The third largest M&A related facility signed in Hong Kong
Hotelier Finance has obtained a HK$9.3 billion five-year term loan through mandated lead arrangers ANZ, Bank of China, Credit Agricole, DBS Bank, Hang Seng Bank, HSBC, JPMorgan, Mizuho Bank, National Bank of ABU DHABI, OCBC, Standard Chartered Bank, Sumitomo Mitsui Banking Corp and UOB on a club basis. Proceeds are to support the acquisition and the associated payments of three New World hotels in HK.
Hong Kong acquisitions-related* loan volume totals $6.5 billion this year-to-date, down 18% from $8 billion in the same 2014 period. Overall Asia Pacific (ex Japan) acquisitions-related loan volume fell 65% year-on-year to $15.5 billion in 2015 YTD.
Hong Kong syndicated loan volume totals $26 billion in 2015 year-to-date, down 9% from the $28.7 billion borrowed in 2014 year-to-date.
*Includes acquisitions, future acquisitions, spin-offs and LBOs
Technology sector leads the industry ranking in Taiwan
Walton Advanced Engineering has secured a NT$8.4 billion five-year loan though joint bookrunners and mandated lead arrangers Agricultural Bank of Taiwan, Bank SinoPac, Bank of Taiwan, CTBC Bank, Chang Hwa Commercial Bank, Far Eastern International Bank, KGI Bank, Land Bank of Taiwan, Mega International Commercial Bank and Taishin International Bank.
Syndication saw Shanghai Commercial & Saving Bank join as manager while China Construction Bank, First Commercial Bank, Hwatai Bank, Taiwan Business Bank and Taiwan Cooperative Bank came in as lenders. Proceeds are to refinance existing debt signed June 2013 and for working capital purposes.
The technology sector accounts for 47% of Taiwan loan volume with $6 billion in 2015 year-to-date, up 62% from $3.7 billion borrowed in the same 2014 period.
MGM syndicated loan amended in Hong Kong
MGM China Holdings and MGM Grand Paradise have signed a HK$23.4 billion deal though joint bookrunners and mandated lead arrangers Bank of China, Industrial & Commercial Bank of China and Bank of America Merrill Lynch.
Syndication saw BNP Paribas, Banco Nacional Ultramarino, Bank of Communications, Barclays, China Construction Bank, Credit Agricole, Deutsche Bank, JPMorgan, Sumitomo Mitsui Banking Corp and Wing Lung Bank join as mandated lead arrangers while Chong Hing Bank, Morgan Stanley and Scotiabank came in as lead arrangers. Banco Comercial Protugues, Bank SinoPac, Bank of East Asia, Chang Hwa Commercial Bank, First Commercial Bank, Mega International Commercial Bank and Taiwan Cooperative Bank concluded the syndicate as senior managers.
The deal is an amendment to an existing HK$15.6 billion facility signed October 22, 2012 to increase the debt amount and extend the maturity by eighteen months. Proceeds are to refinance the existing $950 million facility signed in July 27, 2010 and for the development and construction of the 600-rooms MGM Grand Macau Casino and for general corporate purposes.
Hong Kong dollar-denominated loan volume has reached a record $24.2 billion in 2015 year-to-date, up slightly on the $24 billion lent in 2014 year-to-date. Asia Pacific (ex Japan) syndicated loan volume stands at $163 billion in 2015 year-to-date, down 36% year-on-year.
