Loan week, January 1-7

Australia

Bradken Resources' dual currency financing has been signed via mandated lead arrangers and bookrunners Commonwealth Bank of Australia and Westpac.

The debt package was split into A$280 million, A$110 million, A$20 million and £18 million portions, of which the A$110 million tranche can be drawn in Australian dollars, pounds, New Zealand dollars or US dollars.

Commonwealth Bank of Australia contributed A$125 million and £6 million, while Westpac provided A$155 million and £6 million. Co-arranger HSBC took A$80 million and lead manager Bank of Scotland provided A$50 million and £6 million.

Proceeds are for general corporate purposes.

A A$570 million two-year bullet facility for Lend Lease Finance has been sealed via mandated lead arrangers ANZ, Commonwealth Bank of Australia and National Australia Bank on a club basis.

The lenders each committed A$190 million. Proceeds are for general corporate purposes.

Permanent Investment Management, on behalf of Asciano Finance Trust, has successfully secured a A$1.1 billion revolving credit from mandated lead arrangers and bookrunners ANZ, BNP Paribas, Commonwealth Bank of Australia, National Australia Bank, Royal Bank of Scotland and Westpac. Bank of Nova Scotia and Sumitomo Mitsui Banking Corp joined in as lead arrangers, while Chinatrust Commercial Bank, Deutsche Bank, Morgan Stanley and Oversea Chinese Banking Corp came in as arrangers.

The deal was divided into A$500 million and A$140 million four-year tranches and a A$500 million five-year portion.

Proceeds are for refinancing and general corporate purposes.

A A$221 million club deal for Piver has been completed via Bank West, GE Commercial Finance and Natixis.

The deal was split into A$101 million, A$71 million, A$39 million and A$10 million portions.

Proceeds are for capital expenditure and general corporate purposes.

China

Beijing Enterprise Water Group's dual currency three-year financing has been inked via a consortium of seven banks on a club basis.

The fundraising was divided into HK$490 million and $38 million term loans. Mandated lead arrangers Mizuho Corporate Bank committed HK$160 million, while Agricultural Bank of China, Natixis and Tai Fung Bank pledged HK$110 million each. China Construction Bank and Industrial & Commercial Bank of China held $14 million apiece and Bank of China rounded out the group with a hold of $10 million.

Proceeds are for working capital purposes.

A HK$3.2 billion three-year club deal for Guangzhou Investment has been signed via Bank of China (Hong Kong), Bank of East Asia, Hang Seng Bank, HSBC and Industrial & Commercial Bank of China.

Proceeds are for debt repayment and working capital purposes.

Hong Kong

Johnson Electric Holdings' $400 million self-arranged term loan has been sealed via a consortium of nine top-tier lenders.

Mandated lead arrangers Bank of China (Hong Kong), DBS Bank and HSBC pledged $65 million apiece, while Bank of Tokyo-Mitsubishi UFJ committed $46 million. BNP Paribas and Mizuho Corporate Bank each contributed $37 million. Standard Chartered Bank, Hang Seng Bank and Sumitomo Mitsui Banking Corp lent $27 million, $23 million and $20 million respectively. Participant Chong Hing Bank rounded out the group with a hold of $15 million.

The three-year financing was guaranteed by Johnson Electric Industrial Manufactory and Johnson Electric International. Proceeds are to partly refinance a $530 million five-year debt facility signed in 2006.

A HK$1 billion three-year syndicated facility for Shui On Land has been upsized from HK$600 million and completed via sole bookrunner BNP Paribas. Dah Sing Bank, Industrial & Commercial Bank of China and Tai Fung Bank joined in as mandated lead arrangers. Bank Sinopac, Cathay United Bank, China Construction Bank, CITIC Ka Wah Bank and Wing Hang Bank participated at lower tiers.

Proceeds are for general corporate purposes.

Yanlord Land Group has secured a $400 million three-year term loan from mandated lead arrangers and bookrunners HSBC, Standard Chartered Bank and Royal Bank of Scotland, with ANZ, DBS Bank and Hang Seng Bank joining in as equal status lead arrangers.

