Loan Week, April 1-7

A roundup of the latest syndicated loan market news.

Hong Kong

Kingboard Chemical successfully secured a HK$4.8 billion loan last Friday through bookrunners Citi, HSBC and Standard Chartered. The fully underwritten deal was oversubscribed and upsized from HK$4 billion.

Guaranteed by Kingboard Investments, the five-year debt package is split equally into a term loan and a revolver.

Final allocations saw the leads take HK$450 million each while ANZ, Bank of Tokyo-Mitsubishi UFJ, SMBC and UOB came in as mandated lead arrangers with HK$415 million each. Arrangers Fubon Bank, OCBC and Taiwan Cooperative Bank lent $200 million each while senior manager Bank of Taiwan pledged HK$150 million. Chinatrust Commercial Bank and Hua Nan Commercial Bank contributed HK$120 million each while Bank of East Asia, Cathay United Bank, Chang Hwa Commercial Bank, E.Sun Commercial Bank, Land Bank of Taiwan, Mega International Commercial Bank, Tai Fung Bank and Taiwan Business Bank all ended up with HK$100 million.

Proceeds are to refinance existing indebtedness and for general corporate purposes.

 


India

Asian Colour Coated Ispat completed a Rs3.4 billion eight-year term loan on March 29 through bookrunner and mandated lead SBI Capital Markets. The facility is priced at 390bp over the SBI Base Rate and will be repaid in 22 quarterly installments.

Final allocations saw participants State Bank of India commit Rs1 billion while Bank of Baroda lent Rs700 million. Indian Overseas Bank and Punjab & Sind Bank pledged Rs500 million and Rs460 million respectively while Karnataka Bank and Nainital Bank contributed Rs250 million each. State Bank of Patiala gave Rs120 million and State Bank of Hyderabad rounded up the syndicate with Rs100 million.

Proceeds are for project financing purposes.

Canara Bank signed a $225 million three-year term loan through mandated lead arrangers and bookrunners ANZ, Bank of America, Bank of Tokyo-Mitsubishi UFJ, BNP Paribas, Credit Agricole, Mizuho Corporate Bank and Standard Chartered Bank. The deal was oversubscribed and upsized from $175 million.

The fully underwritten deal is priced at 118bp over Libor.

Final allocations saw the leads contribute $25 million each, except for Bank of Tokyo-Mitsubishi UFJ, which gave $37 million. Lead arrangers Bank of Taiwan held $10 million while arrangers Mega International Commercial Bank committed $8 million. First Commercial Bank, Hua Nan Commercial Bank, Land Bank of Taiwan and Sunny Bank rounded up the syndicate with $5 million each.

Proceeds are for general corporate purposes.

Indian Film Combine has successfully sealed a Rs16 billion 13-year dual-tranche term loan through sole bookrunner ICICI Bank. The deal comprises a Rs12.5 billion facility and a Rs3.5 billion portion. Bank of Baroda, Bank of India, Indian Overseas Bank, Oriental Bank of Commerce, Punjab & Sind Bank, Syndicate Bank and Vijaya Bank joined in at lower levels.

Proceeds are to support the construction of a leisure facility.

Indian Oil has secured a $500 million five-year term loan through mandated lead arrangers and bookrunners Bank of Tokyo-Mitsubishi UFJ, BNP Paribas, Mizuho Corporate Bank, State Bank of India and SMBC.

The deal comprises a $400 million tranche and a $100 million portion solely contributed by State Bank of India.

Bank of Taiwan, Bank Sinopac, DnB NOR Bank, Hua Nan Commercial Bank, Land Bank of Taiwan, Mega International Commercial Bank, Sumitomo Trust & Banking and Taiwan Cooperative Bank joined in as lead arrangers while Export-Import Bank of the Republic of China and Taishin International Bank came in as arrangers. Bank of Kaohsiung, Bank Mandiri, Chinatrust Commercial Bank and Shanghai Commercial & Savings Bank participated as lead managers.

