Loan week, April 11-17

A roundup of the latest syndicated loan market news.

A $285 million 10-year financing for Allco Asset Finance has been completed via bookrunners BNP Paribas (Singapore Branch) and HSH Nordbank (Singapore Branch).

Syndication saw Industrial & Commercial Bank of China joining in as equal-status arranger.

Proceeds are to support the purchase of aircraft.


Leads ICBC Asia, ING Bank, Rabobank, RBS and WestLB have launched a $248.3 million equivalent multi-tranche facility for Asia Timber Products, an SPV for Plantation Timber Products Group, into senior and general syndication.

The dual currency loan comprises an $80 million five-year financing, a $116.5 million six-year credit, a Rmb252 million six-year portion and a Rmb108 million five-year bullet. The dollar portions feature spreads of 275bp and 325bp over Libor respectively, while both renminbi tranches are priced at 110% of the PBOC rate.

A roadshow was held in Hong Kong on April 16 with banks having until mid-May to respond. Proceeds are to refinance an $86 million LBO financing for Plantation Timber Products Group in 2006 and to support an add-on acquisition of Asia Dekor Holdings.

A $46 million equivalent three-year dual tranche debt package for Baoding Tianwei Yingli New Energy Resources has been sealed via mandated arrangers Citi and NordLB.

The deal comprises a $20 million tranche and a Rmb185 million portion.

Syndication saw Korea Development Bank joining in as a manager. Proceeds are for general corporate purposes.

Syndication of a $100 million five-year financing for China Guofeng Group is still ongoing via sole bookrunner HSBC. A bank presentation was held on April 14.

Banks have been invited to join on three tiers. Coordinating arrangers committing $15 million and above receive 40bp over Libor in upfront fees for an all-in of 125bp. Arrangers providing between $10 million and $14 million get 30bp while senior managers lending between $5 million and $9 million gain 20bp for all-ins of 122.5bp and 120bp respectively.

The margin is priced at 115bp over Libor and features an average life of four years.

The deadline for banks to revert is at the end of April.

Henan Express WayÆs Rmb5.97 billion 20-year fundraising has been launched into syndication via sole mandate Bank of China.

The deal pays a margin of 90% of the PBOC rate and is secured against the toll rights.

So far, Agricultural Bank of China, China Construction Bank and ICBC Asia have joined as lenders.

The funds are to support the construction of a highway connecting Hangzhou, the capital of Zhejiang province, to Ruili in Yunnan.

Suning ApplianceÆs Rmb450 million three-year fundraising was signed on April 8 via sole mandated arranger and bookrunner BNP Paribas.

The margin is priced at 100% of the PBOC rate.

Final allocations saw BNP Paribas contributing Rmb90 million, while lead arrangers Sumitomo-Mitsui Banking Corporation and Woori Bank (Shanghai Branch) provided Rmb78 million apiece.

Coming in as arrangers were Korea Exchange Bank (Shanghai Branch) and Mizuho Corporate Bank lending Rmb60 million each, while Korea Development Bank (Shanghai Branch) and Public Bank (Hong Kong Branch) took Rmb42 million apiece.

The funds are for general corporate requirements.

Hong Kong

Seaview FinanceÆs HK$530 million two-year transferable facility has been inked via sole mandated lead and bookrunner Citi.

Boswell Holdings is acting as the guarantor.

Syndication saw Dah Sing Bank, Chang Hwa Commercial Bank, Chong Hing Bank and Wing Lung Bank joining in as managers.

Proceeds are to refinance existing debt.

Syndication of Sinochem (Hong Kong)'s $500 million three-year bullet loan has been put on hold at the borrowersÆ discretion until further notice. The mandated leads are ABN AMRO, BNP Paribas, Calyon, ING Bank and Standard Chartered.


A $100 million five-year bullet for Larsen & Toubro has been inked on a club basis via leads Bank of Nova Scotia, Caja Madrid, HSBC and Sumitomo Mitsui Banking Corporation, with each bank holding $25 million.

Proceeds are to support capital expenditure requirements.

A $400 million five-year term loan for Wipro has been completed via a syndicate of eight mandated arrangers on a club basis.

The deal pays a spread of 53bp over Libor.

ABN AMRO, Bank of Tokyo-Mitsubishi UFJ, BNP Paribas, Calyon, Citi, HSBC, Mizuho Corporate Bank and Standard Chartered Bank committed $50 million each.

Proceeds are for general corporate purposes.

A $592 million 13-year project financing for PT PLN Perusahaan Listrik Negara (Persero) has closed via a syndicate of 18 banks. Bank of China, BNP Paribas, China Construction Bank, China Development Bank, China CITIC Bank, ICBC Asia and Societe Generale are the mandated leads.

