Loan week, June 12-18

Australia

Banks are awaiting credit approvals for BlueScope Steel (Finance)'s A$1.3 billion dual-tranche facility. ANZ, Commonwealth Bank of Australia, Credit Suisse and Westpac are the bookrunners.

The deal comprises a A$200 million two-year revolver and a A$1.1 billion three-year facility priced at 330bp and 350bp over the Australian Domestic Bill Rate (ADBR) respectively.

The deal is expected to be signed in a few weeks' time. Proceeds are for refinancing purposes.

A A$700 million three-year financing for Metcash has been completed via bookrunners ANZ, Commonwealth Bank of Australia and Westpac.

The deal comprises a A$500 million term loan and a A$200 million revolver. Mandated lead arranger Commonwealth Bank of Australia contributed A$205 million, while Westpac and ANZ committed A$100 million and A$75 million respectively. Participants HSBC and Rabobank each took A$100 million, while Bank of Tokyo-Mitsubishi UFJ held A$50 million. Bank of Scotland and Mizuho Corporate Bank both came in with tickets of A$35 million apiece.

Proceeds are for debt repayment purposes.

Multinet has secured a A$100 million three-year funding from a consortium comprising both foreign and local banks.

Together with the borrower's pre-existing debt facilities and cash reserves, the syndicated facility will refinance a $135 million medium-term note maturing in July 2009.

China

A $138 million equivalent three-year, dual-currency fundraising for Chongqing Iron & Steel was inked on June 12 via sole mandated lead arranger Standard Chartered Bank.

The transaction is divided into a $50 million tranche and a Rmb600 million portion. On the US dollar tranche, the lead committed $15 million. Arranger China Construction Bank took $20 million, whle lead managers Xiamen International Bank and Dah Sing Bank committed $10 million and $5 million respectively.

On the renminbi portion, arrangers China Merchants Bank and Bank of Communications contributed Rmb280 million and Rmb170 million, while lead managers Zhonghai Trust and Dah Sing Bank took Rmb100 million and Rmb50 million respectively.

Proceeds are to support the purchase of raw materials and for working capital purposes.

Wacker Chemie (China) announced the successful closing of its Rmb400 million syndicated facility last week via sole mandated lead arranger and bookrunner Industrial & Commercial Bank of China, with Agricultural Bank of China and Bank of Communications joining at lower levels.

Proceed are to support Wacker Chemie's Rmb600 million investment in Nanjing, China.

Indonesia

A $329 million four-year financing for Bukit Makmur Mandiri Utama (BUMA) has been completed after Natixis' participation as a joint lead arranger.

Mandated lead arrangers Sumitomo Mitsui Banking Corp committed $143 million, while ING took $74 million. DBS and Bank of Tokyo-Mitsubishi UFJ held $60 million and $27 million respectively. Natixis rounded out the group with a $25 million ticket.

The deal was funded at the end of 2008 and pays a spread of 350bp over Libor. Proceeds are to take out a $400 million bridge facility signed in 2007.

The mandated lead arranger group for Pertamina's $300 million self-arranged loan is being finalised with Citi as the coordinating arranger. ANZ is one of the mandated leads. The three-year term loan is expected to have an all-in of around 402bp over Libor.

Signing is expected by the end of July. Proceeds are for general corporate and capital expenditure purposes.

Singapore

Sembcorp Finance Services' $44 million self-arranged bullet facility has been sealed via sole mandated lead arranger Natixis.

The lead committed $23 million, while participants Bank of East Asia and Chinatrust Commercial Bank took $13 million and $8 million respectively.

Proceeds are to refinance an existing shareholder bridge loan and for general corporate purposes.

Taiwan

A NT$2.9 billion loan for Aman Properties Group was sealed earlier this month via sole bookrunner Taiwan Cooperative Bank.

The 4.5-year loan is split into NT$1.4 billion, NT$1.3 billion and NT$200 million portions. The first tranche has a spread of 200bp over the Chung Hwa Post Office one-year deposit rate with a pricing floor of 3.1%, while the other two term loans are priced at 226bp over the Chung Hwa Post Office one-year deposit rate with a pricing floor of 3.36%.

Final allocations saw the lead provide NT$870 million, while participants Agricultural Bank of Taiwan and Bank SinoPac gave NT$456 million and NT$285 million respectively. Bank of East Asia and DBS lent NT$370 million apiece, while EnTie Commercial Bank, Hwatai Bank and Shanghai Commercial & Savings Bank offered NT$183 million each.

Proceeds are for land acquisition, construction and general corporate purposes.

A $20 million dual-currency financing for Bothhand Enterprise and Bothhand International Investment was signed on June 15 via bookrunners Chinatrust Commercial Bank, First Commercial Bank, Mega International Commercial Bank and Ta Chong Bank.

The three-year loan comprises a NT$300 million term loan and a NT$200 million revolver priced at 160bp over the 90-, 120-, 150- and 180-day secondary CP rates, featuring an interest floor of 2.2% after tax. There is another $5 million portion with a spread of 130bp over three- or six-month TAIFX3 and an interest floor of 2.3% before tax. The total amount of the New Taiwan dollar tranches cannot exceed NT$450 million and the whole facility is limited to NT$600 million.

Final allocations saw mandated lead arrangers Ta Chong Bank, First Commercial Bank and Chinatrust Commercial Bank commit NT$94 million, NT$85 million and NT$83 million respectively. Mega International Commercial Bank pledged NT$51 million, while participant DBS gave NT$51 million. Chang Hwa Commercial Bank, Industrial Bank of Taiwan, Shanghai Commercial & Savings Bank and Shin Kong Financial Holding joined in with $35 million each.

