Loan week, Aug 7-13

A roundup of the latest syndicated loan market news.


Roaring 40s Renewable Energy has completed a A$195 million project financing via mandated lead arrangers ANZ, Banco Bilbao Vizcaya Argentaria, Calyon and National Australia Bank on a club basis.  

The 18-month construction facility will be converted into a three-year term loan. Each lender provided A$49 million each.

The proceeds will be used to fund a A$285 million project that involves the development of a 111MW Waterloo wind farm in South Australia.

United Group has secured $135 million via a series of multi-currency bilateral facilities from ANZ, National Australia Bank and Westpac.

The cash will refinance A$190 million loans maturing in July 2010. The new maturity will be on 31 July, 2012.


Weiqiao Textile signed a $100 million debt package last week with bookrunners Calyon and Royal Bank of Scotland. China Construction Bank (Asia) and Wing Lung Bank joined in as equal-status lead arrangers.

The three-year facility features both an accordion and a greenshoe option of up to $150 million. The loan pays a spread of 180bp with a top level all-in of 220bp.

Syndication saw Bangkok Bank, Bank of East Asia, China Construction Bank (Hong Kong), Dah Sing Bank, Hang Seng Bank, Intesa Sanpaolo, Oversea-Chinese Banking Corp and  Union de Banques Arabes et Francaises (Hong Kong) joining in as participants. A couple more lenders are expected to participate in the deal.

The proceeds are to refinance a previous $280 million debt facility signed in August 2006 and for working capital purposes.

Hong Kong

Right Lane upsized a $145 million three-year term loan from $100 million on Tuesday (August 11) via sole bookrunner Natixis.

Original mandated lead arranger Natixis, together with joint lead arrangers Bank of East Asia, China Merchants Bank and Wing Lung Bank contributed $30 million each while lead arranger Bank of China came in with $25 million.

Guaranteed by the parent company Legal Holdings, the bullet facility features a margin of 200bp over Libor. Mandated lead arrangers committing $30 million or more got 100bp, while lead arrangers taking $20 million to $29 million earned 80bp.

The proceeds are for refinancing and general corporate purposes.

Sino-Ocean Land Holdings' $300 million three-year facility is currently in the market via mandated lead arrangers Bank of China (Hong Kong) and China Construction Bank.

The deal is priced at 210bp over Libor and has a one-year grace period.

Syndication has been launched at three levels. Banks are being invited to join as mandated coordinators, lead managers and managers, and will have until mid-August to revert.

The proceeds are to refinance a $215 million syndicated facility signed in August 2008.


B&C Machinery signed a Rs1.4 billion facility on Monday (August 10) through sole bookrunner State Bank of India.

The seven-year financing is priced at 75bp over the State Bank of Travancore Prime Lending Rate (12.25%). The commitment fee is 100bp.

Final allocations saw participants Central Bank of India, Lakshmi Vilas Bank, State Bank of Indore, State Bank of Mysore and State Bank of Travancore taking Rs250 million each while Dena Bank provided Rs184 million.

Proceeds are to finance the Motors & Machinery Manufacturing Project at Chegalpet District near Chennai, India.


Perusahaan Perkebunan London Sumatra Indonesia has signed a $45 million three-year fundraising via mandated lead arrangers DBS and Sumitomo Mitsui Banking Corp on a club basis.

The deal is guaranteed by Salim Ivomas Pratama and Indofood Agri Resources. The proceeds are to refinance existing debt facilities.

Chartered Semiconductor Manufacturing has secured a $150 million 364-day revolver from sole bookrunner and original mandated lead arranger Sumitomo Mitsui Banking Corp, with Citi and Deutsche Bank joining as joint lead arrangers.

The proceeds are for working capital purposes.


Bookrunner Oversea-Chinese Banking Corp and mandated lead arrangers Affin Bank and Malayan Banking (Maybank) are waiting for credit approvals to seal SapuraAcergy's $181 million financing.

The four-year debt comprises a trade financing tranche that includes a performance bond and a revolving facility.

The proceeds are to support the Gumusut-Kakap project in Malaysia and for general corporate purposes.


