Loan week, August 13-19

Australia

SPI (Australia) Assets successfully secured a A$1.0 billion financing in early August via a consortium of 10 mandated lead arrangers.

The five-year facility is split equally into a term loan and a revolver.

ANZ, Bank of Tokyo-Mitsubishi UFJ, BNP Paribas, Commonwealth Bank of Australia, Credit Agricole, HSBC, Intesa Sanpaolo, Royal Bank of Scotland, Sumitomo Mitsui Banking Corp and Westpac contributed equally to the transaction.

The loan is guaranteed by Singapore Power. Proceeds are for refinancing and general corporate purposes.

China

Chongqing Rail Transit Group’s Rmb175 million three-year term loan has been completed via sole bookrunner and mandated lead arranger Standard Chartered Bank (China).

The loan is priced at 90% of the PBOC rate.

Syndication saw the sole lead take Rmb100 million and OCBC Bank (China) come in as a lead arranger with Rmb75 million.

Proceeds are for capital expenditure purposes.

India

Enercon India’s Rs21.6 billion dual-tranche revolver was completed on August 10 via sole bookrunner and mandated lead arranger IDBI Bank.

The package comprises a Rs4.4 billion portion and a Rs17.2 billion one-year revolving credit facility.

Syndication saw Axis Bank, Bank of India, Canara Bank, Central Bank of India, Punjab National Bank, State Bank of India, State Bank of Hyderabad, State Bank of Patiala and Vijaya Bank join as participants.

Proceeds are for working capital purposes.

A Rs2.8 billion 10.25-year term loan for Jas Toll Road has been signed via sole mandated lead arranger SBI Capital Markets.

The facility features a margin of 10.5% per annum and will be repaid in 123 monthly installments.

Final allocations saw Infrastructure Development Finance Co and State Bank of India contribute Rs100 million each, while participants State Bank of Patiala and State Bank of Mysore lent Rs45 million and Rs35 million respectively.

Proceeds are to refinance existing debt facilities.

Vedanta Resources is seeking an acquisition financing of up to $6.5 billion with a tenor of more than two years. Standard Chartered is acting as the lead financing bank, while Credit Suisse and Goldman Sachs are acting as joint financing banks in the transaction.

Proceeds are to support Vedanta Group's acquisition of Cairn India.

Indonesia

Profesional Telekomunikasi Indonesia’s $475 million-equivalent syndicated term loan was signed on August 13 via original mandated lead arrangers DBS Bank, Royal Bank of Scotland, Oversea-Chinese Banking Corp, Standard Chartered Bank, Bank Central Asia, Credit Agricole (Singapore) and CIMB Bank (Singapore).

The five-year term loan comprises a $375 million tranche and a Rp926.9 billion portion which are priced at 375bp over Libor or Jibor.

Bank of China, Bank Panin and China Development Bank came in as mandated lead arrangers. Bank Chinatrust Indonesia, Bank Danamon Indonesia, Bank Mizuho Indonesia, Bank Sumitomo Mitsui Indonesia, Chinatrust Commercial Bank (Singapore) and Sumitomo Mitsui Banking Corp (Singapore) participated as lead arrangers, while Bank Negara Indonesia (Singapore) joined in as an arranger.

Proceeds are to refinance a $460 million dual-tranche loan signed in 2008.

General syndication of a $350 million 1.5-year bridge acquisition financing for Trans Media Corpora and Televisi Transformasi Indonesia was closed on August 16 via bookrunners and mandated lead arrangers Citi, Credit Suisse, ING Bank and J.P. Morgan.

The initial margin of the deal is 450bp over Libor with step-ups.

Syndication saw Bank Panin, ICBC (Asia), Royal Bank of Scotland, RZB Austria, State Bank of India and Sumitomo Mitsui Banking Corp join in at lower tiers.

Proceeds are to support the acquisition of 40% of retailer Carrefour's local unit by Para Group and to refinance existing debt facilities.

Malaysia

Armada Marine Contractors Caspian has secured a $238 million eight-year term loan via a consortium of six mandated lead arrangers.

The loan is guaranteed by Bumi Armanda and will be repaid in 15 semi-annual installments.

