Loan week, July 16-22

China

Hefei BOE Optoelectric Technology has secured a $1.1 billion-equivalent dual-tranche financing via China Construction Bank, China Development Bank, China Minsheng Bank and Huishang Bank.

The nine-year facility comprises a Rmb2.8 billion tranche and a $689 million portion.

The loan is secured by land, building and machinery. Proceeds are to support a TFT-LCD production line in Hefei.

Hong Kong

TCL Multimedia Technology Holdings' $120 million four-year term loan was signed on July 20 via Bank of China and Standard Chartered Bank.

Proceeds are for general corporate purposes.

India

Khopoli Investments has successfully obtained a $70 million three-year term loan via sole bookrunner Sumitomo Mitsui Banking Corp.

Syndication saw Chinatrust Commercial Bank (Singapore) join in as a mandated lead arranger, while Bank Mandiri (Singapore), Mega International Commercial Bank (Offshore Banking Branch) and Taishin International Bank came in as co-arrangers.

The parent, Tata Power, is guaranteeing the facility. Proceeds are to refinance a $70 million one-year deal signed in June 2009.

A $150 million three-year facility for Punjab National Bank was sealed on July 19 via mandated lead arrangers and bookrunners Bank of America Merrill Lynch, Bank of Tokyo-Mitsubishi UFJ, Credit Agricole, and HSBC. Mizuho Corporate Bank also came in as a mandated lead arranger. The term loan was upsized from $100 million.

Bank SinoPac, First Commercial Bank, Hua Nan Commercial Bank, Land Bank of Taiwan, Mega International Commercial Bank and Taiwan Cooperative Bank joined in as arrangers.

Proceeds are for lending purposes.

RAS Infraport has secured a Rs1.75 billion 14.75-year term loan via sole bookrunner and mandated lead arranger SBI Capital Markets.

The package will mature in October 2024 and will be repaid in 47 quarterly instalments.

The facility saw State Bank of India commit Rs450 million. Participants IDBI Bank contributed Rs400 million, while India Infrastructure Finance gave Rs300 million. Export-Import Bank of India, Indian Bank and Indian Overseas Bank provided Rs200 million each.

Proceeds are to support the expansion of the Kandla Port project in India. 

General syndication of Reliance Industries' $1.0 billion dual-tranche financing is expected to close in early August via bookrunners and mandated lead arrangers Bank of America Merrill Lynch, Bank of Tokyo-Mitsubishi UFJ, Barclays, BNP Paribas, Citi, Credit Agricole, DBS Bank, DnB NOR Bank, Export Development Canada, HSBC, Intesa Sanpaolo, Mizuho Corporate Bank, Sumitomo Mitsui Banking Corp and Standard Chartered Bank.

The debt facility is equally split into a five-year tranche and a seven-year portion. The five-year tranche is priced at 145bp over Libor, while the seven-year tranche features a spread of 170bp over the same rate.

Banks can join in the facility at one of three levels -- lead arrangers providing $30 million or above get a 132.5bp fee for an all-in of 171.5bp, while arrangers holding between $20 million and $29 million receive 120bp for an all-in of 169bp. Lead managers committing between $10 million and $19 million gain 107bp for an all-in of 166.5bp.

Proceeds are for working capital purposes.

Rural Electrification Corp's $200 million five-year facility was launched into general syndication on July 19 via mandated lead arrangers and bookrunners Bank of Tokyo-Mitsubishi UFJ and State Bank of India. Mizuho Corporate Bank and Sumitomo Mitsui Banking Corp joined in the facility as mandated lead arrangers.

The term loan features a greenshoe option of $200 million and syndication is expected to close in mid-August.

Proceeds are for project finance purposes.

Union Bank of India's $150 million three-year term loan is in the market via mandated leads Bank of America Merrill Lynch, BNP Paribas and Standard Chartered Bank. Bank of Tokyo-Mitsubishi UFJ and Mizuho Corporate Bank have already committed to the deal as mandated lead arrangers.

The financing offers a margin of 117bp over Libor and a top level all-in of 150bp.

Banks are invited to join at one of three levels -- mandated lead arrangers committing $15 million or above get a 99bp fee, while lead arrangers lending $10 million to $14 million receive 84bp. Arrangers giving $5 million to $9 million earn 69bp.