Syndication saw Bank of China (Macau), CITIC Ka Wah Bank, Industrial & Commercial Bank of China, Oversea-Chinese Banking Corp and Tai Fung Bank joining in as arrangers. Cathay United Bank, Fubon Bank, United Overseas Bank and Wing Lung Bank are the lead managers, while Bank Ayudhya, Bank SinoPac, Chang Hwa Commercial Bank, First Commercial Bank, Hua Nan Commercial Bank and Taiwan Cooperative Bank participated as managers.

The dual currency fundraising pays a spread of 280bp over Hibor or Libor. Proceeds are to refinance outstanding debt and for general corporate purposes.

India

A Rs30 billion equivalent transaction for Anrak Aluminium has been concluded via mandated lead arrangers and bookrunners Axis Bank and SBI Capital with 21 banks participating at lower levels.

The debt package was split into a senior term loan of Rs23 billion and a subordinated term loan of Rs2.3 billion, as well as a $100 million portion.

Proceeds are to support the development of an integrated alumina refinery of 1.5 million tonnes per annum with a 90MW captive power plant in the Indian state of Andhra Pradesh.

Bhushan Steel's Rs9.8 billion 10-year debt has been signed via sole mandated lead arrangers IDBI Bank.

The financing comprises a Rs5.6 billion term loan and a Rs4.2 billion letter of credit.

Final allocations saw the lead committing Rs4.8 billion, while participants Union Bank of India and State Bank of Mysore held Rs3.5 billion and Rs1.5 billion respectively.

Proceeds are to finance the construction of an ERW API grade pipe plant with a 0.5 million tonne per annum capacity, as well as a pipe bending plant and a 3-LPE coating plant in Khopoli, Maharashtra, India.

A $750 million 6.25-year dual-tranche fundraising for Cairn Energy Hydrocarbons, a subsidiary of Cairn India, was inked in mid-December via sole bookrunner Standard Chartered Bank.

The term loans consist of a $600 million portion provided by bookrunner Standard Chartered Bank and mandated lead arrangers Bank of Scotland, Calyon, HSBC and Sumitomo Mitsui Banking Corp, while a $150 million tranche was solely contributed by IFC.

Proceeds are to partly finance the development cost of the Rajasthan block in India and for debt repayment purposes. Another $850 million financing for Cairn Energy India arranged by State Bank of India was signed in November to finance the same project.

A $75 million three-year term loan for Housing Development Finance Corp (HDFC) has been completed via Bank of Nova Scotia, Calyon and Sumitomo Mitsui Banking Corp on a club basis.

Proceeds are for working capital purposes.

Indo Zinc's Rs3 billion nine-year amortising term loan was concluded on December 30 via sole mandated lead arrangers and bookrunner Yes Bank.

The lead contributed Rs850 million, while participants Infrastructure Development Finance, Axis Bank and UCO Bank pledged Rs800 million, Rs750 million and Rs600 million respectively.

Proceeds are to support the construction of a cement plant with a capacity of 1.34 million tonnes per annum and a 20MW Thermal Power Plant in Rajasthan, India.

New Zealand

A NZ$180 million dual-tranche financing for Open Country Dairy has been inked via sole mandated lead arranger and bookrunner National Australia Bank, with ANZ coming in as a participant.

The fundraising was split into NZ$100 million and NZ$80 million revolvers. Proceeds are for general corporate purposes.

PGG Wrightson Finance's NZ$180 million two-year club deal has been concluded via mandated lead arrangers Commonwealth Bank of Australia and National Australia bank.

Proceeds are to refinance existing facilities.

Papua New Guinea

Papua New Guinea Liquefied Natural Gas, an SPV created for an LNG project in Papua New Guinea, has obtained a total of $14 billion through a series of agreements via a consortium of 17 commercial banks and export-credit agencies in mid-December.

