Carter Holt Said to Plan to Close Loan Syndication Tomorrow
Carter Holt Harvey Ltd., New Zealand billionaire Graeme Hart’s wood-products firm, plans to close syndication for its NZ$1.45 billion ($1.13 billion) loan tomorrow, according to a person familiar with the matter.
The company expects another two banks to join the group for the five-year facility, which was fully underwritten by 10 lenders earlier this year, the person said, asking not to be identified as the details are private.
Credit Suisse Group AG, hired to arrange the loan in August, was joined by Australia & New Zealand Banking Group Ltd., Bank of New Zealand, Bank of Scotland Plc, Commonwealth Bank of Australia, HSBC Holdings Plc, Rabobank International, National Australia Bank Ltd., Sumitomo Mitsui Banking Corp. and Westpac Banking Corp., with each committing about NZ$150 million.
All the banks plan to sell about NZ$25 million of their so- called hold to other lenders in general syndication, another person familiar with the matter said on Nov. 4. The final group will be larger than 12, the person said today.
The facility, which can be drawn in either U.S., New Zealand or Australian dollars, comprises a NZ$1.35 billion equivalent term portion and a NZ$100 million equivalent revolving credit facility. The term loan is split again between a bullet loan worth NZ$945 million, and an amortizing loan worth NZ$405 million.
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