Loan Week

Loan Week, August 12-18

A roundup of the latest syndicated loan market news.


Investa Office Fund sealed a A$552 million three-year facility this Monday (August 15) through ANZ, Commonwealth Bank of Australia, and National Australia Bank.

Proceeds are to refinance the A$855 million tranche of a A$1.4 billion facility signed in 2007.

Lend Lease Real Estate Investment has secured a A$385 million dual-tranche financing through mandated lead arrangers Commonwealth Bank of Australia, SMBC and Westpac.

The fundraising is split into a A$140 million two-year loan and a A$245 million three-year revolver.

Proceeds are for refinancing and working capital purposes.

Redflex Holdings successfully obtained $70 million three-year revolver last Friday (August 12) through sole bookrunner Commonwealth Bank of Australia. National Australia Bank and Westpac joined in as participants.

Proceeds are to refinance a $100 million facility signed in 2009.

South East Australia Gas sealed a A$403 million five-year loan earlier in August on a club basis through mandated lead arrangers ANZ, Bank of Tokyo-Mitsubishi UFJ, BNP Paribas, Commonwealth Bank of Australia, National Australia Bank, OCBC and WestLB.

Proceeds are to refinance the existing A$425 million three-year loan signed in Oct 2009 which was to fund the development of 680km gas pipeline in Victoria, Australia.



Firstsource Solutions has completed a $180 million six-year term loan in July through sole mandated lead arranger Kotak Mahindra Bank.

This is the company’s first entrance to the international loan syndication market. The facility will be repaid quarterly commencing in June 2013.

Canara Bank and ICICI Bank came in as co-arrangers while Axis Bank, DBS, GE Capital, and Indian Overseas Bank joined in as lenders.

Proceeds are to refinance existing ECB and term loan of $64 million and will also be used towards the company’s FCCB redemption obligation in December 2012.

Reliance Industries has completed a $1.1 billion financing through a consortium of 18 mandated lead arrangers and bookrunners.

The five-year term loan is priced at 150bp over Libor.

ANZ, BBVA, BNP Paribas, Bank of America, Bank of Nova Scotia, Bank of Tokyo-Mitsubishi UFJ, Barclays, Citi, Credit Agricole, DBS, DnB NOR Bank, HSBC, Intesa Sanpaolo, Mizuho Corporate Bank, Royal Bank of Scotland, Standard Chartered, State Bank of India and SMBC joined in as bookrunners while DZ Bank and Westpac came in as lead arrangers.

Norinchukin Bank, Sumitomo Trust & Banking and United Overseas Bank participated as co-arrangers while Chang Hwa Commercial Bank, Chinatrust Commercial Bank, Export-Import Bank of the Republic of China, Hua Nan Commercial Bank, Jih Sun International Bank, Mega International Commercial Bank, Banca Monte dei Paschi di Siena – MPS and Taiwan Cooperative Bank came in at lower tiers.

Proceeds are to refinance the $2 billion loan for Reliance Petroleum signed in August 2006.

A Rs6.4 billion 14-year nine-month term loan for SEW Nafra Power Corp was inked last Friday (August 12) through sole bookrunner SBI Capital Markets.

The loan package will be repaid in 41 quarterly instalments after a one-year grace period. It is priced at 375bp over SBI base rate.

Final allocations saw State Bank of India commit Rs2.1 billion while L&T Infrastructure Finance gave Rs1.5 billion. Bajaj Finance and India Infrastructure Finance contributed Rs1 billion each while State Bank of Bikaner & Jaipur gave Rs750 million.

Proceeds are to construct two 60MW hydroelectric power plants in India.

SunBorne Energy Gujarat One signed a Rs1.4 billion 13 year term facility last Thursday (August 11) through sole bookrunner and mandated lead SBI Capital Markets.

The loan package will be repaid in 46 quarterly instalments after a nine month grace period.

Final allocations saw participant Export-Import Bank of India commit Rs500 million while State Bank of Patiala gave Rs400 million. Canara Bank and State Bank of Travancore contributed Rs300 million and Rs200 million respectively.

Proceeds are to construct a 15MW solar PV power plant in Gujarat, India.



Aneka Tambang (ANTAM) has appointed a total of seven financial arrangers to arrange a project financing comprising both bond and loan of up to $1 billion.

The consortium consists of Bank Mandiri, Bank Rakyat Indonesia, Deutsche Bank, Goldman Sachs, Mandiri Sekuritas, SMBC and Standard Chartered.

Proceeds are to finance the ferronickel expansion project in East Halmahera, Indonesia.

