Loan week, December 14-20

A roundup of the latest syndicated loan market news.

A A$460 million four year multi-tranche fundraising for Centennial Coal was signed on Thursday (December 20) via a syndicate of seven banks on a club basis. The mandated arrangers are ANZ, BNP Paribas, Bank of Tokyo-Mitsubishi UFJ, HSBC, National Australia Bank, Toronto Dominion and Westpac Banking Corp.

The deal comprises a A$175 million term loan, a A$150 million revolver, a A$100 million letter of credit and a A$35 million guarantee facility.

Allocations saw ANZ contributing A$165 million, while Westpac Banking Corp took A$75 million. BNP Paribas, HSBC and Toronto Dominion held A$50 million apiece and Bank of Tokyo-Mitsubishi UFJ provided A$40 million. Completing the syndicate was National Australia Bank committing A$30 million. The funds are to refinance existing debt.

HealthscopeÆs A$700 million two-year credit was completed on December 20 via sole lead arranger ANZ which committed A$229 million.

Lenders Westpac Banking Corp contributed A$138 million while Commonwealth Bank of Australia provided A$127 million. Bank of Scotland (International) took A$106 million while St. George Bank lent A$100 million.

A A$1.2 billion 364-day bullet fundraising for ISPT was inked on December 18 on a club basis via a group of four banks.

Allocations saw Commonwealth Bank of Australia providing A$500 million, Westpac Banking Corp held A$350 million, Suncorp Bank contributed A$250 million and National Australia Bank ended up with A$100 million.

Linfox AustraliaÆs A$600 million financing has been completed via a syndicate of seven banks. The loan comprises a A$400 million three-year bullet facility and a A$200 million three-year amortising loan.

Final allocations saw lead arrangers ANZ commit A$125 million, while Westpac contributed A$115 million.

Joining as participants were HSBC providing A$115 million, St George Bank holding A$90 million and Rabobank taking A$65 million. National Australia Bank and United Overseas Bank lent A$45 million each.

The ABN AMRO Capital-led A$112 million dual tranche LBO-facility for Monash IVF Finance was signed on December 13 on a club basis via original leads ANZ and Commonwealth Bank of Australia with commitments of A$67 million and A$45 million respectively.

The six-year deal is split between a A$28 million amortising loan and an A$84 million bullet facility.


Hynix û ST Semi Conductor (Wuxi)Æs $750 million five-year financing was finally completed yesterday (December 20) via mandated leads and bookrunners China Development Bank and Korea Development Bank.

The fundraising pays a spread of 140bp over Libor, has a one-year grace period and carries an average life of 3.5 years.

Final allocations saw China Development Bank committing $235 million, while Korea Development Bank held $150 million. Bank of China came in with $120 million, while Agricultural Bank of China and China Construction Bank provided $100 million apiece as participants. Completing the syndicate were China Everbright Bank and Chinese Mercantile Bank with holds of $30 million and $15 million respectively.

Proceeds of the loan are to support the construction of the second phase of a wafer plant project based in Wuxi, China.

Hong Kong

A HK$3.7 billion dual tranche debt package for Pacific Bond has been completed as a club deal via a consortium of 12 banks. The four year deal comprises a HK$2.3 billion bullet and a HK$1.4 billion credit. Both tranches feature a margin of 35bp over Hibor.

Final allocations saw Bangkok Bank contributing HK$500 million while Bank of China, Chong Hing Bank and DBS Bank each held HK$400 million. Standard Chartered took HK$370 million while Sumitomo Mitsui Banking Corp and Wing Lung Bank committed HK$300 million apiece. Bank of Tokyo-Mitsubishi UFJ held HK$255 million while Bank of Communications, Bank of East Asia, Oversea-Banking Corp and Shanghai Commercial & Savings Bank each lent HK$200 million.

Nan Fung Development, Nan Fung Textiles, Sino Land, K Wah International Holdings and USI Holdings are acting as guarantors. Proceeds are to part refinance a 50% land premium for Pak Shek Kok Reclamation Phase 1, Site B, Tai Po, New Territories Inland Lot and to finance the construction cost of the project.

