Bangladesh
Kazi Grand Parents' $26 million five-year term loan has been signed via sole mandated lead arranger and bookrunner HSBC (Bangladesh).
Bank Asia, BRAC Bank, Commercial Bank of Ceylon, Dhaka Bank, Dutch Bangla Bank, Eastern Bank, ICB Islamic Bank, International Finance Investment & Commerce Bank, Mercantile Bank, Mutual Trust Bank, National Bank, One Bank, Prime Bank, Pubali Bank, Shahjalal Islami Bank, Southeast Bank, The City Bank, Trust Bank and United Commercial Bank joined as lenders.
Proceeds are for general corporate purposes.
China
Pacific Century Premium Developments' three-year dual currency facility via special purpose vehicles Beijing Jing Wei House & Land Estate Development and Pride Pacific was completed last week.
The debt package was divided into a HK$2.8 billion revolving credit and a Rmb10 million term loan solely provided by Standard Chartered Bank. The tranches are priced at 180bp over Libor and at 100% of the PBOC rate respectively.
Final allocations of the HK$2.8 billion club deal saw DBS contribute HK$800 million, while Standard Chartered Bank gave HK$700 million. Bank of East Asia lent HK$500 million, Bank of Tokyo-Mitsubishi UFJ and Industrial & Commercial Bank of China each provided HK$300 million, and Wing Lung Bank rounded out the group with a HK$200 million ticket.
Proceeds are to fund construction, maintenance and renovation of properties and for general corporate purposes.
Liaoning Zhongwang's Rmb2.0 billion deal was signed on September 25 through sole mandated lead arranger and bookrunner Calyon.
The loan pays a spread of 95% of the PBOC rate.
Final allocations saw the lead provide Rmb200 million, while participant China Postal Savings Bank committed Rmb500 million. Liaoyang City Commercial Bank gave Rmb400 million and China Construction Bank Corp, Oversea-Chinese Banking Corp and Ping An Bank contributed Rmb200 million apiece. Arrangers ANZ and Bank of China each provided Rmb100 million, while Bank of East Asia rounded off the syndicate with Rmb50 million.
Proceeds are to finance the payment of supply contracts.
India
Adani Power Maharashtra's Rs21.5 billion dual-tranche loan has been inked via sole mandated lead arranger and bookrunner State Bank of India.
The debt package is split into a Rs20.2 billion 13-year term loan priced at 20% of the base rate and a Rs1.35 billion 13.25-year mezzanine debt.
Final allocations saw the bookrunner and participant Power Finance Corp contribute Rs6 billion each, while UCO Bank gave Rs3.1 billion. Rural Electrification Corp took Rs3 billion and IDBI and State Bank of Travancore came in with Rs2.7 billion and Rs750 million respectively.
Proceeds are to fund phase two of a 660MW coal-fired thermal power project in Gondia, Maharashtra.
Arshiya International's Rs3.6 billion transaction was completed last week via sole bookrunner Axis Bank. The loan is guaranteed by Ajay Mittal and Archana Mittal. The margin is 33.33%.
Final allocations saw the lead lend Rs700 million, while participant Dena Bank contributed Rs650 million. UCO Bank and Union Bank of India gave Rs400 million apiece and Andhra Bank lent Rs350 million. Karur Vysya Bank pledged Rs300 million, State Bank of India provided Rs280 million, Bank of India came in with Rs250 million and State Bank of Mysore contributed Rs220 million.
Proceeds are for project financing purposes.
Dalmia Cement Ventures' Rs31.4 billion multi-tranche loan has been inked via sole mandated lead arranger IDBI Bank.
The 14.5-year debt package comprises a Rs24 billion term loan, a Rs4.9 billion mezzanine debt and a Rs2.5 billion short term loan.
Final allocations saw the bookrunner and participant Punjab National Bank lend Rs4 billion apiece. Corporation Bank gave Rs3 billion, while Indian Bank and United Bank of India held Rs2 billion each. Oriental Bank of Commerce provided Rs1.8 billion and Andhra Bank, Axis Bank, Canara Bank and Union Bank of India took Rs1.5 billion apiece. UCO Bank joined in with Rs1.2 billion, while Bank of Baroda, Bank of India, Indian Overseas Bank and State Bank of Travancore ended up with Rs720 million each. State Bank of Mysore contributed Rs600 million, and Central Bank of India, Punjab & Sind Bank, State Bank of Bikaner & Jaipur, State Bank of Hyderabad and State Bank of Patiala committed Rs500 million apiece. Dena Bank and Karur Vysya Bank gave Rs350 million each, and Federal Bank, Tamilnad Mercantile Bank and Vijaya Bank rounded off the syndicate with Rs250 million apiece.
