Loan week, April 23-29

China

Fortune Oil PRC Holdings' $80 million three-year term loan has been inked as a club deal via a consortium of 11 banks.

Mandated lead arranger Standard Chartered Bank committed $30 million, while Citic Ka Wah Bank contributed $20 million. Bank of Taiwan, EnTie Commercial Bank, Maybank, Taiwan Business Bank and Woori Global Markets Asia took $4 million apiece. Industrial Bank of Taiwan and Taishin International Bank held $3 million each, while Bank Sinopac and Public Bank joined in with $2 million tickets.

Guaranteed by Fortune Oil, the deal is priced at 270bp over Hibor. Proceeds are for debt repayment and working capital purposes.

A $43 million amortising facility for Texhong Textile Group has been concluded via mandated lead arrangers and bookrunners BNP Paribas, Citi and Standard Chartered Bank.|

The leads committed $10 million each, while lead arranger Wing Lung Bank provided $8 million. Public Bank joined in with $5 million.

The three-year fundraising is guaranteed by offshore subsidiaries and features a margin of 285bp over Libor. The deal will be repaid through eight quarterly installments with a grace period of 15 months.

Proceeds are for refinancing and general corporate purposes.

Hong Kong

KGI International Finance's $100 million dual-currency fundraising has been signed via sole bookrunner and mandated coordinating arranger HSBC.

Guaranteed by KGI International Holding, the three-year financing consists of a $25 million term loan and a $75 million revolving credit.

Syndication saw Bank of East Asia, DBS Bank, Dah Sing Bank and Mega International Commercial Bank come in as coordinating arrangers, while Bank of Taiwan and Industrial Bank of Taiwan joined in as arrangers. Land Bank of Taiwan, Public Bank (Hong Kong) and Taipei Fubon Commercial Bank participated as senior managers, while KBC Bank, Hang Seng Bank and Shanghai Commercial & Savings Bank came in as managers.

Proceeds are to refinance a $66 million equivalent three-year dual-currency facility signed in March 2007 and for working capital purposes.

India

Jaiprakash Power Ventures has successfully secured a Rs56.7 billion 14.25-year project financing via sole bookrunner ICICI Bank.

The term loan is repaid through 40 quarterly installments with a 4.25-year grace period.

Joining in as participants were Bank of Baroda, Bank of Maharashtra, Canara Bank, Central Bank of India, Corporation Bank, IDBI Bank, IDFC, Indian Overseas Bank, Life Insurance Corporation of India, Oriental Bank of Commerce, Punjab National Bank, State Bank of Bikaner & Jaipur, State Bank of Hyderabad, State Bank of Patiala, Syndicate Bank, UCO Bank and United Bank.

Proceeds are to support the Jaypee Nigrie Super Thermal Power project.

Indonesia

Bayan Resources has successfully obtained a $300 million club transaction via mandated lead arrangers Australia and New Zealand Banking Group, Standard Chartered Bank and Sumitomo Mitsui Banking Corp.

The debt package is split into a $150 million five-year term loan and a $150 million two-year revolving credit.

Proceeds are to refinance existing facilities and for working capital purposes.

Rekapastika Asri's Rp75 billion 3.5-year term loan was sealed on April 26 via sole lead Bank Negara Indonesia.

Syndication saw the bookrunner take Rp50 billion, while participant Bank Pembangunan Daerah Jawa Barat dan Banten committed Rp25 billion.

Proceeds are to support the construction of a shopping centre in Bekasi, West Java.

Pakistan

Sitara Chemical Industries' $11 million financing has been concluded via mandated lead arrangers Habib Bank, MCB Bank and Standard Chartered Bank.

MCB Bank and Standard Chartered Bank committed $4 million apiece, while Habib Bank contributed $2 million. Habib Metropolitan Bank and Soneri Bank joined in as participants with $1 million tickets.

Proceeds are for capital expenditure purposes.

Singapore

Huawei International has successfully secured a $450 million five-year term loan from coordinating arrangers and bookrunners Credit Agricole, HSBC and Standard Chartered Bank.

The leads held $100 million each, while arrangers ANZ, Banco Bilbao Vizcaya Argentaria and DBS Bank took $50 million apiece.

The facility is guaranteed by Huawei Tech Investment and proceeds are for working capital purposes.

Taiwan

Asia Pacific Telecom's NT$3.5 billion debt package has been inked via coordinating arrangers Bank of Taiwan and Chinatrust Commercial Bank.

With equipment and base stations pledged as securities, the five-year transaction comprises a NT$2.5 billion term loan and a NT$1 billion revolver/term loan portion.

