Loan week, February 12-18

Hong Kong

A HK$2.6 billion financing for Esprit Corp Services has been signed via a consortium of 13 coordinating arrangers.

The five-year term loan features a spread of 65bp over one-, two-, three- or six-month Hibor and will be repaid through five equal annual instalments.

ANZ, Bank of America Merrill Lynch, Bank of Tokyo-Mitsubishi UFJ, BNP Paribas (Hong Kong), Chinatrust Commercial Bank, Citi, Deutsche Bank (Hong Kong), HSBC, Mizuho Corporate Bank (Hong Kong), Oversea-Chinese Banking Corp (Hong Kong), Standard Chartered Bank (Hong Kong), Sumitomo Mitsui Banking Corp and UBS pledged HK$200 million each.

Proceeds are to support Esprit's HK$3.9 billion acquisition of Glory Raise from China Resources Enterprise.

Nine Dragons Worldwide Investment's $500 million three-year term loan was sealed in early February via Bank of China and China Development Bank. The deal is guaranteed by the parent, Nine Dragon Paper (Holdings).

Proceeds are to repay a $350 million facility signed in September 2006 and a HK$2.3 billion term loan signed in June 2007, as well as to finance working capital requirements.

India

Bank of Baroda (London Branch)'s $175 million three-year fundraising has been upsized from $125 million and was signed on February 12 via bookrunners and mandated lead arrangers Credit Agricole, HSBC and Standard Chartered.

The bullet loan is priced at 125bp over Libor.

Joining in as participants were Banca Monte dei Paschi di Siena (MPS), Bank Sinopac, Deutsche Bank (Singapore), E.Sun Commercial Bank, Export-Import Bank of the Republic of China, First Commercial Bank, Hua Nan Commercial Bank, Mega International Commercial Bank, Oberbank, Raiffeisenlandesbank Niederoesterreich-Wien (RLB NÖ-Wien), Sunny Bank, Taiwan Business Bank and United Overseas Bank.

Proceeds are for working capital purposes.

Taiwan

Chien Huey Industrial Corp's NT$1 billion debt package has been completed via sole mandated lead arranger and bookrunner Land Bank of Taiwan.

The deal is split into a NT$700 million term loan and a NT$300 million letter of credit. 

The margin is 214bp 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.

Final allocations saw Land Bank of Taiwan and Taichung Commercial Bank take NT$300 million each, while participants Bank of Panshin, DBS Bank, Shanghai Commercial & Savings Bank and Sunny Bank contributed NT$100 million apiece.

Proceeds are to refinance existing credit facilities.

A NT$750 million revolver for Chain Yarn has been inked via sole mandated lead arranger and bookrunner Taiwan Business Bank.  The deal was oversubscribed and upsized from NT$700 million.

Syndication saw Agricultural Bank of Taiwan, Bangkok Bank, Bank of Kaohsiung, Entie Commercial Bank, Ta Chong Bank and Taiwan Cooperative Bank join in at lower tiers.

Proceeds are for refinancing existing debt and working capital purposes.

A $47 million financing for Goldex Holding has been inked via bookrunners and mandated leads E.Sun Commercial Bank, Taishin International Bank and Taipei Fubon Commercial Bank.

With the parent, Gold Circuit Electronics, acting as the guarantor, the four-year term loan offers a margin of 80bp to 100bp over Libor.

Final allocations saw the leads give $8 million each, while senior managers Bank Sinopac and Chang Hwa Commercial Bank lent $6 million apiece. Participants Hua Nan Commercial Bank and Land Bank of Taiwan pledged $4 million each, while Shanghai Commercial & Savings Bank committed $3 million.

Proceeds are for refinancing and working capital purposes.

Orient Semiconductor Electronics' NT$1.7 billion transaction has been sealed as a club deal via a consortium of seven mandated lead arrangers.

The term loan comprises a NT$1.4 billion 10-year tranche and a NT$300 million three-year portion which are priced at 200bp over the 90-day primary CP rate. The minimum interest rate for the primary CP rate is 1.5%.

Final allocations saw security agent Mega International Commercial Bank take NT$478 million and facility agent First Commercial Bank give NT$396 million. Hua Nan Commercial Bank pledged NT$224 million and Bank of Taiwan and Land Bank of Taiwan lent NT$164 million apiece. Taiwan Business Bank committed NT$141 million, while Taiwan Cooperative Bank ended up with NT$133 million.

Proceeds are to refinance existing debt facilities and for capital expenditure purposes.