loan-week-february-1016

Loan Week, February 10-16

A roundup of the latest syndicated loan market news.
Australia

Hexion Specialty Chemical has completed itÆs A$110 million dual tranche facility via sole mandated arranger Commonwealth Bank of Australia. The deal is split into a A$100million five year term portion, tranche æAÆ, and a A$10 million one year revolving credit tranche æBÆ.

In tranche æAÆ, Commonwealth Bank of Australia pledged A$54.5 million while lenders Bank West and St George Bank ended up with A$22.75 million apiece.

Tranche æBÆ saw Commonwealth Bank of Australia put in A$5.4 million while Bank West and St George Bank each took A$2.3 million.

Proceeds will be used for acquisition purposes.

China

Citic GroupÆs $200 million five year facility has been allocated. Mandated arranger Bank of Tokyo-Mitsubishi UFJ contributed $25 million while HSBC, ING Bank and Mizuho Corporate Bank took $24 million apiece.

Coordinating arrangers Bank of Beijing put in $20 million and NordLB lent $18 million while ANZ, Bank of China and DBS committed $15 million each.

Arranger Banca Intesa held $10 million while managers BayernLB and Public Bank ended up with $5 million apiece.

Proceeds will be used for working capital purposes and to repay existing debt.

Mandated arrangers Banc of America Securities Asia, Bank of Tokyo-Mitsubishi UFJ, Calyon, DBS Bank, HSBC, Mizuho Corporate Bank and Standard Chartered have launched Ningbo Chi Mei Optoelectronics and Nanhai Chi Mei OptoelectronicsÆ $360 million five year dual tranche loan into general syndication.

The facility includes a $180 million term loan and a Rmb1.44 billion revolver with an average life of 3.75 years. Banks have been invited to join on three tiers. Co-arrangers providing $30 million or more get 15bp for a top level all-in of 54bp over Libor; arrangers contributing $9 million to $20 million receive 11.25bp for an all-in of 53bp over Libor, and senior managers lending $10 million to $19 million earn 7.5bp for an all-in of 52bp over Libor.

Proceeds are for working capital purposes and banks have until March 8 to revert.

Hong Kong

China Gas HoldingsÆ $75 million facility has been signed via a syndicate of 12 banks. Mandated arrangers Bank of China, Bank of China (Hong Kong Branch) and Royal Bank of Scotland committed $10 million apiece.

Lead arrangers Citic Ka Wah Bank and Oversea-Chinese Banking Corp each pledged $6.75 million while Barclays Capital, Export Development Canada, Fortis Bank, Kookmin Bank, Korea Development Bank, Korea Exchange Bank and Mizuho Corporate Bank put in $4.5 million apiece.

The seven year facility has a five year put and a margin of 135bp over Libor. Lead arrangers joining this deal take a fee of 70bp.

Kingboard LaminatesÆ HK$2.8 billion term loan has been signed. The funds will be used to refinance a HK$3 billion dual tranche facility that was signed in June 2005.

Mandated arrangers Citigroup and Sumitomo Mitsui Banking Corp provided HK$250 million apiece and ABN Amro, Bank of Communications, Bank of East Asia, Bank of Tokyo-Mitsubishi UFJ, CCB International Finance, Fortis and Industrial & Commercial Bank of China contributed HK$210 million each. Lead mangers Nanyang Commercial Bank held HK$180 million, Citic Ka Wah Bank took HK$150 million, Mizuho Corporate Bank pledged HK$130 million, Bank of China (Macau) lent HK$100 million and Banco Bilbao Vizcaya Argentaria (Hong Kong) joined with a ticket of HK$70 million.

Managers Banca di Roma, Scotiabank, Shanghai Commercial & Savings Bank and Tai Fung Bank ended up with HK$50 million apiece.

The three year fundraising features a margin of 57.5bp over Hibor with an amortising repayment schedule. Banks underwriting HK$700 million earned an underwriting fee of 12bp and a management fee of 42bp. Kingboard Chemical Holdings is providing a guarantee.

India

Monnet Ispat & EnergyÆs $75 million six year facility has been launched into general syndication via mandated arrangers ABN Amro, Bank of Taiwan, CIMB, DBS Bank and State Bank of India.

The deal offers a margin of 190bp over Libor. Banks joining as lead arrangers with $7.5 million or above get 82.5bp for an all-in of 205bp over Libor. Arrangers committing $5 million or above receive 55bp for an all-in of 200bp.

Tata TeaÆs ú284.3 million facility is expected to close at the end of the month. Five banks have so far joined the deal. Bank of Scotland, State Bank of India and DBS Bank have pledged ú35 million apiece and Citibank has committed ú25 million.

Arrangers committing ú35 million or above receive an underwriting fee of 10bp and a management fee of 75bp.

Japan

An $828.2 million revolver for Tokyo Electric Power has been completed via sole mandated arranger BNP Paribas (Tokyo). The funds will be used for general corporate purposes.

WestLB (Tokyo), Citibank, Norinchukin Bank, Calyon (Tokyo), Intesa Sanapolo and Societe Generale (Tokyo) joined in syndication as participants. The signing ceremony took place on February 6.

