loan-week-december-410

Loan week, December 4-10

A roundup of the latest syndicated loan market news.

Hong Kong

Hutchison Telecommunications Hong Kong Holdings' HK$5 billion term loan was signed last week via mandated lead arrangers Bank of China, Calyon, DBS Bank, HSBC and Sumitomo Mitsui Banking Corp on a club basis.

The leads each committed HK$750 million, except for DBS Bank, which pledged HK$2 billion.

Proceeds are believed to be for the refinancing of a HK$5.2 billion facility signed in May 2009 and for general corporate purposes.

A $300 million dual tranche facility for Wingate Overseas Holdings was upsized from $250 million and conmpleted on December 8 via mandated lead arrangers and bookrunners Bank of Tokyo-Mitsubishi UFJ, BNP Paribas, Cathay United Bank, Chinatrust Commercial Bank, DBS Bank, Hua Nan Commercial Bank and Mega International Commercial Bank.

The deal is split in equal parts between a term loan and a revolver. Guaranteed by Want Want China Holdings, the loan features a margin of 93.5bp over Libor and has a commitment fee of 12.5bp.

The leads each committed approximately $27 million. Co-mandated lead arrangers Bank of East Asia, Bank SinoPac, Chan Hwa Commercial Bank, E.Sun Commercial Bank, First Commercial Bank, Hang Seng Bank, Industrial Bank of Taiwan, Land Bank of Taiwan, Nanyang Commercial Bank, Oversea-Chinese Banking Corp, Shanghai Commercial & Savings Bank, Taipei Fubon Commercial Bank, Taiwan Business Bank and Taiwan Cooperative Bank contributed $8 million apiece.

Proceeds are for refinancing and general corporate purposes.

India

Alok Industries has successfully secured a Rs15.5 billion dual tranche facility from bookrunners Axis Bank, Central Bank of India and SBI Capital Markets.

The debt package comprises a Rs13.5 billion five-year term loan and a Rs2 billion 8.5-year term loan.

Mandated lead arranger Central Bank of India committed Rs3 billion, while Axis Bank gave Rs1 billion. Participants State Bank of India, Punjab National Bank, UCO Bank and United Bank took Rs5 billion, Rs3 billion, Rs2.5 billion and Rs1 billion respectively.

Proceeds are to refinance existing short-term high-cost debt and for capital expenditure purposes.

A $300 million five-year transaction for HCL EAS was launched into syndication last week via a roadshow in London by mandated lead arrangers and bookrunners Standard Chartered Bank and State Bank of India.

Guaranteed by HCL Technologies, the transferable loan pays a spread of 380bp over Libor.

Proceeds are to repay a £400 million bilateral bridge facility that was signed in November 2008 to support the acquisition of Axon.

Mahindra Navistar Automotives' Rs1.5 billion 9.75-year credit has been inked via sole mandated lead arranger and bookrunner SBI Capital Markets.

Lenders Bank of Baroda and Dena Bank each provided Rs1 billion, while Canara Bank and Central Bank of India took Rs750 million apiece. Bank of Maharashtra, Indian Bank and United Bank of India came in with Rs500 million tickets.

Proceeds are to finance the construction of an MHCV manufacturing facility in Chakan, Pune, India.

An Rs800 million five-year term loan for Seaways Shipping was completed on December 2 via sole mandated lead arranger Yes Bank, with Canara Bank joining as a participant.

The two lenders each contributed Rs400 million to the amortising facility. Secured by vessels and receivables, the repayment schedule will be 12 quarterly installments after a grace period of two years.

Proceeds are to support the purchase of two feeder vessels.

Indonesia

Pelayaran Kartika Samudra Adijaya's $61 million fundraising has been concluded via mandated lead arranger and bookrunner Oversea-Chinese Banking Corp. PT Bank ICBC Indonesia, PT Bank OCBC Indonesia, PT Bank OCBC NISP and PT Bank UOB Indonesia joined in as equal status arrangers.

