Loan Week

Loan Week, August 3-9

A roundup of the latest syndicated loan market news.

Hong Kong

Techtronic Industries has obtained a $146 million three-and-a-half-year guaranteed term loan on a club basis through mandated lead arrangers Bank of China, Bank of Tokyo Mitsubishi UFJ, Citi, HSBC and Standard Chartered.

Proceeds are to refinance existing indebtedness.



Asian Colour Coated Ispat has completed a Rs17.6 billion one-year working capital facility through mandated lead arranger SBI Capital Markets.

Syndication saw Allahabad Bank, Andhra Bank, Bank of Baroda, Dena Bank, Indian Overseas Bank, Karnataka Bank, Nainital Bank, State Bank of Bikaner & Jaipur, State Bank of Hyderabad, State Bank of India, State Bank of Mysore, State Bank of Patiala and Union Bank of India come in as participants.

Man Industries (India) has concluded a $55 million seven-year term loan through bookrunner and mandated lead arranger ICICI Bank.

Final allocations saw the lead and participants Bank of India and Union Bank of India contribute $15 million each while Indian Overseas Bank provided $10 million.

Proceeds are to refinance a five-year convertible bond priced in May 2007.



Wynn Resorts (Macau) has successfully signed a $2.3 billion-equivalent debt package through a consortium of 17 global coordinating lead arrangers.

The financing is split into two five-year revolvers of $434 million and HK$8.7 billion, and two six-year term loans of $244 million and HK$3.9 billion. The facility is priced at 250bp over Libor or Hibor for the first six months and will vary between 175bp to 250bp over the same rates based on the borrower’s leverage ratio.

Global coordinating lead arrangers were Banco Comercial de Macau, Banco Nacional Ultramarino, Bank of America, Bank of China, Bank of Nova Scota, BNP Paribas, DBS, Deutsche Bank, ICBC, JPMorgan Chase Bank, Morgan Stanley, Royal Bank of Scotland, Standard Chartered, Tai Fung Bank, UBS and UOB.

Proceeds are to support the development and construction of a new hotel and casino resort along Macau's Cotai strip, and to refinance existing indebtedness.



HCP Global and HCP Packaging Hong Kong have obtained a $280 million five-year facility through sole underwriter and bookrunner Citi.

The facility is split into a $250 million term loan and a $30 million revolver.

Syndication saw Cathay United Bank, Chinatrust Commercial Bank, DBS, Taipei Fubon Commercial Bank and Taishin International Bank come in as joint bookrunners while Ta Chong Bank and Shanghai Commercial and Savings Bank joined in as participants.

Proceeds are to support TPG Capital’s leveraged buyout of HCP Holdings.

K Laser Technology signed a NT$720 million three-year financing last Friday (August 3) through bookrunners Bank SinoPac, E.Sun Commercial Bank and Taipei Fubon Commercial Bank.

The upsized facility is split into a NT$480 million term loan and a NT$240 million revolver. The transaction has a two-year extension option and is priced at 100bp over secondary CP rate.

Final allocations saw the leads take NT$120 million each while mandated lead arranger Taishin International Bank and participants Chang Hwa Commercial Bank, First Commercial Bank, Hua Nan Commercial Bank and Yuanta Commercial Bank came in with NT$72 million each.

Proceeds are for working capital purposes.

Topoint Technology has secured a NT$1 billion three-year revolver through bookrunners and mandated lead arrangers Chang Hwa Commercial Bank, Industrial Bank of Taiwan, Land Bank of Taiwan, Mega International Commercial Bank, Taipei Fubon Commercial Bank and Taiwan Cooperative Bank.

The oversubscribed facility has a two-year extension option and is priced at 80bp over secondary CP rate with an after-tax interest rate floor of 1.5%.

Final allocations saw the leads take NT$120 million each while participant Hua Nan Commercial Bank provided NT$80 million. Cathay United Bank came in with NT$65 million while Chinatrust Commercial Bank, First Commercial Bank and Shanghai Commercial & Savings Bank joined in with NT$45 million each.

Proceeds are to refinance a NT$1 billion three-year revolver signed in Jul 2010 and for working capital purposes.



Thai Beverage and it subsidiary International Beverages Holdings successfully signed a S$2.8 billion 364-day bridge facility last Friday (August 3) through mandated lead arrangers HSBC, Standard Chartered and SMBC.

Proceeds are to support its acquisition of 22% stake in Fraser and Neave.

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