Loan Week, March 5-11

Australia

A A$600 million revolving credit for Tatts Group has been wrapped up on a club basis via mandated lead arrangers ANZ, BNP Paribas, Commonwealth Bank of Australia, National Australia Bank, Royal Bank of Scotland and Westpac.

The deal is split into a A$300 million three-year facility and a A$300 million five-year bullet loan.

Proceeds are for acquisition purposes.

China

A Rmb680 million financing for Henan Jindadi Chemical Industry was signed in early March via sole mandated lead arranger and bookrunner China Construction Bank. Bank of China, Bank of Communications and China Merchants Bank joined in at lower tiers.

Proceeds are to support a Soda ash production project.

Sichuan Expressway has successfully secured a Rmb4.9 billion fundraising from sole mandated lead arranger and bookrunner China CITIC Bank with Agricultural Bank of China, Bank of China, China Construction Bank, China Development Bank, China Merchants Bank, Huaxia Bank, Industrial & Commercial Bank of China and Postal Savings Bank participating as lower level lenders.

Proceeds are to finance the construction of the Meishan section expressway between the Chinese cities of Chengdu and Chishui.

Hong Kong

Chinese Estates & Finance's HK$3.6 billion three-year term loan was sealed on March 8 via bookrunners Bank of Communications, Citi, DBS Bank, Industrial & Commercial Bank of China (Asia) and Oversea-Chinese Banking Corp.

Guaranteed by Chinese Estates Holdings, the facility offers a margin of 66bp over Hibor. Silvercord and Causeway Place were pledged as securities.

Syndication saw Wing Lung Bank join in as coordinating arranger, while Bank of Tokyo-Mitsubishi UFJ, Dah Sing Bank and Wing Hang Bank came in as arrangers. Bank Sinopac, Cathay United Bank, E.Sun Commercial Bank, Maybank and Tai Fung Bank participated as senior managers.

Proceeds are to refinance existing indebtedness secured against the properties, and for general corporate purposes.

NewOcean Energy Holdings' $20 million four-year term loan has been completed as a club deal via DBS Bank and Standard Chartered Bank.

Guaranteed by Sound Hong Kong, NewOcean (Shenzhen) Energy Investment and Sound Agents, the leads committed equally to the deal, which pays a spread of 350bp over Libor.

Proceeds are to refinance a $22 million term loan signed in 2006 and for capital expenditure purposes.

A HK$580 million three-year term loan for United Asia Finance has been concluded via mandated lead arrangers China Development Bank and Mizuho Corporate Bank. Bank of Taiwan, Chang Hwa Commercial Bank, Far Eastern International Bank, Fubon Bank, Industrial Bank of Taiwan and Taiwan Business Bank were the participants.

The financing is priced at 135bp over Libor.

Proceeds are to partly repay a HK$1.5 billion loan completed in 2007 and for working capital purposes.

India

A Rs20 billion four-year letter of credit for Nimbus Communication has been sealed via mandated lead arrangers and bookrunners Punjab National Bank and Union Bank of India.

The deal was fully underwritten by the leads and proceeds are to secure media rights.

Indonesia

A $1.2 billion dual-currency project financing for Paiton Energy was signed on March 8 via Japan Bank for International Cooperation (JBIC) and eight international commercial banks.

The 17-year debt package comprises two JBIC direct loans of $395 million and ¥33.4 billion each. There is also a ¥48.6 billion commercial bank tranche.

Final allocations saw mandated lead arranger Bank of Tokyo-Mitsubishi UFJ contribute ¥8.5 billion, while Mizuho Corporate Bank and Sumitomo Mitsui Banking Corp took ¥7.7 billion each. BNP Paribas, Credit Agricole, ING Bank and Sumitomo Trust & Banking Corp committed ¥5 billion apiece, and HSBC ended up with ¥4.7 billion.

Proceeds are to finance the construction of the 815MW Paiton III coal-fired power plant in Paiton, East Java, Indonesia.  

Japan

Sumitomo Corp's $1 billion 364-day multi-currency revolving credit was rolled over on March 11 via sole bookrunner Citi.

Joining as participants were ANZ, Barclays, BNP Paribas, Credit Agricole, HSBC, ING Bank, J.P. Morgan, Societe Generale and Standard Chartered Bank.

Proceeds are for general corporate purposes.

Malaysia

Courts Mammoth's M$120 million fundraising has been inked via sole bookrunner Oversea-Chinese Banking Corp (Malaysia).

With Asia Retail Group and Malaysia Retail Group acting as guarantors, the transaction is split into two revolving credits of M$60 million each. There is also a M$30 million three-year capital expenditure term loan as a greenshoe option.

Syndication saw Oversea-Chinese Banking Corp (Malaysia) and OSK Investment Bank contribute equally.

Proceeds are for refinancing and working capital purposes.

South Korea

Daegu Bank's ¥4.4 billion two-year club deal was sealed in early March via mandated lead arrangers Chinatrust Commercial Bank, Commerzbank, HSBC and Standard Chartered Bank.

The lenders committed ¥1.1 billion apiece. The margin is 115bp over Yen Libor and proceeds are for general corporate purposes.

Taiwan

A $120 million financing for Compal Precision Module China Holdings, a subsidiary of Ju Teng International Holdings, was completed last week via a consortium of six coordinating arrangers led by Taipei Fubon Commercial Bank.

Guaranteed by Ju Teng International Holdings and Wah Yuen Technology Holding, the three-year term loan is priced at 95bp over Libor, subject to a pricing grid which is tied to the total debt over Ebitda ratio.

Final allocations saw the bookrunners -- DBS Bank, Mega International Commercial Bank and Taipei Fubon Commercial Bank -- contribute $10.5 million each, while Bank Sinopac, Jih Sun International Bank and Yuanta Commercial Bank committed $10 million apiece.

Participants Bank of Taiwan, Cathay United Bank, China Development Industrial Bank, E.Sun Commercial Bank, Far Eastern International Bank and Taiwan Business Bank lent $6.5 million each, while Taiwan Cooperative Bank took $5 million. Chang Hwa Commercial Bank gave $4 million and Bank of Kaohsiung, Shanghai Commercial & Savings Bank and Taiwan Shin Kong Commercial Bank ended up with $3.5 million each.

Proceeds are for working capital and capital expenditure purposes.

A $120 million three-year term loan for Fullerton Technology and Skywarp Holdings has been signed via a consortium of six coordinating arrangers led by Mega International Commercial Bank.

The deal is guaranteed by Ju Teng International Holdings and Mindforce Holdings.

Final allocations were the same as those for Compal Precision Module China Holdings' facility (see above).

Proceeds are for working capital and capital expenditure purposes.

Ever Power's NT$6 billion five-year term loan has been completed via mandated lead arrangers Bank of Taiwan and Mega International Commercial Bank. The deal was downsized from NT$11 billion.

The term loan offers a spread of 20bp over the two-year post office savings rate with a one-month grace period. 

Proceeds are to refinance an existing credit facility signed in December 2004.