The debt package comprises $4.6 billion in commercial tranches, $5.7 billion direct lending from export-credit agencies and a $3.8 billion loan from sponsor, ExxonMobil. The commercial tranches are further split into a $2.0 billion uncovered term loan, an $800 million term loan guaranteed by Export-Import Bank of the United States, a $900 million SACE-guaranteed facility and a $950 million facility insured by Nippon Export and Investment Insurance.

The export-credit agency facilities are also divided between a $2.2 billion direct loan from the Export-Import Bank of the United States, a $1.8 billion term loan from Japan Bank for International Cooperation, a $1.3 billion loan from Export-Import Bank of China and a $350 million loan from Export Finance & Insurance Corp. All the facilities have a tenor of 17 years, with the exception of the $2.0 billion uncovered tranche, which has a tenor of 15 years.

Syndication saw the participation of 17 banks in the commercial tranches, including ANZ, Bank of Tokyo-Mitsubishi UFJ, BNP Paribas, Calyon, China Development Bank, Commonwealth Bank of Australia, Credit Industriel et Commercial de Paris, DnB NOR Bank, Intesa Sanpaolo, Mizuho Corporate Bank, National Australia Bank, Natixis, Societe Generale, Standard Chartered Bank, Sumitomo Mitsui Banking Corp, UniCredit and Westpac.

Proceeds are to finance the development of an LNG plant in Papua New Guinea.

Singapore

Bukit Sembawang Estates and its two subsidiaries, Bukit Sembawang View and Singapore United Estates, have secured a S$700 million credit via bookrunners DBS Bank and Oversea-Chinese Banking Corp.

Comprising a term loan, a revolving credit and a bank guarantee facility, the debt saw Maybank and United Overseas Bank joining in as lead arrangers.

Proceeds are to refinance existing debt, and to meet general corporate and working capital requirements.

A S$325 million three-year debt facility for Millenia Tower Investments has been signed via bookrunners BNP Paribas, Oversea-Chinese Banking Corp and Sumitomo Mitsui Banking Corp.

The financing comprises S$125 million and S$40 million term loans and a S$160 million revolving credit.

The bookrunners each committed S$80 million, except for Sumitomo Mitsui Banking Corp, which provided S$60 million. Mandated lead arranger Maybank lent S$68 million. Lead arranger Bank of China took S$15 million, while Arab Bank and Bank of East Asia provided S$6 million apiece. Chinatrust Commercial Bank and arranger Bank of Communications came in with S$5 million tickets.

Proceeds are for refinancing, working capital and on-lending purposes.

Olam International's $850 million dual-tranche debt package was upsized from $540 million and completed on December 28 via bookrunners Bank of Baroda, BNP Paribas, Credit Suisse, DBS Bank, HSBC, ING Bank, J.P. Morgan, Natixis and Standard Chartered Bank.

The term loan was divided into a $510 million three-year tranche, which pays a spread of 225bp over Libor, and a $340 million portion priced at 400bp over Libor.

Final allocations saw the bookrunners each commit $43 million, while equal status lead arrangers China Development Bank, Indian Overseas Bank and National Australia Bank provided $40 million apiece. China Minsheng Bank, Industrial & Commercial Banking Corp and State Bank of India came in with $30 million tickets, while Axis Bank and Fortis Bank took $25 million each. CITIC Ka Wah Bank and Indian Bank each offered $20 million and lead arranger Oversea-Chinese Banking Corp contributed $15 million. Arrangers Bank of East Asia, Bank of Taiwan, Commerzbank, First Commercial Bank, KBC Bank, Maybank, Mega International Commercial Bank, Public Bank, Syndicate Bank, Taiwan Cooperative Bank, UCO Bank, Union de Banques Arabes Et Francaises and United Overseas Bank pledged $10 million apiece. Lead managers Bank Negara Indonesia, Bank Sinopac and Cathay United Bank gave $5 million each.

Proceeds are to refinance existing debt, and for working capital and general corporate purposes.

A multi-tranche fundraising for Straits Asia Resources has been concluded via mandated lead arrangers Bangkok Bank, Krung Thai Bank, Siam Commercial Bank and Standard Chartered Bank on a club basis.

