Acquisition loans slump; Indonesian volumes on the up

Faulkner Global Holdings, Surat Hazira Nh-6 Tollway and Kereta Api Indonesia feature in Dealogic's roundup of loans activity in Asia for December 22 to January 4.

Acquisition-related loan* volume down 44% Y-o-Y in Asia Pacific (ex-Japan)

  • Faulkner Global Holdings has signed a $4.3 billion facility through sole bookrunner and mandated lead arranger Bank of China. Syndication saw Tai Fung Bank join as a participant. Proceeds are to support COSCO Shipping's $6.3 billion acquisition of Orient Overseas.
  • This is the second largest acquisition-related loan signed in China in 2017, behind Midea Electrics Netherlands’ $4.3 billion facility signed in August 2017.
  • In Asia Pacific (ex-Japan), acquisition-related loan volume stands at $67.4 billion via 107 deals in 2017, down 44% from the $120.1 billion borrowed in 2016.

*Includes deals where use of proceeds is one of acquisitions, future acquisitions, spinoffs, and LBOs.

Transportation sector loan volume up 59% Y-o-Y in India

  • Surat Hazira Nh-6 Tollway has signed an INR 24.0 billion facility through joint mandated lead arrangers Andhra Bank, Bank of Baroda, Central Bank of India, Corporation Bank, Dena Bank, India Infrastructure Finance, Indian Overseas Bank, Oriental Bank of Commerce, Punjab National Bank, State Bank of Bikaner & Jaipur, State Bank of Hyderabad, State Bank of Travancore, UCO Bank, and Union Bank of India on a club basis. Proceeds are to refinance an existing INR 24.0 billion facility supporting the construction of the Surat-Hazira section of National Highway No. 6 (NH-6) in the State of Gujarat, India.
  • In India, Transportation sector loan volume stands at $4.6 billion via 17 deals in 2017, up 59% year-on-year from $2.9 billion borrowed in 2016.
  • In Asia Pacific (ex-Japan), Transportation loan volume has reached $63.8 billion via 111 deals in 2017, increased slightly from the $62.3 billion borrowed in 2016.

Indonesia syndicated loan volume at record high

  • Kereta Api Indonesia has secured an IDR 19.3 trillion facility through joint bookrunners and mandated lead arrangers Bank Central Asia, Bank CIMB Niaga, Bank Mandiri, Bank Negara Indonesia, Bank Rakyat Indonesia, and Sarana Multi Infrastruktur. Syndication saw Bank DKI, Bank Mega, Bank of Tokyo-Mitsubishi UFJ, Bank Sumut, KEB Hana Bank, and Shinhan Bank join as participants. Proceeds are to finance the construction of Greater Jakarta light rail transit network in Indonesia.
  • This is the second largest deal signed in Indonesia in 2017, after Bhumi Jati Power’s $1.7 billion fundraising in February 2017.
  • Indonesia syndicated loan volume totals $22.5 billion in 2017, increasing 5% year-on-year and marking the highest full-year level on record.
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