Philippines

The signing ceremony for Globe TelecomÆs $50 million five year facility took place on February 9 in Manila. Mandated lead arrangers DBS Bank took $32 million, Calyon lent $11 million and Mega International Commercial Bank (Offshore Banking Branch) provided $11 million. Lender NordLB (Singapore Branch) ended up with $1 million.

The facility offers a margin of 43bp over Libor. Proceeds will be used to refinance part of the borrowerÆs $300 million callable bond issue maturing in 2012.

Singapore

A $40 million six year fundraising for Yakki International has been launched into general syndication. Oversea-Chinese Banking Corp is leading the deal. The loan offers a margin of 100bp over Libor. Proceeds are for working capital and acquisition purposes.
Russia

A $50 million term loan for Bank UralSib has been completed via a group of eight banks. The one year financing offers a margin of 55bp over Libor. Proceeds are to finance its strategic clientsÆ export-import transactions.

Mandated arrangers are Bank of Tokyo-Mitsubishi UFJ and Bank SinoPac while arrangers Chinatrust Commercial Bank and China Construction Bank (Hong Kong) joined in syndication. Bank of Overseas Chinese, Mega International Commercial Bank (Offshore Banking), Shanghai Commercial & Saving Bank (Offshore) and Taiwan Cooperative Bank (Offshore) are lead managers.

South Korea

Shinhan BankÆs Ç250 million term loan has been completed on a club basis. Mandated lead arrangers Bank of America, Barclays Capital, BayernLB, BNP Paribas, Citigroup, DBS Bank, Dresdner Bank, DZ Bank, HSBC, Lloyds TSB Group and Mizuho Corporate Bank committed Ç22.72 million apiece.

Proceeds are to refinance existing debt. The margin is 70bp over Euribor. Signing was held on February 9 in Seoul.

Shinhan Capital has signed a $30 million three year fundraising. A total of two banks are participating in the transaction. Shinhan last tapped the market via a $50 million three year loan arranged by Nomura International.

Sumitomo Mitsui Banking Corp was the sole mandated arranger while Bank of China joined as a lender. Proceeds are for general corporate purposes.

Taiwan

Chi Mei Optoelectronics has signed a NT$52.6 billion dual tranche facility via a consortium of 20 banks. The financing is split into a NT$48.5 billion term loan and NT$4.16 billion financing with a spread of 57bp over the CP rate. Proceeds will be used to support the construction of a TFT-LCD plant and to provide for general corporate requirements.

Mandated arrangers Bank of Taiwan committed NT$5.5 billion, China Development & Industrial Bank contributed NT$5.2 billion, Chinatrust Commercial Bank lent NT$4 billion, Cathay United Bank, Mega International Commercial Bank and Taipei Fubon Commercial Bank provided NT$3 billion each, First Commercial Bank lent NT$2.5 billion while Banc of America Securities Asia and Mizuho Corporate Bank took NT$2.08 billion each. ABN Amro, Bank of Tokyo-Mitsubishi UFJ, Calyon, DBS Bank, E.Sun Commercial Bank, Hua Nan Commercial Bank, HSBC, Industrial Bank of Taiwan, Land Bank of Taiwan, Standard Chartered Bank and Taiwan Cooperative Bank joined with NT$2 billion apiece. Participant Export-Import Bank of Taiwan ended up with NT$3 billion.

Fujian Ton Yi Tinplate has signed a $60 million term loan via mandated arranger BNP Paribas. The deal includes $35 million and $25 million five year term loans with a margin of 82.5bp over Libor.

Proceeds are to refinance existing debt and to provide for working capital requirements. Signing took place on February 15.

New Silver InvestmentÆs $200 million three year term loan was signed on February 8 via a consortium of 27 banks. The facility has a margin of 75bp over Libor.

Mandated arrangers Bank of Taiwan, HSBC, Mega International Bank, Standard Chartered and Taipei Fubon Bank committed $12.2 million apiece. Arrangers Bank of East Asia and United Overseas Bank provided $12 million each; Nanyang Commercial Bank and Scotiabank pledged $10 million apiece, Dah Sing Bank, DBS Bank and Hang Seng Bank held $7.5 million each, Ta Chong Bank and Taiwan Business Bank took $6 million apiece while BBVA, Bank of China, Cathay United Bank, China Construction Bank, Citic Ka Wah Bank, E. Sun Commercial Bank, First Commercial Bank, Fuhwa Bank, Shanghai Commercial Bank, Taiwan Shin Kong Commercial Bank and Wing Lung Bank ended up with $5 million apiece. Lead managers Public Bank put in $3 million and Fubon Bank lent $2.5 million.

Yuanta Construction DevelopmentÆs NT$2.35 billion facility has been completed via three banks. The deal is split into a NT$1.35 billion term loan and NT$700 million and NT$300 million revolving credits. The margin is 25bp over the one year post office savings rate.

Sole mandated arranger Cathay United Commercial Bank contributed NT$1.6 billion while lenders Cathay Life Insurance committed NT$625 million and Agricultural Bank of Taiwan lent NT$100 million.

Vietnam

Ministry of Finance of the Socialist Republic of VietnamÆs $300 million fundraising has been signed. Mandated arranger BNP Paribas (Tokyo) held $185 million while participants Bank of Tokyo-Mitsubishi UFJ and Mizuho Corporate Bank took $50 million apiece and ANZ Banking Group (Tokyo) pledged $15 million. Proceeds are for general corporate purposes.
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