Proceeds are for capital expenditure purposes.

Torrent Power signed a Rs12.8 billion 15-year term loan last week through sole bookrunner and mandated lead arranger IDFC. The debt package will be repaid in 44 quarterly installments.

Syndication saw the lead give Rs3.6 billion while participants Bank of Baroda and State Bank of India provided Rs3.2 billion each. KfW Bankengruppe (KfW) rounded up the syndicate with Rs2.8 billion.

Proceeds are to support the development of a 382.5MW gas-based combined-cycle power project near the city of Surat in the state of Gujarat, India.

 


Philippines

SMC Global Power Holdings has sealed$200 million of financing through mandated lead arrangers and bookrunners ANZ, Bank of Tokyo-Mitsubishi UFJ, DBS, Maybank, Mizuho and Standard Chartered.

The three-year term loan is priced at 215bp over Libor. Cathay United Bank joined in as a lead arranger.

Proceeds are for capital expenditure and refinancing purposes.

 


Singapore

Wilmar International and its wholly-owned subsidiary Wii has mandated BNP Paribas, Citi, DBS, HSBC, OCBC and SMBC on Tuesday as mandated lead arrangers and bookrunners to arrange a total of $1.5 billion of revolving credit facilities.

The facility is fully underwritten by the leads. Proceeds are for general corporate and working capital purposes.

 


Taiwan

Cosmo Electronics signed a NT$1 billion equivalent three-year dual-currency revolving credit facility last week through joint bookrunners First Commercial Bank, Mega International Commercial Bank and Taishin International Bank.

The revolving credit is priced at 120bp over the secondary CP rate and 140bp over Libor when drawn in NT$ and US$ respectively.

General syndication saw Bank of Kaohsiung, Bank of Taiwan, Cathay United Bank, Chang Hwa Commercial Bank, Hua Nan Commercial Bank, Shanghai Commercial & Savings Bank, Taiwan Business Bank and Taiwan Cooperative Bank join in at lower levels.

Proceeds are for refinancing existing indebtedness and working capital requirements.

Danen Technology successfully secured a NT$2.7 billion three-year facility last week through 10 mandated lead arrangers.

The facility consists of a NT$1.5 billion two-year extendible term loan, a NT$600 million term loan and a NT$600 million revolver, which feature a margin of 150bp over the secondary CP rate.

The mandated lead arrangers were Agricultural Bank of Taiwan, Bank of Taiwan, Chang Hwa Commercial Bank, Chinatrust Commercial Bank, E.Sun Commercial bank, Jih Sun International Bank, Land Bank of Taiwan, Mega International Commercial Bank, Taiwan Business Bank and Taiwan Cooperative Bank while Bank of Kaohsiung, Cathay United Bank, DBS Bank, Hua Nan Commercial Bank and Pan Hsin Commercial Bank joined in as managers.

Proceeds are for refinancing an existing NT$1.2 billion loan signed in June 2010, capital expenditure and working capital purposes.

Sole bookrunner First Commercial Bank sealed a NT$4.1 billion dual-tranche deal on March 30 for Guo Yu Development.

The deal is divided into a NT$3.3 billion 15-year term loan for refinancing and anNT$800 million seven-year revolver for working capital. Both tranches offer a margin of 123bp over the one-year post office savings rate.

Final allocations saw the bookrunner contribute NT$3.1 billion while Agricultural Bank of Taiwan and Taiwan Cooperative Bank lent NT$500 million respectively.

Air Asia signed a NT$1 billion five-year debt package last week through bookrunners Chang Hwa Commercial Bank and Taishin International Bank.

The debt is priced at 35bp over the post office savings rate and 80bp over Sibor when drawn in NT$ and US$ respectively.

Agricultural Bank of Taiwan, Bank Sinopac and Taiwan Cooperative Bank came in as mandated lead arrangers while Hua Nan Commercial Bank joined as a participant.

Proceeds are for repaying debt and working capital purposes.

¬ Haymarket Media Limited. All rights reserved.