Australia
Clough has completed a A$200 million three-year multi-tranche revolver, arrangedas a club deal by Commonwealth Bank of Australia, Export Finance & Insurance Corp, HSBC and National Australia Bank. The debt package is split into a A$20 million facility, a A$130 million tranche and a A$50 million portion. Proceeds are for working capital and bank guarantee issuance purposes.
Ten Network Holdings’ A$350 million three-year revolver was signed last week via a consortium of five banks. The mandated leads wereANZ, Commonwealth Bank of Australia, National Australia Bank and Westpac, while JP Morgan joinedinas co-arranger. Proceeds are to refinance a A$630 million facility signed in April 2008.
China
Hitachi Construction Machinery Leasing (China) successfully secured a RMB2.7 billion financing on Monday (February 28) through sole bookrunner Standard Chartered Bank (China).
The three-year debt package is split into RMB2.1 billion and RMB200 million revolving creditsanda RMB400 million term loan. The revolvers are priced at97% of the PBOC rate while the term loan is priced at 100% of the PBOC rate.
Final allocations saw joint mandated lead arrangers Agricultural Bank of China, Bank of Communications and Standard Chartered Bank give RMB600 million each while Ping An Bank took RMB400 million. Bank of Shanghai contributed RMB300 million while senior manager Shanghai Rural Commercial Bank ended up with RMB200 million.
The deal is guaranteed by Hitachi Construction Machinery and Hitachi Construction Machinery (Shanghai). Proceeds are for working capital purposes.
Sole bookrunner Sumitomo Mitsui Banking Corp arranged a RMB1.5 billion three-year term loan for Hyundai Financial Leasing last Friday (February 25). Agricultural Bank of China and Bank of China come in as mandated lead arrangers. Proceeds are for working capital purposes.
Hong Kong
FP Finance (2011) signed a $200 million five-year loan on Monday (February 28) with bookrunners Credit Agricole, Mizuho Corporate Bank and Standard Chartered Bank. The term loan is guaranteed by First Pacific and secured by shares in Philippine Long Distance Telephone.
A total of 16 banks came in as mandated lead arrangers – Agricultural Bank of China (Hong Kong), Bangkok Bank (Hong Kong), Bangkok Bank (Manila), Bank of the Philippine Islands, Bank of Tokyo-Mitsubishi UFJ, China Banking Corp, Chinatrust Commercial Bank (Hong Kong), Export Development Canada, HSBC, Intesa Sanpaolo (Hong Kong), Maybank Philippines, Metropolitan Bank & Trust – Metrobank, Natixis (Hong Kong), Rizal Commercial Bank Corp, Security Bank Corp and Union Bank of the Philippines.
Bank of Taiwan (Hong Kong) and Cathay United Bank (Hong Kong) joined in as lead arrangers while Chang Hwa Commercial Bank, DBS Bank, Hua Nan Commercial Bank (Singapore), Land Bank of Taiwan (Hong Kong), Mega International Commercial Bank (Hong Kong), Taishin International Bank (Hong Kong) and Taiwan Business Bank (Hong Kong) participated as arrangers.
Proceeds are for general corporate funding and refinancing purposes.
India
Ind-Barath Power (Madras) signed a Rs29.3 billion dual tranche term loan last Thursday (February 24) with sole underwriter and bookrunner AXIS Bank. The facility is split into a Rs26.6 billion 13-year, four-monthtranche and a Rs2.7 billion 10-year bank guarantee facility.
Syndication saw Andhra Bank, Bank of Baroda, Indian Overseas Bank, Power Finance Corp, Punjab National Bank, South Indian Bank and State Bank of Hyderabad join in as participants. Proceeds are to develop a thermal coal plant in the district of Tamil Nadu, India.
Jagannathpur Steel secured a Rs3.8 billion 11-year, four-monthterm loan last Friday (February 25) through sole bookrunner IDBI Bank.
Final allocations saw the lead pledge Rs980 million while participant Punjab National Bank gave Rs750 million. Bank of India, Bank of Maharashtra, Jammu & Kashmir Bank and United Bank of India lent Rs500 million each. Karur Vysya Bank rounded up the syndicate with Rs100 million. Proceeds are for project financing purposes.