The financing was split into a $250 million term loan, a $50 million revolver and a $80 million letter of credit.

Proceeds are for refinancing and working capital purposes.

South Korea

Four 10-year loan agreements totaling $631 million have been completed for Korea Gas via single purpose companies KSG International, Celeste Maritime, H&B Shipping and Horizon Maritime.

The $151 million facility for KSG International, $161 million loan for Celeste Maritime, $160 million debt for H&B Shipping and $159 million financing for Horizon Maritime were all split into junior and senior portions.

Syndication saw Bank of Nova Scotia, Bank of Tokyo-Mitsubishi UFJ, BNP Paribas, Credit Industriel et Commercial, Korea Development Bank, Natixis, Skandinaviska Enskilda Banken, Societe Generale, Standard Chartered Bank and Sumitomo Mitsui Banking Corp act as mandated lead arrangers and bookrunners. Deutsche Bank, Fortis, Intesa Sanpaolo and Mizuho Corporate Bank were the mandated co-arrangers, while Chinatrust Commercial Bank joined in as a participant.

Proceeds are to refinance outstanding debt signed in April and October 2007.

Taiwan

Brighton-Best International's NT$1.2 billion-equivalent dual-tranche facility was signed on January 6 via mandated lead arrangers EnTie Commercial Bank, Industrial Bank of Taiwan, Land Bank of Taiwan, Mega International Commercial Bank, Taishin International Bank and Taiwan Cooperative Commercial Bank.

The debt package is split into two revolvers of NT$1.2 billion and $36 million each. The New Taiwan dollar portion offers a spread of 105bp over the primary CP rate while the US dollar portion is priced at 140bp over Libor. The margins of both tranches are based on an inventory turnover ratio of less than 360 days and will be increased by 12bp (with no limits) with every 180-day increase in the inventory ratio. However, the outstanding amount of the facility cannot exceed NT$1.2 billion.

Final allocations saw the leads contribute NT$140 million each, while co-arranger Agricultural Bank of Taiwan lent NT$120 million. Participants Bank of Panhsin, First Commercial Bank and Hua Nan Commercial Bank came in with NT$80 million apiece.

Proceeds are for working capital purposes.

Dragon Steel Corp's NT$20 billion financing has been sealed via a consortium of seven bookrunners led by Bank of Taiwan.

Secured by factory buildings and machineries, the seven-year term loan is priced at 60bp over the 90-day secondary CP rate.

Among the bookrunners, Bank of Taiwan took NT$3 billion, while Bank Sinopac, First Commercial Bank, Hua Nan Commercial Bank, Mega International Commercial Bank and Taiwan Cooperative Commercial Bank held NT$2 billion each. Chang Hwa Commercial Bank and mandated lead arrangers Land Bank of Taiwan and Taiwan Business Bank joined in with NT$1.7 billion apiece. Participants Cathay United Bank lent NT$1 billion, while E.Sun Commercial Bank gave NT$500 million. Export-Import Bank of the Republic of China came in with NT$250 million, while BankTaiwan Life Insurance ended up with NT$200 million.

Proceeds are to finance the development of a hot rolling coil plant in Taichung and to purchase machineries.

A $50 million facility for Jiang Su Hsing Ning, the China subsidiary of Hsing Ta Cement, was signed on January 4 via bookrunners Chinatrust Commercial Bank and Mega International Commercial Bank.

The five-year term loan is priced at 106bp over Libor with a commitment fee of 5bp.

Taiwan Cooperative Commercial Bank joined as a mandated lead arranger, while Bank of Taiwan, Cathay United Bank, Chang Hwa Commercial Bank, China Development Industrial Bank, DBS Bank, E.Sun Commercial Bank, Hua Nan Commercial Bank, Shanghai Commercial & Savings Bank and Taiwan Business Bank came in as managers.

Proceeds are for the development of a cement factory in China's Jiangsu province and for working capital purposes.