Joining the syndicate as lead arrangers were Mizuho Corporate Bank and Sumitomo Mitsui Banking Corporation, while ANZ, BayernLB, Calyon, Credit Suisse, Fortis, ING Bank, Natixis, Royal Bank of Scotland and WestLB joined as senior managers.

Allocations have not been disclosed at press time. The signing ceremony is expected to take place on April 28.

PT Salim Ivomas PratamaÆs $160 million five-year debt package has been clubbed via mandated lead arrangers ABN AMRO, Bank of Tokyo-Mitsubishi UFJ, PT Bank Mizuho Indonesia, Standard Chartered and Sumitomo Mitsui Banking Corporation.

The margin was priced at 135bp over Libor for onshore lenders and 125bp over Libor for offshore lenders.

The funds are to partially refinance existing debts.

New Zealand

A NZ$410 million dual tranche financing for Oregon Group has been sealed via sole lead HSBC, with Westpac Banking Corporation joining as a participant.

The 30-month loan is split between a NZ$310 million bullet and a NZ$100 million revolver.


Farrer CourtÆs S$2 billion five-year multi-tranche fundraising was launched into syndication on April 14 via mandated lead arrangers and bookrunners DBS Bank, Oversea-Chinese Banking Corporation, Royal Bank of Scotland, Standard Chartered Bank and United Overseas Bank.

The loan comprises a S$1.37 billion term loan, a S$500 million revolver and a S$130 million guarantee portion which is not syndicated to the market. The margin is priced at 150bp over SOR for all three tranches.

Banks have been invited on four tiers. Mandated lead arrangers committing S$100 million or above receive an upfront fee of 85bp, while lead arrangers contributing between S$75 million and S$99 million gain 65bp in fees. Arrangers providing between S$50 million and S$74 million get 50bp, while lead managers lending between S$25 million and S$49 million take 40bp flat.

A roadshow is slated to be held in Singapore on April 21 with banks expected to revert by mid-May.

The funds are to support the acquisition of land and for the construction of real estate properties.

Hyflux Water TrustÆs $66 million dual tranche three-year revolver was signed on April 8 via mandated leads CIMB Bank, Natixis and Oversea-Chinese Banking Corporation. The full syndicate is undisclosed.

A $288 million 10-year amortising loan for Rickmers Maritime has been signed on a club basis via BNP Paribas, Fortis, HSBC, ING Bank and Scotiabank.

Proceeds are to part finance the acquisition cost of vessels, for future acquisitions of maritime assets and for general corporate purposes.

South Korea

PMX IndustriesÆ $90 million three-year floating rate note was sealed last Thursday (April 10) via sole bookrunner Korea Development Bank.

The margin is priced at 170bp over Libor. Poongsan Corporation is acting as the guarantor.

Final allocations saw the bookrunner lending $30 million while co-arrangers Korea Exchange Bank and Woori Bank (London Branch) committed $20 million apiece. Coming in as lead managers were Hana Bank (Hong Kong Branch) and Shinhan Bank providing $10 million each.

Sri Lanka

Syndication of Bank of CeylonÆs $100 million one-year financing is slated to close on April 18 via sole bookrunner HSBC.

The deal offers a spread of 150bp over Libor and features a two-year extension option.

Banks have been invited on three levels. Coordinating arrangers holding $15 million and above receive 80bp in management fees for an all-in of 250bp. Lead arrangers contributing between $10 million and $14 million get 65bp while co-arrangers lending between $5 million and $9 million gain 50bp for all-ins of 231bp and 212bp respectively.


Sole lead Mega International Commercial Bank has launched a NT$4 billion dual tranche five-year fundraising for Eversol Corporation into syndication. Deal terms will be available shortly.

The deadline for banks to respond is at the end of May.

A $700 million three-year credit for Leadtek Global is still in general syndication via lead arrangers ABN AMRO, Bank of Taiwan, Bank of Tokyo-Mitsubishi UFJ, Cathay United Bank, Chinatrust Commercial Bank, DBS Bank, HSBC, ING Bank, Sumitomo-Mitsui Banking Corporation and Taiwan Cooperative Bank. The loan amount was increased from $450 million as the MLA group was expanded.

The deal features an extension option of two years and offers a spread of 62.5bp over Libor. Chi Mei Optoelectronics is acting as the guarantor.

So far, syndication has seen Standard Chartered Bank joining in as an equal-status arranger while three commitments have been received in general syndication û Intesa Sanpaolo, KBC Bank and Taishin International Bank.

Syndication is slated to close on April 28 with signing scheduled for May 8.

Proceeds are for working capital purposes.
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