Loan week, May 21-27

Australia

A A$240 million three-year credit facility has been inked for Macmahon Holdings via bookrunners and mandated lead arrangers Commonwealth Bank of Australia and HSBC.

Joining in as mandated lead arrangers were Caterpillar Finance, GE Capital Finance, Investec Bank and Sumitomo Mitsui Banking Corp while Chang Hwa Commercial Bank, CITIC Ka Wah Bank, First Commercial Bank and Taiwan Business Bank came in as lead arrangers.

The deal comprises a A$40 million working capital facility, a A$75 million bank guarantee facility and a A$125 million cash advance facility.

Proceeds are for capital expenditure, working capital purposes and to refinance existing indebtedness.

Hong Kong

Jade Mate sealed a HK$4.5 billion dual-tranche four-year club deal last week. The deal is split into a HK$2.0 billion term loan and a HK$2.5 billion revolver.

The mandated lead arrangers were Bangkok Bank, BNP Paribas, Credit Agricole, HSBC, Mizuho Corporate Bank, Oversea-Chinese Banking Corp and Sumitomo Mitsui Banking Corp.

This deal is self-arranged by parent company Sino Land. Proceeds are to refinance existing indebtedness and for general working capital purposes.

Yue Yuen Industrial (Holdings) has secured a $300 million three-year transferable term loan via a consortium of 17 mandated lead arrangers and bookrunners led by Citibank (Hong Kong).

The debt package is divided into a $248.5 million US dollar facility and a $51.5 million-equivalent Hong Kong dollar $ facility, which are priced at 60bp over Libor or Hibor.

For the US dollar tranche, bookrunners Hang Seng Bank, Mizuho Corporate Bank (Hong Kong) and Taishin International Bank took $17 million each, while Sumitomo Mitsui Banking Corp lent $13 million. Bank of Taiwan (Sung Chiang), Bank Sinopac (Hong Kong), Chinatrust Commercial Bank (Hong Kong), First Commercial Bank (Hong Kong), Hua Nan Commercial Bank (Hong Kong), Mega International Commercial Bank (Offshore Banking), Shanghai Commercial & Savings Bank, Ta Chong Bank, Taipei Fubon Commercial Bank (Hong Kong) and Taiwan Cooperative Bank (Hong Kong) pledged $12.5 million apiece and lead manager Yuanta Commercial Bank gave $12 million.

Chang Hwa Commercial Bank (Yuan Lin) and Land Bank of Taiwan (Offshore Banking) committed $10 million each, while Cathay United Bank (Hong Kong), E.Sun Commercial Bank (Hong Kong) and Taiwan Shin Kong Commercial Bank contributed $7.5 million each. Manager Chiba Bank ended up with $5 million.

For the Hong Kong dollar facility, bookrunners Citibank (Hong Kong) and DBS Bank (Hong Kong) gave $17 million apiece, while Scotiabank (Hong Kong) and manager Bank of Kaohsiung came in with $5 million each.

Proceeds are to repay an existing $500 million multi-lender facility signed in April 2009.

Japan

A $500 million 364-day multi-currency revolving credit for Itochu Corp was signed on May 26 via sole bookrunner Citi.

Credit Agricole joined in as a mandated lead arranger, while Mizuho Corporate Bank and Standard Chartered Bank came in as lenders.

Proceeds are to refinance a $500 million revolver signed in May 2009.

Malaysia

Etika International Holdings' M$368 million dual tranche facility has been sealed via joint lead arrangers AmInvestment Bank, Maybank Investment Bank, and MIMB Investment Bank.

The deal is split into a M$363 million Islamic term financing and a M$5 million conventional foreign exchange contract facility -- the consortium pledged equally.

Proceeds are to refinance existing indebtedness, to fund future capital expansion and for working capital purposes.

Global Capital & Development's M$750 million term loan was signed last week on a club basis via mandated lead arrangers CIMB Bank, EON Bank and Standard Chartered Bank.

Final allocations saw Standard Chartered Bank contribute M$350 million, while CIMB Bank and EON Bank ended up with M$250 million and M$150 million respectively.

Proceeds are to finance land acquisition, refinance existing debt facilities and for working capital requirements.

Philippines

SEM-Calaca Power Corp, a wholly-owned subsidiary of Semirara Mining Corp, has obtained a Ps9.6 billion project financing via sole bookrunner BDO Capital & Investment Corp with BPI Capital Corp and PNB Capital & Investment Corp joining  in as arrangers.

Proceeds are for project financing, refinancing existing facilities and working capital purposes

Singapore

A S$201 million multi-tranche club deal for UOL Development was signed last week via lead arrangers BNP Paribas, Mizuho Corporate Bank and Sumitomo Mitsui Banking Corp (Singapore).

The deal comprises two three-year and four-month term loans of S$124 million and S$56 million respectively. There is also a $21 million six-year guarantee facility.

