Loan week, July 23-29

Australia

A A$250 million three-year revolver for SEEK was completed on July 23 via sole bookrunner and mandated lead arranger National Australia Bank.

Participants ANZ and Westpac gave A$60 million each, while Commonwealth Bank of Australia committed A$50 million.

Proceeds are for refinancing and expansion opportunities.

China

B&Q (China) Investment's Rmb850 million three-year revolver was signed in early July via sole bookrunner and mandated lead arranger HSBC (Shanghai).

Syndication saw Bank of Communications (Shanghai), Industrial & Commercial Bank of China (Shanghai) and Standard Chartered Bank (China) join at lower tiers.

Proceeds are to refinance an existing club loan facility.

Chongqing Changxing Cement, Guizhou Changxing Cement and Guanan Changxing Cement, subsidiaries of Taiwan Cement Corp, secured a Rmb1.55 billion multi-tranche financing on July 27 via a consortium of six bookrunners.

The debt package is split into a Rmb1.25 billion five-year term loan and a R300 million three-year revolver. Both tranches are priced at the PBOC rate.

ANZ, BNP Paribas (China), Credit Agricole (Shanghai), Hang Seng Bank (China), Natixis (Shanghai) and Oversea-Chinese Banking Corp (China) acted as bookrunners, while Mizuho Corporate Bank was the mandated lead arranger.  

The loan is secured by land and machinery as well as a letter of undertaking from Taiwan Cement Corp. Proceeds are for capital expenditure purposes.

Ministry of Economy and Public Finance of Argentina has successfully obtained a $273 million financing via sole lead China Citic Bank.

Guaranteed by China Export & Credit Insurance Corp -- Sinosure -- the syndication saw China Citic Bank and China Development Bank contribute equally to the financing.

Proceeds are to support the purchase of high-speed trains from China CNR Corp.

India

Ambuja Realty Development's Rs950 million nine-year term loan was signed on July 21 via sole bookrunner and mandated lead arranger SBI Capital Markets.

The facility will be repaid in 36 quarterly instalments following a three-month grace period.

Participants were Allahabad Bank, Corporation Bank, State Bank of Bikaner & Jaipur, State Bank of Travancore and UCO Bank.

Proceeds are for the construction of an office cum commercial complex at Siliguri, West Bengal.

ICICI Bank, acting through its Bahrain Branch, has secured a $120 million three-year bullet term loan via mandated lead arrangers and bookrunners ANZ, Credit Agricole and Natixis.

Final allocations saw the bookrunners take $25 million each, while Commerzbank came in as a mandated lead arranger with a hold of $20 million. Lead arranger Mega International Commercial Bank committed $10 million, while arrangers Banca Monte dei Paschi di Siena, Oberbank and Taiwan Cooperative Bank ended up with $5 million apiece.

Proceeds are for general corporate purposes.

Indonesia

A $155 million three-year club-style term loan for Astra Sedaya Finance was signed in mid-July via bookrunners ANZ, ANZ Panin, Bank of Tokyo-Mitsubishi UFJ, HSBC and Sumitomo Mitsui Banking Corp.

Secured against receivables, syndication saw Bank Mandiri (Singapore) join as a mandated lead arranger.

Proceeds are for general corporate funding purposes.

Berau Coal has obtained a $400 million dual-tranche financing via sole coordinating mandated lead arranger Credit Suisse.

The transaction consists of a $300 million four-year tranche and a $100 million four-year and nine-month facility. The first tranche offers a spread of 475bp, while the second tranche is priced at 575bp over Libor.

Bank of Tokyo-Mitsubishi UFJ, China Development Bank, Export-Import Bank of Indonesia, ICICI Bank and WestLB came in as mandated lead arrangers and Erste Bank committed as a participant.

Proceeds are to refinance existing debt facilities. Funding took place on July 23.

New Zealand

Rank Group's $400 million three-year bullet financing has been signed via sole bookrunner Credit Suisse.

The three-year revolver is priced at 750bp over Libor.

Mandated lead arrangers Bank of Scotland (Australia) and Credit Suisse, together with lead arrangers ANZ, HSBC, Credit Agricole, Commonwealth Bank of Australia and Sumitomo Mitsui Banking Corp took $44.5 million each, while arrangers Bank of New Zealand and Rabobank gave $31 million apiece. Co-arranger Westpac ended up with $26.5 million.

Proceeds are to refinance an existing NZ$930 million-equivalent financing signed in November 2007.

South Korea

Hana Bank's €200 million 365-day term loan has been completed as a club deal via a consortium of 10 mandated lead arrangers.

The loan features a pricing of 60bp over Euribor.

