Australia
APT Pipelines' A$1.0 billion forward start facility was well received and increased from the original A$800 million sought by the borrower. The deal was completed on September 8 via mandated lead arrangers and bookrunners ANZ, Bank of China, Bank of Tokyo-Mitsubishi UFJ, BNP Paribas, Commonwealth Bank of Australia, Royal Bank of Scotland and Westpac.
The transaction is divided into two A$515 million financings of two and four years respectively. Additionally, each of the two facilities are further split into a A$298 million term loan and another A$217 million portion.
The leads each committed A$100 million, except for Bank of China which lent A$120 million. Arrangers Bank of Nova Scotia and Sumitomo Mitsui Banking Corp each took A$75 million. Lead managers DnB NOR Bank provided A$60 million, while Citi and Mizuho Corporate Bank committed A$50 million apiece.
The deal is guaranteed by the parent company, APA Group. Proceeds are to refinance existing indebtedness maturing in or before 2011.
China
A Rmb600 million 10-year term loan for Beijing Gao-an-tun Waste to Energy has been signed via a consortium of two Chinese banks and one international lender on a club basis.
Guaranteed by China Export & Credit Insurance Corp (Sinosure), mandated lead arranger Standard Chartered Bank contributed Rmb300 million, while China Merchants Bank and China Bohao Bank provided Rmb200 million and Rmb100 million respectively.
Together with Rmb290 million of equity, the proceeds will be used to take out a Rmb150 million nine-month bridge facility signed in January 2009 and to support the construction of a waste-to-energy plant in the Chaoyang District of Beijing.
Trina Solar secured an approximately $305 million dual-currency facility earlier this week from mandated lead arrangers Agricultural Bank of China and Bank of China, with three other domestic banks joining at lower levels.
The financing, which is denominated in US dollars and renminbi, will be used to support the East Campus capacity expansion project, for other capital expenditure purposes and to repay the borrower's existing debts coming due on June 30, 2011.
Hong Kong
Sole mandated lead arranger and bookrunner BNP Paribas won a mandate earlier this week to arrange a HK$500 million three-year term loan for Xinyu Hengdeli Holdings.
The fundraising features a margin of 215bp over Hibor and banks are welcome to participate in one of two levels. Mandated lead arrangers coming in with HK$80 million or above get 70bp, while lead managers joining with HK$50 million to HK$79 million take 50bp.
Proceeds are for general corporate purposes and potential lenders will have until October 2 to revert.
India
Axis Bank and State Bank of India have launched a Rs30.0 billion loan for Anrak Aluminum into syndication this week.
The 12-year deal is split into a Rs27.7 billion senior debt and a Rs2.3 billion junior portion.
Proceeds are to support the construction of a 1.5 million-tonne-capacity refinery and a 90MW captive power plant in Makavaripalem.
Bookrunners BNP Paribas and Standard Chartered Bank launched a $100 million one-year term loan for IDBI Bank into syndication on September 7.
Banks are welcome to join at three levels. Lenders contributing $15 million get the title of mandated lead arranger, banks providing $10 million to $14 million become lead arrangers, and a hold between $5 million and $9 million will earn the the bank the title of arranger.
The margin is 85bp over Libor and proceeds are for general corporate purposes.
Roadshows will take place in Taiwan on September 17 and in Singapore the following day.
Indian Railway Finance Corp has appointed ANZ, Bank of Tokyo-Mitsubishi UFJ, Deutsche Bank, Mizuho Corporate Bank, Standard Chartered Bank and Sumitomo Mitsui Banking Corp as mandated lead arrangers and bookrunners for a $400 million five-year term loan.
The transaction has been underwritten by the lenders and general syndication is unlikely to take place.
Proceeds are for general corporate purposes and closing is expected in a fortnight.
Jaypee Infratech's Rs30 billion debt is still in the market via joint bookrunners and mandated lead arrangers Axis Bank and State Bank of India.
The 12-year term loan was launched into the market in July and is expected to close in mid-October. Proceeds are to support a Rs60 billion Taj expressway project that connects Agra with Noida.
Jhabua Power's Rs21.8 billion 14-year financing is still ongoing in syndication via sole mandated lead arranger and bookrunner Axis Bank.
The term loan pays a spread based on each lender's Prime Lending Rate of around 11% to 12.5%. Upfront fees are in the range of 10bp to 25bp.
Proceeds are to finance the construction of a 600MW plant in Madhya Pradesh, India.
