Australia
QR National successfully secured a A$3.0 billion debt package in early October on a club basis via a consortium of 11 mandated lead arrangers.
The revolver is split into a A$1.4 billion three-year tranche and a A$1.6 billion five-year portion.
Final allocations saw Bank of America Merrill Lynch, Bank of Tokyo-Mitsubishi UFJ, Commonwealth Bank of Australia and National Australia Bank contribute A$355 million each, while Westpac lent A$330 million. ANZ, BOS International Australia, Mizuho Corporate Bank and Sumitomo Mitsui Banking Corp gave A$250 million each, while Credit Suisse and Goldman Sachs ended up with A$125 million apiece.
Proceeds are to refinance QR National's existing debt, for general corporate purposes and to pay all necessary costs of the loan facility and IPO.
China
Nanjing Iron & Steel Group International Trade and Nanjing Iron & Steel have obtained an $85 million dual-tranche loan via sole bookrunner Credit Agricole.
The three-year term loan comprises a $25 million tranche and a $60 million portion, which are priced at 260bp and 160bp over Libor respectively.
Final allocations saw the lead and mandated lead arranger Commonwealth Bank of Australia give $20 million each, while Bank of China and Westpac came in as mandated lead arrangers with $15 million apiece. Arranger Metropolitan Bank (China) provided $10 million, while senior manager Shanghai Commercial Bank contributed $5 million.
Proceeds are to finance iron ore imports.
Phoenix Real Estate Fund Waigaoqiao Holdings and Shanghai Phoenix Waigaoqiao Warehousing have obtained a $108 million dual-tranche facility via bookrunners ANZ and Credit Agricole.
The term loan consists of an $88 million term facility and a $20 million portion, which will be repaid in quarterly repayments.
Citic Bank International came in as a mandated lead arranger with a hold of $36 million.
Proceeds are to refinance existing debt facilities.
A subsidiary of TCL Corp successfully secured a $1.3 billion financing on October 20 via joint lead arrangers China Development Bank and Export-Import Bank of China.
China Construction Bank, Industrial and Commercial Bank of China and Shenzhen Development Bank joined in at lower tiers. Proceeds are to finance its TFT-LCD production line.
India
A Rs5.7 billion 11-year term loan for Essar Oil was signed on October 13 via sole bookrunner and mandated lead arranger SBI Capital Markets.
Sponsored by Essar Energy, the loan will be repaid in 30 quarterly instalments.
Final allocations saw participant State Bank of India commit Rs2.2 billion, while Indian Overseas Bank and Axis Bank gave Rs2.0 billion and Rs1.5 billion respectively.
Proceeds are for project finance purposes.
Oriental Nagpur Bye Pass Construction’s Rs12.4 billion term loan has been signed via bookrunners and mandated lead arrangers Axis Bank and Bank of India.
The 15-year financing has a grace period of four years and will be repaid in quarterly instalments.
Syndication saw Axis Bank lend Rs3.6 billion and Bank of India take Rs3.0 billion. India Infrastructure Finance gave Rs2.3 billion, while Oriental Bank of Commerce contributed Rs1.5 billion. Canara Bank and State Bank of Bikaner & Jaipur came in with Rs1.0 billion each.
Proceeds are to support the construction of a four-lane highway in India.
SKS Power Generation (Chhattisgarh)’s Rs13.1 billion 14.9-year term loan has been inked via sole bookrunner and mandated lead arranger SBI Capital Markets.
Sponsored by SKS Ispat & Power, the facility will be repaid in 48 quarterly instalments following a six-month grace period.
Syndication saw participants State Bank of India contribute Rs3.0 billion and Union Bank of India lend Rs2.2 billion. Life Insurance Corporate of India and L & T Infrastructure Finance Company pledged Rs1.0 billion apiece, while Bank of India, Jammu and Kashmir Bank, Punjab National Bank and United Bank of India gave Rs900 million each. State Bank of Hyderabad and State Bank of Patiala took Rs800 million apiece, and Andhra Bank joined in with Rs780 million.
Proceeds are to set up a 300MW coal-based thermal power plant at Raigarh in Chhattisgarh, India.
Thrissur Expressway’s Rs5.1 billion project financing has been signed via sole bookrunner and mandated lead arranger Axis Bank.
