Loan week, April 9-15

Australia

A $2.3 billion equivalent dual-currency multi-tranche revolving facility for Origin Energy was completed last week via mandated lead arrangers and bookrunners ANZ, Bank of China, Bank of Tokyo-Mitsubishi UFJ, Commonwealth Bank of Australia, National Australia Bank and J.P. Morgan.

Full bank syndication saw Bank of America Merrill Lynch, Bank of East Asia, Bank of Nova Scotia, Bank of Taiwan, Bank Sinopac, BBVA, BNP Paribas, Cathay United Bank, Chang Hwa Commercial Bank, China Development Industrial Bank, Chinatrust Commercial Bank, Citi, DBS Bank, Deutsche Bank, DnB NOR Bank, Erste Bank, Hua Nan Commercial Bank, Industrial Bank of Taiwan, Industrial & Commercial Bank of China, Intesa Sanpaolo, Korea Exchange Bank, Lloyds TSB Bank, Mega International Commercial Bank, Mitsubishi UFJ Lease & Finance, Morgan Stanley, Natixis, NordLB, Norinchukin Bank, Oversea-Chinese Banking Corp, Royal Bank of Scotland, Shanghai Commercial & Savings Bank, Shin Kong Commercial Bank, Sumitomo Mitsui Banking Corp, Societe Generale, Tai Fung Bank, Taipei Fubon Commercial Bank, Taishin International Bank, Taiwan Business Bank, Taiwan Cooperative Commercial Bank, UBS and United Overseas Bank join in at lower levels.

The debt package comprises A$400 million and A$225 million three year portions, and A$1.3 billion, A$375 million and $200 million five year tranches.

Proceeds are to support liquefied natural gas (LNG) projects, to repay outstanding indebtedness and for general corporate purposes.

China

ECM Property Holding (Tianjin)'s Rmb800 million dual-tranche financing was inked on a club basis last week via mandated lead arrangers DBS Bank (China) and HSBC Bank (China).

The five-year term loan comprises a Rmb761 million tranche and a Rmb39 million portion.

Facility agent DBS Bank (China) took Rmb450 million, while HSBC Bank (China) committed Rmb350 million.

Proceeds are to refinance existing debt, including a facility signed in January 2009 and a back-to-back loan signed in November 2009, as well as to finance other operating expenses.

Hong Kong

Techtronic Industries' $300 million dual-tranche fundraising has been signed via sole bookrunner Bank of China with Bank of Tokyo-Mitsubishi UFJ and Mizuho Corporate Bank joining in as equal status coordinating arrangers. Chang Hwa Commercial Bank and Tai Fung Bank participated as arrangers.

The financing is split into a $255 million four-year portion and a $45 million three-year tranche, which are priced at 170bp and 160bp over Libor respectively.

Proceeds are for working capital and refinancing purposes.

India

The facility agreement of the $7.5 billion mega financing for Bharti Airtel International (Netherlands) and Bharti International (Singapore) has been completed via mandated lead arrangers ANZ, Bank of America Merrill Lynch, Bank of Tokyo-Mitsubishi UFJ, Barclays Capital, BNP Paribas, Credit Agricole, DBS Bank, HSBC, Standard Chartered Bank, State Bank of India and Sumitomo Mitsui Banking Corp.

The deal is guaranteed by Bharti Airtel and syndication has yet to be launched.

Proceeds are to finance the $10.7 billion acquisition of the African assets of Kuwait-based Zain Telecom.

Mahindra Vehicle Manufacturers' Rs10 billion seven-year term loan was sealed in early April via sole bookrunner Royal Bank of Scotland.

Syndication saw Canara Bank join in as a mandated lead arranger, while Bank of India, Central Bank of India, Dena Bank, Jammu & Kashmir Bank, Syndicate Bank and Vijaya Bank came in as participants.

Proceeds are to finance the construction of an automobile plant in India.

Syndication of a Rs9 billion 15-year project financing for IRB Jaipur Deoli Tollway has been closed via sole mandated lead arranger Infrastructure Development Finance Company (IDFC).

Final allocations saw lead arranger IDFC take Rs5.5 billion, while participants Canara Bank took Rs1.4 billion. Bank of Baroda came in with Rs1.3 billion, and Union Bank of India joined in with Rs800 million.

Proceeds are to finance a highway project in the State of Rajasthan, India.