Final allocations saw OCBC Bank (Malaysia) pledge $100 million, while RHB Investment Bank gave $50 million. CIMB Investment Bank took $21 million and Malayan Banking contributed $29 million. AmInvestment Bank and Al-Rajhi Banking & Investment Corp (Malaysia) joined in with $28 million and $10 million respectively.

Proceeds are for refinancing, working capital purposes and capital expenditure purposes.

Singapore

Infastech has secured a $190 million five-year acquisition financing via lenders Bank of America, Credit Agricole, DBS Bank, GE Commercial Finance (Hong Kong), J.P. Morgan Securities (Asia Pacific), Standard Chartered Bank (Hong Kong) and United Overseas Bank.

The deal is split into a $175 million term loan and a $15 million revolving credit, which offer a margin of 450bp over Libor.

Proceeds are to support the CVC Asia Pacific and Standard Chartered Private Equity-led leveraged buyout of Acument Global Technology's Avdel and Global Electronics & Commercial business units.

Mapletree Treasury Services’ $100 million dual-currency fundraising has been sealed on a club basis via mandated lead arrangers Agricultural Bank of China and Natixis.

Guaranteed by Mapletree Investments, the fundraising comprises a $50 million term loan and a $50 million revolving credit, which feature a margin of 110bp over Libor.

Proceeds are for general corporate purposes.

Taiwan

CoAsia Microelectronics Corp’s NT$1.6 billion three-year dual-currency revolver (completed in December 2009) has been amended via mandated lead arrangers DBS Bank, Industrial Bank of Taiwan, Land Bank of Taiwan and Ta Chong Bank.

The facility amount was increased to NT$1.6 billion from NT$1.0 billion.

Bank of Kaohsiung, Bank of Taiwan, Chang Hwa Commercial Bank, Entie Commercial Bank, First Commercial Bank, Hwatai Bank, Jih Sun International Bank, Taichung Commercial Bank, Taiwan Cooperative Bank and Shanghai Commercial & Savings Bank were included in the original deal.

Proceeds are for refinancing existing indebtedness and working capital purposes.

A NT$10.0 billion four-year term loan for Lichiang Development, a subsidiary of Radium Life Technology, was completed on August 10 via joint bookrunners Mega International Commercial Bank and Taiwan Cooperative Bank. 

The bullet loan is split into a NT$9.8 billion tranche and a NT$170 million portion, which are priced at 110bp over the one-year post office savings rate. 

The bookrunners took NT$1.8 billion each, while Bank Sinopac, Land Bank of Taiwan and Taiwan Business Bank lent NT$1.6 billion, NT$1.0 billion and NT$1.0 billion respectively. Agricultural Bank of Taiwan, Chang Hwa Commercial Bank and Yuanta Commercial Bank took NT$650 million apiece while Taichung Commercial Bank and Bank of Kaohsiung pledged NT$600 million and NT$340 million respectively.

Proceeds are for general corporate purposes.

Neo Solar Power Corp has obtained a NT$5.0 billion five-year dual-currency debt package via mandated leads First Commercial Bank and Taiwan Cooperative Bank.

Secured by machinery, the package comprises a NT$2.5 billion term loan and a NT$2.5 billion revolver, which are priced at 60bp over the 90-day secondary CP when drawn in New Taiwan dollars and 70bp over Libor when drawn in US dollars.

Syndication saw Cathay United Bank, Chang Hwa Commercial Bank, Chinatrust Commercial Bank, Mega International Commercial Bank, Shin Kong Commercial Bank, Shanghai Commercial & Savings Bank and Taishin International Bank join in at lower tiers.

Proceeds are for capital expenditure and working capital purposes.

A seven-year acquisition financing totaling NT$76.0 billion for Wan Pao Development and Lin Yuan Investment, Cathay Financial Holdings’ major shareholders, has been launched via mandated lead arrangers Bank of Taiwan and Mega International Commercial Bank.

The financing is divided into a NT$40.0 billion deal for Wan Pao Development and a NT$36.0 billion portion for Lin Yuan Investment. Both deals feature a margin of 130bp over the secondary CP rate or the post office savings rate with an all-in of around 2%.

Proceeds are to increase the borrowers’ stake in Cathay Financial Holdings. The deal is expected to close in mid September.