Loan Week

Loan Week, February 24-March 1

A roundup of the latest syndicated loan market news.


L&T Ahmedabad Maliya Tollway has secured a Rs12.5 billion 13-year term loan through joint bookrunners Axis Bank, Bank of India and Kotak Mahindra Bank.

Sponsored by L&T Infrastructure Development Projects, the facility will be repaid in 46 quarterly installments. The transaction is split into a Rs12 billion tranche and a Rs500 million portion.

Syndication saw Central Bank of India, Corporation Bank, Dena Bank, South Indian Bank, Union Bank of India and Vijaya Bank come in as participants.

Proceeds are to refinance a Rs12.5 billion loan signed in October 2009 for the expansion of a highway.



Marubeni Corp signed a $515 million 364-day revolving credit facility on Monday (February 27) through sole bookrunner Citi.

Syndication saw Credit Agricole join in as a mandated lead arranger while other lenders are undisclosed.

Proceeds are to refinance an existing $515 million 364-day revolver signed in February 2011.


Southwest Luzon Power Generation Corp, a subsidiary of Semirara Mining Corp, has signed a P11.5 billion loan through lead arranger BDO Capital & Investment Corp.

Syndication saw Banco De Oro Unibank, Bank of the Philippine Islands and China Banking Corp join in as lenders.

Proceeds are to partially finance a 2X150MW Coal-Fired Thermal Power Plant (Phase 1) project in Calaca, Batangas.



Syndication for Ecom Agroindustrial Asia and ECOM Agroindustrial Corp’s $200 million 364-day revolver was launched last Friday (February 24) through mandated lead arrangers and bookrunners DBS and Standard Chartered.

The deal is guaranteed by both borrowers, Agroindustrias Unidas de Mexico SA, ECOM Atlantic and Dutch Cocoa (Netherlands).

Proceeds are to refinance a $276 million 364-day deal signed in April 2011 and for general corporate purposes.


South Korea

Hyundai Capital Services signed a $100 million offshore loan-style FRN last week through Bank of Nova Scotia and DBS.

The three-year deal is priced at 170bp over Libor.

Proceeds are for refinancing and general corporate purposes.

Kia Motors Corp successfully obtained a $296 million-equivalent dual-tranche club facility last Friday (February 24) through a consortium of nine mandated lead arrangers.

The two-year term loan consists of a $210 million tranche and a €65 million portion which are priced at 205bp over Libor.

Final allocations saw mandated lead arrangers Citi commit $50 million while Bank of Tokyo-Mitsubishi UFJ lent $40 million. Bank of Nova Scotia, Industrial & Commercial Bank of China, JPMorgan Chase Bank and Standard Chartered joined in with $30 million each.

In the Euro tranche, final allocations saw BNP Paribas give €30 million while DBS and SMBC ended up with €20 million and €15 million respectively.

Proceeds are for refinancing and general corporate purposes.



GS Saigon Development One-Member completed an $80 million two-year term loan last week on a club basis through mandated lead arrangers ANZ, Bank of China, HSBC and Korea Development Bank.

Guaranteed by GS Engineering & Construction Corp, the bullet loan is priced at 270bp over Libor.

Final allocations saw Korea Development Bank take $30 million while HSBC contributed $20 million. ANZ and Bank of China provided $15 million each.

Proceeds are to refinance an existing $90 million facility signed in March 2009 and for working capital purposes.



Brighton-Best International has recently closed a NT$2.3 billion five-year financing through sole bookrunner and mandated lead arranger Mega International Commercial Bank.

The guaranteed facility consists of a NT$840 million term loan and three revolver tranches that split into NT$630 million, $21 million and NT$200 million respectively. The US$ portion is priced at 135bp over Libor while the three NT$ tranches offer a margin of 80bp over the primary CP rate, but the base rate cannot be lower than 1.1%.

Syndication saw Bank of Taiwan and Taichung Commercial Bank come in as arrangers while Chang Hwa Commercial Bank, China Finance Trust & Investment, First Commercial Bank, Industrial Bank of Taiwan, Land Bank of Taiwan, Mega Bills Finance Corp, Sunny Bank, Taishin International Bank and Taiwan Cooperative Bank joined in as participants.

Proceeds are for refinancing and working capital purposes.

Taiwan Union Technology Corp and its three subsidiaries Taiwan Union (Samoa) Corp, Taiwan Union Investment Corp and Taiwan Union Trading Corp and Tuck have jointly completed a NT$1.8 billion-equivalent five-year revolver through joint bookrunners and mandated lead arrangers Bank SinoPac, Chang Hwa Commercial Bank, E.Sun Commercial Bank and Taipei Fubon Commercial Bank.

The deal is split into a NT$1.2 billion tranche and a $60 million portion, while the combined outstanding amount cannot exceed NT$1.8 billion-equivalent. The first tranche is priced at 85bp over the secondary CP rate with an after-tax interest rate floor at 1.75% and the second tranche is priced at 90bp over Libor.

Syndication saw First Commercial Bank, Hua Nan Commercial Bank, Land Bank of Taiwan, Mega International Commercial Bank, Ta Chong Bank and Yuanta Commercial Bank join in as participants.

Proceeds are for refinancing and working capital purposes.

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