IRB Pathankot Amritsar Toll Road has successfully secured a Rs9.2 billion 16-year term loan via sole lead Infrastructure Development Finance Company (IDFC).

Final allocations saw IDFC commit Rs5.5 billion, while participants Canara Bank held Rs1.4 billion. Bank of Baroda pledged Rs1.3 billion and Union Bank of India lent Rs1 billion.

Proceeds are to support the construction of a highway project in the State of Punjab, India.

Indonesia

Harum Energy's $200 million three-year revolving credit has been signed via mandated lead arrangers Bank of Tokyo Mitsubishi UFJ, BNP Paribas, DBS Bank, Natixis, ANZ Panin Bank and Bank DBS Indonesia.

Proceeds are for debt repayment purposes.

Malaysia

A M$2.5 billion two-year bullet term loan for Maxis was concluded last week via sole mandated lead arranger CIMB Bank.

The lead committed M$1.5 billion and participant RHB Bank pledged M$1 billion.

Proceeds are to support the borrower's acquisition activities.

Singapore

MGP Raffle's S$635 million three-year term loan was signed on April 12 via sole bookrunner Oversea-Chinese Banking Corp.

ANZ, Great Eastern Life Assurance, Malayan Bank, Overseas Assurance Corp and United Overseas Bank came in as mandated lead arrangers, while Bank of East Asia and Bank of Nova Scotia (Singapore) joined at lower tiers.

Proceeds are to refinance an existing debt facility.

A $150 million five-year financing for Marine Services Holding, MEO Finance and Miclyn Finance has been sealed as a club deal via mandated lead arrangers Oversea-Chinese Banking Corp, Standard Chartered Bank and WestLB (Hong Kong).

The transaction is split into a $120 million term loan and a $30 million revolving credit.

Proceeds are for refinancing and general corporate purposes.

Taiwan

Radiant (Guangzhou) Opto-Electronics' $60 million five-year term loan was inked on April 8 via bookrunners Chinatrust Commercial Bank, E. Sun Commercial Bank and Mega International Commercial Bank.

The term loan features a margin of 70bp over Libor with an 18 month grace period and repayment through eight semi-annual installments. There is a 15bp commitment fee if less than 80% of the facility is drawn.

Syndication saw Chinatrust Commercial Bank, E. Sun Commercial Bank, Mega International Commercial Bank, China Development Industrial Bank and HSBC contribute $8 million each. Cathay United Bank, First Commercial Bank, Taishin International Commercial Bank and Taiwan Cooperative Commercial Bank joined in as participants with $5 million apiece.

Proceeds are for working capital purposes.

A NT$400 million equivalent three-year multi-tranche debt package for Taiwan Video System was completed on April 12 via bookrunners Chang Hwa Commercial Bank, E.Sun Commercial Bank and Industrial Bank of Taiwan.

The package consists of a NT$120 million revolver, a $3.5 million revolver and a NT$280 million standby letter of credit which are priced at 150bp over the 90-day secondary CP rate, 175bp over the higher of Libor or TAIFX3 and 150bp respectively. There is a commitment fee of 25bp if less than 50% of the fund is drawn. 

Final allocations saw Industrial Bank of Taiwan commit NT$80 million, while Chang Hwa Commercial Bank and E.Sun Commercial Bank each took NT$70 million. Participants Taiwan Cooperative Commercial Bank and Shanghai Commercial & Savings Bank contributed NT$50 million and NT$40 million respectively. Bank of Kaohsiung, Chinatrust Commercial Bank and Jih Sun International Bank provided NT$30 million apiece.

Proceeds are for refinancing and working capital purposes.

Vertex Precision Electronics' NT$862 million term loan completed in January 2008 has been amended via sole mandated lead arranger Taishin International Bank.

The facility size has been decreased to NT$802 million. The tenor has been extended to December 2011, while the margin has been amended from 100bp over the primary CP rate to 50bp over the secondary CP rate.

Final allocations saw Standard Chartered Bank pledge NT$120 million, while China Development Industrial Bank, Taipei Fubon Commercial Bank, Taishin International Bank and Yuanta Commercial Bank held NT$100 million each. Bank of Panhsin, Citibank, DBS Bank, HSBC, Hua Nan Commercial Bank, Hwatai Bank and Shin Kong Commercial Bank lent NT$40 million apiece.

Proceeds are for refinancing purposes.