Loan Week

Loan Week, April 5-11

A roundup of the latest syndicated loan market news.

China

Chailease International Finance has secured a Rmb1 billion three-year term loan through sole bookrunner Mizuho.

The single-tranche financing is guaranteed by Chailease Holding.

Final allocations saw the lead take Rmb200 million while mandated lead arranger Bank of Shanghai contributed Rmb500 million. Arrangers Agricultural Bank of China and Korea Development Bank completed the syndication by providing Rmb200 million and Rmb100 million, respectively.

Proceeds are for working capital purposes.

Hong Kong

China Railway Materials and CRM Holdings have concluded a $150 million three-year financing through mandated lead arrangers Bank of China, Ping An Bank and Shanghai Pudong Development Bank.

Syndication saw Chang Hwa Commercial Bank, Dah Sing Bank, ICBC, Mega International Commercial Bank and Taiwan Cooperative Bank participate as lead arrangers while Cathay United Bank, Maybank and Wing Lung Bank came in as arrangers.

Proceeds are for working capital purposes.

India

Jindal Stainless has completed a $250 million loan package through sole bookrunner and mandated lead arranger State Bank of India.

Priced 335bp over Libor, the facility consists of six tranches.

Syndication saw 16 banks join in as participants.

Proceeds are to refinance a loan facility that was signed in September 2007.

Wipro has obtained a $150 million five-year and two-month term loan on a club basis through mandated lead arrangers Bank of Tokyo-Mitsubishi UFJ, Citi, J.P. Morgan, Royal Bank of Scotland and Standard Chartered.

Proceeds are for capital expenditure purposes.

Japan

Mitsubishi Corp has secured a $1 billion 364-day revolver through sole bookrunner and mandated lead arranger Citi.

Syndication saw Bank of Tokyo-Mitsubishi UFJ join in as mandated lead arranger while a consortium of undisclosed banks join in as participants.

Proceeds are to refinance an existing facility signed in March 2012.

New Zealand

Mainfreight Group has obtained a $316 million-equivalent five-year revolver on a club basis through mandated lead arranger Commonwealth Bank of Australia and Westpac.

The facility is split into a NZ$180 million tranche, a €90 million portion and a $50 million tranche.

Proceeds are to refinance existing indebtedness.

Ryman Health Care has inked a $342 million-equivalent financing on a club basis through mandated lead arrangers ANZ and Commonwealth Bank of Australia.

The debt package comprises of a NZ$255 million three-year tranche, a NZ$35 million one-year portion, a A$24 million tranche and a A$71 million facility.

Proceeds are to refinance existing indebtedness.

Peru

Banco de Credito del Peru has completed a $150 million three-and-a-half year term loan through sole mandated lead arranger and bookrunner Bank of Tokyo-Mitsubishi UFJ Ltd.

Final allocations saw the bookrunner contribute $40 million, while mandated lead arrangers Bank of Taiwan and Taiwan Cooperative Bank held $20 million and $15 million respectively. BPI Capital Corp, Export-Import Bank of China, Mega International Commercial Bank, NTT Finance Corp, Taipei Fubon Commercial Bank and Taiwan Business Bank participated with $10 million each, while Shanghai Commercial & Savings Bank, Sunny Bank and Taichung Commercial Bank concluded with $5 million each.

Proceeds are for general corporate purposes.

Philippines

SM Prime Holdings has acquired a $300 million five-year term loan through mandated lead arrangers ANZ, Bank of Tokyo-Mitsubishi UFJ, HSBC, Mizuho and SMBC on a club basis.

The single-tranche facility is priced 170bp over Libor.

Proceeds are for capital expenditure, debt repayment and working capital purposes.

Taiwan

Asian Information Technology has sealed a NT$1.2 billion three-year revolving credit facility through mandated lead arrangers and bookrunners E.Sun Commercial Bank, Mega International Commercial Bank and Taipei Fubon Commercial Bank.

The NT dollar/US dollar dual-currency facility consists of three tranches of NT$600 million each, but the maximum drawdown cannot exceed NT$1.2 billion.

Syndication saw Bank SinoPac, Land Bank of Taiwan, Taiwan Cooperative Bank and Yuanta Commercial Bank join in as mandated lead arrangers while Bank of Taiwan rounded the group as participant.

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

Changjia Group International Holding has inked a $250 million five-year offshore term loan through mandated lead arrangers Bank of Taiwan, Chang Hwa Commercial Bank and Shanghai Commercial & Savings on a club basis.

Proceeds are to repay existing indebtedness.

Fu Chong Construction has concluded a NT$7 billion four-and-a-half year term loan through joint mandated lead arrangers and bookrunners Ta Chong Bank and Taiwan Shin Kong Commercial Bank.

The loan package is split into a NT$5 billion tranche and a NT$2 billion portion.

Syndication saw Bank of Panhsin and Sunny Bank came in as mandated lead arrangers while Shin Kong Life Insurance joined in as participant.

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

Heng Ya Electric has secured a $43 million three-year loan package through mandated lead arrangers and bookrunners Mega International Commercial Bank and Taishin International Bank.

The facility is split equally into a term loan and a revolver, and carries a two-year extension option.

Syndication saw Chang Hwa Commercial Bank, Hua Nan Commercial Bank, Land Bank of Taiwan, Shanghai Commercial & Savings Bank and Taiwan Shin Kong Commercial Bank come in at lower tiers.

Proceeds are to repay existing loan facility signed in April 2010, and for working capital purposes.

ITEQ Corp has raised a NT$2.3 billion five-year loan facility through mandated lead arrangers and bookrunners Bank of Taiwan, First Commercial Bank and Taiwan Cooperative Bank.

The facility consist of a NT$500 million term loan, a NT$1 billion-equivalent NT$/US$ dual-currency tranche, and a NT$800 million revolving credit. The drawdown amount of the latter two tranches cannot exceed a combined NT$1.5 billion.

Final allocations saw the lead pledge NT$575 million each while E.Sun Commercial Bank contributed NT$345 million as a participant. Hua Nan Commercial Bank participated with NT$230 million.

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

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