The facility is sponsored by KMC Constructions and will be repaid in quarterly instalments after a three-year grace period.
Syndication saw the sole lead commit Rs877 million, while Andhra Bank and Bank of Baroda came in with Rs850 million each. Bank of India and India Infrastructure Finance gave Rs700 million each, while State Bank of Travancore and Union Bank of India joined in with Rs550 million apiece.
Proceeds are for the construction of a six-lane highway in Kerala, India.
Indonesia
A $240 million three-year term loan for Astra Sedaya Finance was signed last week as a club deal via a consortium of 10 mandated lead arrangers.
The amortising financing offers a spread of 170bp over Libor for offshore lenders and 185bp over the same rate for onshore lenders.
Onshore lenders Bank Mandiri (Singapore) and Bank Mizuho Indonesia contributed $30 million each, while Bank BNP Paribas Indonesia and Citibank (Jakarta) took $20 million apiece. HSBC (Jakarta) pledged $15 million and Bank Ekonomi Rahaja committed $10 million.
Offshore lenders Standard Chartered (Singapore) and Sumitomo Mitsui Banking Corp (Singapore) lent $30 million each, and Mizuho Corporate Bank (Singapore) and Natixis (Singapore) gave $20 million apiece. Oversea-Chinese Banking Corp ended up with $15 million.
Proceeds are for general corporate purposes.
Telekomunikasi Indonesia’s Rp4.0 trillion three-year term loan was signed on October 13 on a club basis.
The facility is priced at 125bp over the Jakarta Interbank Offered Rate (JIBOR).
Syndication saw Bank Rakyat Indonesia provide Rp3.0 trillion and Bank Negara Indonesia give Rp1.0 trillion.
Proceeds are for general corporate purposes.
Taiwan
Home Media Group, Cite Branch and Cite Publishing have secured a NT$2.0 billion financing via sole bookrunner DBS Bank.
The club-style transaction is split into a NT$1.5 billion five-year term loan and a NT$500 million six-year revolving credit. The margin is linked to the net debt-to-Ebitda ratio over the primary CP rate – if the ratio is lower than two times, the margin is 70bp; if the ratio is higher than or equal to two times, but below three times, the margin is 85bp; if the ratio is higher than or equal to three times, the margin is 110bp. The current margin is 110bp.
Final allocations saw the sole lead take NT$700 million, while mandated lead King’s Town Bank (Shaunghe) lent NT$600 million. United Overseas Bank (Taipei) contributed NT$500 million and Bank Sinopac rounded out the syndicate with NT$200 million.
Home Media Group is guaranteeing the facility. Proceeds are to refinance an existing NT$3.0 billion loan signed in 2006 and for working capital purposes.
A NT$3.6 billion five-year debt package for Shinkong Synthetic Fibers Corp has been sealed via mandated lead arrangers Bangkok Bank, Cathay United Bank, Land Bank of Taiwan, Mega International Commercial Bank and Taipei Fubon Commercial Bank. The deal size was increased from NT$3.0 billion.
The loan is split into a NT$2.0 billion term loan and a NT$1.6 billion revolver, which are priced at 59bp and 60bp over the secondary CP rate with a commitment fee of 15bp.
Syndication saw Mega International Commercial Bank and Cathay United Bank commit NT$681 million and NT$383 million respectively, while Bangkok Bank, Land Bank of Taiwan and Taipei Fubon Commercial Bank took NT$379 million apiece. Participants China Development Industrial Bank, First Commercial Bank, Hua Nan Commercial Bank and Shanghai Commercial & Savings Bank lent NT$228 million each and Ta Chong Bank pledged NT$185 million. Far Eastern International Bank and Taiwan Business Bank ended up with NT$151 million apiece.
Proceeds are for refinancing existing debt and working capital purposes.
Thailand
Gulf JP’s seven small power producers (SPPs) have successfully signed a $1.2 billion-equivalent multi-tranche credit facility via bookrunners and mandated leads Kasikornbank and Siam Commercial Bank.
One tranche is available in US dollars, while four tranches are available in Thai baht.
Syndication saw Export-Import Bank of Thailand, Thai Military Bank and Tisco Bank participate at lower levels.
Proceeds are to finance the construction of seven gas-fired combined cycle cogeneration power plants in Thailand.
