Loan week, December 10-16

A roundup of the latest syndicated loan market news.

Australia

Amcor’s $1.9 billion multi-currency revolver was sealed earlier this month via joint bookrunners and mandated leads Commonwealth Bank of Australia, J.P. Morgan, National Australia Bank and Westpac.

The deal is split into a $740 million two-year revolver, a $740 million three-year facility and a $370 million four-year loan. The facility is also available in Australian dollars, euros, Canadian dollars, sterling, Swiss francs and Hong Kong dollars.

Syndication saw the leads pledge $150 million apiece. Arrangers ANZ, Bank of America Merrill Lynch, BBVA, BNP Paribas, Bank of Tokyo-Mitsubishi UFJ, Citi, Danske Bank, Deutsche Bank, HSBC and UBS came in with $125 million each.

Proceeds are to refinance existing indebtedness and for general corporate purposes.

Woodside Finance
’s $1.1 billion refinancing was signed last week via bookrunners ANZ and Bank of Tokyo-Mitsubishi UFJ.

Guaranteed by Woodside Petroleum and Woodside Energy, the five-year deal is split equally into a term loan and a revolving credit.

A total of 34 lenders participated in the financing. The bookrunners lent $105 million each, while mandated lead arrangers Development Bank of Japan took $100 million, Bank of China contributed $85 million, Bank of America Merrill Lynch, Bank of Nova Scotia, Credit Agricole, DBS Bank and DnB NOR Bank held $50 million apiece, Mizuho Corporate Bank committed $40 million and Intesa Sanpaolo pledged $30 million.

Lead arrangers ICBC (Sydney) lent $50 million and BBVA, Banco Santader, BNP Paribas, Chuo Mitsui Trust & Banking, ING Bank and United Overseas Bank gave $20 million each. Co-arrangers Mitsubishi UFJ Lease & Finance joined in with $30 million and Mega International Commercial Bank took $20 million. Bank of Taiwan and Norinchukin Bank came in with $15 million apiece.

Arrangers Taiwan Business Bank contributed $20 million and Export-Import Bank of the Republic of China gave $15 million. Bank Sinopac, Cathay United Bank, Chang Hwa Commercial Bank, Chiba Bank, Chinatrust Commercial Bank, Hua Nan Commercial Bank, Industrial Bank of Taiwan, Shanghai Commercial & Savings Bank, Taishin International Bank and Taiwan Cooperative Bank ended up with $10 million apiece.

Proceeds are to refinance a $1.1 billion-equivalent financing signed in May 2009, to fund capital expenditures and for general corporate purposes.

Hong Kong

A HK$2.5 billion term loan for Lee & Man Industries was signed as a club deal last week via mandated lead arrangers Bank of Tokyo-Mitsubishi UFJ, Hang Seng Bank, HSBC, Mizuho Corporate Bank and Sumitomo Mitsui Banking Corp.

Guaranteed by Lee & Man Paper Manufacturing, the five-year loan is priced at 110bp over Hibor.  Proceeds are for refinancing existing indebtedness and general corporate purposes.

India

A $427 million fiveyear term loan for Boeing has been inked by sole bookrunner and mandated lead arranger ICICI Bank.

Syndication saw the lead commit $277 million, while participants Bank of India and Bank of Baroda gave $100 million and $50 million respectively.

Proceeds are to manufacture and supply aircraft to the Ministry of Defence, Government of India.

NLC Tamil Nadu Power’s Rs25.0 billion 13-year term loan has been completed via sole bookrunner Bank of Baroda.

The deal is sponsored by Neyveli Lignite Corp and Tamil Nadu Electricity Board.

Final syndication saw bookrunner Bank of Baroda take Rs5.0 billion, while mandated lead arranger Bank of India lent Rs4.5 billion. Participants Allahabad Bank, Dena Bank, Punjab & Sind Bank and Syndicate Bank took Rs2.5 billion apiece and Bank of Maharashtra, Corporation Bank and Indian Bank contributed Rs1.5 billion each. Oriental Bank of Commerce joined in with Rs1.0 billion.

Proceeds are to set up a coal-based power plant at Tuticorin in Tamil Nadu, India.

A Rs4.6 billion 15-year term loan for NSL Tidong Power Generation has been signed via sole bookrunner and mandated lead arranger Axis Bank.

Sponsored by Nuziveedu Group, the deal will be repaid quarterly after a four-month grace period.

Final allocations saw the lead commit Rs1.3 billion, while participant L & T Infrastructure Finance Co lent Rs1.3 billion. State Bank of Hyderabad and State Bank of Patiala gave Rs750 million each and Canara Bank joined in with Rs500 million.

Proceeds are to fund the 100MW (2x50MW) hydro power project in Himachal Pradesh, India.

Indonesia

A $600 million five-year term loan for Bukit Makmur Mandiri Utama has been inked via mandated leads Bank of Tokyo-Mitsubishi UFJ, Bank Mandiri, Barclays, CIMB Niaga, Export-Import Bank of Indonesia, ING Bank, Intesa Sanpaolo, Morgan Stanley and Sumitomo Mitsui Banking Corp.

The deal is guaranteed by Prime Dig and proceeds are to refinance an existing loan/bond facility signed in October 2009.

Japan

Sole bookrunner BNP Paribas (Tokyo) successfully completed a ¥32.0 billion loan for ORIX Corp yesterday (December 16).