A Rs2.5 billion 6.5-year loan for Tinplate Co of India has been sealed via sole mandated lead arranger and bookrunner State Bank of India.
Final allocations saw participants Allahabad Bank and State Bank of Hyderabad provided Rs1 billion apiece, while State Bank of Patiala gave Rs500 million. The lead did not participate in the lending.
Proceeds are to support the expansion of the company.
Panama
A $100 million two-year term loan for Banco Latinoamericano De Comercio Exterior has been signed via bookrunners China Development Bank and Mizuho Corporate Bank. Banco Balbao Vizcaya Argentaria and Shenzhen Development Bank have joined in as equal status lead arrangers.
Proceeds are for general corporate purposes.
Singapore
Toll (Asia)'s S$150 million dual-tranche facility was inked on September 7 via bookrunners DBS, Oversea-Chinese Banking Corp and United Overseas Bank. The leads were joined by mandated lead arranger Chinatrust Commercial Bank and arranger Mega International Commercial Bank.
The two-year debt package is split into a S$100 million term loan and a S$50 million revolving credit.
Proceeds are for general corporate purposes.
Taiwan
Chi Mei Optoelectronics Corp's NT$40.0 billion jumbo financing was sealed on September 9 via 10 coordinating arrangers with Bank of Taiwan, First Commercial Bank and Land Bank of Taiwan acting as managing banks. The facility was well received in the market and upsized from NT$30.0 billion. The deal marks the largest domestic syndicated loan facility in Taiwan so far this year.
Secured by a factory, equipment and machinery, the five-year term loan is priced at 75bp over the primary CP rate with a minimum interest rate of 2.33%.
Final allocations saw facility agent Bank of Taiwan give NT$3.9 billion, while security agent Land Bank of Taiwan pledged NT$3.6 billion. Documentation agent First Commercial bank and bookrunners Chang Hwa Commercial Bank contributed NT$3.5 billion each, while Bank Sinopac, Cathay United Bank, Chinatrust Commercial Bank, E.Sun Commercial Bank, Mega International Commercial Bank and Taiwan Cooperative Bank joined in with NT$3 billion apiece.
Participants Hua Nan Commercial Bank, Taipei Fubon Commercial Bank and Taishin International Bank committed NT$1.5 billion each, while Taiwan Business Bank and Shin Kong Life Insurance took NT$1 billion apiece. Taiwan Shin Kong Commercial Bank and Yuanta Commercial Bank rounded off the syndicate with NT$500 million each.
Proceeds are to refinance existing debt facilities.
Cooper Kenda Tie (Kun Shan), a joint venture between American Cooper Tire & Rubber and Taiwan's Kenda Rubber Industrial, has secured a $20 million financing via bookrunners and mandated lead arrangers Cathay United Bank, Ta Chong Bank, Taichung Commercial Bank and Yuanta Commercial Bank.
With Cooper Tire & Rubber and Kenda Rubber Industrial acting as guarantors, the $20 million revolving credit is priced at 145bp over the three-month TAIFX rate. There is a one-year extension option available for the facility.
Final allocations saw the leads contribute $4.4 million each, while Chang Hwa Commercial Bank pledged $2.4 million to join as a participant.
Proceeds are for refinancing and working capital purposes.
Formosa Auto Leasing Corp's NT$1 billion fundraising was signed on September 9 via coordinating arrangers Agricultural Bank of Taiwan, First Commercial Bank, Hua Nan Commercial Bank, Industrial Bank of Taiwan and Land Bank of Taiwan.
The three-year revolver offers a spread of 125bp over the 90-day primary CP rate with a pre-tax interest rate floor of 2.4%.
Final allocations saw the five bookrunners contribute NT$180 million apiece, with Bank of Panhsin coming in as a participant with a hold of NT$100 million.
Proceeds are for refinancing and working capital purposes.
Globe Union's NT$1.8 billion transaction was also completed on September 9 via nine coordinating arrangers led by Ta Chong Bank. The facility was oversubscribed and upsized from NT$1.5 billion.
The five-year debt package comprises a NT$1 billion term loan and an NT$800 million revolver -priced at 90bp over the secondary CP rate. The interest rate floor is 2%, effective for the first year after the initial drawdown date.
