Loan Week, August 24-30

A roundup of the latest syndicated loan market news.

Perpetual WindÆs A$242 million nine month term loan has been completed via mandated lead arranger National Australia Bank which took A$50 million.

Joining with holds of A$38.4 million each for the title of lead manager were Bank of Tokyo-Mitsubishi UFJ, Fortis Bank, Mizuho Corporate Bank, Oversea-Chinese Banking Corp and WestLB.

Proceeds are to support a wind farm project in South Australia.

A A$4.186 billion three-month acquisition bridge facility for Investa, borrowed under Post Financier was inked on August 22 via mandated leads and bookrunners Citi, Credit Suisse and Morgan Stanley.

The bullet financing saw Morgan Stanley holding onto A$1.674 billion, while both Citi and Credit Suisse provided A$1.256 billion apiece.

Full syndication details were undisclosed and proceeds are for general corporate purposes.

A $200 million four year credit for Roc Oil (Finance) was signed on August 21 on a club basis via mandated lead arrangers Commonwealth Bank of Australia, Societe Generale and BOS International (Australia).

Allocations saw each of the three banks holding $66.67 million. Proceeds are to refinance an existing 12 month bridge loan signed in November 2006 while the remaining $167.5 million of the original loan will be repaid in full from the initial drawdown under the loan facility.


China Overseas Land & InvestmentÆs HK$3.5 billion five year revolving and term credit facility was signed on August 23 as a club deal via a consortium of 11 mandated lead arrangers.

The loan offers a margin of 32bp over Hibor and carries a grace period of four years.

Final allocations saw Bank of China (Hong Kong Branch) contribute HK$750 million with ICBC (Asia) taking HK$430 million. Four other banks û Agricultural Bank of China (Hong Kong Branch), Bank of Communications (Hong Kong Branch), HSBC and Hang Seng Bank all provided HK$330 million apiece. The remaining five banks completed the consortium holding HK$200 million each û Bank of East Asia, Calyon, China Construction Bank (Hong Kong Branch), CITIC Ka Wah Bank and DBS Bank (Hong Kong Branch).

Proceeds are for general corporate purposes.

Sole lead arranger and bookrunner Citi is still syndicating a RMB500 million three year credit facility for China Taizinai Group.

The deal features a margin of 95% over the PBOC rate and proceeds are for working capital purposes. Syndication is now slated to close by early September.

Syndication of DongyueÆs $25 million 10 year credit has been closed via a group of three banks.

The facility was oversubscribed, with banks having to scale back commitments at the borrowerÆs request. Allocations saw KBC Bank holding $12.5 million, State Bank of India taking $8.3 million and Korea Development Bank lending $4.2 million.

International Finance Corp which led the deal also provided a $25 million A-loan on a bilateral basis.

The funds are to part finance the development of an organic silicon facility in Shandong Province. The signing ceremony is expected to be held on August 31.

A $68 million five year dual-tranche fundraising for Hubei Yadong Cement has been launched into syndication via sole mandated arranger Citi.

The loan is split equally into a RMB tranche and a US dollar portion with margins priced at 90% over the PBOC rate and Libor respectively.

The mandated lead is in the process of inviting relationship banks. Proceeds are for capital expenditure purposes and commitments are due in by mid-September.

Hynix - ST Semi Conductor (Wuxi) Æs $650 million six-month bridge facility was signed on August 29 by mandated leads China Development Bank and Korea Development Bank.

Banks were invited to join the facility as participants. Final allocations saw the mandated leads contribute $150 million each. Coming in as participants were Agricultural Bank of China holding $130 million while Bank of China, China Everbright Bank, China Investment Bank and Mizuho Corporate Bank contributed $50 million apiece. Completing the syndicate was China Construction Bank taking $20 million.

Proceeds are to fund the purchase of machinery for a second wafer plant for which a separate $750 million loan has been mandated and is targeted to launch in early September.

Jinlong CopperÆs $60 million three year credit that closed early in the month via sole mandated lead arranger Citi has yet to sign.

