Loan Week, April 18-24

A roundup of the latest syndicated loan market news.

Australia

Southern Way Finance has inked a A$745 million five-year term loan on a club basis through mandated lead arrangers ANZ, Bank of Tokyo-Mitsubishi UFJ, Commonwealth Bank of Australia, NAB, SMBC and Westpac.

Final allocations saw the arrangers commit A$124 million apiece.

Proceeds are to refinance existing indebtedness.

China

Coolpad Group has closed a $107 million three-year term loan through joint bookrunners CTBC Bank and UBS.

CTBC Bank acted as the security agent while Digital Technology was the guarantor.

Syndication saw Bank of East Asia, Chang Hwa Commercial Bank, First Commercial Bank and Land Bank of Taiwan come in as mandated lead arrangers while Hua Nan Commercial Bank, Jih Sun International Bank and Ta Chong Bank rounded up the group as participants.

Proceeds are for capital expenditure and general corporate purposes.

Youyuan International Holdings has secured a $110 million three-year term loan through bookrunners and mandated lead arrangers China Citic Bank International and HSBC.

Final allocations saw HSBC provide $44 million while China Citic Bank International pledged $25 million. Mandated lead CTBC Bank joined in with $17 million while arrangers Chang Hwa Commercial Bank, Monte dei Paschi and Hua Nan Commercial Bank gave $15 million, $5 million and $4 million, respectively

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

Hong Kong

Chinese Dream has sealed a €593 million 12-year term loan through joint mandated lead arrangers Credit Agricole, DNB and KfW on a club basis.

The facility is guaranteed by Euler Hermes and Genting Hong Kong.

Final allocations saw KfW provide €297 million while Credit Agricole and DNB lent €148 million apiece.

Proceeds are to finance a new passenger cruise vessel.

India

Gujarat NRE Coke has inked a Rs31.4 billion loan package through sole bookrunner State Bank of India.

The facility comprises a Rs21.0 billion 10-year term loan and a Rs10.5 billion one-year revolving credit facility.

Syndication saw Axis Bank, Bank of Baroda, Corporation Bank, Export-Import Bank of India, ICICI Bank, IDBI Bank, Laxmi Vilas Bank, Life Insurance Corp of India, State Bank of Hyderabad, State Bank of Patiala, State Bank of Travancore, Syndicate Bank and Tamilnad Mercantile Bank come in as participants.

Proceeds are for capital expenditure and general corporate purposes.

Singapore

Asia Square Tower 1 has completed a S$2.1 billion three-year financing through joint bookrunners and mandated lead arrangers DBS, Maybank, OCBC, Standard Chartered and UOB.

The facility is split into a S$1.7 billion term loan, a S$188 million tranche and a S$223 million portion.

Syndication saw ANZ and Credit Agricole join in as mandated lead arrangers while CTBC Bank, Great Eastern Life Assurance, Overseas Assurance and RHB Bank came in as participants.

Proceeds are to refinance a loan facility signed in October 2011 and fund outstanding construction costs.

Singtel Group Treasury has obtained a S$2.1 billion three-year revolver on a club basis through mandated lead arrangers Bank of America Merrill Lynch, Bank of Tokyo-Mitusbishi UFJ, Citi, Credit Agricole, DBS, Deutsche Bank, HSBC, Mizuho OCBC, Standard Chartered, SMBC and UOB.

The facility is split into a S$1.7 billion tranche and a S$400 million portion.

Proceeds are to refinance an existing $2.2 billion facility signed in June 2011.

Taiwan

Kei Shen Construction has completed a NT$4.5 billion four-year-and-six-month financing through joint bookrunners Agricultural Bank of Taiwan, Bank of Taiwan and Taiwan Cooperative Bank.

The transaction consists of a NT$4.2 billion tranche and a NT$340 million portion.

Final allocations saw bookrunner Taiwan Cooperative Bank hold NT$1.5 billion while the other leads Agricultural Bank of Taiwan and Bank of Taiwan took NT$770 million apiece. Participants Chang Hwa Commercial Bank and Hua Nan Commercial came in with NT$460 million each, while Shanghai Commercial & Savings Bank and Ta Chong Bank rounded up the syndicate with NT$310 million and NT$230 million, respectively.

Proceeds are for capital expenditure and general corporate purposes.