Loan week, April 16-22

Australia

Port of Portland's A$64.3 million three-year fundraising has been completed via lenders Australia and New Zealand Banking Group and National Australia Bank.

Proceeds are to refinance existing debt facilities.

Hong Kong

A HK$3 billion dual-tranche facility for Kingboard Laminates Holdings was completed earlier this week via mandated lead arrangers and bookrunners DBS Bank, HSBC and Standard Chartered Bank.

Underwritten by the bookrunners, the deal is split into a HK$1.5 billion term loan and a HK$1.5 billion revolver.

Final allocations saw DBS Bank and HSBC commit HK$500 million each, while Standard Chartered Bank pledged HK$450 million. Coordinating arranger Wing Lung Bank took HK$170 million and United Overseas Bank offered HK$130 million. Bank of Tokyo-Mitsubishi UFJ, Mizuho Corporate Bank, Oversea-Chinese Banking Corp, Scotiabank and Sumitomo Mitsui Banking Corp provided HK$110 million apiece. Senior managers Fubon Bank, Chinatrust Commercial Bank and First Commercial Bank contributed HK$105 million, HK$90 million and HK$85 million respectively. Cathay United Bank, Chang Hwa Commercial Bank, E.Sun Commercial Bank, Land Bank of Taiwan, Shanghai Commercial & Savings Bank and Tai Fung Bank joined in with HK$70 million tickets.

The financing is guaranteed by Hong Kong Fibre Glass, Kingboard Laminates, Jamplan Marketing, Yat Tao Chemical Holdings (HK), and Chung Shun Laminates (MCO). Proceeds are to repay an outstanding facility and for general corporate purposes.

India

A Rs3.2 billion 10.75-year term loan for Chennai International Terminals was signed on April 16 via sole mandated lead arranger Axis Bank.

The term loan is to be repaid through quarterly installments with a two-year grace period.

Syndication saw Axis Bank take Rs1.2 billion, while State Bank of Patiala and State Bank of Travancore committed Rs1 billion each.

Proceeds are for project financing purposes.

Singapore

Ascendas' S$100 million five-year term loan has been inked as a club deal via Bank of Tokyo-Mitsubishi UFJ and Natixis.

The bullet facility features a margin of 95bp over SOR and has a S$100 million greenshoe option.

The lenders committed equally and proceeds are for refinancing and general corporate purposes.

A S$225 million four-year dual-tranche fundraising for HSBC Institutional Trust Services (Singapore), the trustee of Cache Logistics Trust, has been signed via mandated lead arrangers DBS Bank, Macquarie (Asia) and Standard Chartered Bank.

The club deal comprises a S$200 million term loan and a S$25 million revolving credit.

Proceeds are to support the purchase of industrial properties and for general corporate purposes.

Taiwan

Ardentec Corp's NT$2.3 billion dual-tranche financing was signed on April 20 via sole bookrunner Chinatrust Commercial Bank. The facility was oversubscribed and upsized from NT$1.9 billion.

Secured by machinery, the five-year debt package is split into two term loans of NT$1.1 billion each. Both tranches are priced at 85bp to 110bp (based on the net profit margin matrix) over the 90-day secondary CP rate. The club style facility also features a post tax profit margin floor rate of 1.6% in the first six months after drawdown and a commitment fee of 15bp.

Final allocation saw the lead take NT$360 million, while mandated lead arrangers Bank of Taiwan, Cathay United Bank, Chang Hwa Commercial Bank, E.Sun Commercial Bank, Hua Nan Commercial Bank and Taiwan Cooperative Bank joined in with NT$320 million each.

Proceeds are for capital expenditure and working capital purposes.

A $30 million three-year term loan for CK Asia and Golden Canyon, subsidiaries of the Taiwan-listed company Chien Kuo Construction, has been concluded via mandated lead arrangers Bank of Taiwan, Bank Sinopac, Chang Hwa Commercial Bank, Far Eastern International Bank, Mega International Commercial Bank and Shanghai Commercial & Savings Bank. The deal was oversubscribed to $37 million and was upsized from $25 million.

Guaranteed by the parent company, the term loan is priced at 100bp over three-month Libor with a 12 month grace period, and will be repaid through seven quarterly installments. 

Final allocations saw the leads contribute $5 million apiece.

Proceeds are for refinancing and working capital purposes.

Hannstar Display Corp's NT$8 billion four-year dual-tranche debt package was signed on Wednesday (April 21) via bookrunners Bank of Taiwan, China Development Industrial Bank, Chinatrust Commercial Bank, E. Sun Commercial Bank, First Commercial Bank, Industrial Bank of Taiwan, Mega International Commercial Bank, Ta Chong Bank, Taipei Fubon Commercial Bank, Taishin International Bank and Yuanta Commercial Bank.

The deal consists of NT$7 billion and NT$1 billion term loans, which are priced at 75bp to 90bp over the primary CP rate, depending on the net profit margin. The loans are to be repaid through five semi-annual installments with a 24-month grace period. Both tranches feature a one-year extension option.

Bank of Taiwan, Chinatrust Commercial Bank, First Commercial Bank, Mega International Commercial Bank, Ta Chong Bank and Yuanta Commercial Bank committed NT$600 million each, while China Development Industrial bank, E. Sun Commercial Bank, Industrial Bank of Taiwan, Taipei Fubon Commercial Bank and Taishin International Bank pledged NT$480 million apiece.  Participant Bank Sinopac took NT$320 million, while Chang Hwa Commercial Bank and Hua Nan Commercial Bank contributed NT$280 million each. Land Bank of Taiwan, Shin Kong Life Insurance and Taiwan Cooperative Bank provided NT$240 million apiece. Far Eastern International Bank, Shanghai Commercial & Savings Bank and Taiwan Business Bank lent NT$200 million, NT$120 million and NT$80 million respectively.

Proceeds are for refinancing and working capital purposes.

A $24 million three-year financing for Heng Ya Electric was sealed on April 19 via mandated lead arrangers Taishin International Bank and Mega International Commercial Bank. The deal was upsized from $20 million.

The financing is split into a $6 million term loan and an $18 million revolver, which are priced at 95bp over Libor or Hibor with a 25bp commitment fee.

Final allocations saw the lead arrangers take $4.5 million each, while managers Chang Hwa Commercial Bank, First Commercial Bank, Hua Nan Commercial Bank, Land Bank of Taiwan, Shin Kong Commercial Bank and Shanghai Commercial & Savings Bank contributed $2.5 million apiece.

Proceeds are for refinancing and working capital purposes.

Sino Materials Enterprise successfully secured a NT$530 million five-year dual-tranche facility on April 19 via bookrunners Agricultural Bank of Taiwan, First Commercial Bank, Industrial Bank of Taiwan, Land Bank of Taiwan and Taichung Commercial Bank.

The facility comprises a NT$350 million and an NT$180 million term loan which features a margin of 150bp over the 90-day primary CP rate with an interest rate floor of 2.5% before tax. 

The leads provided NT$88.5 million each for a 25bp participation fee, while Hua Nan Commercial Bank contributed NT$58.5 million for a 15bp fee as a co-arranger. Shanghai Commercial & Savings Bank joined in as a participant with NT$29 million for a 10bp fee.

Proceeds are for refinancing and working capital purposes.