Proceeds are to finance the implementation of cement plants in Karnataka and Rajasthan with an aggregate capacity of 10 million tonnes per annum.
Following an overwhelming response from the market, a $450 million five-year syndicated facility for Indian Railways Finance Corp was upsized from the initial $400 million sought. It was completed on September 24 on a club basis via a consortium of seven banks.
Mandated lead arrangers Bank of Tokyo-Mitsubishi UFJ and Sumitomo Mitsui Banking Corp pledged $125 million and $75 million respectively, while ANZ, Deutsche Bank, Mizuho Corporate Bank, Standard Chartered Bank and State Bank of India offered $50 million apiece.
Proceeds are to support the purchase of rolling stock to be leased to Indian Railways (Ministry of Railways).
A Rs6.5 billion 10-year project financing for Jubilant Offshore has been completed via sole bookrunner State Bank of India.
The margin is 25bp over the State Bank Advance Rate, or effectively 12%.
Final allocations saw the mandated lead arranger lend Rs1.9 billion, while participants Bank of India and Punjab National Bank committed Rs1.2 billion and Rs1 billion respectively. Allahabad Bank and United Bank of India contributed Rs700 million apiece, while Bank of Baroda and State Bank of Bikaner & Jaipur joined in with Rs500 million each.
Proceeds are to finance a gas field project located in Krishna-Godavari Basin off the coast of Andhra Pradesh, India.
Japan
A ¥7 billion three-year facility for ACOM was sealed on September 28 through sole mandated lead arranger Calyon. Bank of Communications and Bank of Taiwan participated in lower tiers.
Proceeds are for working capital purposes.
Softbank Corp's ¥39 billion one-year revolving credit has been signed through bookrunners Citibank and Mizuho Corporate Bank, and mandated lead arranger Calyon.
Syndication saw Barclays and Standard Chartered Bank come in as lenders.
Proceeds are for working capital purposes.
Philippines
Digitel Mobile Philippines' $41 million export credit has been completed on a club basis by mandated lead arrangers Credit Suisse and HSBC.
The deal is guaranteed by China Export & Credit Insurance Corp and proceeds are to support phase seven of the NCR and South Luzon Base Station Expansion Project
San Miguel Corp's $600 million three-year loan was signed last week via mandated lead arrangers ANZ, Bank of Tokyo-Mitsubishi UFJ, Calyon, Chinatrust Commercial Bank, Citi, DBS, HSBC, ING, Maybank, Mizuho Corporate Bank, Standard Chartered and Sumitomo Mitsui Banking Corp on a club basis.
The deal is priced at 350bp over Libor and proceeds are for general corporate purposes.
Singapore
A S$246 million five-year term loan for Prime Point Realty Development was signed as a club deal on September 25 through mandated lead arrangers Maybank and Oversea-Chinese Banking Corp.
Proceeds are to refinance existing debt.
Syndication of YTL PowerSeraya's S$2.3 billion acquisition facility was successfully closed last week through sole underwriter DBS. Bank of Tokyo-Mitsubishi UFJ, Calyon, Malayan Banking - Maybank, NAB, Natixis, Oversea-Chinese Banking Corp and Sumitomo Mitsui Banking Corp joined in as mandated lead arrangers. Out of the S$2.3 billion, S$350 million was pre-paid early this month. Hence only S$1.9 billion has been syndicated.
The three-year term loan is priced at 250bp over the Singapore dollar swap rate.
Final allocations saw the lead provide S$1.4 billion, while mandated lead arrangers Malayan Banking - Maybank and Oversea-Chinese Banking Corp lent S$185 million and S$160 million respectively. Calyon committed S$125 million and Bank of Tokyo-Mitsubishi UFJ and Sumitomo Mitsui Banking Corp gave S$105 million each. Natixis contributed S$70 million and NAB rounded off the syndicate with S$60 million.
Proceeds are to support the S$3.8 billion acquisition of PowerSeraya by YTL Power International.
Taiwan
Syndication of a NT$16 billion project financing for Farglory Dome, an SPV created for the long-awaited Taipei Dome project, has yet to be launched due to political pressure from the Control Yuan of Taiwan.
Coordinated by Mega International Commercial Bank, the 15-year debt package is expected to comprise a NT$15.7 billion term loan and a NT$3 billion guarantee facility.
