Loan Week, April 15-20

A roundup of the latest syndicated loan market news.

Australia

SPI (Australia) Assets has completed a A$250 million dual-tranche seven-year facility on a club basis through mandated lead arrangers Credit Agricole, ING, OCBC and Westpac.

The deal is split equally into a term loan and a revolver. Proceeds are to refinance existing debt and for general corporate purposes.


China

Sumitomo Mitsui Finance & Leasing (China) has obtained a Rmb550 million dual-tranche facility through sole bookrunner SMBC.

The deal consists of a Rmb300 million 1.5-year revolving credit and a Rmb250 million three-year term loan.

Bank of Communications came in as a mandated lead arranger while Bank of Nova Scotia joined in as a manager.

Proceeds are for working capital purposes.

Sole bookrunner Bank of Tokyo-Mitsubishi UFJ has completed a Rmb900 million multi-tranche facility for Toyota Motor Finance (China).

The three-year fundraising is split into two Rmb300 million and Rmb400 million revolving credits, as well as a Rmb200 million term loan.

Syndication saw Agricultural Bank of China and Bank of Communications join in as mandated lead arrangers.

Proceeds are for working capital purposes.


Hong Kong

Longfor Properties’ HK$1.2 billion four-year loan has been completed through lenders HSBC, Industrial & Commercial Bank of China (Asia) and Standard Chartered (Hong Kong).

The deal is priced at 315bp over Hibor.

Industrial & Commercial Bank of China (Asia) and Standard Chartered committed HK$500 million each while HSBC joined in with HK$200 million.

Proceeds are for general corporate purposes.

VST Computers (HK) has obtained a HK$100 million three-year term loan through coordinating arrangers Bank of Tokyo-Mitsubishi UFJ, Standard Chartered (Hong Kong) and United Overseas Bank.

The deal is guaranteed by VST Holdings. Proceeds are for refinancing purposes.


Indonesia

Rekapastika Asri has signed a IDR75 billion four-year seven-month term loan through sole bookrunner and mandated lead arranger Bank Negara Indonesia. Final allocations saw the lead lend IDR50 billion while participant Bank Pembangunan Daerah Jawa Barat dan Banten providedIDR25 billion. Proceeds are to fund the construction of a shopping centre in Bekasi, West Java.


Singapore

Jurong Aromatics Corp signed a $1.6 million multi-tranche project financing on April 16 through bookrunners ING Bank, Intesa Sanpaolo, KfW Bankengruppe, Korea Development Bank, Royal Bank of Scotland and Standard Chartered.

The debt is split into a $618 million term loan guaranteed by K-Sure, a $278 million term loan guaranteed by K-Exim, a $340 million K-Exim direct term loan, a $156 million commercial term loan A, a $50 million commercial term loan B and a $115 million working capital facility.

Syndication saw ANZ, BNP Paribas, DnB NOR Bank and Natixis come in as mandated lead arrangers while DZ Bank joined as an arranger.

Proceeds are for the $2.4 billion aromatics complex project on Jurong Island, Singapore.


Taiwan

Jvan An International has secured a NT$640 million five-year financing through bookrunners Chang Hwa Commercial Bank, E.Sun Commercial Bank and First Commercial Bank.

The financing comprises a NT$390 million revolver and NT$250 million term loan, which are priced at 75bp and 65bp over the three-month post office savings rate. There is also an interest rate floor of 1.5%.

Final allocations saw E.Sun Commercial Bank lend NT$192 million while Chang Hwa Commercial Bank and First Commercial Bank contributed NT$170 million each. DBS Bank joined in with NT$108 million commitment as a participant.

Proceeds are for capital expenditure and working capital purposes.


Thailand

MTP HPPO Manufacturing has secured a $680 million-equivalent 9.5-year project financing through a consortium of 12 mandated lead arrangers.

The deal consists of a Bt15.4 billion tranche and a $220 million portion.

Mandated lead arrangers Bangkok Bank, Bank of Ayudhya, Kasikornbank, Krung Thai Bank and Siam Commercial Bank committed in the baht tranche while Bank of Tokyo-Mitsubishi UFJ, HSBC, Mizuho Corporate Bank, Natixis, OCBC, Societe Generale and SMBC participated in the US dollar facility.

Proceeds are to take out a $650 million bridge facility signed in April 2010.

Taksin Properties has secured a Bt5.5 billion 2.25-year transferable term loan through sole bookrunner Standard Chartered.

Guaranteed by Raimon Land and The River, the deal saw Siam City Bank and Tisco Bank join in as mandated lead arrangers.

Proceeds are for refinancing and development financing purposes.

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