Proceeds are to refinance a convertible bond issue and for working capital purposes.

A $96 million club-style financing for Colon Container Terminal, a subsidiary of Evergreen Group in Panama, was signed June 18 via bookrunners Cathay United Bank and First Commercial Bank.

Guaranteed by Evergreen International, Evergreen Marine (Singapore), Evergreen Marine Corp (Taiwan) and Marubeni Corp, the eight-year term loan is priced at 113.25bp over three-month Libor or TAIFX3, whichever is higher.

Syndication saw the bookrunners hold $23.8 million each, while Taiwan Cooperative Bank, Mega International Commercial Bank and Taiwan Business Bank provided $20 million, $18.3 million and $10 million respectively.

Proceeds are to finance the construction of container terminals.

Syndication of Eternal Chemical's NT$2.16 billion five-year term loan has been completed via mandated leads Bank of Taiwan, First Commercial Bank, Hua Nan Commercial Bank and Mega International Commercial Bank. The facility was oversubscribed and upsized from NT$1.8 billion.

Syndication saw bookrunners First Commercial Bank and Mega International Commercial Bank contribute NT$450 million each, while Bank of Taiwan and Hua Nan Commercial Bank lent NT$360 million apiece. Co-arrangers Chang Hwa Commercial Bank and HSBC rounded off the syndicate with NT$270 million apiece.

Proceeds are to refinance existing debt facilities and for working capital purposes.

Grand Pacific Credit's NT$1.2 billion financing was sealed on June 17 via coordinating arrangers Agricultural Bank of Taiwan, Chang Hwa Commercial Bank, Far Eastern International Bank, Land Bank of Taiwan and Taichung Commercial Bank. The facility was oversubscribed and upsized from NT$1 billion.

The three-year revolver is priced at 110bp over the secondary CP rate with a margin floor of 2% and a commitment fee of 15bp.

The leads gave NT$200 million each, except for Land Bank of Taiwan, which lent NT$300 million. Taiwan Business Bank joined in as a participant with a hold of NT$100 million.

Proceeds are for working capital purposes.

Hitron Technologies' NT$1 billion fundraising was completed on June 15 via mandated lead arrangers Chang Hwa Commercial Bank, First Commercial Bank, Hua Nan Commercial Bank and Land Bank of Taiwan. The facility was oversubscribed and upsized from NT$800 million.

The debt package is split into a NT$500 million term loan and a NT$500 million revolving credit. Both are priced at 110bp over the 90-day primary CP rate and feature a pricing floor of 2.1% with a commitment fee of 25bp.

The mandated leads committed NT$150 million each, while lead managers Taiwan Cooperative Bank and Taiwan Business Bank provided NT$90 million apiece. Managers Bank of Taiwan and Yuanta Commercial Bank lent NT$60 million each, while Shanghai Commercial & Savings Bank and Taichung Commercial Bank ended up with NT$50 million apiece.

Proceeds are to refinance a NT$1.1 billion dual-tranche facility signed in July 2006 and for working capital purposes.

Kang Na Hsiung Enterprise's NT$1.5 billion fundraising is expected to sign next Monday (June 22) via mandated leads Cathay United Bank, First Commercial Bank, Hua Nan Commercial Bank, Industrial Bank of Taiwan, Land Bank of Taiwan and Mega International Commercial Bank. The facility received a positive response from the market and was upsized from NT$1.3 billion.

Guaranteed by the chairman, the five-year facility comprises a NT$750 million term loan and a NT$750 million guarantee facility. The term loan offers a spread of 60bp over the one-year post office savings rate, while the guarantee facility features a guarantee fee of 75bp per annum.

Final allocations saw coordinating arrangers First Commercial Bank contribute NT$260 million, while Industrial Bank of Taiwan and Mega International Commercial Bank committed NT$200 million apiece. Cathay United Bank, Hua Nan Commercial Bank and Land Bank of Taiwan lent NT$180 million each. Co-arranger Taiwan Business Bank gave NT$140 million, while Managers Bank of Taiwan and Taiwan Cooperative Bank joined in with NT$80 million each.

Proceeds are to refinance a NT$1.3 billion facility signed in April 2006 and for working capital purposes.

A NT$35.7 billion project financing for Taipei Financial Centre Corp signed in 1997 was amended last week via sole bookrunner Taipei Fubon Commercial Bank. The current outstanding amount is NT$33.4 billion.

The term loan facility comprises four tranches. The NT$13.35 billion, NT$13.16 billion and NT$2.35 billion tranches will now mature on November 24, 2020, while the NT$4.55 billion portion has been extended to November 24, 2015. The tenor of the whole facility has been extended by three years.

Taipei Fubon Commercial Bank had re-syndicated the whole amendment facility and received commitments from a consortium of 25 local and international banks.

Proceeds are to finance the BOT project of Taipei 101, the landmark skyscraper in Taiwan.

Wah Hong Industrial Corp's NT$570 million debt was inked on June 16 via bookrunners Chinatrust Commercial Bank, E. Sun Commercial Bank, Ta Chong Bank, Taishin Financial and Taiwan Business Bank, with Bank of East Asia and Chang Hwa Commercial Bank joining in at a lower tier. The deal was downsized from NT$600 million at the borrower's request, despite being oversubscribed to NT$680 million.

The three-year term loan has a spread ranging from 150bp to 175bp over the secondary CP rate based on an earnings before tax margin matrix and has a commitment fee of 20bp.

The leads gave NT$100 million apiece, while participants Chang Hwa Commercial Bank and Bank of East Asia lent NT$50 million and NT$20 million respectively.

Proceeds are for refinancing purposes.