The financing is guaranteed by Anhui Tongdu Copper and features a margin of 60bp over Libor and an average life of 2.25 years.

Final allocations saw Citi holding onto $8 million with arrangers Bank of Tokyo-Mitsubishi UFJ and Sumitomo Mitsui Banking Corp taking $13 million each. Mizuho Corporate Bank and Nanyang Commercial Bank committed $8 million apiece. Senior managers Korea Exchange Bank and United Overseas Bank gave $5 million each.

The loan is to refinance an existing debt facility. The signing date has been extended and is expected to take place in mid-September.
Hong Kong

Syndication of Guotai Junan Financial HoldingsÆ HK$200 million three year revolving credit facility has been closed via mandated arrangers HSBC. Bank of China (Hong Kong) and Bank of China (Macau) have joined the facility as coordinating arrangers.

Allocations are to be finalised next week.

Hopewell HoldingsÆ HK$6.5 billion seven year revolver has been launched into general syndication via a group of 13 mandated arrangers û Agricultural Bank of China, Bank of China (Hong Kong) Bank of Communications, BNP Paribas, Calyon, China Construction Bank, China Merchants Bank, Citi, DBS Bank, ICBC Asia, Mizuho Corporate Bank, Nanyang Commercial Bank and Sumitomo Mitsui Banking Corp.

Banks have been invited on two tiers. Lead managers providing HK$200 million or over will receive an upfront fee of 28bp for an all-in of 36bp while co-lead managers holding between HK$75 million and HK$199 million gain 21bp for an all-in of 35bp.

The loan offers a spread of 32bp over Hibor. Proceeds are to refinance an existing HK$5.35 billion fundraising signed in June 2006. Hopewell Holdings is the guarantor.

The deadline for banks to revert is September 3.

The oversubscribed HK$3.5 billion seven year dual-tranche facility for Mandarin Oriental (Hong Kong) and Excelsior Hotel is slated to sign on September 4.

The mandated lead arrangers are Banco Bilbao Vizcaya Argentaria (Hong Kong Branch), Bank of Communications (Hong Kong Branch), Bank of Tokyo-Mitsubishi UFJ, BNP Paribas (Hong Kong Branch), HSBC, Industrial & Commercial Bank of China (Asia) and Standard Chartered Bank (Hong Kong Branch). The original mandated arrangers were Bank of Tokyo-Mitsubishi UFJ, BNP Paribas (Hong Kong Branch), HSBC and Standard Chartered Bank (Hong Kong Branch).

Proceeds are to refinance an existing facility signed in August 2001.

Amtek AutoÆs $200 million seven year credit has been launched into general syndication via lead arrangers ABN AMRO, Calyon, DBS Bank, HSBC, ICICI Bank, ING Bank, Mizuho Corporate Bank and State Bank of India. ABN AMRO was the original mandated lead arranger and bookrunner.

The deal pays a spread of 135bp over Libor and has an average life of six years. Proceeds are for capital expenditure, overseas acquisitions and refinancing existing debt.

Banks have until September 21 to revert and a roadshow is being held in Singapore today (August 31).

ICICI BankÆs $1.5 billion yen-equivalent multi-tranche facility has received a good response with at least eight banks committing more than $100 million in general syndication. The fundraising is led by a consortium of 10 mandated lead arrangers û BayernLB, BNP Paribas, Calyon, Commerzbank, Goldman Sachs, HSBC, Intesa Sanpaolo, Natixis, Standard Chartered Bank and Sumitomo Mitsui Banking Corp.
Commitments are being finalised and syndication is slated to close today (August 31) with signing scheduled for September 4.

India Infrastructure FinanceÆs $300 million 10 year bullet loan was launched into senior and general syndication simultaneously on August 28.

The facility led by Calyon and Standard Chartered is the first infrastructure loan of its kind in India and is guaranteed by the Indian Government. A roadshow will be held in Singapore on September 14.

Banks are expected to revert by the end of September.

A $50 million five year term facility for Jubliant Organosys was launched into general syndication on August 27 via mandated lead arranger ICICI Bank.

