Loan week, September 17-22

Australia

Multiplex has secured a A$550 million four-year construction/term loan via mandated lead arrangers Bank of Nova Scotia, Credit Agricole, ING Bank and National Australia Bank.

Proceeds are for real estate purposes.

China

Citic Pacific’s HK$4.8 billion five-year revolving/term loan facility is expected to close by the end of September via bookrunners Bank of China, HSBC and Standard Chartered Bank.

In general syndication, ANZ, Agricultural Bank of China, Bank of Tokyo-Mitsubishi UFJ, BNP Paribas, China Construction Bank, Hang Seng Bank, Mizuho Corporate Bank and Sumitomo Mitsui Banking Corp have joined as mandated lead arrangers. Two Chinese banks have also committed to join the facility, while a few other banks are still awaiting credit approvals.

Proceeds are for refinancing and working capital purposes.

Shouguang Meilun Paper’s $80 million three-year term loan has been signed via sole bookrunner Sumitomo Mitsui Banking Corp.

The facility is priced at 250bp over Libor and is guaranteed by the parent Shandong Chenming Paper Holdings.

Nordea and Societe Generale came in as mandated lead arrangers, while Wing Lung Bank and Banca Monte Dei Pashi Di Siena joined in as a lead arranger and an arranger respectively.

Proceeds are to finance the import of equipment and machinery.

India

A $100 million 6.5-year project financing for Adani Power was inked on September 17 via sole bookrunner and mandated lead arranger SBI Capital Markets.

Sponsored by Adani Enterprises, the loan saw participants Bank of Baroda pledge $75 million and Union Bank of India join in with $25 million.

Proceeds are for capital expenditure purposes.

Ashoka Belgaum Dharwad Tollway’s Rs6.0 billion 16.5-year term loan has been pre-funded by sole underwriter IDFC.

Sponsored by Ashoka Buildcon, the facility is split into a Rs4.8 billion tranche and a Rs1.2 billion portion.

Proceeds are for a highway project in India.

Heaven Star Realty’s Rs10.8 billion 13-year term loan was completed on September 18 via sole bookrunner and mandated lead arranger Yes Bank.

The loan will be repaid in 32 quarterly installments following a five-year grace period.

Final allocations saw the bookrunner take Rs2.3 billion, while participant ICICI Bank contributed Rs3.0 billion. Andhra Bank, Indian Overseas Bank and Oriental Bank of Commerce lent Rs1.5 billion each and Allahabad Bank joined in with Rs1.0 billion.

Proceeds are for property development in the DIAL Hospitality District, India.

A Rs20.4 billion 15-year term loan for Simhapuri Expressway was signed last week via joint bookrunners IDFC and SBI Capital Markets.

The facility will be repaid in 46 quarterly installments with a one-year grace period.

Syndication saw IDFC and State Bank of India provide Rs8.7 billion each, while participant India Infrastructure Finance (IIFCL) gave Rs3.0 billion.

Proceeds are for a road expansion project in India.

Indonesia

AKR Corporindo’s IDR350.0 billion syndicated credit facility was signed in early September via Bank Central Asia, Export-Import Bank of Indonesia and Mizuho Corporate Bank.

Proceeds are to finance infrastructure development projects.

Taiwan

A $144 million five year term loan for Asia Cement (China) Holdings Corp was signed on Tuesday (September 21) via bookrunners Hua Nan Commercial Bank, HSBC, Land Bank of Taiwan, Mega International Commercial Bank, Mizuho Corporate Bank and Taipei Fubon Commercial Bank.

The term loan features a margin of 58bp over Libor with a two-year extension option.

Syndication saw Land Bank of Taiwan commit $40 million, while the remaining bookrunners took $17 million apiece. Chang Hwa Commercial Bank and Shanghai Commercial & Savings Bank came in as managers with $10 million each.

Proceeds are for working capital purposes.

Dinli Metal Industrial’s NT$260 million three-year term loan has been completed via sole bookrunner Ta Chong Bank.

Guaranteed by the president of the borrower, the loan is priced at 230bp over the secondary CP rate.

Ta Chong Bank and Taichung Commercial Bank lent NT$160 million and NT$100 million respectively.

Proceeds are for refinancing and purchasing underlying stocks.

Gigastorage Corp has successfully obtained a NT$1.1 billion debt package via mandated leads Industrial Bank of Taiwan, Land Bank of Taiwan and Yuanta Commercial Bank.

The debt comprises NT$300 million and NT$480 million five-year term loans and a NT$360 million three-year revolver which are priced at between 100bp and 125bp over the two-year post office savings rate.

Final allocations saw the leads provide NT$200 million apiece, while co-arrangers Agricultural Bank of Taiwan, Mega International Commercial Bank and Taichung Commercial Bank pledged NT$120 million each. Participants Chang Hwa Commercial Bank and Shanghai Commercial & Savings Bank ended up with NT$90 million each.

Proceeds are for refinancing existing debt and for capital expenditure and working capital purposes.

Joint bookrunners Bank of Taiwan and Land Bank of Taiwan completed a NT$2.3 billion facility last week for High Power Opto.

The facility consists of a NT$200 million seven-year term loan and a NT$300 million five-year revolving credit, which offer a spread of 110bp over the 90-day secondary CP rate.

Agricultural Bank of Taiwan, Chang Hwa Commercial Bank, Shin Kong Commercial Bank, Taiwan Business Bank and Taiwan Cooperative Bank joined in at lower tiers.

Proceeds are for capital expenditure and working capital purposes.

Macronix International’s NT$18.0 billion five-year multi-tranche financing has been inked via sole bookrunner Taiwan Cooperative Bank.

The financing is split into NT$2.5 billion and NT$14.0 billion term loans and a NT$1.5 billion revolving credit, which are each priced at 60bp over the secondary CP rate. The NT$14.0 billion tranche can also be drawn in US dollars at a margin of 65bp over Libor.

Bank of Taiwan, Bank Sinopac, Chang Hwa Commercial Bank, Citi Bank, Far Eastern International Bank, Hua Nan Commercial Bank, Mega International Commercial Bank, Ta Chong Bank and Taipei Fubon Commercial Bank joined in as mandated lead arrangers, while Chinatrust Commercial Bank, First Commercial Bank, Taishin International Bank and Taiwan Business Bank ended up as participants.

Proceeds are for capital expenditure and working capital purposes.

A NT$3.0 billion fund-raising for Yieh Phui Enterprise has been signed via lead arrangers Chang Hwa Commercial Bank, Hua Nan Commercial Bank, Mega International Commercial Bank and Taiwan Cooperative Bank.

The debt offers a spread of 55bp over the one-year post office savings rate with an interest rate floor of 1.6%.

Syndication saw Agricultural Bank of Taiwan, Bank of Taiwan and Taiwan Business Bank participate at lower levels.

Proceeds are for refinancing and working capital purposes.