China
Shenzhen Metro has successfully secured syndicated facilities totalling Rmb25.5 billion via a consortium of 13 lenders to fund railway expansion projects.
By the end of September, a Rmb6.6 billion loan supporting the construction of line 2 eastern extension was put up by five lenders, including Bank of China and China Merchants Bank. Another Rmb10 billion transaction provided by eight banks, including China Construction Bank, China Development Bank and ICBC, was signed on the same date to fund the building of line 5.
Mandated lead arrangers Agricultural Bank of China and ICBC, together with lenders Bank of Communications, China CITIC Bank, Ping An Bank and Shanghai Pudong Development Bank, sealed a Rmb5.7 billion facility earlier this month to finance the first phase construction of line 3, while another group of lenders comprising mandated lead arrangers China Construction Bank and China Merchants Bank, along with Bank of China, Shanghai Development Bank and Shenzhen Development Bank, provided a Rmb3.2 billion loan to facilitate the development of line 3 western extension.
Hong Kong
A HK$1.5 billion five-year term loan for Sinosteel International Holdings is in the market via mandated lead arranger Morgan Stanley.
The secured facility pays a spread of 285bp over Hibor and is being syndicated at two levels. The repayment schedule will be in five uneven semi-annual instalments after a grace period of three years.
Closing and signing are slated for mid and late October. Proceeds are for working capital and general corporate purposes.
India
A Rs12.5 billion 15-year dual-tranche debt package for L&T Ahmedabad Maliya Tollways has been completed via sole mandated lead arranger and bookrunner IDBI Bank.
The fundraising was split into a Rs12 billion term loan and a Rs500 million letter of credit. The debt will be repaid in 46 quarterly installments after a one-year grace period.
The lead committed Rs2 billion. Lenders Bank of Baroda provided Rs1.5 billion and India Infrastructure Finance took Rs1.4 billion. Dena Bank and UCO Bank held Rs1.3 billion apiece, while Andhra Bank, South Indian Bank and State Bank of Patiala each offered Rs1 billion. Federal Bank, Punjab & Sind Bank and State Bank of Hyderabad came in with Rs660 million tickets.
Proceeds are to support an expansion project of the Ahmedabad-Maliya section of the State Highway, in Gujarat, India.
Singapore
A S$60 million three-year transferable term loan facility for GP Batteries International was signed on October 9 via mandated lead arrangers DBS and Oversea-Chinese Banking Corp.
Proceeds are to refinance existing debt facilities, including a S$60 million facility signed in October 2006.
Olam International's $100 million one-year Islamic trade finance revolving credit was completed on October 9 via sole bookrunner and shariah advisor Islamic Bank of Asia.
Syndication saw Bank of Tokyo-Mitsubishi UFJ (Malaysia), CIMB Bank (Singapore) and OCBC Al-Amin Bank join as mandated lead arrangers. Qatar National Bank participated as a lead arranger with Bank of Tokyo-Mitsubishi UFJ (Singapore) acting as the facility agent for the transaction.
Proceeds are for trade finance purposes.
A $505 million revolving credit for Trafigura Beheer is oversubscribed and being led by mandated lead arrangers Agricultural Bank of China, ANZ, DBS, ICBC, Standard Chartered Bank, Sumitomo Mitsui Banking Corp, Westpac and United Overseas Bank.
More banks are expected to join at lower tiers and the bank syndicate and allocations are expected to be finalised by the end of the week.
Signing is scheduled to take place in late October. Proceeds are to refinance existing facilities and for working capital purposes.
Sweden
Targeting the Asian market, PA Resources' $125 million bridge facility was launched into syndication last week via Standard Bank.
Prefunded by Standard Bank, the one-year bullet loan carries a spread of 550bp over Libor for the first six months, which then steps up to 600bp in the seventh month and further increases to 650bp thereafter.
Proceeds are to refinance an existing $30 million capital expenditure facility signed on 24 April 2009. The deadline for responses has been set for November 20.
Taiwan
Chateau International Development's NT$835 million deal was inked on October 12 via coordinating arrangers EnTie Commercial Bank, Ta Chong Bank and Taishin International Bank. The deal was oversubscribed and upsized from NT$600 million.