Parkway Life Reit inked a S$50 million revolver last Thursday (August 6) via sole mandated lead arranger Islamic Bank of Asia.

The three-year loan uses the commodity murabaha structure.

The proceeds are for future acquisitions, asset enhancement initiatives and for refinancing purposes. This is the first time that a Shariah-compliant revolving credit has been offered to a Singapore-listed entity.


Apex Science & Engineering Corp has sealed a NT$910 million fundraising via sole bookrunner EnTie Commercial Bank.

The three-year debt package comprises a NT$560 million term loan that offers a spread of 155bp over the one-year floating post office savings rate and a NT$350 million tranche priced at 165bp over the same rate.

The bookrunner took NT$100 million while participant DBS gave NT$220 million. Sunny Bank and Chang Hwa Commercial Bank committed NT$190 million and NT$140 million respectively while Shanghai Commercial & Savings Bank and Taichung Commercial Bank joined in with NT$130 million each.

The proceeds are for land acquisition and residential project development purposes.   

Ching Jia Development has inked a NT$1.57 billion construction financing via sole bookrunner EnTie Commercial Bank.

The two-year term loan consists of a NT$800 million tranche that pays a spread of 155bp over the one-year floating post office savings rate and a NT$770 million portion featuring pricing of 165bp over the same rate. The minimum interest rates for the two tranches are 2.6% and 2.65% respectively.

Allocations saw the lead committing NT$1.07 billion while participants Hwatai Bank and DBS rounded off the syndicate with NT$300 million and NT$200 million respectively.

The proceeds will finance land acquisition and a residential development project - Updown Court in Taichung County - and will also be used for refinancing purposes.

Sun Yuan Development Corp has completed its NT$2.8 billion financing via bookrunners Cathay United Bank and Taiwan Cooperative Bank.

The four-year term loan is split into a NT$1.8 billion tranche and a NT$1 billion portion. Both tranches are priced at 75bp over the one-year time savings deposit rates of Bank of Taiwan, Chang Hwa Commercial Bank, First Commercial Bank, Hua Nan Commercial Bank, Land Bank of Taiwan and Taiwan Cooperative Bank. The facility features a minimum benchmark rate of 1.95% and commitment fee of 15bp.

Final allocations saw the mandated leads Taiwan Cooperative Bank contributing NT$1.1 billion while Cathay United Bank committed NT$450 million. Co-arrangers Agricultural Bank of Taiwan lent NT$450 million and Bank of Panhsin joined in with NT$200 million. Participants Bank of Kaohsiung, Chang Hwa Commercial Bank, Shanghai Commercial & Savings Bank and Taiwan Business Bank came in with NT$150 million apiece.

The proceeds are for property development project purposes.

Ta Liang Technologies signed a NT$720 million facility on Monday (August 10) via coordinating arrangers Agricultural Bank of Taiwan, Land Bank of Taiwan and Taiwan Business Bank with E.Sun Commercial Bank, First Commercial Bank, Hua Nan Commercial Bank and Shanghai Commercial & Savings Bank joining at lower levels.

The proceeds are for working capital and refinancing purposes.

VisEra Technologies' NT$3.3 billion dual-tranche transaction signed in May 2007 has been amended recently via sole bookrunner Taipei Fubon Commercial Bank.

The commitment fee was reduced from 20bp to 10bp in the amendment. The 3.5-year debt package is split into a NT$1.8 billion tranche that is priced at 54.5bp over the 90-day or 180-day secondary CP rate and a NT$2 billion portion that offers the same pricing if it is drawn in NT$. It features a margin of 40bp over one-month, three-month or six-month Libor if it is drawn in US dollars. However, the aggregate facility amount cannot exceed NT$3.3 billion.

Allocations saw the lead bank taking NT$700 million while Far Eastern International provided NT$600 million. Mega International Commercial Bank pledged NT$350 million while Bank Sinopac, Cathay United Bank, Chang Hwa Commercial Bank, Shanghai Commercial & Savings Bank and Shin Kong Commercial Bank gave NT$250 million apiece. China Development Industrial Bank and Taishin International Bank came in with NT$200 million each.

The proceeds are for capital expenditure purposes.

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