Loan week, June 11-17

Australia

Vodafone Hutchison Australia (VHA) has recently secured a A$3.0 billion three-year term loan facility via 12 domestic and international banks. The deal was oversubscribed.

ANZ, Banco Santander, Bank of Scotland International, Banco Bilbao Vizcaya Argentaria, BNP Paribas, Commonwealth Bank of Australia, HSBC, ING Bank, Intesa Sanpaolo, National Australia Bank, Sumitomo Mitsui Banking Corp and Westpac Banking Corp joined in as mandated lead arrangers.

Proceeds are for refinancing and future expansion purposes.

China

Tibet Huatailong Mining Development sealed a Rmb750 million facility last week via Agricultural Bank of China, Bank of China (Tibet branch) and China Postal Savings Bank.

This is the first syndicated loan that has been signed in Tibet.

Proceeds are to finance a lead mining and gangue disposal project at the Jiamatongduo Metal Mine.

Hong Kong

HLP Treasury's HK$3.0 billion five-year revolving credit has been completed as a club deal via six mandated lead arrangers with Mizuho Corporate Bank acting as the facility agent.

Final allocations saw Bank of Tokyo-Mitsubishi UFJ lend HK$1.0 billion, while Mizuho Corporate Bank contributed HK$500 million. Agricultural Bank of China, Credit Agricole and DBS Bank provided HK$400 million each, and Citibank rounded out the group with HK$300 million.

The deal is guaranteed by Hang Lung Properties. Proceeds are for refinancing and general corporate purposes.

Indonesia

A $475 million-equivalent dual-currency financing for Profesional Telekomunikasi Indonesia (Protelindo) is in the market via joint bookrunners and mandated lead arrangers DBS Bank, Oversea-Chinese Banking Corp, Royal Bank of Scotland and Standard Chartered Bank. Bank of Central Asia has come on board as a mandated lead arranger.

The five-year term loan is split into a $375 million tranche and a Rp926.9 billion portion.

Proceeds are for refinancing purposes.

Macau

Galaxy Entertainment Finance (Galaxy Macau)'s HK$8.8 billion fundraising was further upsized to HK$9.0 billion on June 14 via Banco Nacional Ultramarino, Bank of China (Macau), DBS Bank, Guangdong Development Bank, Hang Seng Bank, HSBC and Industrial & Commercial Bank of China (Macau).

The six-year transaction was completed on a club basis and is guaranteed by Galaxy Entertainment Group and its subsidiaries.

Proceeds are to finance the development of Galaxy Macau Resort -- a mega hotel and casino project in Macau.

South Korea

Chung Sung Town Corp's W76.1 billion loan has been signed via sole bookrunner Woori Bank.

The transaction comprises four 772-day term loans totaling W73 billion, which will be replaced by one 20-year term loan after the construction period. There is also a W3 billion 20-year standby revolver.

Syndication saw Korea Build Transfer Lease Infrastructure Fund, National Pension Service, Dongbu Life Insurance and Tong Yang Life Insurance join at lower tiers.

Proceeds are for project financing purposes.

Singapore

Vitol Asia's $1.7 billion dual-tranche financing was sealed last week via a consortium of 13 bookrunners and original mandated lead arrangers. The facility was upsized from $1.4 billion.

Guaranteed by Vitol Holding, the facility comprises a $1.4 billion 364-day revolving credit and a $235 million three-year term loan, which are priced at 100bp and 160bp over Libor respectively.

Final allocations saw bookrunners ANZ, Agricultural Bank of China, Bank of China, Commonwealth Bank of Australia, DBS Bank, HSBC, ING Bank, National Australia Bank, Oversea-Chinese Banking Corp, Standard Chartered Bank, Sumitomo Mitsui Banking Corp, United Overseas Bank and Westpac take $100 million each.

Mandated lead arrangers Chinatrust Commercial Bank and KBC Bank lent $50 million apiece, while Land Bank of Taiwan and Mega International Commercial Bank gave $30 million each. Bank of East Asia, Bank of Taiwan, Bank of Tokyo-Mitsubishi UFJ, First Commercial Bank, Hua Nan Commercial Bank, Intesa Sanpaolo and Union de Banques Arabes et Francaises (UBAF) pledged $20 million each, and lead arrangers Arab Bank, Bank Mandiri, Cathay United Bank and First Gulf Bank committed $10 million apiece. Bank of Communications and Habib Bank ended up with $5 million each.

Proceeds are for refinancing and general corporate purposes.

Taiwan

Rsea Engineering Corp's NT$24.0 billion debt package completed in May 2007 was amended on June 14 via mandated lead arrangers Bank of Taiwan, Chinatrust Commercial Bank, Shin Kong Commercial Bank, Taipei Fubon Commercial Bank and Taiwan Business Bank.

The package that was signed in 2007 comprised a NT$20.0 billion three-year term loan and a NT$4.0 billion three-year revolver. The tenors have been extended to December 2011.

Additionally, Rsea Engineering Corp's NT$3.9 billion and NT$2.9 billion deals that were signed in February 2008 have been amended via mandated leads Bank of Taiwan, Chinatrust Commercial Bank, Shin Kong Commercial Bank and Taipei Fubon Commercial Bank to also extend the tenors to December 2011.

Taiwan Fertilizer's NT$8.4 billion seven-year term loan is expected to be signed on June 18 via bookrunners First Commercial Bank, Mega International Commercial Bank and Taipei Fubon Commercial Bank. The deal was upsized from NT$7.0 billion.

The term loan is split into NT$5.0 billion and NT$3.4 billion tranches that are priced at 50bp over the 90-day secondary CP rate with a 10bp commitment fee. There is also a three-year extension option to increase the tenor to 10 years.

Final allocations saw the bookrunners provide NT$1.3 billion each, while mandated lead arrangers Chinatrust Commercial Bank, E.Sun Commercial Bank, Hua Nan Commercial Bank and Taiwan Cooperative Bank pledged NT$800 million each. Co-arrangers Chang Hwa Commercial Bank and Yuanta Commercial Bank lent NT$500 million apiece, and Ta Chong Bank joined in as a manager with NT$300 million.

Proceeds are for the construction of a factory in Taichung.

A NT$5.4 billion five-year dual-currency revolver for Wintech Microelectronics was sealed last week via mandated leads Bank of Taiwan, Chang Hwa Commercial Bank, E.Sun Commercial Bank, Hua Nan Commercial Bank, Land Bank of Taiwan, Mega International Commercial Bank, Taishin International Bank and Taiwan Cooperative Bank.  

The revolver features a margin of 90bp over the secondary CP rate when drawn in new Taiwan dollars and 70bp over Libor when drawn in US dollars. 

Mega International Commercial Bank and Taiwan Cooperative Bank committed NT$700 million and NT$600 million respectively. Bank of Taiwan, Chang Hwa Commercial Bank, E.Sun Commercial Bank, Hua Nan Commercial Bank, Land Bank of Taiwan and Taishin International Bank contributed NT$450 million apiece, while Bank of Kaohsiung, Ta Chong Bank, Tai Chung Commercial Bank and Taiwan Business Bank took NT$250 million each. First Commercial Bank and Shanghai Commercial & Savings Bank lent NT$200 million apiece.

Proceeds are for refinancing existing indebtedness and working capital purposes.