China
Hebei China Coal Risun Coking's Rmb1.0 billion pre-financing facility has been signed via sole bookrunner Credit Agricole.
The three-year fundraising is priced at 110% of the PBOC rate.
Syndication saw Bank of Communications give Rmb210 million, while Credit Agricole contributed Rmb180 million. China Minsheng Banking Corp, Bank of Hebei and Nanyang Commercial Bank (China) pledged Rmb90 million each, while Societe Generale lent Rmb60 million. Guangdong Development Bank, Natixis, United Overseas Bank, Wing Lung Bank and ANZ committed Rmb50 million apiece and Dah Sing Bank rounded out the group with Rmb30 million.
Proceeds are for the procurement of coking coal and other raw materials, and for working capital purposes.
A $135 million three-year term loan for Zhangjiagang Pohang Stainless Steel has been completed via mandated lead arrangers Bank of America Merrill Lynch, Bank of Tokyo-Mitsubishi UFJ, ING Bank and Sumitomo Mitsui Banking Corp.
The deal is guaranteed by POSCO Investment. Proceeds are to refinance an existing $60 million facility signed in April 2009 and for working capital purposes.
Hong Kong
Shimao Property Holdings' $460 million three-year term loan was signed on May 14 via bookrunners Standard Chartered Bank (Hong Kong) and HSBC.
Syndication saw Standard Chartered Bank (Hong Kong) and HSBC provide $109 million and $75 million respectively, while mandated lead arrangers Bank of East Asia, Hang Seng Bank and Sumitomo Mitsui Banking Corp committed $50 million apiece.
Arrangers Bank of China (Macau) and Dah Sing Bank joined in with $30 million each and senior manager Tai Fung Bank gave $20 million. Managers Bank of Taiwan (Hong Kong), Maybank (Hong Kong), Taiwan Business Bank (Hong Kong) and Wing Lung Bank took $10 million apiece. Public Bank (Hong Kong) rounded out the group with $6 million.
Proceeds are to refinance existing indebtedness and for general corporate purposes.
Macau
Venetian Orient's $1.75 billion multi-currency project financing was signed on May 18 via joint global coordinators Bank of China (Macau), Barclays, BNP Paribas (Hong Kong), Citi, Goldman Sachs, Industrial & Commercial Bank of China (Macau) and UBS (Singapore).
The five-year financing comprises a $750 million term loan, a $750 million delayed draw down term loan and a $250 million revolving credit facility, which are priced at 450bp over Hibor or Libor.
Banco Nacional Ultramarino, DBS Bank and Oversea-Chinese Banking Corp joined in as mandated lead arrangers, while Bank of Communications (Macau) and Tai Fung Bank came in as lead arrangers. Senior manager Banco Comercial Portugues (Macau Offshore Branch) and managers State Bank of India (Hong Kong), China Construction Bank (Macau) and Wing Lung Bank also took part in the financing.
Proceeds are to restart the development and construction of parcels five and six of Cotai Strip in Macau, for working capital and general corporate purposes.
Malaysia
AsianIndo Holdings' $145 million dual-tranche term loan has been secured as a club deal via OCBC Bank (Malaysia) and DBS Bank (Labuan).
The deal is split into a $105 million 10-year term loan and a $40 million five-year bullet facility. The $105 million tranche will be repaid in 20 quarterly instalments with a grace period of 5.25 years.
OCBC Bank (Malaysia) committed $95 million and DBS Bank (Labuan) lent $50 million.
Proceeds are to refinance existing indebtedness and for capital expenditure purposes.
India
A $125 million three-year term loan for Axis Bank was completed on May 17 via mandated lead arrangers BNP Paribas, ING Bank, Natixis and Standard Chartered Bank.
The bullet term loan features a spread of 145bp over Libor.
Final allocations saw ING Bank commit $25 million, while BNP Paribas, Natixis and Standard Chartered Bank pledged $20 million apiece. Arrangers Bank of Taiwan, Commerzbank and Raiffeisenlandesbank contributed $10 million each, and Mega International Commercial Bank and Taiwan Business Bank provided $5 million apiece.
Proceeds are for general corporate purposes.
Bharti Airtel's Rs88.0 billion six-year term loan has been signed via mandated lead arrangers SBI Capital Markets and IDFC.
The term loan will be repaid in eight semi-annual instalments.
SBI Capital Markets contributed Rs45 billion, while Housing Development Finance Corp and IDFC pledged Rs16.5 billion each. HDFC Bank provided Rs10 billion.
Proceeds are to finance its 3G telecom capital expenditure.
A Rs5.3 billion 14.75 year term loan for BSCPL Godhra Tollways has been sealed via sole bookrunner SBI Capital Markets.
The term loan features a margin of 100bp below the Indian Benchmark Prime Lending Rate, and will be repaid in 45 quarterly instalments after a one-year grace period.
Final allocations saw Bank of Baroda, L&T Infrastructure Finance and State Bank of India commit Rs1.3 billion, Rs1.2 billion and Rs1 billion respectively. India Infrastructure Finance lent Rs800 million, while State Bank of Bikaner & Jaipur and State Bank of Hyderabad offered Rs500 million apiece.
Proceeds are for project financing purposes.
Japan
A ¥20.0 billion 364-day revolving credit for Oriental Land has been inked via sole bookrunner BNP Paribas.
Bank of China joined in as a mandated lead arranger, while Bank of Taiwan came in as a lead arranger. ANZ, Bank of America Merrill Lynch, Bank of Communications and Industrial & Commercial Bank of China took part in the financing as participants.
Proceeds are for general corporate purposes.
