Loan Week, August 30-September 5

A roundup of the latest syndicated loan market news.

Hong Kong

Wharf Finance has sealed a $305 million five-year financing through sole bookrunner SMBC. Wharf (Holdings) is the guarantor of the facility.

Syndication saw Mega International Commercial Bank join in as mandated lead arranger while Aozora Bank came in as arranger. Chang Hwa Commercial Bank, First Commercial Bank and Hua Nan Commercial Bank joined in as participants to complete the syndication.

Proceeds are for working capital purposes.

Hong Kong

Yue Xie Enterprises has closed a $280 million three-year term loan through joint bookrunners Mega International Commercial Bank, Taipei Fubon Commercial Bank and Taiwan Cooperative Bank.

The facility is priced at 240bp over Libor.

Syndication saw Bank of Taiwan, Chang Hwa Commercial Bank, Far Eastern International Bank, Taishin International Bank and Taiwan Business Bank come in as mandated leads while Cosmos Bank Taiwan, E.Sun Commercial Bank, Hua Nan Commercial Bank, Land Bank of Taiwan and Taichung Commercial Bank joined in as participants.

Proceeds are for working capital purposes.

India

Kesoram Industries has completed a Rs1.5 billion seven-year and ten-month financing through sole bookrunner State Bank of India.

The facility is priced at 280bp over the State Bank of India base rate.

Final allocations saw participant Industrial Finance Corp of India as sole contributor to the facility.

Proceeds are to repay existing indebtedness.

Mumbai International Airport has sealed a Rs26.5 billion 12-year term loan through joint bookrunners and mandated lead arrangers Axis Bank and IDBI Bank.

The facility is fully-underwritten by the leads.

Final allocations saw the bookrunners take Rs8.0 billion each while participant Bank of India pledged Rs5 billion. Participants Canara Bank and Vijaya Bank gave Rs3 billion and Rs2.5 billion respectively to complete the syndication.

Proceeds are to support the construction of the Mumbai International Airport.

Indonesia

Astra Sedaya Finance has completed a $180 million three-year term loan through bookrunners and mandated lead arrangers Citi, First Gulf Bank, RBS and SMBC.

Syndication saw National Bank of Abu Dhabi join in as mandated lead arranger while Emirates National Bank and Qatar National Bank came in as arrangers.

Proceeds are for general corporate purposes.

Indomobil Finance Indonesia has secured a $126 million three-year term loan through joint bookrunners CTBC Bank, OCBC and Standard Chartered Bank.

The facility was upsized and increased from $100m.

Syndication saw Bank of East Asia, Emirates NBD PJSC, Mega International Commercial Bank and State Bank of India contributed as mandated lead arrangers while Cosmos Bank Taiwan, First Commercial Bank, Krungthai Bank, Ta Chong Bank, Taishin International Bank, Taiwan Business Bank and Taiwan Cooperative Bank joined in at lower tiers.

Proceeds are for working capital purposes.

Singapore

Gunvor Singapore has obtained a $250 million facility on a club basis through mandated lead arrangers Bank of China, Commonwealth Bank of Australia, DBS, Natixis and OCBC.

The facility is guaranteed by Gunvor Group.

Proceeds are to finance the borrower’s purchase of gasoline.

Qingjian Realty (Anchorvale) has secured a S$268 million four-year and four-month term loan through joint mandated lead arrangers Hong Leong Finance and UOB on a club basis.

Final allocations saw Hong Leong Finance lend S$80 million while UOB provided S$188 million.

Proceeds are for property development purposes.

South Korea

Korea Railroad Corp has inked a $200 million three-year loan-style FRN on a club basis through mandated lead arrangers Credit Agricole and Standard Chartered Bank.

The facility is priced at 95bp over Libor.

Final allocations saw the banks provide $100 million apiece.

Proceeds are to refinance existing indebtedness.

Taiwan

Chilisin Electronics has signed a NT$2.4 billion five-year loan package through bookrunners First Commercial Bank, Land Bank of Taiwan, Mega International Commercial Bank and Taiwan Cooperative Bank.

The deal comprises a NT$600 million term loan and a NT$1.8 billion revolving tranche.

Final allocations saw First Commercial Bank take NT$400 million while Land Bank of Taiwan, Mega International Commercial Bank and Taiwan Cooperative Bank provided NT$350 million individually. Participants Chang Hwa Commercial Bank and Hua Nan Commercial Bank gave NT$250 million, while Agricultural Bank of Taiwan, CTBC Bank and China Development Industrial Bank rounded up the group with NT$150 million each.

Proceeds are for refinancing and working capital purposes.

Maxchip Electronics has concluded a NT$610 million five-year financing through sole bookrunner Land Bank of Taiwan.

The deal consists of a NT$240 million term loan, a NT$250 million revolver and a NT$120 million portion.

Final allocations saw the lead pledge NT$260 million while participants Mega International Commercial Bank contributed NT$200 million. First Commercial Bank held NT$100 million while Taiwan Cooperative Bank ended up with NT$50 million.

Proceeds are for refinancing, and for working capital and capital expenditure purposes.