Loan week, November 5-11

Australia

Emeco’s A$450 million dual-tranche multi-currency revolver was signed last week via joint bookrunners and mandated leads ANZ, BOS International, Commonwealth Bank of Australia and
Westpac.

The deal is split into a A$300 million three-year tranche and a A$150 million five-year portion. The facility is also available in US dollars and Canadian dollars.

Syndication saw the leads contribute A$72 million each, while co-arrangers HSBC, Mizuho Corp and Royal Bank of Canada gave A$54 million apiece.

Proceeds are to refinance a A$595 million facility signed in 2008.

India

Talcher II Transmission’s Rs4.1 billion 15-year term loan has been pre-funded by sole underwriter IDFC.

Sponsored by Reliance Power Transmission, the facility will be repaid in 48 quarterly installments with a six-month grace period.

Proceeds are to support a power project in India.

Japan

Sole bookrunner BNP Paribas has inked a $33 million 13-year term loan for Malaysian Airline System.

DBS joined the deal as a participant. Proceeds are to support aircraft acquisitions.

New Zealand

Fonterra Co-operative Group secured a NZ$450 million two-year loan and a NZ$1.0 billion one-year revolver on a club basis last week via ANZ, Bank of New Zealand, Citibank, Commonwealth Bank of Australia, Deutsche Bank, J.P. Morgan, HSBC, Rabobank, Societe Generale and Westpac.

Proceeds are for working capital purposes.

A A$1.1 billion three-year revolver was signed last week on a club basis for the same borrower, Fonterra Co-operative Group, via a consortium of seven mandated lead arrangers.

Final allocations saw lead arrangers ANZ and Westpac pledge A$188 million each, while Deutsche Bank and HSBC committed A$175 million apiece. Bank of New Zealand, Commonwealth Bank of Australia and Societe Generale ended up with A$125 million each.

Proceeds are for working capital purposes.

Taiwan

Mandated lead arrangers Bangkok Bank and Cathay United Bank have completed a NT$3.5 billion five-year multi-tranche facility for Ever Energy.

The deal comprises NT$1.2 billion, NT$744 million and NT$613 million term loans, and NT$613 million and NT$306 million revolvers. The term loans and revolvers are priced at 100bp and 90bp above the secondary CP rate respectively.

Syndication saw Far Eastern International Bank, Shin Kong Commercial Bank and Yuanta Commercial Bank join in as participants.

Proceeds are for repaying existing debt and for working capital purposes.

A NT$66.0 billion seven-year acquisition financing for Lin Yuan Investment Corp and Wan Bao Development Corp -- both major shareholders of Cathay Financial Holdings -- was completed last week via a consortium of 11 banks. The deal size was reduced from the original NT$76.0 billion.

Lin Yuan Investment Corp obtained a NT$30.0 billion term loan and Wan Bao Development Corp a NT$36.0 billion portion. The facilities pay a margin of 130bp over the 90-day secondary CP rate or the one-year postal savings rate. The shares of Cathay Financial Holdings are pledged as securities.

Syndication saw Bank of Taiwan, Chang Hwa Commercial Bank, Chinatrust Commercial Bank, First Commercial Bank, Hua Nan Commercial Bank, Land Bank of Taiwan, Mega International Commercial Bank, Taipei Fubon Commercial Bank, Taishin International Bank and Taiwan Business Bank come in as mandated leads, while Ta Chong Bank rounded out the syndicate as a participant.

Proceeds are to increase the borrowers' stake in Cathay Financial Holdings.

A NT$2.5 billion dual-tranche term loan for Simpal Electronics has been signed via joint bookrunners Cathay United Bank, E Sun Commercial Bank and Taishin International Bank.

The five-year facility is split into a NT$1.7 billion tranche and an NT$800 million portion, which offer a spread of 85bp over the secondary CP rate.

Final allocations saw the bookrunners pledge NT$394 million apiece, while Bank Sinopac and Yuanta Commercial Bank took NT$300 million each. Industrial Bank of Taiwan committed NT$263 million and Chinatrust Commercial Bank, Jih Sun International Bank and Taipei Fubon Commercial Bank lent NT$132 million apiece.

Proceeds are for repaying debt and for working capital purposes.

Taiwan Hopax Chemicals MFG’s NT$960 million five-year facility was sealed last week via eight mandated lead arrangers. The deal was upsized from NT$800 million.

The facility contains a NT$600 million revolving credit and a NT$360 million term loan which are priced at 85bp and 75bp over the 90-day secondary CP rate respectively.

China Development Industrial Bank, Chinatrust Commercial Bank, E Sun Commercial Bank, Industrial Bank of Taiwan, Mega International Commercial Bank, Ta Chong Bank, Taipei Fubon Commercial Bank and Taishin International Bank were the mandated lead arrangers. First Commercial Bank came in as a co-arranger.

Proceeds are for refinancing existing indebtedness and working capital purposes.