Jaipur-Mahua Tollway has sealed a Rs3.7 billion 13-year term loan through sole bookrunner and mandated lead SBI Capital Markets. The project is sponsored by IJM Corp and will be repaid in 52 quarterly installments. The deal is priced at 275bp over the SBI Base Rate.
Final allocations saw participants State Bank of India contribute Rs1.5 billion while State Bank of Bikaner & Jaipur lent Rs1 billion. State Bank of Hyderabad and Dena Bank held Rs750 million and Rs450 million respectively. Proceeds are to refinance existing indebtedness.
Indonesia
Saptaindra Sejati’s $400 million seven-year financing has been inked as a club deal with a consortium of 10 mandated lead arrangers. Guaranteed by Adaro Energy, the deal consists of a $300 million term loan and a $100 million revolving credit, which arepriced at 290bp over Libor.
ANZ, Bank of Tokyo-Mitsubishi UFJ, Bank Mandiri, Credit Agricole, DBS, HSBC, Oversea-Chinese Banking Corp, Standard Chartered Bank, Sumitomo Mitsui Banking Corp and United Overseas Bank were the mandated lead arrangers while ChinatrustCommercial bank and Societe Generale came in as lead arrangers.
Proceeds are to refinance an existing $300 million five-year term loan completed in 2008 and for capital expenditure purposes.
Surya Artha Nusantara Finance has obtained a $145 million three-year fundraising on a club basis through a consortium of eight mandated lead arrangers. The term loan, which is priced at 240bp over Libor, comprises an $85 million onshore tranche and a $60 million offshore portion.
The mandated lead arrangers were ANZ, Bank Danamon Indonesia, Bank Ekonomi Raharja, Bank Mandiri, HSBC, Mizuho Corporate Bank, Natixis and Overseas-Chinese Banking Corp. Proceeds are for general corporate purposes.
Singapore
ORIX Car Rentals sealed a S$45 million five-year term loan on Monday (February 28) with sole bookrunner Bank of Tokyo-Mitsubishi UFJ. With cross guarantees from key operating subsidiaries, syndication saw Bank of East Asia (Singapore) and RHB Bank (Singapore) join in at lower tiers. Proceeds are for general corporate purposes.
Taiwan
Century Development signed a NT$5 billion 10-year loan on March 2 thorugh joint bookrunners Cathay United Bank, First Commercial Bank and Taiwan Cooperative Bank. The loan is priced at 39bp over the one-year post office savings rate with an interest rate floor of 1.51%.
Final allocations saw Cathay United Bank commit NT$1.6 billion while First Commercial Bank and Taiwan Cooperative Bank gave NT$1.0 billion apiece. Participants Hua Nan Commercial Bank, Bank of Taiwan and Chinatrust Commercial Bank lent NT$480 million, NT$380 million and NT$300 million respectively while Shanghai Commercial & Savings Bank contributed NT$240 million.
Proceeds are for refinancing existing indebtedness and working capital purposes.
Emerging Display Technologies completed a NT$1.2 billion dual-tranche fundraising on February 25 through bookrunners Bank of Taiwan, E.Sun Commercial Bank, Mega International Commercial Bank and Taishin International Bank. The facility comprises a NT$600 million five-year term loan and a NT$600 million three-year revolver, which are priced at 105bp and 110bp over the secondary CP rate respectively.
Facility agent E.Sun Commercial Bank pledged NT$230 million while the other bookrunners lent NT$210 million each. Ta Chong Bank, Taiwan Business Bank and Taipei Fubon Commercial Bank committed NT$120 million, NT$120 million and NT$100 million respectively. Proceeds are for refinancing an existing NT$1.2 billion loan signed in July 2008 and working capital purposes.
Sole bookrunner and mandated lead arranger First Commercial Bank completed a NT$330 million transaction last week for Visco Vision, a subsidiary of BenQ Materials Corp. The loan offers a margin of 150bp over the 90-day secondary CP rate with a 15bp commitment fee.
First Commercial Bank lent NT$150 million while Bank of Taiwan, Chang Hwa Commercial Bank and E.Sun Commercial Bank contributed NT$60 million apiece. Proceeds are for capital expenditure and working capital purposes.
