Loan Week, February 17-23

A roundup of the latest syndicated loan market news.

PBL MediaÆs A$4.2 billion financing has been launched into general syndication via joint mandated arrangers UBS and Credit Suisse. The six year facility is split between a A$630 million term tranche ôAö, a A$2.62 billion term tranche ôBö, a A$150 million revolver and a A$300 million term loan.

Joining as arrangers, ABN Amro, Bank of America, BNP, BOS International, Calyon, RBS and Westpac have already pledged to underwrite A$400 million apiece with holds at A$150million, A$200 million and A$250 million. Fees were 175bp, 185bp and 195bp for the hold levels respectively. Lead managers GE Commercial, HSH Nordbank, ICBC, WestLB, UOB and ING have committed to underwrite A$200 million each for an front-end fee of 35bp over BBSY.

Proceeds are to support the CVC Asia Partners led leveraged buyout of PBLÆs Nine Network.

Hong Kong

Norstar Automobile Industrial is tapping the market to raise $96 million to refinance an existing facility signed in November 2005. That facility featured a margin of 105bp over Libor and was split between a $53 million and $43 million term loan. Mandated arrangers were Banca di Roma (Hong Kong), Bank of Tokyo-Mitsubishi UFJ and Sumitomo Mitsui Banking Corp. Korea Exchange Bank (Hong Kong), State Bank of India (Hong Kong), , Maybank (Hong Kong), Mizuho Corporate Bank and Oversea-Chinese Banking Corp joined as arrangers.


General syndication for Andhra BankÆs $75 million 364 day facility has been launched via mandated arrangers Bank of America Securities Asia, DBS Bank and Natixis.

The financing carries a spread of 18bp over Libor, leading to a top level all-in is 28bp over Libor. Proceeds will be used to refinance a $75 million facility signed in February 2006.

Jaiprakash AssociatesÆ $230 million multi-tranche loan has been upsized from $200 million due to an enthusiastic response from the market. Mandated arrangers are Barclays Capital, Bank of Baroda, Bank if India, Commonwealth Bank of Australia, State Bank of India and UTI Bank. Thus far, it has received commitments from National Bank of Dubai, Chang Hwa Commercial Bank and Hua Nana Commercial Bank.

The financing comprises a six year $115 million yen-equivalent tranche æAÆ, a seven year $30 million yen-equivalent tranche æBÆ and a ten year $30 million loan. Tranches æAÆ and æBÆ pay top level all-ins of 192bp and 219bp over Libor respectively.

Reliance Industries has successfully raised $200 million from the market via a consortium of 21 banks. The seven year facility features an average life of 6.1 year and is priced at 36bp over Libor. Proceeds will be used for general corporate purposes.

Mandated lead arrangers Export Development Canada and KfW IPEX-Bank took $17 million each, Bank of Nova Scotia Asia, Bank of Tokyo-Mitsubishi UFJ, BayernLB (Hong Kong), Calyon, Commonwealth Bank of Australia, China Construction Bank (Hong Kong), Citigroup Global Markets (Singapore), DBS Bank, Fortis Bank, First Commercial Bank (Offshore Banking), Mizuho Corporate Bank, Intesa San Paolo S.p.A. (Singapore), Rabobank International, Royal Bank of Scotland (Singapore), Societe Geneale (Hong Kong), Sumitomo Mitsui Banking Corp and WestLB contributed $8.9 million apiece while lead managers Land Bank of Taiwan (Singapore) and Bank of Taiwan committed $7 million each.

The signing ceremony was held on February 22 (Thursday).


AYC FinanceÆs $150 million five year fundraising has been signed. There are a total of 16 banks providing the funds. BNP Paribas, Calyon, Standard Chartered Bank and Sumitomo Mitsui Banking Corp are the mandated lead arrangers. The transaction carries a spread of 71.4bp over Libor. Proceeds are for general corporate purposes and to refinance existing debt.


Chian-Hung EnterpisesÆs NT$1.3 billion term facility has been completed via a syndicate of four banks. The deal is split into a seven year NT$960 million tranche æAÆ and a five year NT$340 million tranche æBÆ.

In, tranche æAÆ mandated arrangers Taipei Fubon Bank contributed NT$410 million and Cathay United Bank pledged NT$250 million while arrangers Shanghai Commercial and Savings Bank and Chang Hwa Commercial Bank held NT$150 million apiece.

Tranche æBÆ saw Taipei Fubon Bank put in NT$140 million and Cathay United Bank took NT$100 million while Shanghai Commercial and Savings Bank and Chang Hwa Commercial Bank ended up with NT$50 million each.

The facility carries a margin of 50bp over the primary CP rate and proceeds will be used for working capital purposes.

The NT$650 million dual-currency fundraising for Auras Technology & Li-Horng Technology was inked on February 10. The five year revolver is priced at 80bp over the secondary CP rate.

Mandated arranger Chinatrust Commercial Bank is contributing NT$97.5 million while arrangers Central Trust of China, Taishin International Bank and Mega International Bank are pledging NT$65 million apiece. Joining as lead managers are Taipei Fubon Bank, Bank of Kaohsiung, First Commercial Bank and Hua Nan Commercial Bank with tickets of NT$55.5 million each. Managers Shanghai Commercial and Savings Bank, Taiwan Business Bank and Sunny Bank are committing NT$45.5 million apiece.
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