Proceeds are to support the construction of the Taipei Dome complex, a 50-year BOT project that will consist of a 40,000-seat stadium, hotels, a shopping mall, an office building and a recreational area. The project was first launched in December 2006 and re-launched in 2008 with an increased deal size of NT$18.3 billion but was put on hold in August 2008.
Kenmos Technology's subsidiary, Kenmos-NB (Samoa), has recently secured a $15 million three-year facility via coordinating arrangers EnTie Commercial Bank, Hua Nan Commercial Bank and Shanghai Commercial & Savings Bank.
The three-year transaction offers a spread of 175bp over three-month or six-month Libor.
Final allocations saw the leads contribute $2.8 million each, while Bank of Kaohsiung pledged $2.8 million to join as a co-arranger. DBS committed $1.6 million and Bank of Panhsin and Hwatai Bank ended up with $1.1 million apiece.
Proceeds are for refinancing and working capital purposes.
An up to $42 million revolving credit for Pan Jit Asia International Inc and Aide Solar Energy (HK) Holdings was inked on September 29 via bookrunners and mandated lead arrangers China Development Industrial Bank, Land Bank of Taiwan, Mega International Commercial Bank, Ta Chong Bank, Taishin International Bank, Taiwan Business Bank and Taiwan Cooperative Commercial Bank.
With the parent, Pan Jit International Inc, acting as the guarantor, the three-year revolving credit consists of an up to $42 million tranche borrowed through Pan Jit Asia International Inc and an up to $30 million portion borrowed via Aide Solar Energy (HK) Holdings. Both tranches are priced at 115bp over three-month or six-month Libor. The combined size of two tranches cannot exceed $42m.
The bookrunners took $4.9 million each, except for Land Bank of Taiwan which committed $6 million. Participant Hua Nan Commercial Bank joined in with $2.7 million and Shanghai Commercial & Savings Bank and Chang Hwa Commercial Bank contributed $2.1 million apiece.
Proceeds are for working capital purposes.
Solar Applied Materials Technology Corp's NT$3 billion-equivalent financing was signed on September 29 via a consortium of 12 mandated lead arrangers coordinated by Chang Hwa Commercial Bank. The loan was 190% subscribed for a total demand of NT$5.7 billion.
Featuring a two-year extension option and a commitment fee of 10bp, the three-year debt package consists of two NT$1 billion term loans and a $30 million revolving credit. One of the term loans is priced at 86bp over the one-year New Taiwan dollar interest rate swap rate, while the pricing of another term loan tranche is tied to the interest coverage ratio and debt-to-tangible net-worth ratio over the secondary CP rate with spreads ranging from 73bp to 93bp. The revolver offers a spread of 87bp to 107bp over Libor with regard to changes in the interest coverage ratio and debt-to-tangible net worth ratio.
Final allocations saw the coordinating arrangers -- Bank of Taiwan, Cathay United Bank, Chang Hwa Commercial Bank, Chinatrust Commercial Bank, E.Sun Commercial Bank, First Commercial Bank, Hua Nan Commercial Bank, Land Bank of Taiwan, Mega International Commercial Bank, Taipei Fubon Commercial Bank, Taishin International Bank and Taiwan Cooperative Commercial Bank -- contribute NT$160 million and $2.4 million each. Bank Sinopac pledged NT$80 million and $1.2 million to join as a participant.
Proceeds are for refinancing, capital expenditure and working capital purposes.
Tatung InfoComm's NT$2 billion five-year transaction has been sealed via sole bookrunner Land Bank of Taiwan.
Guaranteed by the parent, Tatung Co Ltd, and Tatung Co's chairman, the debt package is split into a NT$1.5 billion term loan tranche that offers a spread of 100bp over the 90-day primary CP rate, and a NT$500 million revolver, which is priced at 120bp over the 90-day, 120-day or 180-day primary CP rate. There is an interest-rate floor on both tranches to ensure a minimum pre-tax rate of 2.5% throughout the deal's tenor.
Final allocations saw the bookrunner take NT$600 million, while participants Agricultural Bank of Taiwan lent NT$500 million. Taiwan Business Bank gave NT$300 million and First Commercial Bank, Taiwan Cooperative Commercial Bank and Sunny Bank ended up with NT$200 million each.
Proceeds are for capital expenditure and working capital purposes.
EnTie Commercial Bank has been mandated by Vee Telecom Multimedia to arrange a NT$2.1 billion facility.
Proceeds are for refinancing, capital expenditure and working capital purposes.
