loan-week-april-2429

Loan week, April 24-29

A roundup of the latest syndicated loan market news.

Australia

Woodside Petroleum's $300 million-equivalent three-year financing is still in syndication via original mandated lead arrangers ANZ and Bank of Tokyo-Mitsubishi UFJ. Bank of Nova Scotia, Calyon, Mizuho and several other undisclosed banks have joined in as equal-status lead arrangers and bookrunners.

The deal pays a spread of 225bp over Libor.

Proceeds are for general corporate purposes.

The syndication of Woolworths' $300 million-equivalent multi-currency facility is still ongoing via mandated lead arrangers ANZ and Citi. So far, several banks have joined in at the top as joint bookrunners, namely Bank of America-Merrill Lynch, Bank of Nova Scotia, Bank of Tokyo-Mitsubishi UFJ, DBS, Rabobank and Sumitomo Mitsui Banking Corp.

The loan is priced at 220bp over Libor with a top level all-in of 250bp.

Proceeds are for general corporate purposes.

China


A Rmb2 billion dual-tranche facility for AU Optronics (Xiamen) has been completed via sole bookrunner Bank of China. Agricultural Bank of China, China Everbright Bank, China Merchants Bank, Export-Import Bank of China, and Industrial and Commercial Bank of China joined in as participants. The facility was downsized from Rmb2.5 billion.

The fundraising comprises a Rmb1.6 billion 2.5-year term loan and a Rmb400 million short-term working capital facility priced at 100% of the PBOC rate.

Proceeds are to support the construction of two TFT-LCD plants in Xiamen, China.

India

Sasan Power's Rs145 billion fundraising was inked on April 21 via sole bookrunner State Bank of India.

The deal is split into a Rs90 billion 15-year tranche provided by domestic banks, a Rs31 billion 20-year portion provided by financial institutions and a $486 million 15-year external commercial borrowings (ECB) tranche.

Syndication saw Andhra Bank, Axis Bank, Bank of Baroda, IDBI Bank, India Infrastructure Finance, Corporation Bank, Life Insurance Corporation of India, Punjab National Bank and United Bank of India join the domestic tranche. Power Finance Corp and Rural Electrification Corp participated in the Indian financial institutions portion, while India Infrastructure Finance Co (UK) was the sole lender to the ECB tranche.  

Proceeds are for the construction of a 3,960MW coal-fired plant in Madhya Pradesh, India. 

Korea

Syndication of Lotte Euro Holdings' $30 million fundraising is expected to close soon via sole bookrunner Korea Development Bank.

Guaranteed by Lotte Confectionery and Lotte Shopping, the one-year, loan-style FRN is priced at 350bp over six-month Libor.

Proceeds are to provide working capital for Lotte units in Russia.

Taiwan

Hsing Li Development's NT$3.6 billion debt has been sealed via bookrunners Hua Nan Commercial Bank, Land Bank of Taiwan, Mega International Commercial Bank and Taiwan Cooperative Bank with Agricultural Bank of Taiwan and Shanghai Commercial & Savings Bank joining in at the top.

Secured by land and a building, the 20-year term loan is priced at 65bp over the secondary CP rate in year one to three and steps up to 70bp over the same rate from year four. There is a margin floor of 2%.

Final allocations saw bookrunners Taiwan Cooperative Bank contribute NT$1.3 billion, while Mega International Commercial Bank, Hua Nan Commercial Bank and Land Bank of Taiwan provided NT$650 million, NT$550 million and NT$400 million respectively. Mandated leads Shanghai Commercial & Savings Bank and Agricultural Bank of Taiwan joined in with NT$400 million and NT$300 million respectively.

Proceeds are for the acquisition of the company's headquarter building.

The long-awaited NT$2.98 billion financing of ProMOS Technologies was finally approved and signed on April 24 via a consortium of eight coordinating arrangers led by Bank of Taiwan. The facility was downsized from NT$3 billion.

Secured by a factory and machines, the one-year term loan is priced at 200bp over the 90-day primary CP rate with a personal guarantee from the chairman of the company.

Allocations saw mandated lead arranger Bank of Taiwan commit NT$710 million. Taiwan Cooperative Bank lent NT$580 million, Land Bank of Taiwan gave NT$380 million, Taiwan Business Bank provided NT$360 million, Hua Nan Commercial Bank NT$350 million, Chang Hwa Commercial Bank NT$240 million, Mega International Commercial Bank NT$210 million and First Commercial Bank rounded off the syndicate with NT$150 million.

Proceeds are to support the tender offer for ProMOS's US$350 million zero-coupon convertible bond issue.

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