Standard Bank AsiaÆs $500 million three-year transferable term loan has been sealed via a syndicate of 19 banks.

The transaction was self-arranged by the borrower and saw BayernLB, Commerzbank, DZ Bank, Industrial & Commercial Bank of China (Asia), Standard Chartered Bank and Sumitomo Mitsui Banking Corp joining as coordinating arrangers.

ING Bank and Wing Lung Bank joined as arrangers while joining with the title of co-arrangers were Bank of China, DBS Bank, Standard Bank of South Africa (Isle of Man), Bank of Tokyo-Mitsubishi UFJ, HSBC, Banca Monte dei Paschi di Siena, Bank Austria Creditanstalt, E Sun Commercial Bank, Natixis, Oversea-Chinese Banking Corp and Westdeutsche Genossenschafts-Zentralbank.

The funds are to refinance a $250 million transaction signed in April 2005 and for general corporate purposes.

A HK$1 billion dual currency five-year credit for Tianjin Port Development Finance has been completed via a consortium of six banks.

The facility saw all six lead arrangers and bookrunners provide HK$167 million each. Tianjin Port Development Holdings is the guarantor.

Amtek AutoÆs $250 million seven-year fundraising was inked on December 18 via a consortium of eight mandated arrangers - ABN AMRO, Calyon, DBS Bank, HSBC, ICICI Bank, ING Bank, Mizuho Corporate Bank and State Bank of India. The original mandated lead and sole bookrunner was ABN AMRO. The facility was oversubscribed and the $50 million greenshoe was exercised.

Final allocations saw the mandated arrangers each contributing an equal portion of $23 million. Coming in as senior lead managers were Bank of Baroda with $20 million and Bank of India and UCO Bank with $15 million apiece.

Participants Bank of Taiwan, Chang Hwa Commercial Bank and Mega International Commercial Bank each provided $5 million, while Shanghai Commercial & Savings Bank held $2 million.

The funds are to refinance existing debt and for capital expenditure purposes

Tata SteelÆs ú3.6 billion non-recourse multi-tranche facility supporting its buyout of Corus Group, has been completed via a syndicate of nine mandated arrangers.

The facility comprises a ú1.6 billion five-year A-loan, a ú500 million five-year revolver, a ú300 million six-year credit, a ú650 million seven-year portion and a ú550 million five-year bullet loan.

Details of the full syndicate and allocations have yet to be disclosed. However, joining the syndicate are Commerzbank, which is taking ú50 million, and First Gulf Bank, which will hold ú35 million. National Bank of Dubai took ú20 million, while Norinchukin Bank held ú18 million. Mega International Commercial Bank committed ú15 million and Banco Popolare and Indian Bank each took ú10 million. Korea Exchange Bank contributed ú7 million and Nord Capital and State Bank of India lent ú5 million apiece.

A Ñ59.7 billion ($500 million equivalent) five-year debt package for Vodafone Essar is slated to sign today (December 21) via mandated lead arrangers BNP Paribas, Bank of Tokyo-Mitsubishi UFJ, Commerzbank (Singapore Branch), Fortis Bank, ING Bank and Mizuho Corporate Bank. BNP Paribas is the original lead arranger and sole bookrunner.

The fundraising pays a spread of 53bp over Libor. Final allocations saw the bookrunner contributing Ñ7.8 billion, while the remaining mandated arrangers committed Ñ7.2 billion apiece.

Lead arranger Sumitomo Mitsui Banking Corp (Singapore Branch) took Ñ5.4 billion, while Bank of China (UK Branch) and Nordea Bank Finland held Ñ4.2 billion and Ñ3.8 billion respectively as arrangers. Rounding off the syndicate was Export Development Canada providing Ñ2.4 billion.

Proceeds are for capital expenditure purposes.

New Zealand

Sole lead HSBC has completed One Featherston DevelopmentÆs NZ$150 million three-year bullet loan. HSBC and lender Bank of New Zealand contributed NZ$75 million each.


