Loan week, December 3-9

Australia

QPH Finance has successfully secured a A$1.2 billion financing on a club basis via mandated lead arrangers ANZ, BBVA, BNP Paribas, Credit Agricole, National Australia Bank, Natixis, Sumitomo Mitsui Banking Corp and WestLB.

The debt package comprises three- and five-year term loans of A$424 million each, and two five-year revolving credits of A$282 million and A$50 million respectively. The deal is priced at 125bp to 250bp over BBSY.

Proceeds are to finance the acquisition of Port of Brisbane and to support future upgrades.

China

Shanxi Sunlight Coking Group’s Rmb450 million three-year pre-payment facility has been completed via sole mandated lead arranger and bookrunner BNP Paribas (China).

Final allocations saw the sole lead take Rmb200 million, while lead arrangers Bank of Communications (Zhuhai) and China Merchants Bank (Shanghai Nan Xi sub-branch) took Rmb150 million and Rmb100 million respectively.

Proceeds are to finance the purchase of coal.

India

A Rs5.9 billion 12.3-year term loan for Chhapra Hajipur Expressways was inked last week via sole bookrunner and mandated lead arranger SBI Capital Markets.

The project is sponsored by Madhucon Projects and Madhucon Infra and is priced at 250bp over the SBI Base Rate.

Final allocations saw participants State Bank of India pledge Rs1.7 billion, while Allahabad Bank and Andhra Bank gave Rs1.0 billion and Rs850 million respectively. IndusInd Bank and Punjab & Sind Bank lent Rs800 million apiece and State Bank of Bijaner & Jaipur held Rs700 million.

Proceeds are to support a highway project in India.

Corporate Ispat Alloys’ Rs3.3 billion 13.5-year term loan was completed last week via sole bookrunner and mandated lead Axis Bank.

Syndication saw the lead commit Rs500 million, while participant Punjab National Bank took Rs750 million. Karur Vysya Bank, State Bank of Hyderabad and UCO Bank gave Rs500 million each, while Punjab & Sind Bank and State Bank of Patiala lent Rs290 million and Rs250 million respectively.

Proceeds are to support a coal mine project in India.

Dhunseri Petrochem & Tea’s $51 million nine-year term loan was signed on December 6 via sole bookrunner and mandated lead arranger SBI Capital Markets.

Final allocations saw participants State Bank of India pledge $36 million and Allahabad Bank lend $15 million.

Proceeds are to support a petrochemical project at Haldia, West Bengal, India.

South Korea

Woori Bank’s €170 million dual-tranche financing has been signed via bookrunners BNP Paribas, Chinatrust Commercial Bank, Commerzbank and Natixis.

The deal is split into a €119 million one-year term loan and a €51 million revolving credit, which are priced at 60bp and 85bp over Euribor respectively.

Bank of China (Seoul) came in as a mandated lead arranger, while Taipei Fubon Commercial Bank and UniCredit Group joined in as lead arrangers. Bank Sinopac, Hua Nan Commercial Bank, Mega International Commercial Bank, Oberbank, RZB-Austria, Taiwan Business Bank, Shanghai Commercial & Savings Bank and Yuanta Commercial Bank participated as arrangers.

Proceeds are for working capital purposes.

Taiwan

Benq Materials Corp’s NT$3.0 billion five-year dual-tranche debt was signed on December 6 via six mandated lead arrangers.

The debt is divided into a NT$1.5 billion term loan and a NT$1.5 billion revolver, which are priced at 75bp and 80bp over the secondary CP rate respectively.

Mandated leads Bank of Taiwan, E Sun Commercial Bank and First Commercial Bank committed NT$500 million each, while Bank Sinopac, Chang Hwa Commercial Bank, Land Bank of Taiwan and Taishin International Bank contributed NT$200 million apiece. Participants Cathay United Bank, Mega International Commercial Bank, Shanghai Commercial & Savings Bank, Shin Kong Commercial Bank, Ta Chong Bank, Taiwan Business Bank and Taiwan Cooperative Bank pledged NT$100 million each.

Proceeds are to refinance existing debt and for working capital purposes.

