Loan week, October 28-November 4

China

Sole bookrunner Morgan Stanley Bank International (China) completed a Rmb1.0 billion three-year term loan last week for Citic Guoan Group, a major industrial subsidiary wholly-owned by Citic Group. The deal was heavily oversubscribed and upsized from Rmb500 million.

The loan is split into an Rmb820 million tranche and a Rmb200 million portion, which pay an interest rate equal to the PBOC base lending rate.

Syndication saw Bank of Chongqing, Bank of East Asia and China Merchants Bank come in as mandated lead arrangers, while First Sino Bank, Korea Development Bank, Postal Savings Bank of China and Public Bank joined in as lead arrangers.

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

India

Adani Power’s Rs22.0 billion 12.5-year term loan has been secured via sole bookrunner and mandated lead arranger Axis Bank.

Final allocations saw the lead provide Rs4.1 billion, while participants Life Insurance Corp of India and Allahabad Bank contributed Rs4.0 billion and Rs3.7 billion respectively. State Bank of Hyderabad lent Rs2.7 billion, while UCO Bank came in with Rs2.4 billion. Bank of India, Dena Bank and Syndicate Bank gave Rs1.7 billion apiece.

Proceeds are to support the construction of direct transmission lines in Gujarat and Haryana, India.

A Rs12.4 billion 12-year term facility for Beta Wind Farm has been inked via sole mandated lead Axis Bank.

The lead and Canara Bank took Rs1.9 billion apiece, while participants Andhra Bank and Union Bank of India contributed Rs1.4 billion each. Bank of India, Dena Bank, Karnataka Bank, UCO Bank and United Bank of India gave Rs1.0 billion apiece. Tamilnad Mercantile Bank ended up with Rs800 million.

Proceeds are for the development of a 300MW wind energy plant in Tamilnadu.

A Rs20.6 billion dual-tranche loan for Essar Projects (India) was signed on October 29 via sole bookrunner and mandated lead arranger IDBI Bank.

The facility is split into Rs726 million and Rs13.3 billion revolvers, which are renewable after one year.

Syndication saw Central Bank of India, Corporation Bank, ING Vysya Bank, Lakshmi Vilas Bank and Union Bank of India join in as participants.

Proceeds are for working capital purposes.

IDBI Bank, acting through its DIFC branch, successfully secured a $125 million three-year term loan on November 1 via mandated lead arrangers and bookrunners Bank of Tokyo-Mitsubishi UFJ, BNP Paribas, Royal Bank of Scotland, Standard Chartered Bank and United Overseas Bank. The deal was oversubscribed to $145 million and upsized from $100 million.

Final allocations saw the leads lend $16 million each, while lead arrangers Bank of Taiwan (Singapore) and First Commercial Bank (Offshore Banking) contributed $10 million apiece. Bank Sinopac (Offshore Banking), Chang Hwa Commercial Bank (Offshore Banking), Export-Import Bank of the Republic of China, Hua Nan Commercial Bank (Offshore Banking) and Taiwan Business Bank (Offshore Banking) came in as arrangers with $5 million each.

Proceeds are for general corporate purposes.