Proceeds are for general corporate purposes. Closing is slated for early August.

Singapore

A $150 million seven-year term loan for Neptune Orient Lines and APL (Bermuda) was completed on July 20 via sole bookrunner and mandated lead arranger Oversea-Chinese Banking Corp. This club-style deal saw ING Bank join in as a mandated lead arranger.

Proceeds are to partially finance the acquisition of new vessels.

STATS ChipPAC's $360 million three-year financing has been sealed via bookrunners and mandated lead arrangers Bank of America Merrill Lynch, Credit Suisse (Singapore), DBS Bank, Deutsche Bank, Oversea-Chinese Banking Corp, Sumitomo Mitsui Banking Corp and United Overseas Bank.

The three-year term loan features a margin of 250bp and has an average life of 2.4 years.

Bank of China, Commerzbank, Natixis and Mega International Commercial Bank participated as arrangers while Bank of East Asia, Bank of Taiwan, Cathay United Bank, Chinatrust Commercial Bank and Hua Nan Commercial Bank came in as co-arrangers.

Proceeds are for refinancing and general corporate purposes.

Sri Lanka

Bank of Ceylon's $165 million one-year term loan has been signed as a club-style deal via sole bookrunner HSBC.

Guaranteed by the Government of Sri Lanka, the deal features a margin of 175bp over Libor.

Syndication saw HSBC commit $40 million, while mandated lead arrangers Bank of Baroda, Bank of Muscat SAOG and Doha Bank QSC contributed $25 million apiece. Indian Bank (Colombo) and Syndicate Bank (London) pledged $15 million each. Bank Negara Indonesia and Union National Bank lent $10 million apiece.

Proceeds are for working capital purposes.

Taiwan

Chih Lien Industrial's NT$870 million debt has been signed via bookrunners and mandated lead arrangers EnTie Commercial Bank and First Commercial Bank.

The loan consists of a NT$391.5 million five-year term loan and a NT$478.5 billion three-year revolving credit, which is also available in US dollars. The facility is priced at between 105bp and 140bp over the 90-day primary CP rate or five-month Libor, based on the earnings before tax-to-sales ratio.

Syndication saw First Commercial Bank lend NT$500 million and EnTie Commercial Bank provide NT$200 million. Bank of Kaohsiung and DBS Bank ended up with NT$60 million each.

Proceeds are for debt repayment and working capital purposes.

Fu Yu Construction's NT$2.1 billion multi-tranche construction financing was completed on July 21 via sole bookrunner and mandated lead arranger Land Bank of Taiwan.

The five-year term loan comprises a NT$948 million tranche, a NT$1.1 billion portion and a NT$37 million facility. The first tranche features a pricing of 139bp, while the other two tranches offer a margin of 159bp over the one-year average savings rate of Bank of Taiwan, Chang Hwa Commercial Bank, First Commercial Bank, Hua Nan Commercial Bank, Land Bank of Taiwan and Taiwan Cooperative Bank. There is also an interest rate floor of 1.11% for the base rate and a commitment fee of 20bp.

Syndication saw Agricultural Bank of Taiwan and Taichung Commercial Bank join in as managers, while Cathay United Bank, Chang Hwa Commercial Bank and Yuanta Commercial Bank came in as participants.

Proceeds are for land acquisition, residential building construction and working capital purposes.

A $35 million three-year fundraising for Keen High Technologies (BVI) and Keen High Holding has been signed via bookrunners and mandated lead arrangers Taipei Fubon Commercial Bank and Taiwan Cooperative Bank.

The transaction is split into a $15 million term loan and a $20 million revolving credit. Both tranches are priced at 150bp over three-month Libor and offer a commitment fee of 15bp.

The leads committed $13.5 million each, while Bank Sinopac joined in the financing as a participant with a hold of $8 million.

Proceeds are for working capital purposes.

Thailand

Natural Energy Development's Bt5.4 billion dual-tranche term loan has been closed as a club deal via a consortium of four mandated lead arrangers.

Tranche A and tranche B have maturities of 12.5 years and 18 years respectively, with an average life of 10 years.

For tranche A, Bangkok Bank, Kasikornbank and Siam Commercial Bank committed Bt1.16 billion each, while for tranche B, Asian Development Bank gave Bt1.9 billion.

Proceeds are to finance the Solar Power Project in Thailand.