Loan week, October 23-29

Hong Kong

China Construction Bank has been mandated as a bookrunner to arrange a HK$1.5 billion project financing for Diamond String, a subsidiary jointly owned by Lai Sun Development and CCB Properties.

Secured by a charge over all assets of the borrower and guaranteed by Lai Sun Development, the deal will be repayable after 37 months from the loan agreement signing date, or six months after completion of the project, whichever is earlier.

Proceeds are to facilitate the re-development of a Connaught Road Central site, formerly home to The Ritz-Carlton Hong Kong, into a grade-A office tower.

Signing is expected to take place by the end of November.

India

A Rs30 billion 12-year debt package for Anrak Aluminium is being syndicated by mandated lead arrangers Axis Bank and State Bank of India.

The term loan comprises a Rs27.7 billion senior debt portion, featuring an option to replace the rupee facility with a $200 million ECB facility, and a Rs2.3 billion subordinated facility.

Proceeds are to fund a Rs46 billion project entailing the construction of a 1.5 million tonne per annum integrated alumina refinery and a 90MW captive power plant in Andhra Pradesh, India.

BILT Graphic Paper Products' Rs10 billion self-arranged term loan is under documentation via mandated lead arrangers Axis Bank and IDBI Bank.

The facility features a tenor of seven years and three months with a repayment schedule of 23 unequal quarterly instalments after a grace period of two years.

Final allocations saw Axis Bank commit Rs2.5 billion and IDBI Bank provide Rs7.5 billion.

Signing is slated to take place in early November. Proceeds are for the redemption of Rs10 billion of non-convertible debentures.

A $75 million five-year term loan for Gujarat NRE Minerals has been inked via bookrunners Axis Bank and State Bank of India.

State Bank of India committed $20 million, while Axis Bank offered $9 million. Participants Bank of Baroda, Bank of India and DBS Bank lent $10 million apiece. Union Bank of India held $8 million, while Syndicate Bank rounded off the group with a $3 million ticket.

The deal features a margin of 500bp over six-month Libor and has a commitment fee of 50bp on the undrawn portion of the loan.

Proceeds are to fund the expansion of existing mines No.1 Colliery & NRE Wongawilli Colliery.

IDBI Bank's $250 million one-year term loan was upsized from $100 million and was sealed via original mandated lead arrangers and bookrunners BNP Paribas and Standard Chartered Bank.

The bookrunners pledged $25 million each, while joint lead arranger CITIC Ka Wah Bank took $35 million. Deutsche Bank held $30 million and Export-Import Bank of the Republic of China, First Commercial Bank and National Bank of Kuwait each gave $15 million. Lead arrangers Bank of Taiwan, Land Bank of Taiwan, Mega International Commercial Bank, Taishin International Bank, Taiwan Business Bank, Taiwan Cooperative Bank and United Overseas Bank each committed $10 million. Arrangers Bank Sinopac, Chang Hwa Commercial Bank, Sunny Bank and Yuanta Commercial Bank joined in with $5 million tickets.

Proceeds are for general corporate purposes.

A Rs21.8 billion 14-year project financing for Jhabua Power is under syndication via sole mandated lead arranger and bookrunner Axis Bank.

Four banks, including Life Insurance Corp of India, State Bank of Patiala, Union Bank of India and United Bank of India, have committed to the deal as participants with several others reverting soon.

Secured by project assets, the term loan will be repaid through 40 quarterly instalments after a four-year grace period.

Together with Rs7.3 billion of equity, proceeds are to support a Rs29.1 billion project involving the construction of a 600MW coal-fired power plant in Madhya Pradesh, India.

Banks will have until mid-November to revert and signing is expected to take place before Christmas.

Vadinar Power's Rs17.6 billion facility has been launched into the market through sole mandated lead arranger Axis Bank.

The debt facility will be repaid in 40 equal quarterly instalments after a grace period of 18 months.

Signing is expected by the end of the year. Proceeds are to finance the Rs23.5 billion phase II construction of a 325MW co-generation plant with a capacity of 900tph of steam generation. Commissioning is scheduled to begin in 2.5 years.