Syndication saw EnTie Commercial Bank, Jih Sun International Bank and Shanghai Commercial & Savings Bank come in as arrangers. Bank Sinopac, China Development Industrial Bank and Taishin International Bank joined in as co-arrangers.

Proceeds are for refinancing and working capital purposes.

A NT$3.1 billion four-year debt package for CMC Magnetics Corp was completed on April 22 via mandated lead arrangers Chinatrust Commercial Bank, EnTie Commercial Bank, First Commercial Bank and Taiwan Cooperative Bank.

Secured by land and buildings, the package consists of NT$1.5 billion and NT$1.6 billion term loans which pay 125bp over the secondary CP rate with a 20bp commitment fee. The debt will be repaid through seven quarterly installments.

Final allocations saw EnTie Commercial Bank and Taiwan Cooperative Bank take NT$750 million each, while Chinatrust Commercial Bank and First Commercial Bank pledged NT$500 million and NT$400 million respectively. Land Bank of Taiwan, Hua Nan Commercial Bank and Bank of Panhsin joined in as participants with NT$300 million, NT$250 million and NT$100 million respectively.

Proceeds are for the refinancing of existing indebtedness.

A NT$1.2 billion financing for Grand Pacific Credit has been completed via sole bookrunner and mandated lead arranger Land Bank of Taiwan. The facility was oversubscribed by 30% and upsized from NT$1 billion.

The three-year revolving credit is priced at 110bp over the secondary CP rate with a commitment fee of 15bp.

Final allocations saw Land Bank of Taiwan and co-arranger Agricultural Bank of Taiwan lend NT$300 million each, while manager Jih Sun International Bank gave NT$200 million. Participants E.Sun Commercial Bank, First Commercial Bank, Taishin International Bank and Taiwan Business Bank ended up with NT$100 million apiece.

Proceeds are for working capital purposes.

Global Testing's NT$2.0 billion dual-currency debt package was signed in early April via bookrunners and mandated lead arrangers Land Bank of Taiwan and Taichung Commercial Bank.

The five-year transaction consists of a NT$700 million term loan, a NT$1 billion facility and a NT$250 million revolving credit. The facility is priced at 130bp over the secondary CP rate if it is drawn in New Taiwan dollars, or 140bp over Libor if it is drawn in US dollars.

Final allocations saw Land Bank of Taiwan commit NT$600 million, while Taichung Commercial Bank contributed NT$500 million. EnTie Commercial Bank and Jih Sun International Bank took NT$250 million each and Agricultural Bank of Taiwan offered NT$200 million. Shanghai Commercial & Savings Bank rounded out the group with NT$150 million.

Proceeds are to refinance an existing NT$3 billion facility signed in June 2006, and to provide for capital expenditure and working capital requirements.

A NT$1.2 billion five-year dual-currency financing for Stack Devices has been sealed via bookrunners Land Bank of Taiwan and Taishin International Bank.

The financing comprises a NT$300 million term loan and a NT$900 million revolver, which pay 145bp over the secondary CP rate or Libor if drawn in New Taiwan dollars or US dollars respectively. There is a 20bp commitment fee if less than two-thirds of the funds are drawn. 

Syndication saw Land Bank of Taiwan and Taishin International Bank offer NT$400 million and NT$256 million respectively for a 20bp participation fee. Joint arrangers Chang Hwa Commercial Bank, Taichung Commercial Bank and Taiwan Cooperative Commercial Bank contributed NT$128 million apiece for a 15bp fee. Participants Huan Nan Commercial Bank lent NT$96 million and DBS Bank committed NT$64 million.

Proceeds are to refinance existing indebtedness, for working capital and for capital expenditure purposes.

Yuen Foong Yu Paper Manufacturing's NT$5 billion five-year facility was completed last week via mandated lead arrangers Bank of Taiwan, Cathay United Bank, Chang Hwa Commercial Bank, E. Sun Commercial Bank, First Commercial Bank, Hua Nan Commercial Bank, Taipei Fubon Commercial Bank and Taiwan Cooperative Bank.

The facility is split into a NT$5 billion revolver and a NT$2.5 billion guarantee facility that cumulatively cannot exceed NT$5 billion. The revolver features a margin of 59bp over the 90-day secondary CP rate, while the guarantee facility offers a 55bp fee.

The mandated lead arrangers committed NT$900 million each, while Agricultural Bank of Taiwan joined in as participant with NT$300 million.

Proceeds are to refinance existing indebtedness.