Philippines
NutriAsia Pacific has obtained a $120 million five-year secured term loan on a club basis via mandated lead arrangers ANZ, Banco de Oro Universal Bank, Bank of the Philippine Islands and Maybank.
Final allocations saw Banco de Oro Universal Bank lend $37.5 million, while ANZ, Bank of the Philippine Islands and Maybank joined in with $27.5 million each.
The deal is guaranteed by NutriAsia Holdings and proceeds are for refinancing purposes.
Singapore
Subsidiaries of Equinix -- Equinix Australia, Equinix Hong Kong, Equinix Japan, Equinix Pacific and Equinix Singapore -- have successfully secured a $200 million-equivalent five-year multi-currency term loan via joint mandated lead arrangers and bookrunners DBS Bank, ING Bank (Singapore), Royal Bank of Scotland and GE Commercial Finance (Hong Kong).
The financing is split into two term loans of $81 million and $119 million each. The facility features an initial margin of 350bp over the local borrowing rates in the first year and may step down to 250bp over the same rates depending on the leverage ratio of the borrower. The facility is guaranteed by Equinix and secured by assets and shares of the borrowers. There is also a 24-month delayed drawdown option for the $119 million tranche.
Syndication saw HSBC and Oversea-Chinese Banking Corp join in as mandated lead arrangers, while Citi, Commerzbank and Indian Bank participated as lead arrangers.
Proceeds are to refinance existing facilities arranged by ABN AMRO and DBS Bank, and to finance capital expansion requirements.
A $7.0 billion global multi-tranche fundraising for Glencore International and Glencore Singapore has been upsized to $10.2 billion and signed via a consortium of 20 bookrunners: BNP Paribas, Banco Santander, Bank of America Merrill Lynch, Barclays, Citi, Credit Agricole, Credit Suisse, DBS Bank, Deutsche Bank, Fortis Bank (Nederland), HSBC, ING Bank, J.P. Morgan, Lloyds TSB Bank, Morgan Stanley, Royal Bank of Scotland, Rabobank, Societe Generale, Standard Chartered Bank and UBS.
The deal comprises a $1.4 billion 364-day revolver with a one-year extension option and an $8.4 billion three-year revolver with two one-year extension options. Both tranches were syndicated in the European market. There is also a $475 million 364-day Asian revolving credit guaranteed by Glencore International.
For the Asian tranche, Oversea-Chinese Banking Corp took $50 million, while Mizuho Corporate Bank lent $40 million. Bank of Baroda, Union de Banques Arabes et Francaises (UBAF) and United Overseas Bank held $30 million each, and HSBC and Qatar National Bank pledged $25 million apiece. Agricultural Bank of China, Bank of East Asia, CITIC Ka Wah Bank and Mega International Commercial Bank committed $20 million each, while Bank of Ayudhya, Bank Mandiri, Chinatrust Commercial Bank, Raiffeisen Zentralbank Oesterreich (RZB) and Taiwan Cooperative Bank contributed $15 million apiece.
Banco Espirito Santos, Bank of Taiwan, Commonwealth Bank of Australia, Cathay United Bank, China Development Industrial Bank, Korea Exchange Bank, Land Bank of Taiwan, Shanghai Commercial & Savings Bank and Taishin International Bank ended up with $10 million each.
Proceeds are for refinancing and general corporate purposes.
South Korea
Industrial Bank of Korea's ¥15.0 billion 364-day term loan has been signed as a club deal via mandated lead arrangers Bank of Tokyo-Mitsubishi UFJ, Mizuho Corporate Bank and Sumitomo Mitsui Banking Corp.
The facility offers a spread of 40bp over yen Libor.
Proceeds are for refinancing and general corporate purposes.
Taiwan
A NT$1.0 billion five-year multi-tranche refinancing for Chuan Lih Fa Machinery Works has been completed via mandated lead arrangers Bank Sinopac, Mega International Commercial Bank and Taipei Fubon Commercial Bank.
The refinancing consists of a NT$250 million revolver, a NT$300 million term loan and a NT$450 million term loan, which are priced at 85bp over the 90-day secondary CP rate with an interest rate floor of 1.8% for the first 12 months. Secured by land, buildings and equipment, the term loans are to be repaid in seven semi-annual instalments after a 24 month grace period.
Syndication saw the leads take NT$160 million apiece, while Hua Nan Commercial Bank, Taichung Bank and Taiwan Cooperative Bank joined in as co-arrangers with NT$90 million each. Managers DBS Bank, Taiwan Business Bank and Chang Hwa Commercial Bank lent NT$80 million, NT$70 million and NT$50 million respectively. Yuanta Commercial Bank contributed NT$50 million as a manager.
Proceeds are to refinance an existing loan signed in 2007.
Waterland Securities has successfully secured a NT$2.0 billion three-year facility via joint bookrunners Agricultural Bank of Taiwan, E.Sun Commercial Bank, Hua Nan Commercial Bank, Industrial Bank of Taiwan, Shin Kong Commercial Bank, Taipei Fubon Commercial Bank, Taiwan Business Bank and Taiwan Cooperative Bank. The facility is split into a NT$900 million term loan, a NT$700 million guarantee facility and a NT$400 million revolver, which are priced at 80bp over the secondary CP rate, 80bp over the annual guarantee fee and 75bp over the Taiwan bills index rate respectively.
Final allocations saw the bookrunners receive a 20bp participation fee for committing NT$200 million apiece, except Taipei Fubon Commercial Bank which took NT$150 million. Ta Ching Bills Finance Corp and Taishin Bills Finance Corp joined in as co-arrangers with NT$200 million for a 12bp fee. Participant Jih Sun International Bank held NT$50 million for a 7bp fee.
Proceeds are for working capital purposes.
