loan-week-december-1117

Loan week, December 11-17

A roundup of the latest syndicated loan market news.

Australia

Derni's A$435 million three-year revolving credit has been completed via mandated lead arrangers ANZ, Commonwealth Bank of Australia and Westpac.

The leads each committed A$125 million, while co-arranger Sumitomo Mitsui Banking Corp took A$60 million.

Proceeds are for general corporate purposes.

Epic Energy's approximately A$1 billion multi-tranche facility was sealed as a club deal on December 14 via mandated lead arrangers ANZ, Bank of Tokyo-Mitsubishi UFJ, Calyon, Commonwealth Bank of Australia, Credit Industriel et Commercial de Paris, KBC Bank, National Australia Bank, Natixis, Sumitomo Mitsui Banking Corp, United Overseas Bank, WestLB and Westpac.

The deal is split into A$333 million, A$63 million and A$55 million three-year portions; a A$150 million four-year tranche and a A$410 million five-year term loan.

Proceeds are for refinancing and project financing purposes.

A A$1 billion three-year dual-tranche debt package for Primary Health Care was completed last week via sole bookrunner National Australia Bank.

The fundraising comprises a A$900 million term loan and a A$100 million revolving facility.

Mandated lead arrangers National Australia Bank committed A$150 million, while Commonwealth Bank of Australia took A$125 million. Calyon, Deutsche Bank, Mizuho Corporate Bank and Societe Generale pledged A$75 million each. Joint lead arrangers Westpac held A$125 million, while Bank of Scotland International and Sumitomo Mitsui Banking Corp lent A$75 million each. Arrangers Allied Irish Banks, Chinatrust Commercial Bank and Credit Industriel et Commercial de Paris gave A$50 million apiece.

Proceeds are for refinancing and general corporate purposes.

Hong Kong

Goodman Interlink, which is jointly owned by Goodman Hong Kong Logistics Fund and Goodman Group, secured a HK$1.2 billion secured term loan last week via mandated lead arrangers Citic Ka Wah Bank, ING Bank, Natixis and Oversea-Chinese Banking Corp on a club basis.

The lead banks contributed HK$330 million apiece, except for Natixis which lent HK$210 million.

Proceeds are to support the construction of a 24-storey modern warehouse and logistics facility in Tsing Yi, Hong Kong. The project, which is due to be completed in 2012,  will be one of the largest properties of its kind in Hong Kong.

A $400 million three-year self-arranged club deal for Johnson Electric Holdings was signed on December 17 via mandated lead arrangers Bank of China (Hong Kong), Bank of Tokyo-Mitsubishi UFJ, BNP Paribas, Chong Hing Bank, DBS Bank, Hang Seng Bank, HSBC, Mizuho Corporate Bank, Standard Chartered Bank and Sumitomo Mitsui Banking Corp.

Proceeds are to partly refinance a $530 million five-year facility signed in 2006.

Lai Sun Development
's HK$1 billion three-year transferable term loan was sealed on December 10 via sole bookrunner Citi.

Coming in as arrangers were Bank of East Asia, DBS Bank and Wing Hang Bank. Chong Hing Bank, Dah Sing Bank and Nanyang Commercial Bank joined as co-arrangers, and Bank SinoPac, Shanghai Commercial Bank and Wing Lung Bank participated at lower tiers as senior managers.

Proceeds are to refinance a HK$950 million term loan facility signed in January 2005.

Victory City successfully secured a HK$928 million four-year amortising loan on December 10 from mandated lead arrangers and bookrunners Bank of Tokyo-Mitsubishi UFJ, CITIC Ka Wah Bank, Hang Seng Bank, HSBC and Mizuho Corporate Bank.

United Overseas Bank joined as a lead arranger, while Bank Sinopac came in as an arranger. Bank of Taiwan, Cathy United Bank, Chang Hwa Commercial Bank, Oversea-Chinese Banking Corp, Public Bank, Taiwan Business Bank and Rabobank participated as senior managers.

Proceeds are to refinance a five-year term loan of approximately HK$1.4 billion that was signed in February 2007 and for general corporate purposes.

India

Vodafone Essar's $340 million EKN-backed buyer credit facility has been signed via sole bookrunner Royal Bank of Scotland with Svensk Exportkredit (SEK) joining as a participant.

The debt comprises a $70 million 8.5-year term loan tranche and another $270 million 10-year term loan portion.

Proceeds are for the purchase of equipment.

Indonesia

A $700 million five-year transaction for Pertamina (Persero) was inked last week via a consortium of eight lenders.

Bookrunners ANZ, BNP Paribas, HSBC and RBS/ABN AMRO contributed $129 million, $116 million, $100 million and $70 million respectively. Mandated lead arrangers Bank Central Asia committed $75 million, while Bank of Tokyo-Mitsubishi UFJ, Bank Pan Indonesia and Sumitomo Mitsui Banking Corp provided $70 million each.

Proceeds are for general corporate and working capital purposes.

Trans Marga Jateng
's Rp4.7 trillion project financing was completed on December 14 via sole bookrunner Bank Negara Indonesia.