Mandated lead arrangers Bank of America Merrill Lynch, Commerzbank, HSBC, ING Bank (Seoul), Landesbank Baden-Wuerttemberg - LBBW (Seoul), Natixis, RZB-Austria (Singapore), Royal Bank of Scotland (Hong Kong), Standard Chartered Bank (Hong Kong) and Unicredit Bank (Hong Kong) contributed equally in the facility.

Proceeds are to refinance a €140 million one-year term loan signed in July 2009.

Taiwan

C Whale Corp has successfully secured an $84 million seven-year term loan via mandated lead arrangers Chinatrust Commercial Bank and Mega International Commercial Bank.

The loan features a spread of 225bp over three-month Libor and will be repaid via 28 quarterly instalments. 

Final allocations saw the leads take $14 million apiece, while arrangers Chang Hwa Commercial Bank, Land Bank of Taiwan and Shanghai Commercial & Savings Bank contributed $9 million each.  Co-arrangers Ta Chong Bank and Yuanta Commercial Bank pledged $6 million apiece, while manager Bank Sinopac lent $5 million. First Commercial Bank, Taichung Commercial Bank, Taiwan Cooperative Bank and Taiwan Shin Kong Commercial Bank came in as managers with $4 million each.

Proceeds are for the purchase of vessels.

Kuo Yang Environmental Science's NT$1.9 billion fundraising has been sealed via sole mandated lead arranger Land Bank of Taiwan. 

The deal is split into a NT$150 million 11-year guarantee facility, a NT$513 million 11-year portion and a NT$1.2 billion nine-year term loan. The guarantee facility has a fee of 120bp, while the term loans feature a spread of 247bp 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.

Syndication saw Agricultural Bank of Taiwan, Jih Sun International Bank and Shanghai Commercial & Savings Bank join in at lower tiers.

Proceeds are for the construction of a water resource recycling facility.

A NT$3.0 billion three-year revolving credit for Masterlink Securities Corp was signed as a club deal on July 28 via mandated leads Cathay United Bank, E. Sun Commercial Bank, First Commercial Bank, Hua Nan Commercial Bank, Taipei Fubon Commercial Bank and Taishin International Bank.

The term loan is priced at 45bp over the secondary CP rate.  Syndication saw the leads lend NT$500 million each.

Proceeds are for working capital purposes.

Ruentex Development's NT$4.6 billion six-year debt package was completed on July 28 via sole bookrunner Land Bank of Taiwan.

The package is split into NT$4.4 billion and NT$200 million term loans, which are priced at 64bp and 65bp respectively 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.

Syndication saw Chang Hwa Commercial Bank, Chinatrust Commercial Bank, DBS Bank, E. Sun Commercial Bank and Mega International Commercial Bank participate as joint arrangers, while Agricultural Bank of Taiwan, Shanghai Commercial & Savings Bank, Ta Chong Bank and Taiwan Business Bank came in as managers. Cathay United Bank ended up as a participant.

Proceeds are for residential building construction and working capital purposes.

Syndication of a NT$1.8 billion three-year revolver for Shih Wei Navigation has been closed via bookrunners Industrial Bank of Taiwan and Mega International Commercial Bank.

The revolver offers a margin of 75bp over the secondary CP rate with a 10bp commitment fee.

Banks were invited to join at one of two levels -- mandated lead arrangers committing NT$300 million or above get 8bp and co-arrangers offering NT$150 million or above get 4bp.

Final allocations saw Bank of Taiwan, Industrial Bank of Taiwan, Land Bank of Taiwan and Mega International Commercial Bank contribute NT$300 million each, while Hua Nan Commercial Bank and Taiwan Cooperative Bank held NT$250 million apiece. Taiwan Business Bank joined in with NT$100 million.

Proceeds are for general corporate and working capital purposes. Signing is slated for July 30.

Vietnam

A $470 million dual-tranche 12-year credit facility for PetroVietnam Nhon Trach 2 Power was secured on July 23 via mandated lead arranger Citi.

The facility is available in US dollars and euros and is guaranteed by Vietnam's Ministry of Finance. This project represents the largest Export Agency Finance-backed deal ever arranged in Vietnam.

Citi acted as mandated lead arranger in both tranches. Credit Agricole and HSBC joined the $295 million tranche A as arrangers, while Development Bank of Japan and Sumitomo Trust & Banking joined the $175 million tranche B as lead arrangers.

Proceeds are for the construction of a power plant at the Dong Nai province in Vietnam.

PV Keez has secured a $227 million six-year project financing via lead arrangers PetroVietnam Finance Corp and Vietnam Bank for Industry & Trade (VietinBank).

Syndication saw Cathay United Bank, Indovina Bank, Shinhanvian Bank and SeA Bank join at lower tiers.

Proceeds are to support a FPSO version project in Vietnam. This is the first overseas syndicated loan approved in Vietnam.