Loan week, February 26-March 4

A roundup of the latest syndicated loan market news.


Pyrenees Wind Energy Developments' A$335 million five-year term loan has been signed on a club basis via mandated leads  ANZ, Banco Bilbao Vizcaya Argentaria, Commonwealth Bank of Australia, Credit Agricole, HSBC, KBC Bank, National Australia Bank and Westpac.

Proceeds are to repay existing indebtedness.


Sole mandated lead arranger and bookrunner Standard Chartered Bank has completed a BDT650 million transaction for Orascom Telecom Bangladesh (Banglalink).

Final allocation saw lenders National Bank and Standard Bank commit BDT200 million each, while Southeast Bank and Dhaka Bank pledged BDT150 million and BDT100 million respectively.

Proceeds are for working capital purposes.


Chengdu IFC Development's HK$8 billion five-year dual-tranche fundraising was sealed last week via sole bookrunner Standard Chartered Bank.

The debt package comprises a HK$7 billion term loan and a HK$1 billion revolving credit.

The bookrunner lead along with mandated lead arrangers Bank of East Asia and Wing Lung Bank contributed HK$600 million apiece. Dah Sing Bank, Natixis, Oversea-Chinese Banking Corp and United Overseas Bank took HK$450 million each, while DBS Bank held HK$400 million. Arrangers China Construction Bank and Wing Hang Bank provided HK$350 million and HK$300 million respectively. Participants Bank of Taiwan, Bank Sinopac, Chong Hing Bank, E.Sun Commercial Bank, Fubon Bank, Hua Nan Commercial Bank, Malayan Banking, Scotiabank, Shanghai Commercial Bank, Shanghai Commercial & Savings Bank and Taiwan Cooperative Bank lent HK$270 million each. Cathay United Bank and Chang Hwa Commercial Bank joined in with HK$190 million tickets.

Guaranteed by Wharf Holdings, the deal pays a spread of 116bp over Hibor and features a two-year extension option.

Proceeds are to finance the purchase of land and the development cost for the International Finance Centre project in Chengdu, as well as for general corporate purposes.

Hong Kong

Tianjin Port Development Finance has successfully secured a HK$1.6 billion three-year term loan via coordinating arrangers Bank of China (Hong Kong), DBS Bank (Hong Kong), Hang Seng Bank and HSBC.

The borrower's parent -- Tianjin Port Development Holdings -- acted as the guarantor of the facility.

Proceeds are for working capital purposes.


A Rs37.6 billion 13-year term loan for ONGC Mangalore Petrochemicals was sealed on 25 February via sole mandated lead arranger and bookrunner SBI Capital Markets.

The term loan features a spread of 125bp over the State Bank of India advance rate.

Final allocations saw State Bank of India and Canara Bank contribute Rs7.6 billion and Rs3.8 billion respectively. Bank of Baroda and Punjab National Bank lent Rs2.5 billion each, while Bank of India, Corporation Bank, Syndicate Bank, UCO Bank, Union Bank of India, Oriental Bank of Commerce and Indian Bank took Rs2 billion apiece. United Bank of India and State Bank of Travancore committed Rs1.5 billion and Rs1.3 billion respectively.  Andhra Bank, Dena Bank and Punjab & Sind Bank each contributed Rs1 billion and South Indian Bank and Jammu & Kashmir Bank offered Rs750 million apiece.

Proceeds are to develop an aromatic petrochemical complex in Mangalore, India.

Sahara Hospitality Private's Rs3.1 billion 11-year term loan has been completed through lead arranger and bookrunner Union Bank of India.

Final allocations saw the lead and Andhra Bank commit Rs600 million each. Bank of Baroda took Rs480 million and Corporation Bank, IDBI Bank and UCO Bank contributed Rs400 million apiece.  Karnataka Bank joined in with Rs220 million.

Proceeds are to finance the company's hotel expansion.

Tata's $100 million 364-day term loan has been concluded via a consortium of three banks.

Bookrunner Standard Chartered Bank pledged $25 million, while mandated lead arrangers Syndicate Bank and Natixis offered $50 million and $25 million respectively.

Guaranteed by Tata Sons, the deal priced at 175bp over Libor and has an upfront fee of 25bp.

Proceeds are to repay a $100 million outstanding facility signed in 2008.


The rollover of Marubeni Corp's $515 million 364-day global multi-currency revolving credit facility was completed on March 1 by sole bookrunner Citi.

Credit Agricole joined as a mandated lead arranger, while ANZ, Bank of America, BNP Paribas, Deutsche Bank, HSBC, ING, J.P. Morgan, Societe Generale and Standard Chartered Bank came in at lower tiers.

Proceeds are for general corporate purposes.


Maxis' $750 million offshore fundraising was signed last week via a consortium of 11 mandated lead arrangers.

The seven-year term loan was originally targeted to raise $2 billion but was scaled back since the borrower has also secured a M$2.5 billion onshore term loan.