The five-year debt package comprises term loans of NT$245 million and NT$490 million and a CP guarantee facility of NT$100 million. The term loans are priced at 115bp over the one-year floating time deposit rate with a minimum interest rate of 2%, while the CP guarantee facility offers an annual guarantee fee of 60bp.
Final allocations saw the agent, EnTie Commercial Bank, contribute NT$210 million, while the other leads, Ta Chong Bank and Taishin International Bank, joined at the top with NT$150 million each. Lead manager International Bills Finance Corp lent NT$100 million, while participants First Commercial Bank gave NT$75 million, Chang Hwa Commercial Bank and Taiwan Cooperative Bank provided NT$60 million apiece and Shanghai Commercial & Savings Bank ended up with NT$30 million.
Proceeds are for refinancing, facilities repairing, working capital and real estate acquisitions.
Chicony Power Technology's NT$3.5 billion fundraising has been sealed via coordinating arrangers E.Sun Commercial Bank, Far Eastern International Bank, Taishin International Bank, Taiwan Business Bank and Taiwan Cooperative Commercial Bank.
The three-year revolving credit offers a spread of 120bp over the secondary CP rate with a minimum interest rate floor of 2% and a commitment fee of 15bp.
Final allocations saw bookrunners Taiwan Cooperative Commercial Bank and Taiwan Business Bank commit NT$400 million each, while E.Sun Commercial Bank, Far Eastern International Bank and Taishin International Bank pledged NT$290 million apiece.
Lead managers Chang Hwa Commercial Bank and Mega International Commercial Bank came in with NT$230 million each, while Hua Nan Commercial Bank joined in with NT$210 million. China Development Industrial Bank, First Commercial Bank and Yuanta Commercial Bank contributed NT$180 million each, while Bank of Kaohsiung, Bank of Taiwan and EnTie Commercial Bank gave NT$140 million apiece. Industrial Bank of Taiwan and Taichung Commercial Bank ended up with NT$100 million each.
Proceeds are for working capital purposes.
A $132 million refinancing loan for Fortuna Development Corp was inked on October 9 via coordinating arrangers Chinatrust Commercial Bank, First Commercial bank, Taipei Fubon Commercial Bank and Taiwan Business Bank.
Guaranteed by Power (JV) Company Hong Kong and two directors of the borrower's affiliates in Vietnam, the five-year term loan is priced at 155bp over three-month or six-month Libor with a commitment fee of 30bp.
Final allocations saw the mandated leads commit $20 million each, while managers Bank Sinopac, Chang Hwa Commercial Bank and Land Bank of Taiwan pledged $12 million apiece. Participants Taishin International Bank and Taiwan Shin Kong Commercial Bank joined in with $8 million each.
Proceeds are to refinance existing debt facilities, including a $143 million dual-tranche facility signed in June 2005.
Long Chen Paper's NT$1.2 billion five-year transaction has been sealed via bookrunners Bank of Taiwan, First Commercial Bank, Land Bank of Taiwan and Taishin International Bank. The facility was oversubscribed and upsized from NT$1.0 billion.
The term loans consist of a NT$345 million tranche and an NT$805 million portion. The first tranche pays a margin of 100bp over the secondary CP rate with an interest rate floor of 1.8%, while the second tranche offers a spread of 105bp over the same rate but with a minimum interest rate of 1.85%.
Final allocations saw the leads contribute NT$250 million each, while Agricultural Bank of Taiwan took NT$150 million to join as a participant.
Proceeds are for refinancing and working capital purposes.
Sheng Da Asset Management has secured a NT$1.1 billion financing via bookrunners Shanghai Commercial & Savings Bank and Taishin International Bank.
The five-year term loan is priced at 188bp over the secondary CP rate with a minimum interest rate of 2.365% and a commitment fee of 20bp.
Final allocations saw Shanghai Commercial & Savings Bank contribute NT$600 million, while Taishin International Bank committed NT$300 million. Lead manager Bank of Kaohsiung lent NT$60 million, while Yuanta Commercial Bank and Taiwan Cooperative Commercial Bank gave NT$50 million apiece. Bank of East Asia rounded off the syndicate with NT$40 million.
Proceeds are to finance the acquisition of collateral.