The one-year revolver saw ING Bank come in as a mandated lead arranger, while Intesa Sanpaolo and Natixis joined in as lead arrangers. ANZ, Bank of Communications, Bank of Taiwan, Mega International Commercial Bank, National Australia Bank and State Bank of India participated at lower tiers. 

Proceeds are for general corporate purposes.

Singapore

Mercuria Energy Trading’s $500 million revolver was successfully sealed on December 14 via bookrunners BNP Paribas, ICBC (London), ING Bank, Societe Generale, Standard Chartered Bank and Sumitomo Mitsui Banking Corp. The deal was oversubscribed and upsized from $330 million with overwhelming support from 25 international banks.

Guaranteed by Mercuria Energy Group, the financing comprises a $389 million one-year tranche and a $111 million three-year portion.

Final allocations saw the leads contribute $44.5 million each, while lead arrangers Bank of Ayudhya, Bank of Baroda, HSBC and United Overseas Bank lent $19.5 million apiece. Arrangers Indian Overseas Bank contributed $20 million and ANZ, Arab Petroleum Investment and Rabobank International took $15 million apiece. Bank Negara Indonesia, Chinatrust Commercial Bank, DBS Bank, Indian Bank, Qatar National Bank, Raiffeisen Bank International and Royal Bank of Scotland committed $10 million each, and Bank Mandiri, Bank of East Asia, Bank of Tokyo-Mitsubishi UFJ and Union de Banques Arabes et Francaises – UBAF ended up with $5 million apiece.

Proceeds are to refinance a $281 million 364-day revolver signed in January 2010, and to provide for general corporate and working capital requirements.

Orchard Turn Retail Investment
has obtained a S$1.6 billion five-year financing on a club basis via mandated lead arrangers Bank of Tokyo-Mitsubishi UFJ (Singapore), DBS Bank, Maybank, Oversea-Chinese Banking Corp, Standard Chartered Bank, Sumitomo Mitsui Banking Corp and United Overseas Bank.

The bullet deal consists of a S$1.6 billion term loan and a S$50 million revolving credit.

Syndication saw each bank contribute equally to the fundraising.

Proceeds are to partly refinance a S$1.6 billion dual-tranche facility signed in June 2006.

Resorts World at Sentosa, a subsidiary of Genting Singapore, is in the market with a S$4.2 billion refinancing underwritten by mandated lead arrangers and bookrunners Bank of Tokyo-Mitsubishi UFJ, DBS Bank, HSBC Oversea-Chinese Banking Corp and Sumitomo Mitsui Banking Corp.

The debt package consists of a S$3.5 billion seven-year term loan and a S$500 million five-year revolver with a two year extension option. There is also a S$192.5 million guarantee facility provided by DBS Bank and Oversea-Chinese Banking Corp. The facility is priced at 1.6% for the first three months and at 120bp to 160bp over the SOR rate depending on the debt-to-Ebitda ratio of the borrower thereafter.

Proceeds are to refinance a $4.2 billion project financing signed in July 2008, which supports the construction of Resorts World at Sentosa.

South Korea

Shinhan Bank’s $190 million dual-tranche bullet term loan was sealed as a club deal last week via a consortium of six mandated lead arrangers.

The fundraising is split equally into a two-year tranche and a three-year portion.

Final allocations saw mandated leads HSBC and Mizuho Corporate Bank lend $40 million each, while Commerzbank and Wells Fargo contributed $30 million apiece. Chinatrust Commercial Bank and Credit Agricole each ended up with $25 million.

Proceeds are for general corporate purposes.

Taiwan

Elitegroup Computer Systems has secured a $100 million three-year club loan via mandated leads Chang Hwa Commercial Bank, First Commercial Bank, Mega International Commercial Bank and Taiwan Cooperative Bank.

Final allocations saw the agent, Mega International Commercial Bank, commit $40 million, while the other mandated leads pledged $20 million each.

Proceeds are for working capital purposes.

Sole bookrunner Land Bank of Taiwan completed a NT$4.3 billion dual-tranche term loan for Jie Yun Du Huei Construction on December 14.

The four-year bullet loan is split into a NT$4.1 billion tranche and a NT$165 million portion, which are priced at 140bp over the average one-year 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.

Syndication saw Agricultural Bank of Taiwan, Chang Hwa Commercial Bank and Taiwan Business Bank come in as co-arrangers, while Bank of Kaohsiung, Bank of Taiwan, First Commercial Bank, Shanghai Commercial & Savings Bank and Taiwan Cooperative Bank rounded out the syndicate as managers.

Proceeds are to support a residential project and for working capital requirements.

Prince Housing & Development Corp’s NT$3.6 billion refinancing was concluded on December 14 via joint bookrunners DBS Bank, Land Bank of Taiwan, Mega International Commercial Bank and Taishin International Bank.

The three-year term loan features a spread of 200bp over the 90-day secondary CP rate, with a 10bp commitment fee.

Agent Mega International Commercial Bank took NT$675 million, while DBS Bank, Land Bank of Taiwan and Taishin International Bank lent NT$575 million apiece. Taichung Commercial Bank gave NT$400 million and Bank of East Asia, Cathay United Bank, Chang Hwa Commercial Bank and Yuanta Commercial Bank held NT$200 million each.

Proceeds are for refinancing existing debt.

Vietnam

A $60 million fundraising for Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank) has been signed via mandated lead arrangers Bank of Tokyo-Mitsubishi UFJ, Credit Agricole and Mizuho Corporate Bank.

The three-year loan is priced at 225bp over Libor.

Proceeds are for general corporate purposes.

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