An NT$800 million three-year term loan for China Metal Products was completed last week via bookrunners Chinatrust Commercial Bank and Taishin International Bank.

The term loan is priced at 120bp over the secondary CP rate with a 15bp commitment fee. Chang Hwa Commercial Bank and Ta Chong Bank joined in as participants.

Proceeds are for refinancing an existing bilateral loan.

Sole mandated lead Land Bank of Taiwan sealed a NT$1.3 billion multi-currency transaction for Dinli Metal Industrial on December 6.

Syndication saw Agricultural Bank of Taiwan, Bank of Taiwan, Entie Commercial Bank, First Commercial Bank and Hua Nan Commercial Bank join in at lower tiers.

Proceeds are for refinancing and working capital purposes.

A $173 million term loan for Eva Airway Corp’s subsidiary, Octostar B777-09, was inked on December 7 via a consortium of 10 banks.

The 12-year loan offers an interest rate of the greater of 110bp over three-month Libor or 75bp over three-month TAIFAX3. An interest rate floor is also in place to ensure a minimum after-tax rate of 1.55% for the first two years.

The mandated lead arrangers were Cathay United Bank, Chang Hwa Commercial Bank, E Sun Commercial Bank, First Commercial Bank, Hua Nan Commercial Bank, Land Bank of Taiwan, Taichung Commercial Bank, Taiwan Cooperative Bank and Yuanta Commercial Bank.  Export-Import Bank of the Republic of China came in as a participant.

Proceeds are for refinancing a loan signed in 2009 and to fund aircraft purchases.

Tekcore obtained a NT$3.8 billion facility last week via lead arrangers Chang Hwa Commercial Bank, First Commercial Bank, Land Bank of Taiwan, Mega International Commercial Bank and Taiwan Business Bank.

The facility is split into NT$3.1 billion and NT$450 million six-year term loans and a NT$225 million five-year revolving credit. The term loans and the revolver are priced at 80bp and 85bp over the 90-day secondary CP rate respectively.

Hua Nan Commercial Bank, Taichung Commercial Bank and Taiwan Cooperative Bank were lead managers, while Cathay United Bank and Industrial Bank of Taiwan joined in as managers.

Proceeds are to support the construction of plants, and for capital expenditure and working capital requirements.

Wah Lee Industrial Corp’s NT$2.4 billion five-year fundraising, upsized from NT$2.0 billion, was signed last week via bookrunners Bank SinoPac, China Development Industrial Bank, Chinatrust Commercial Bank, E Sun Commercial Bank, First Commercial Bank, HSBC (Taiwan), Hua Nan Commercial Bank, Industrial Bank of Taiwan, Land Bank of Taiwan, Ta Chong Bank, Taipei Fubon Commercial Bank, Taishin International Bank, Taiwan Business Bank and Yuanta Commercial Bank.

Bank of Kaohsiung, Bank of Taiwan and Mega International Commercial Bank joined in at lower tiers.

Proceeds are to refinance existing indebtedness and for working capital purposes.

Thailand

PTTEP Offshore Investment’s $500 million term loan has been concluded as a club deal via mandated lead arrangers Bank of Tokyo-Mitsubishi UFJ, Mizuho Corporate Bank, Oversea-Chinese Banking Corp and Sumitomo Mitsui Banking Corp.

The deal is guaranteed by PTT Exploration & Production. Proceeds are for general corporate purposes.

Vietnam

A $133 million term loan for Petrovietnam Gas Corp (PV Gas) was signed in early December via sole bookrunner Standard Chartered Bank (Mauritius)

The five-year term loan is priced at 265bp over Libor.

Mandated lead arrangers Bangkok Bank (Ho Chi Minh City) lent $28 million, while Mizuho Corporate Bank (Singapore) and Standard Chartered Bank (Mauritius) committed $20 million each. Cathay United Bank and Oversea-Chinese Banking Corp gave $19 million apiece and Bank of Tokyo-Mitsubishi UFJ, Chinatrust Commercial Bank and Taipei Fubon Commercial Bank (Offshore Banking) ended up with $9 million apiece.

Proceeds are for capital expenditure purposes.