BCH Hotel InvestmentsÆ S$163 million five-year term loan was signed earlier this week (December 17) via sole mandated lead arranger and bookrunner DBS Bank.

Final allocations saw DBS Bank committing S$66 million with Bangkok Bank providing the same amount as lead arranger. Bank of China (Singapore Branch) held S$30 million.

The funds are for working capital and general corporate purposes.

A S$100 million dual tranche credit for Yongnam Engineering and Construction was completed on December 19 via mandated lead arrangers CIMB Bank, DBS Bank and United Overseas Bank. DBS Bank and United Overseas Bank were the original mandated leads and bookrunners.

The facility features a S$60 million term loan and a S$40 million floating rate note, both with a tenor of five years. The price is set at 155bp over the three-month Singapore dollar swap offer rate for the first three years and will be stepped up to 162.5bp for the remaining life of the loan.

Allocations saw the mandated leads, DBS Bank, United Overseas Bank and CIMB Bank, commit S$26 million, S$21 million and S$20 million respectively. Lead arranger RHB Bank took S$10 million.

Coming in as co-arrangers were Indian Overseas Bank with S$7 million, and Bank of East Asia and Singapore Investments & Finance with S$5 million apiece. Bank of India contributed S$4 million and Indian Bank provided S$2 million.

Proceeds are for general corporate and working capital purposes.

South Korea

A $220 million one-year term loan for Kookmin Bank was signed on December 17 via a consortium of 10 mandated lead arrangers as a club deal. Bank of America, BayernLB, Banco Bilbao Vizcaya Argentaria, BNP Paribas, Calyon, DZ BANK, ING Bank, Oversea-Chinese Banking Corp, Standard Chartered Bank and Sumitomo Mitsui Banking Corp are the mandated lead arrangers.

Final allocations saw BayernLB, DZ BANK, ING Bank, Oversea-Chinese Banking Corp and Sumitomo Mitsui Banking Corp providing $25 million apiece. Banco Bilbao Vizcaya Argentaria, BNP Paribas, Calyon and Standard Chartered Bank joined in with holds of $20 million each. Completing the syndicate was Bank of America taking $15 million.

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

Samsung Heavy IndustriesÆ $205 million five-year guarantee facility has been completed via sole mandated lead and bookrunner Calyon.

Calyon ended up with a hold of $125 million while Industrial & Commercial Bank of China and Sumitomo Mitsui Banking Corp took $50 million and $30 million respectively as lead arrangers.


A NT$14.2 billion equivalent seven-year financing supporting the Global Viewcomp-led leveraged buyout of Nien Made Enterprises was signed on December 19 via a consortium of 14 banks.

The dual-currency debt package comprises a NT$10.8 billion credit, a NT$725 million revolver, a $68 million term loan and a $15 million bullet facility. The Taiwanese dollar-denominated tranches feature spreads of 175bp over the primary CP rate while the dollar-denominated tranches pay a margin of 175bp over Libor.

The following 13 banks joined as mandated lead arrangers: Citi, JPMorgan, ANZ, Bank of Tokyo-Mitsubishi UFJ, Chinatrust Commercial Bank, DBS Bank, E Sun Commercial Bank, Hua Nan Commercial Bank, Industrial Bank of Taiwan, Shanghai Commercial & Savings Bank, Ta Chong Bank, Taishin International Bank and Taipei Fubon Commercial Bank. Citi and JPMorgan are the original mandated arrangers. Mizuho Corporate Bank joined as a lead arranger.

President International DevelopmentÆs NT$2.6 billion three-year dual tranche facility was inked on December 20 via a syndicate of six mandated arrangers on a club basis û Bank of Taiwan, Chinatrust Commercial Bank, Industrial Bank of Taiwan, Mega International Commercial Bank, Shin Kong Commercial Bank and Taipei Fubon Bank.

The loan is split into a NT$2.1 billion revolving credit priced at 45bp over the secondary CP rate and a NT$500 million revolver with a margin of 70bp.

Allocations saw the mandated leads all committing NT$425 million apiece. Proceeds are to refinance an existing debt facility and for working capital purposes.
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