loan-week-december-511

Loan week, December 5-11

A roundup of the latest syndicated loan market news.
Australia

A $350 million 5.6-year amortising facility for Apache PVG was signed on December 5 via mandated lead arrangers and bookrunners BNP Paribas and HSBC.

The leads, together with arrangers Bank of Tokyo-Mitsubishi UFJ, Commonwealth Bank of Australia and Westpac, each committed $50 million. BBVA and ANZ lent $40 million and $35 million respectively, while Standard Chartered Bank rounded out the group with a $25 million ticket.

Secured by interests and shares in its oil fields and guaranteed by parent company Apache Corp, the revolver pays an interest of 100bp over Libor. The commitment fee is 40% of the margin.

Proceeds are to support the development of two oilfield projects in northwestern Australia.

Crown has secured approximately A$1.6 billion in financing from 10 banks in the form of bilateral loans û comprising two facilities of A$1.1 billion and $355 million.

Proceeds are to refinance existing syndicated loans maturing in August 2010.

A A$776 million multi-tranche facility for Sydney Airport Finance has been completed via a consortium of six mandated leads on a club basis.

Westpac and BNP Paribas provided A$245 million and A$200 million respectively, while ABN AMRO gave A$105 million. Calyon (Australia), Commonwealth Bank of Australia and Natixis lent A$100 million, A$77 million and A$49 million respectively.

The deal comprises a A$375.6 million refinancing; an additional A$25 million facility that feature a tenor of three years and a spread of 200bp over BBSY; and a four-year A$375.4 million new credit facility which is priced at 210bp over BBSY.

Proceeds are to partly refinance an existing facility signed in December 2006 and for capital expenditure purposes.

China

Yin Feng InvestmentsÆ Rmb300 million three-year transaction has been inked via sole mandated lead arranger and bookrunner Bank of China. China Construction Bank has joined at a lower level.

The margin is 110% of the PBOC rate. Proceeds are to fund new development projects in Jinan City, Shandong.

India

Jubilant Energy (Kharsang)Æs Rs3 billion nine-year debt package was signed on December 4 via sole mandated lead State Bank of India.

The loan was split equally into two term loans with the same structure. The lead committed Rs2 billion, while participant Canara Bank joined the transaction with Rs1 billion.

Proceeds are to fund capital expenditure on E&P blocks at the Kharsang Oil Field.

Indonesia

A one-year term loan of approximately $40 million for Central Proteinaprima (CPP) has been put on hold via mandated lead arrangers Commerzbank and RZB Bank due to the current unstable market situation.

The deal was priced at 350bp over Libor and had a bullet repayment. Proceeds were to be used for general corporate purposes.

Straits Asia ResourcesÆ $300 million 18-month dual tranche facility has been pre-funded via sole bookrunner Standard Chartered Bank and the lead has invited a limited number of banks to form a mandated arranger group.

The debt package is split into a $250 million term loan and a $50 million revolving credit. Both tranches pay a spread of 325bp over Libor and have a commitment fee of 130bp. Proceeds are to refinance a $230 million syndicated loan signed in 2007.

Korea

A Ç50 million 364-day term loan for National Agricultural Cooperative Federation (NACF) was signed on December 9 as a club deal via mandated lead arrangers BNP Paribas, Calyon and Standard Chartered Bank.

Calyon contributed Ç20 million, while the other two banks took Ç15 million apiece.

The deal pays a spread of 120bp over Euribor. Proceeds are for general corporate purposes.

Taiwan

A NT$700 million three-year facility for AGI Corp has been sealed through mandated lead arrangers and bookrunners First Commercial Bank and Industrial Bank of Taiwan.

The arrangers each took a NT$125 million ticket, while participants Bank Sinopac, DBS (Taipei), Hua Nan Commercial Bank and Taiwan Business Bank committed NT$100 million each. Bank of Kaohsiung rounded out the group with a hold of NT$50 million.

The deal comprises a NT$300 million term loan that pays a spread of 125bp over the one-year post office savings rate, and a NT$400 million revolving credit which is priced at 135bp. The commitment fee is 25bp if the term loan is unused, or the revolver is less than 50% used.

Proceeds are for refinancing and working capital purposes.

Sinopac Card ServicesÆ NT$3.5 billion three-year dual tranche facility was downsized from NT$4 billion and signed on December 4 via a group of five mandated lead arrangers and bookrunners.

Mandated leads Chinatrust Commercial Bank, EnTie Commercial Bank, Industrial Bank of Taiwan, Mega International Commercial Bank and Taishin International Bank each gave NT$460 million. Participants Yuanta Commercial Bank came in with NT$400 million, while Far Eastern International Bank, Shin Kong Commercial Bank, Taichung Commercial Bank and Taiwan Cooperative Bank committed NT$200 million apiece.

The financing is divided equally into a term loan and a revolver. Both tranches feature a margin of 100bp over the secondary CP rate and a commitment fee of 25bp if the usage is less than 60% of the total debt amount.

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

A NT$1.1 billion 10-year project financing for Tainan Top Power Holdings is being syndicated in the market via original mandated lead arrangers Cathay United Bank and China Development Industrial Bank.

The deal is divided into a NT$980 million term loan and a NT$120 million revolver. Hua Nan Commercial Bank and Taichung Commercial Bank are currently processing credit approvals.

Proceeds are to finance the acquisition of a 21.4% stake in Hsin Tao Power Corp in Taiwan.

YFY PackagingÆs NT$2.4 billion five year term loan has been completed via a consortium of five mandated lead arrangers.

Bookrunners Bank of Taiwan, Chang Hwa Commercial Bank, First Commercial Bank, Mega International Commercial Bank and Taipei Fubon Commercial Bank each committed NT$400 million while participants Agricultural Bank of Taiwan and Yuanta Commercial Bank took NT$200 million apiece.

The loan pays a spread of 70bp over the secondary CP rate. Proceeds are for refinancing and working capital purposes.

Vietnam

A $115 million six-year amortising facility for PetroVietnam Drilling Investment was downsized from $150 million and inked via mandated lead arrangers ABN AMRO, ANZ, HSBC, Oversea-Chinese Banking Corp and First Commercial Bank. Far East National Bank and Land Bank of Taiwan joined at lower levels.

Secured by the parent company, the financing pays a spread of 300bp over Libor. Proceeds are for debt repayment and general corporate purposes.
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