Loan Week

Loan Week, February 10-16

A roundup of the latest syndicated loan market news.


Electranet has obtained a A$200 million three-year revolver on a club basis through a consortium of four mandated lead arrangers.

Final allocations saw ANZ, Commonwealth Bank of Australia, NAB and Westpac commit A$50 million each.

Proceeds are for refinancing, capital expenditure and working capital purposes.

Spotless Group has signed a A$240 million loan on a club basis though a consortium of three banks.

The debt package is split into a A$90 million one-year revolver and term loans of A$90 million and A$60 million with tenors of three and five years, respectively.

Final allocations saw mandated lead arrangers ANZ, Commonwealth Bank of Australia and HSBC take A$80 million each.

Proceeds are to refinance an existing A$240 million facility signed in March 2009.



Guangdong Hengfu Group Sugar Industry, Leizhou Hengda and Xuwen Hengfu have obtained a Rmb91 million six-month pre-financing facility through sole bookrunner BNP Paribas.

Final allocations saw the sole lead take Rmb31 million while Dah Sing Bank and Korea Development Bank lent Rmb30 million each.

Proceeds are to finance the purchase of sugar cane.



Ahmednagar Forgings has obtained a Rs4 billion eight-year term loan through sole bookrunner and mandated lead arranger ICICI Bank.

The facility will be repaid in 32 quarterly installments.

Final allocations saw the lead take Rs2.8 billion while participant L&T Finance provided Rs720 million. South Indian Bank came in with Rs500 million.

Proceeds are for refinancing purposes.

Reliance Industries signed a $400 million 13-year dual-tranche financing in early February through a consortium of five mandated lead arrangers.

The SACE-covered loan is split into a $250 million term loan and a €108 million facility, which will be repaid in 20 semi-annual installments after a three-year grace period.

Syndication saw HSBC and SMBC commit $100 million each while Bank of Tokyo-Mitsubishi UFJ contributed $50 million to the US dollar tranche. NordLB and WestLB lent €58 million and €50 million respectively to the euro portion.

Proceeds are to finance the expansion of Reliance’s petrochemical plants, a gasification plant and refinery off-gas cracker.



Krakatau Posco successfully obtained a $1.7 billion 14-year project financing on February 14 (Tuesday) through a consortium of seven mandated lead arrangers.

The financing comprises a $529 million Ksure covered tranche, a $500 million Kexim covered facility and a $700 million Kexim direct loan.

Mandated lead arrangers were ANZ, Bank of Tokyo-Mitsubishi UFJ, Credit Suisse, HSBC, Mizuho Corporate Bank, Standard Chartered and SMBC.

Proceeds are to finance the development of an integrated steel mill in Cilegon, Indonesia.



eAccess has secured a ¥17 billion 9.5-year loan through mandated lead arrangers Credit Agricole and ING.

Proceeds are for general corporate purposes.


Trafigura Beheer has signed a $325 million 364-day financing through sole bookrunner Standard Chartered.

The secured borrowing base facility, borrowed through its subsidiary in Singapore and the Netherlands, is priced at 105bp over Libor and guaranteed by Trafigura Beheer itself.

Final allocations saw the sole lead take $100 million while FirstRand Bank, Nedbank and Standard Bank of South Africa committed $75 million each.

Proceeds are for working capital, purchase, storage, transport and sale of commodities.



Mildex Optical and Mildex Asia have completed a NT$700 million and a $45 million five-year dual-tranche revolver through joint bookrunners First Commercial Bank and Taiwan Cooperative Bank.

The local currency tranche offers a margin of 170bp over the 90- or 180-day secondary CP rate while the US dollar portion is priced at 130bp over three- or six-month Libor plus any excess interest rate beyond a 35bp difference between TAIFX3 and Libor.

Syndication saw Land Bank of Taiwan join in as mandated lead arranger while Bank of Taiwan, Chang Hwa Commercial Bank, E.Sun Commercial Bank and Taiwan Business Bank came in as participants.

Proceeds are to refinance the NT$600 million and $18 million revolver signed in July 2009 and for working capital purposes.

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