Kirana Megatara has successfully obtained a $600 million dual-tranche financing through bookrunners Bank CIMB Niaga, Bank Permata, HSBC and Standard Chartered.

The transaction comprises a $500 million three-year revolver and a $100 million five-year term loan. The revolver offers a margin of 470bp and 420bp over Sibor for onshore and offshore lenders respectively while the term loan is priced at 500bp and 450bp over Sibor for onshore and offshore lenders respectively.

Syndication saw Bank of China, Bank of Tokyo-Mitsubishi UFJ, ICBC, OCBC NISP, Rabobank, Export-Import Bank of Indonesia, Korea Development Bank and OCBC join in at lower tiers.

Proceeds are for working capital and capital expenditure purposes.



BDO Capital & Investment Corp was mandated on Wednesday (August 17) as lead arranger to arrange a PHP14 billion project financing for Semirara Mining Corp.

Proceeds are to support the construction of a 2 x150MW coal fired thermal power plant.



Olam International successfully secured a $1.3 billion transferable term loan on Monday (August 15) through a consortium of 15 mandated lead arrangers and bookrunners.

The fully underwritten transaction is split equally into a three-year portion and a five-year facility which are priced at 200bp and 300bp over Libor respectively.

The leads ANZ, Commerzbank, Credit Suisse, DBS, Emirates NBD Bank, HSBC, ING, JPMorgan, Morgan Stanley Senior Funding, National Australia Bank, Natixis, Rabobank, Royal Bank of Scotland, Standard Chartered and UBS commit $61 million each while mandated lead arrangers China Development Bank Corp contributed $50 million. A BILLION Amro and Korea Development Bank lent $35 million each while Indian Bank lent $30 million.

Lead arrangers First Gulf Bank gave $25 million while Bank of India and Zurcher Kantonalbank contributed $20 million each. Arrangers UCO Bank joined in with $17 million while Chinatrust Commercial Bank and Doha Bank came in with $15 million each. Bank Mandiri, BHF-Bank, Chang Hwa Commercial Bank, Habib Bank, Hua Nan Commercial Bank and OCBC held $10 million each while Korea Exchange Bank ended up with $7 million.

Proceeds are to partially refinance an $850 million syndicated loan signed in December 2009 and for general corporate and working capital purposes.



Farglory Land Development signed a NT$12 billion dual-tranche facility in early August through leads Chang Hwa Commercial Bank, Land Bank of Taiwan and Mega International Commercial Bank.

The five-year debt package consists of a NT$3 billion and a NT$9 billion tranches which are priced between 100bp to 130bp over the one-year average savings rate of Bank of Taiwan, Chang Hwa Commercial Bank, First Commercial Bank, Hua Nan Commercial Bank, Land Bank of Taiwan and Taiwan Cooperative Bank.

Final allocations saw the sole lead take NT$4 billion while Chang Hwa Commercial Bank and Mega International Commercial Bank joined in with NT$2.2 billion each. Participants Agricultural Bank of Taiwan, Bank of East Asia, Cathay United Bank, Industrial Bank of Taiwan and Taiwan Business Bank came in with NT$730 million each.

Proceeds are for working capital and construction financing purposes.

Sole bookrunner Taiwan Cooperative Bank has arranged a NT$9.5 billion dual-tranche debt package for Hanshin Department Store and Grand Hi-Lai Hotel.

The 15-year term loan comprises a NT$5 billion tranche and a NT$4.5 billion portion which offer a margin of 106bp and 50bp over the one-year time deposit rate of Chung Hwa Post Office respectively.

EnTie Commercial Bank joined in as a co-arranger while participants Agricultural Bank of Taiwan, Bank of Kaohsiung, Bank of Panhsin, Bank of Taiwan, Chinatrust Commercial Bank, Cosmos Bank Taiwan, Far Glory Life Insurance, Hua Nan Commercial Bank, Jih Sun International Bank, Land Bank of Taiwan, Taichung Commercial Bank, Taiwan Business Bank and Taiwan Life Insurance came in as participants.

Proceeds are for refinancing purposes.



Krung Thai Bank signed a $100 million term loan was signed on Tuesday (August 16) through bookrunners ANZ and Standard Chartered.

The three-year bullet financing is priced at 90bp over Libor.

Final allocations saw the leads contribute $23 million each while Commerzbank joined in as a mandated lead arranger with $15 million. Lead arranger Cathay United Bank held $10 million while lead arranger Mega International Commercial Bank and arrangers First Commercial bank, Export-Import Bank of the Republic of China and Land Bank of Taiwan committed $5 million each. Hua Nan Commercial Bank rounded up the syndicate with $4.5 million.

Proceeds are for working capital, general banking and other corporate purposes.

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