Banks have been invited on four levels. Mandated lead arrangers committing $15 million or more will receive 15bp in management fees for an all-in 110bp. Lead arrangers contributing between $10 million and $15 million get 100bp for an all-in of 106bp while arrangers providing between $7.5 million and $10 million gain 95bp for an all-in of 104bp. Co-arrangers holding between $5 million and $7.5 million receive 90bp for an all-in of 103bp.

The deal pays a spread of 75bp over Libor and is based on an average life of 3.25 years.

ICICI has, separately, arranged a $50 million non-recourse facility with the borrower on a bilateral basis. The funds are to part finance the acquisition of Hollister-Stier Laboratories.

Commitments are due by September 21.

A $175 million 10 year ship financing for Mercator Lines (Singapore) has been closed via BNP Paribas, DVB Bank, ICICI Bank and Hypovereinsbank.

Final allocations saw ICICI Bank and DVB Bank provide $35 million each while BNP Paribas and Hypovereinsbank held $25 million apiece.
NIBC committed $21 million and DnBNor Bank took $14 million while Rabobank and CIC ended up with $10 million each.

Signing is scheduled to take place today (August 31) and proceeds are to support the purchase of three bulk carriers.

Reliance IndustriesÆ $500 million five year bullet loan has received commitments from Bank of Nova Scotia and DBS Bank as equal-status lead arrangers. ABN AMRO, Bank of Tokyo-Mitsubishi UFJ, Calyon, HSBC and Standard Chartered Bank were the original leads and bookrunners.

The facility carries a spread of 39bp over Libor. Banks wanting to join as mandated lead arrangers must underwrite $75 million with a take and hold of $50 million, earning an underwriting fee of 5bp and a management fee of 70bp.

General syndication is targeted to close by August 31 with signing scheduled for September 14.

Srei Infrastructure FinanceÆs $50 million fundraising has been inked via leads HSBC and Kuwait Finance House with commitments of $5 million and $12 million respectively.

Lead arrangers Fortis Bank and Natixis each took $8 million while arranger HSH Nordbank provided $7 million. Boubyan Bank and Korea Development Bank each ended up with $5 million.


Syndication of Genting Sanyen Industrial PaperÆs RM680 million fundraising is slated to close by the end of this week (August 31). Up to two banks are still processing approvals.

DBS Bank, ING Bank and JP Morgan are leading the facility, with allocations to be finalised next week.

ASL ShipyardÆs $66 million multi-tranche credit has closed oversubscribed via mandated leads BNP Paribas and Oversea-Chinese Banking Corp.

The fundraising is split into a $56.85 million 27-month refundment guarantee, a $6.1m 27-month performance bond and a $3.05 million 13-month warranty bond.

Final allocations are being finalised today including commitments from Bangkok Bank, Natixis and VTB Bank. Signing will be held soon after in early September.

Syndication close of Millenia HotelÆs S$270 million bullet loan has been extended to early September, with one to two banks waiting for approvals. Sumitomo Mitsui Banking Corp and United Overseas Bank are the leads.

The fundraising features a tenor of 2.5 years and pays a margin of 75bp over Sibor. Banks have been invited to join on three levels. Lead arrangers committing S$30 million or more receive 25bp in management fees for an all-in of 85bp. Arrangers holding between S$20 million and S$29 million get 20bp for an all-in of 83bp while co-arrangers taking between S$10 million and S$19 million gain 15bp for an all-in of 81bp.

Proceeds are to refinance an existing deal signed in March 2006.

Siltronic Samsung WaferÆs S$661.45 million financing was signed on August 20 via a consortium of 15 banks.

Mandated arrangers HSBC committed S$66 million while Citi and DBS Bank each held S$438 million. Joining in with holds of S$43.75 million each were ABN AMRO, DZ Bank, Fortis Bank, HVB Bank, KBC Bank, Natixis, NordLB, Oversea-Chinese Banking Corp, Royal Bank of Scotland, Sumitomo Mitsui Banking Corp and United Overseas Bank. Lead arranger Banco Bilbao Vizcaya Argentaria ended up with S$18.2 million.