Joining as mandated lead arrangers were Bank Mandiri and Bank Rakyat Indonesia, while Bank Jabar Banten came in as a participant.

Proceeds are to finance the development of the toll road project from Semarang to Solo, Indonesia.
Proceeds are for working capital purposes.

Philippines

A $100 million three-year term loan for San Miguel Corp was signed on December 11 via bookrunners Calyon, Maybank and Mizuho Corporate Bank.

Final allocations saw Mizuho Corporate Bank and Maybank lend $32 million each, while Calyon contributed $31 million. Lead arranger NordLB came in with a $5 million ticket.

Proceeds are to finance general working capital requirements.

Singapore

Hoi Hup Sunway Property's S$225 million 3.5-year fundraising was sealed as a club deal on December 11 via mandated lead arrangers Oversea-Chinese Banking Corp and United Overseas Bank.

Proceeds are for property development purposes.

Taiwan

Fareast Land Development's NT$4.2 billion financing was completed in early December via a consortium of 11 coordinating arrangers led by Taiwan Cooperative Commercial Bank.

The transaction consists of a NT$3.9 billion term loan, which is priced at 115bp over the one-year savings rate of Taiwan Cooperative Commercial Bank with a pricing floor of 2% after-tax; and a NT$300 million note issuance facility with a guarantee fee of 65bp. Only Taiwan Cooperative Bills Finance Corp and Mega Bills Financial Corp participated in the note issuance facility. 

Final allocations saw the agent, Taiwan Cooperative Commercial Bank, take NT$546 million, while the leads, Bank of East Asia and Taichung Commercial Bank, held NT$351 million each. Agricultural Bank of Taiwan and Taiwan Business Bank lent NT$312 million each, while Industrial Bank of Taiwan and Taiwan Shin Kong Commercial Bank gave NT$273 million apiece. Chinatrust Commercial Bank, Jih Sun International Bank, Ta Chong Bank and Yuanta Commercial Bank joined in with NT$195 million tickets.

Participants Chang Hwa Commercial Bank contributed NT$195 million and Shanghai Commercial & Savings Bank provided NT$156 million, while Bank of Kaohsiung, Bank of Panhsin and EnTie Commercial Bank ended up with NT$117 million each.

Proceeds are to refinance a NT$3 billion facility signed in December 2004 and for working capital purposes.

A NT$2.1 billion seven-year transaction for Kuang Po Technology, Kuo Shen Cable Television & Shih Hsin Cable Television is expected to sign next Friday (December 25) via bookrunners DBS Bank, EnTie Commercial Bank, Mega International Commercial Bank, Ta Chong Bank and Taishin International Bank.

The debt package is split into a NT$1.8 billion term loan tranche and a NT$263 million revolving credit priced at 125bp over the one-year post office savings rate.

Final allocations saw coordinating arrangers EnTie Commercial Bank, Mega International Commercial Bank and Ta Chong Bank take NT$400 million each, while DBS Bank joined at the top with a hold of NT$300 million. Taishin International Bank pledged NT$200 million and participants Chang Hwa Commercial Bank, Hua Nan Commercial Bank and Taiwan Shin Kong Commercial Bank came in with NT$100 million apiece.

Proceeds are for refinancing, share purchases, working capital and capital expenditures.

Standard Bank of South Africa has secured $130 million from its first syndicated transaction in the Taiwanese market via bookrunners Bank of Taiwan (South Africa), Chinatrust Commercial Bank and Export-Import Bank of the Republic of China. The facility was oversubscribed and upsized from $100 million.

The bullet loan is priced at 175bp over Libor.

Syndication saw bookrunners Bank of Taiwan (South Africa) and Export-Import Bank of the Republic of China take $18 million each, while Chinatrust Commercial Bank and mandated lead arranger Jih Sun International Bank held $17 million apiece. Participants China Development Industrial Bank, Industrial Bank of Taiwan, Mega International Commercial Bank, Taishin International Bank and Taiwan Business Bank committed $10 million each, while Sunny Bank and Yuanta Commercial Bank joined in with $5 million apiece.

Proceeds are for general corporate and trade financing purposes.

World Peace Industrial
's NT$3 billion-equivalent transaction has been completed via a consortium of eight mandated lead arrangers led by Bank of Taiwan on a club basis. The facility was oversubscribed and upsized from NT$2.5 billion.

The three-year debt package comprises a NT$3 billion and a $91 million revolving credit. The NT dollar tranche features a margin of 80bp over the secondary CP rate with an interest rate floor of 1.8% in the first 1.5 years after drawdown. The US dollar portion is priced at 85bp over three-month or six-month Libor. However, the total amount cannot exceed NT$3 billion.

Among the mandated leads Bank of Taiwan took NT$400 million of the final allocations, while E.Sun Commercial Bank and Hua Nan Commercial Bank committed NT$375 million each. China Development Industrial Bank, Industrial Bank of Taiwan, Land Bank of Taiwan, Mega International Commercial Bank and Taiwan Cooperative Commercial Bank contributed NT$370 million apiece.

Proceeds are to refinance a NT$2.5 billion revolving credit signed in 2006 and for working capital purposes.

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