The facility, guaranteed by Surya Indah Muara Pantai, is divided into a $56 million four-year term loan and a $4 million three-year revolving credit.

Proceeds are to refinance existing indebtedness and to support the acquisition of vessels.

A three-year dual currency facility for Surya Artha Nusantara Finance was signed on December 4 via mandated lead arrangers ANZ, Mizuho Corporate Bank, Oversea-Chinese Banking Corp, PT Bank Mandiri and Standard Chartered Bank on a club basis.

The financing is split into $40 million and IDR150 billion term loans. Proceeds are for working capital purposes.

Taiwan

China Development Financial Holding Corp's NT$4 billion three-year dual tranche fundraising was sealed on December 8 via coordinating arrangers and bookrunners Chang Hwa Commercial Bank, E.Sun Commercial Bank, First Commercial Bank, Taipei Fubon Commercial Bank, Taishin International Bank and Taiwan Business Bank.

The debt package comprises a NT$1.5 billion term loan and a NT$2.5 billion revolving facility.

The leads committed NT$610 million each, except for E.Sun Commercial Bank and Taiwan Business Bank, which provided NT$480 million apiece. Lead managers Far Eastern International Bank and Yuanta Commercial Bank came in with holds of NT$300 million each.

The deal is priced at 80bp and has a commitment fee of 10bp. Proceeds are for refinancing and working capital purposes.

A NT$10 billion five-year term loan for Pou Chen Corp was upsized from NT$9 billion and signed on December 2 via coordinating arrangers and bookrunners Bank of East Asia, Bank of Taiwan, Chang Hwa Commercial Bank, Chinatrust Commercial Bank, Citi, DBS Bank, E.Sun Commercial Bank, First Commercial Bank, Hua Nan Commercial Bank, Land Bank of Taiwan, Mega International Commercial Bank, Taipei Fubon Commercial Bank and Taiwan Cooperative Bank.

Final allocations saw the leads commit NT$500 million apiece. Co-arranger Ta Chong Bank took NT$400 million, while Bangkok Bank, Bank SinoPac, China Development Industrial Bank and Taiwan Business Bank provided NT$350 million each. Senior participant Shin Kong Commercial Bank pledged NT$300 million. HSBC, Industrial Bank of Taiwan, Shanghai Commercial & Savings Bank and Yuanta Commercial Bank contributed NT$250 million apiece, and Bank of Kaohsiung and Far Eastern International Bank came in with NT$200 million tickets.

The deal features a margin of 62bp over the secondary CP rate and has a commitment fee of 12.5bp. Proceeds are for refinancing and working capital purposes.

Sintek Photronic Corp's NT$ 3.3 billion secured amortising loan has been completed via mandated lead arrangers and bookrunners Land Bank of Taiwan, Taishin International Bank and Yuanta Commercial Bank.

Divided into NT$1.5 billion and NT$1.8 billion term loans, the five-year transaction pays a spread of 120bp over the average savings rate of the six lenders. The commitment fee is 10bp.

The bookrunners each pledged NT$1 billion, except for Taishin International Bank, which offered NT$600 million. Participant Chang Hwa Commercial Bank provided NT$300 million, while Agricultural Bank of Taiwan and Hua Nan Commercial Bank took NT$200 million apiece.

Proceeds are for the refinancing of outstanding debt facilities and for capital expenditure purposes.

Vietnam

A $250 million five-year term loan for Vietnam Oil & Gas Group (PetroVietnam) was inked last week via original mandated lead arranger and bookrunner Standard Chartered Bank.

Among the other mandated lead arrangers, Bank of China committed $35 million, while Bank of Tokyo-Mitsubishi UFJ, DBS Bank, Natixis, Oversea-Chinese Banking Corp and Standard Chartered Bank took $30 million apiece. Mizuho Corporate Bank and Sumitomo Mitsui Banking Corp pledged $20 million each. Arrangers Maybank International and Mega International Commercial Bank each provided approximately $10 million. Cathy United Bank rounded out the group with a hold of $6 million.

Proceeds are for capital expenditure purposes.

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