BNP Paribas lent S$96 million while Mizuho Corporate Bank and Sumitomo Mitsui Banking Corp took S$52.5 million apiece.

Proceeds are to refinance existing indebtedness.

Taiwan

An NT$850 million five-year term loan for Kuang Hwa Vocational High School of Technology was inked on May 21 via mandated lead arrangers Bank of Taiwan, Chang Hwa Commercial Bank, Cota Commercial Bank, DBS Bank and Ta Chong Bank. The deal was oversubscribed to NT$1.1 billion.

The term loan features a margin of 190bp over the primary CP rate that is repaid in 10 semi-annual installments after a six-month grace period.

Final allocations saw Ta Chong Bank commit NT$250 million, while Bank of Taiwan, Chang Hwa Commercial Bank, Cota Commercial Bank and DBS Bank took NT$150 million apiece.

Proceeds are to support the construction of a school building.

Rexchip Electronics Corp's NT$3.9 billion financing was signed on May 25 via mandated lead arrangers and bookrunners Cathay United Bank, First Commercial Bank, Land Bank of Taiwan, Mega International Commercial Bank and Taiwan Cooperative Bank.

The five-year financing is priced at 85bp over the 90-day secondary CP rate with a commitment fee of 5bp.

Final allocations saw Land Bank of Taiwan take NT$1.0 billion, while Cathay United Bank, First Commercial Bank, Mega International Commercial Bank and Taiwan Cooperative Bank joined in with NT$600 million each. Taiwan Business Bank came in as a participant with a hold of NT$500 million.

Proceeds are to finance the purchase of machinery and equipment.

Shan Shui Me Food Enterprise's NT$500 million three-year revolver has been launched into syndication via sole bookrunner Bank of Taiwan. 

The facility offers a spread of 150.5bp over Bank of Taiwan's two-year savings deposit rate with an interest rate floor of 2.6% pre-tax. 

Banks are being invited to join at one of two levels -- co-arrangers lending NT$80 million to NT$119 million receive 15bp and participants contributing NT$50 million to NT$79 million earn 7bp. There is an early bird fee of 5bp for co-arrangers and and 3bp for participants joining in before June 18.

Proceeds are for the refinancing of existing indebtedness and working capital purposes.

A NT$4.8 billion five-year debt package for Sinopac Leasing has been completed via mandated lead arranger Mega International Commercial Bank. The deal was oversubscribed to NT$7.0 billion and upsized from NT$4.0 billion.

The package comprises a NT$700 million term loan, a NT$4.1 billion revolver and a NT$1.0 billion standby letter of credit. The first two tranches are  priced at 75bp over the secondary CP rate and the standby letter of credit pays an annual guarantee fee of 75bp. The sum of the revolver and the standby letter of credit cannot exceed NT$4.1 billion. 

Joining in as mandated lead arrangers were E.Sun Commercial Bank, First Commercial Bank, Land Bank of Taiwan and Yuanta Commercial Bank. Bangkok Bank, Cathay United Bank, Chang Hwa Commercial Bank, Far Eastern International Bank, Shanghai Commercial & Savings Bank, Taiwan Business Bank and Taiwan Cooperative Bank came in as participants.

Proceeds are for the refinancing of existing debt, working capital and general corporate purposes.

Tatung successfully secured a NT$3.6 billion revolver on May 24 via bookrunners Taishin International Bank and Taiwan Cooperative Bank.

The four-year revolver is priced at 70bp to 95bp depending on the borrower's pre-tax net profit margin with a 15bp commitment fee.

Syndication saw DBS Bank, First Commercial Bank and Hua Nan Commercial Bank join in as mandated lead arrangers, while Agricultural Bank of Taiwan and Land Bank of Taiwan participated as lead managers. Bank Sinopac, Cathay United Bank, Jih Sun International Bank, Taiwan Business Bank and Yuanta Commercial Bank came in as participants.

Proceeds are to refinance existing debt and working capital purposes.

A NT$5.4 billion five-year dual-currency revolver for WT Microelectronics has been closed via bookrunners Bank of Taiwan, Chang Hwa Commercial Bank, E.Sun Commercial Bank, Hua Nan Commercial Bank, Land Bank of Taiwan, Taishin International Bank, Taiwan Cooperative Bank and Mega International Commercial Bank. The deal was oversubscribed to NT$6.0 billion and upsized from NT$4.5 billion.

The facility is priced at 90bp over the secondary CP rate or 70bp over Libor when drawn in New Taiwan dollars and US dollars respectively. Banks were invited to join on one of three levels -- bookrunners and mandated lead arrangers pledging NT$500 million received 25bp; participants committing NT$300 million to NT$499 million gained 15bp, and those providing NT$ 200 million to NT$299 million received 8bp.

Bank of Kaohsiung, First Commercial Bank, Shanghai Commercial & Savings Bank, Ta Chong Bank, Tai Chung Bank and Taiwan Business Bank joined in as participants.

Proceeds are for refinancing and working capital purposes. Signing is slated for early June.