Loan Week

Loan Week, April 19-25

A roundup of the latest syndicated loan market news.

Australia


Downer Group Finance has secured a A$400 million four-year revolver through bookrunner and mandated lead arrangers ANZ, Mizuho, NAB and RBS.

Syndication saw HSBC and SMBC join in as mandated lead arranger while Bank of China, China Construction Bank, Deutsche Bank, UBS and Westpac joined in as senior manager.

Proceeds are for refinancing and general corporate purposes.

 

China


Global SC Finance has sealed a $1.4 billion loan package through mandated lead arrangers and bookrunners Bank of America Merrill Lynch, Deutsche Bank and ING.

The facility is split into a $560 million two-year revolving tranche and an $875 million eight-year term loan.

Syndication saw Credit Suisse and RBS join in as mandated lead arrangers while ABN Amro, KeyBanc Capital Markets, New York Life Insurance and Siemens came in at lower ranks.

Proceeds are to repay existing indebtedness.

 

India


Indraprastha Metropolitan Development has completed an Rs11 billion financing through sole bookrunner and mandated lead arranger State Bank of India.

The facility comprises a Rs7.8 billion 13-year and five-month term loan and a Rs3.2 billion two-year and five-month portion.

Syndication saw Bank of India, Central Bank of India, Dena Bank, Federal Bank, Jammu & Kashmir Bank, Karur Vysya Bank, L&T Infrastructure Finance, State Bank of Hyderabad, State Bank of Patiala, Union Bank of India and Vijaya Bank join in as participants.

Proceeds are to support the development of a residential complex for Delhi Police.

JK Cement has acquired a Rs12 billion 13-year and nine-month term loan through sole bookrunner and mandated lead arranger IDBI Bank.

The single tranche facility will be repaid in 40 quarterly instalments.

Syndication saw Allahabad Bank, Andhra Bank, Canara Bank, Dena Bank, Indian Bank, Indian Overseas Bank, Jammu & Kashmir Bank, Oriental Bank of Commerce, State Bank of India, Union Bank of India and United Bank of India come in as participants.

Proceeds are for the development of an integrated cement unit and a grinding unit.

Orange Jaisalmer Wind Energy has completed a Rs1.9 billion 14-year and four-month term loan through sole bookrunner State Bank of India.

The deal is priced at 275bp over the State Bank of India base rate and will be repaid quarterly in 54 instalments.

Final allocations saw the lead takes Rs1 billion while participants Indian Renewable Energy Development Agency and State Bank of Hyderabad contributed Rs479 million and Rs470 million, respectively.

Proceeds are for the construction of a 50.4MW wind power project in Rajasthan, India.

Parabolic Drugs has secured a Rs9.6 billion loan package through sole bookrunner and mandated lead arranger State Bank of India.

The deal consists of five tranches and is priced at a flexible margin over State Bank of India’s base rate to reach an effectively yield of 10.5% p.a.

Syndication saw Bank of Baroda, Canara Bank, Central Bank of India, Export-Import Bank of India, ICICI Bank, IDBI Bank, Small Industries Development Bank of India, State Bank of Hyderabad, State Bank of Patiala, UCO Bank and Union Bank of India join in as participants.

Proceeds are for debt restructuring purposes.

 

Philippines


Asia Outsourcing Gamma and Asia Outsourcing US have obtained a $195 million five-year facility through a consortium of 11 bookrunners and mandated lead arrangers.

The debt package comprises a $100 million and $75 million term, and a $20 million revolver.

Final allocations saw HSBC lend $30 million while Bank of America Merrill Lynch and UBS pledged $17 million each. Siemens Financial Services and Taipei Fubon Commercial Bank each joined in with $20 million. Credit Industriel et Commercial and Natixis came in with $17 million each while China Development Industrial Bank and Chinatrust Commercial Bank provided $14 million each. Mega International Commercial Bank committed $20 million while SMBC concluded with $10 million.

Proceeds are for acquisition and working capital purposes.

 

Singapore


ECOM Agroindustrial Asia and ECOM Agroindustrial Corp have inked a $300 million 364-day revolving credit facility through bookrunner and mandated lead arrangers DBS and Standard Chartered.

The facility was launched in February and ended up more than 1.7 times oversubscribed.

Final allocations saw the leads provide $27 million each while mandated lead arrangers ANZ, Bank of China, Bank of Tokyo-Mitsubishi UFJ, Commonwealth Bank of Australia, ING, OCBC, Rabobank and Societe Generale joined in with $21 million each. Lead arrangers ABN Amro, Bank of East Asia, KBC Bank, NAB, UOB came in with $11 million each while Bank of Taiwan, Emirates NBD PJSC, Bank Mandiri and Mega International Commercial Bank concluded with $6 million each.

Proceeds are for general operations and working capital purposes.

 

Taiwan


Eliter International Corp has signed a NT$1.1 billion one-year term loan through sole bookrunner Taiwan Cooperative Bank.

The facility is an amendment to a NT$1.1 billion facility signed on October 7, 2011 to extend maturity by one year. It consists of a NT$480 million tranche and a NT$610 million portion.

Final allocations saw bookrunner Taiwan Cooperative Bank take NT$545 million while Agricultural Bank of Taiwan and Taiwan Business Bank participated with NT$273 million each.

Proceeds are to purchase real estate and for construction purposes.

Shan Shui Mi Food Enterprise has raised a NT$1.5 billion three-year revolver through sole bookrunner Bank of Taiwan.

Final allocations saw bookrunner Bank of Taiwan hold NT$300 million while joint-arranger Cosmos Bank and Taichung Commercial Bank provided NT$300 million and NT$200 million respectively. Chang Hwa Commercial Bank participated with NT$150 million while Agricultural Bank of Taiwan, Hua Nan Commercial Bank, Land Bank of Taiwan, Sunny Bank and Taiwan Cooperative Bank came in with NT$100 million each. Jih Sun International Bank concluded the group with NT$50 million.

Proceeds are to repay existing indebtedness and for working capital purposes.

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