Venture ManufacturingÆs S$600 million three year financing was signed on Wednesday (August 29) via a consortium of 11 mandated arrangers. The original mandated leads and bookrunners were Citi and DBS Bank. The deal was oversubscribed and commitments were scaled back at the borrowerÆs request.

The amortising loan pays a margin of 28bp over SOR and has an average life of 2.2 years.

Final allocations saw the bookrunners committing S$60 million apiece with six other banks - Bank of China (Singapore Branch), Bank of Tokyo-Mitsubishi UFJ, BNP Paribas, Oversea-Chinese Banking Corp, Royal Bank of Scotland (Singapore Branch) and Sumitomo Mitsui Banking Corp contributing S$58.5 million each. Mizuho Corporate Bank held S$51 million while Banco Bilbao Vizcaya Argentaria (Singapore Branch) and Intesa Sanpaolo (Singapore Branch) took S$39 million apiece.

Signing took place in Singapore and proceeds are to refinance an existing debt facility and for working capital purposes.
South Korea

A $300 million one year revolver for Shinhan Bank was completed early last week (August 21) on a club basis led by a syndicate of 14 lead arrangers û ABN AMRO, Barclays Capital, BayernLB, BNP Paribas, Calyon, Commerzbank (Hong Kong Branch), DBS Bank, HSBC (Seoul Branch), HSH Nordbank (Singapore Branch), ING Bank (Seoul Branch), Landesbank Baden û Wurttemberg (Singapore Branch), Mizuho Corporate Bank, Oversea-Chinese Banking Corp and Sumitomo Mitsui Banking Corp.

The financing features a margin of 6bp over Libor.

Allocations saw all but one lead arranger committing $21.54 million apiece, with the exception of Sumitomo Mitsui Banking Corp holding $20 million.

The funds are for general corporate purposes.


A $100 million three year financing for Eminent Leader Investments signed as a club deal on August 27 via a group of 10 banks.

Allocations saw Bank Sinopac, Bank of Taiwan, Chinatrust Commercial Bank, Far Eastern International Bank, Fuhwa Commercial Bank, HSBC, Mega International Commercial Bank, Standard Chartered, Taipei Fubon Bank and United Overseas Bank commit $10 million apiece.

The funds are to refinance an existing facility.

A NT$780 million multi-tranche financing for Phoenix Silicon International Corp has been signed via mandated arranger Standard Chartered.

The deal comprises a five year NT$390 million credit, a three year NT$260 million revolver and a three year NT$130 million portion.

Allocations saw Standard Chartered contribute NT$175 million while lenders Land Bank of Taiwan and Hua Nan Commercial Bank each held NT$100 million. Taiwan Business Bank and Fuhwa Commercial Bank took NT$90 million apiece while E Sun Commercial Bank, Taiwan Shin Kong Bank and Cathay United Bank each lent NT$60 million. Shanghai Commercial & Savings Bank ended up with NT$45 million.

Walsin Technology CorpÆs NT$3.5 billion three year extendible credit has been inked via lead arrangers First Commercial Bank and ING Bank. The financing was upsized from NT$2.5 billion as it was heavily oversubscribed with commitments in excess of NT$6 billion.

First Commercial Bank and ING Bank provided NT$320 million each. Arrangers China Development Bank took NT$300 million while Mega Bank held NT$240 million. Taipei Fubon Bank committed NT$210 million. Cathay United Bank, Taishin Bank, Shin Kong Bank and Shanghai Commercial & Savings Bank lent NT$180 million apiece while Hua Nan Commercial Bank, Taiwan Business Bank, Taiwan Industrial Bank, KBC Bank, Fuhwa Bank and Far Eastern International Bank held NT$170 million each. Land Bank of Taiwan contributed NT$150 million.

Bank of Taiwan and Taiwan Cooperative Bank joined as co-arrangers with NT$110 million each.
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