Japan

A $14.5 million 10-year term loan for Peacock was inked last week via sole mandated lead arranger and bookrunner BNP Paribas. China Investment Corp joined in at a lower level.

Proceeds are to support the purchase of aircraft.

Malaysia

SapuraAcergy has successfully secured a $140 million multi-tranche debt package from mandated lead arrangers Affin Investment Bank, Malayan Banking and Oversea-Chinese Banking Corp.

The multi-currency fundraising is divided into two four-year reducing revolving facilities of $60 million and $20 million respectively, and a $60 million 3.5-year letter of credit.

Together with a $41 million guaranteed performance bond, proceeds are to finance the installation of pipelines for Gumusut-Kakap oilfields in Malaysia. Shell is the operator and contract awarder of the Gumusut-Kakap project.

Taiwan

A $120 million two-year revolving credit for Excel Hero International and Real Reach International was completed last week via bookrunners Cathy United Bank and Mega International Commercial Bank.

Mandated lead arrangers Cathy United Bank, Mega International Commercial Bank and Yuanta Commercial Bank committed $38 million, $28 million and $19 million respectively. Arrangers Jih Sun International Bank joined in with $15 million, while Bank of Taiwan and Shanghai Commercial Bank provided $10 million apiece.

The deal pays a spread of 170bp over three- or six-month Libor and has a commitment fee of 30bp.

Proceeds are to finance Ruentex Group's investments.

Another syndicated loan raised for Ruentex Group's investments saw a $500 million bullet facility borrowed by Kofu International.

Priced at 150bp over three-month Libor, the 1.5-year term loan was inked earlier this week via a consortium of seven mandated lead arrangers and bookrunners.

Final allocations saw the leads take $40 million apiece, except for Cathay United Bank and Mega International Commercial Bank, which contributed $80 million and $47 million respectively. Arrangers Shanghai Commercial & Savings Bank and Yuanta Commercial Bank joined the deal with $25 million each. Participants Far Eastern International Bank, Ta Chong Bank, Taichung Commercial Bank and Taiwan Shin Kong Bank gave $17 million apiece. Chang Hwa Commercial Bank, First Commercial Bank and Jih Sun International Bank joined in with $15 million each, while Bank of Panhsin rounded off the group with a $10 million ticket.

Mickey Regent's $41 million dual-tranche debt package has been signed via a group of five lenders.

Guaranteed by Yieh Phui Enterprise, the fundraising is divided into a $10 million revolving credit that pays a spread of 125bp over Libor and a $31 million stand-by facility with an annual fee of 125bp.

Mandated lead arrangers and bookrunners Taishin International Bank committed $12 million, while Land Bank of Taiwan and Taiwan Cooperative Bank contributed $10 million apiece. Hua Nan Commercial Bank lent $8 million and participant Bank of East Asia rounded off the group with a hold of $1 million.

Proceeds are for working capital purposes.

A NT$1 billion secured facility for Microelectronics Technology was signed on October 27 via sole coordinating arranger and bookrunner Mega International Commercial Bank.

The deal comprises a $500 million five-year term loan which features a margin of $80bp over the primary CP rate, and a $500 million three-year revolver which is priced at 75bp over same benchmark or 80bp over Sibor, whichever is applicable. The commitment fee for both tranches is 25bp.

The lead pledged NT$350 million while manager Taishin International Bank committed NT$200 million. DBS Bank, E-Sun Commercial Bank and Taipei Fubon Commercial Bank each took NT$150 million.

Proceeds are for working capital purposes.

A NT$350 million debt package for Long Billion Industrial and Uniplus Electronics was signed on October 28 via mandated lead arrangers and bookrunners China Development Bank, DBS Bank and Taishin International Bank.

The transaction is split into a NT$350 million term loan which pays a margin of 200bp over the secondary CP rate, and a $3 million portion which is priced at 225bp over Libor. The total outstanding amount of the two tranches cannot exceed NT$350 million.

The bookrunners provided NT$100 million apiece, while participant Ta Chong Bank committed NT$50 million.

Proceeds are to refinance an existing NT$1 billion facility signed in June 2006.