Allocations saw the lead, Ta Chong Bank, commit NT$234 million, while Chang Hwa Commercial Bank and Chinatrust Commercial Bank gave NT$233 million each. Industrial Bank of Taiwan lent NT$200 million and E.Sun Commercial Bank, Shanghai Commercial & Savings Bank, Taishin International Bank, Taiwan Shin Kong Commercial Bank and Yuanta Commercial Bank provided NT$150 million apiece. Participant Hua Nan Commercial Bank ended up with NT$150 million.
Proceeds are for refinancing and working capital purposes.
Ho Bang Corp's NT$416 million credit facility was sealed on September 9 via sole bookrunner Taiwan Business Bank, with First Commercial Bank and Bank of Kaohsiung joining at lower tiers.
Proceeds are for the purchase of a storage warehouse and working capital purposes.
A NT$2.0 billion transaction for Mandarina Crown Hotel was sealed on September 4 via sole bookrunner and mandated lead arranger Taiwan Cooperative Bank.
Guaranteed by the chairman, the four-year term loan is priced at 196bp over Taiwan Cooperative Bank's one-year floating time deposit rate.
Final allocations saw sole bookrunner Taiwan Cooperative Bank commit NT$480 million, while participants Bank Sinopac, DBS and Taiwan Shin Kong Commercial Bank lent NT$300 million each. Shanghai Commercial & Savings Bank and Sunny Bank gave NT$200 million apiece, Yuanta Commercial Bank contributed NT$120 million and Bank of Panhsin joined in with NT$100 million.
Proceeds are for investment purposes.
Primax Electronics' NT$3.5 billion fundraising was signed on September 4 via bookrunners DBS, Industrial Bank of Taiwan and Taishin International Bank.
Guaranteed by Primax Industries (Cayman Holding), Primax Industries (Hong Kong) and Primax Technology (Cayman Holding), the debt package is split into a NT$2.0 billion five-year term loan and a NT$1.5 billion revolving credit.
On the term loan tranche, pricing is tied to the borrower's profit margin over the 90-day primary CP rate as follows: if the profit margin is lower than or equal to 3%, the spread is 120bp before and 110bp after a planned IPO; if the profit margin is higher than 3%, but less than or equal to 4%, the spread steps down to 115bp before and 110bp after the IPO; if the profit margin is higher than 4%, but less than or equal to 5%, the spread steps down to 110bp before and 90bp after the IPO; if the profit margin is higher than 5%, the spread lowers to 105bp before and 80bp after the IPO.
Pricing for the revolving credit portion is the same as for the term loan tranche if it is drawn in New Taiwan dollars, but the borrowing base changes to Libor if it is drawn in US dollars. The minimum interest rate is set at 2.25% per annum before the IPO and 2% after the IPO.
The bookrunners have received commitments from managers Bank Sinopac, Bank of Kaohsiung, Cathay United Bank, Chang Hwa Commercial Bank, Shanghai Commercial & Savings Bank, Taiwan Cooperative Bank and Yuanta Commercial Bank.
Proceeds are for refinancing and working capital purposes.
Thailand
A $120 million facility for Cal-comp electronics (Thailand) and its SPV Logistar International Holding received an overwhelming response from the market and was inked on September 9 via 11 Taiwanese banks, with Mega International Commercial Bank acting as the facility agent. The facility was oversubscribed and upsized from $100 million.
The three-year transaction features a two-year extension option and is split equally into a term loan and a revolving credit. Both are priced at 115bp over Libor and offer a commitment fee of 15bp.
The leads - Mega International Commercial Bank and Chinatrust Commercial Bank - committed $10 million apiece, while Bank Sinopac, Cathay United Bank, E.Sun Commercial Bank, First Commercial Bank, Hua Nan Commercial Bank, Industrial Bank of Taiwan, Shanghai Commercial & Savings Bank, Taishin International Bank and Yuanta Commercial Bank joined at the top with $9 million each.
Lead Manager Taiwan Cooperative Bank lent $7 million and manager Land Bank of Taiwan took $5 million. Ta Chong Bank contributed $3 million, while participants Chang Hwa Commercial Bank and Taiwan Shin Kong Commercial Bank came in with $2 million apiece.
Proceeds are for refinancing and working capital purposes.
Leasing Sinn Asia's Bt2.5 billion four-year term loan has been completed via sole bookrunner Kasikornbank.
The lead provided Bt1.3 billion, while participants Bank of Ayudhya and Government Savings Bank contributed Bt900 million and Bt300 million respectively.
Proceeds are to support the company's expansion and for general corporate purposes.
