 3 25 percentage points above the LIBOR rate with a one per cent floor The deals highlight the attractiveness of the US market to issuers in Australia and New Zealand Reynolds Group controlled by New Zealand s wealthiest man Graeme Hart is refinancing loans bonds and revolvers in the US market Earlier this week Credit Suisse issued 650 million notes for Reynolds Group priced at 5 625 per cent The notes are due in 2016 Print this page More from Amanda

    Original URL path: http://www.businessspectator.com.au/article/2013/11/15/dataroom/rank-group-refi (2014-01-12)
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  • NAB to issue $750 million convertible securities | Business Spectator
    again in 2013 dipping 2 8 per cent across the National Electricity Market as scheduled renewables rose to 12 per cent of the market Industries Advertising and Marketing Agribusiness Automotive Aviation Construction and Engineering Education Family Business Financial Services Food and Beverages Gaming and Racing Health and Pharmaceuticals HR Industrial relations Information Technology Infrastructure Insurance Manufacturing Media and Digital Resources and Energy Professional Services Property Retail Small Business SME Telecommunications The Ashes Tourism Transport and Logistics Video KGB TV China Spectator CEO Hub Leadership Lab Management Insights Young Leaders Knowledge Centre Adapt or Die Knowledge Hub Business Accelerators Webinars eBooks Menu NAB to issue 750 million convertible securities Brett Cole 12 Nov 2013 9 18 AM 1 DataRoom Debt Capital Markets Securities will begin trading on the ASX next month after a book build You must be logged in to read this article Not a member yet Register today Business Spectator is available on all of your devices so you can access the latest news and commentary where and how you like Register now Already a member Sign in here Email Address Enter your Email Address Password Enter the password that accompanies your Email Address Remember me Log in Request new password National Australia Ltd will issue 750 million of convertible preference shares fixed income instruments with equity like features that will trade on the ASX The deal revealed by DataRoom last week will see NAB directly issue full paid preference shares The CPS II will be sold at 100 each the bank said in an ASX statement The securities will pay a discretionary quarterly floating rate non cumulative dividend The dividend is equal to the sum of the bank bill rate and a margin which is adjusted for the bank s tax rate to reflect franking credits attached to each dividend Dividends are fully franked The margin is expected to be between 3 25 per cent and 3 4 per cent a year NAB CPS II are Basel III compliant and will qualify as additional tier 1 capital under APRA s capital adequacy framework NAB group treasurer Eric Williamson said in a statement This offer is a key part of the NAB Group strategy to enhance balance sheet strength by maintaining a strong and efficient capital position The bank has three retail listed domestic tier one capital hybrid securities It sold 1 5 billion of such securities in March this year in an offering dubbed NAB CPS I A book build for the securities is expected to begin November 19 A margin announcement will be made the following day at which time the offer opens to investors The securities are expected to begin trading on December 23 National Australia Bank is the arranger and joint lead manager of the securities sale ANZ Securities Deutsche Bank AG Evans and Partners Morgans and Morgan Stanley are also joint lead managers Bell Potter and JBWere are co managers Print this page More from Brett Cole 13 Jan Singh behind key KKR deal

    Original URL path: http://www.businessspectator.com.au/news/2013/11/12/debt-capital-markets/nab-issue-750-million-convertible-securities (2014-01-12)
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