Syndication saw the leads Bank of Tokyo-Mitsubishi take $143 million, while DBS Bank and Oversea-Chinese Banking Corp committed $95 million apiece. Sumitomo Mitsui Banking Corp lent $87 million and BNP Paribas, Credit Agricole, HSBC, Natixis and Royal Bank of Scotland gave $52 million each. Mizuho Corporate Bank came in with $39 million and Standard Chartered Bank ended up with $29.5 million.

Proceeds are for the acquisition of assets and subsidiaries, as well as for general working capital purposes.


A PKR500 million five-year Islamic financing for FECTO Cement has been inked via sole mandated lead arranger and bookrunner Standard Chartered Bank. Dawood Islamic Bank and Saudi Pak Industrial & Agricultural Investment participated as lenders.

Proceeds are to support the purchase and installation of a heat recovery plant.


A $270 million 11.25-year multi-tranche project financing for Kepco SPC Power Corp was signed on February 26 via mandated lead arrangers Credit Agricole, ING Bank and Sumitomo Mitsui Banking Corp.

The debt package comprises a $70 million covered facility contributed by the commercial banks, and two $100 million loans from Export-Import Bank of Korea (Kexim) and Asian Development Bank.

Proceeds are to finance the development of a 200MW power generating facility in Cebu, the Philippines.


GNPower Mariveles Coal Power Plant has successfully secured a $720 million facility from Banco de Oro Unibank, China Development Bank, Standard Chartered Bank and other local lenders.

The transaction comprises a $493 million 16-year facility and a $227 million 12-year term loan.

Proceeds are to support the construction of a 600MW coal-fired power plant in Luzon, Philippines.


A NT$1 billion equivalent three-year debt package for Asian Information Technology and Frontek Technology Corp was inked yesterday (March 4) via mandated lead arrangers Mega International Commercial Bank, Taipei Fubon Commercial Bank and Taiwan Cooperative Bank.

The debt consists of a NT$390 million equivalent revolver and a NT$610 million equivalent revolver, both of which can be drawn in either new Taiwan dollars or US dollars. The revolvers are priced at 80bp to 85bp over the secondary CP rate respectively -- if the revolvers are drawn in Taiwan dollars. The benchmark will change to Libor if the loans are drawn in US dollars.

Final allocations saw mandated lead arrangers Taipei Fubon Commercial Bank, Mega International Commercial Bank and Taiwan Cooperative Bank contribute NT$300 million, NT$250 million and NT$200 million respectively. Participants Chang Hwa Commercial Bank took NT$150 million, while Taishin International Bank ended up with NT$100 million.

Proceeds are for working capital purposes.

China Man Made Fiber Corp has successfully secured a NT$2.1 billion term loan from mandated lead arrangers and bookrunners Land Bank of Taiwan, Taiwan Business Bank and Taiwan Cooperative Bank.

The term loan has a seven-year tenor and pays 100bp over the 180-day secondary CP rate.  An interest rate floor is in place to ensure a minimum pre-tax rate of 1.9%.

Among the arrangers, Taiwan Business Bank committed NT$800 million, while Land Bank of Taiwan took NT$600 million. Taiwan Cooperative Bank contributed NT$500 million and Agricultural Bank of Taiwan joined in as a participant with NT$200 million.

Proceeds are for the refinancing of existing debt and working capital purposes.

An NT$8 Billion fundraising for De Sheng Development was signed via coordinating arrangers Entie Commercial Bank, Hua Nan Commercial Bank, Land Bank of Taiwan and Taiwan Cooperative Bank.

The deal comprises two NT$4 billion four-year term loans that offer 124bp and 129bp over the one-year post office savings rate respectively. 

Taiwan Cooperative Bank took NT$2.2 billion, while Land Bank of Taiwan committed NT$1 billion.  Entie Commercial Bank and Hua Nan Commercial Bank contributed NT$900 million each, while Bank Sinopac joined in with NT$800 million. Panshin Bank and Taiwan Business Bank lent NT$400 million each, while Hwatai Bank and Sunny Bank gave NT$300 million apiece. Kaoshiung Bank, Shanghai Commercial & Savings Bank, Taichung Commercial Bank and Taiwan Bank ended up with NT$200 million each.

Proceeds are to support real estate development.

TCC International's $500 million fundraising was signed last week via a consortium of 12 bookrunners and mandated lead arrangers led by Standard Chartered Bank (Taiwan).

The five-year term loan is priced at 72bp over Libor with a commitment fee of 20bp.

Syndication saw bookrunners Cathay United Bank, DBS Bank, E.Sun Commercial Bank, First Commercial Bank, Hua Nan Commercial Bank, Mega International Commercial Bank, Standard Chartered Bank (Taiwan) and Taiwan Cooperative Bank take $38 million each, while Bank Sinopac, Chang Hwa Commercial Bank, Land Bank of Taiwan and Taishin International Bank committed $30 million apiece.

Arrangers Bangkok Bank (Offshore Banking Unit) and HSBC gave $23 million each, while Shanghai Commercial & Savings Bank, Ta Chong Bank and Taiwan Business Bank (Offshore Banking Branch) ended up with $10 million apiece.

Proceeds are for working capital and investment purposes.

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