Loan week, February 3-10

A roundup of the latest syndicated loan market news.

Australia

Credit Suisse, Standard Bank and Standard Chartered Bank have been mandated by Discovery Metals to arrange a $180 million project financing facility. In addition, the leads will provide a $25 million overrun and working capital facility to finance the production.

Proceeds are to support the Boseto copper project in Botswana.

Pacific Brands’ A$500 million multi-tranche facility has been inked via bookrunners and mandated leads National Australia Bank and Westpac.

The debt package consists of a A$225 million three-year revolver, a A$175 million four-year term loan and a A$100 million five-year term loan.

Syndication saw ANZ, Commonwealth Bank of Australia and HSBC join in as lead arrangers. All banks contributed equally to the facility.

Proceeds are to refinance an A$800 million facility signed in May 2009.

Hong Kong


Dragon Fame has secured an HK$8.5 billion debt package, guaranteed by Kerry Properties, via a consortium of 17 mandated lead arrangers.

The five-year self-arranged deal consists of a HK$2.8 billion term loan and a HK$5.6 billion revolving credit, which are priced at 80bp over Hibor. The deal was oversubscribed and upsized from HK$6.0 billion.

Final allocations saw HSBC commit HK$1.0 billion, while Agricultural Bank of China (Hong Kong), Bank of China (Hong Kong), Citibank (Hong Kong) and United Overseas Bank each took HK$750 million. Bangkok Bank (Hong Kong), Bank of Communications (Hong Kong), Bank of Tokyo-Mitsubishi UFJ, Mizuho Corporate Bank, Standard Chartered Bank (Hong Kong) and Sumitomo Mitsui Banking Corp contributed HK$500 million apiece. DBS Bank (Hong Kong) pledged HK$400 million and Fubon Bank (Hong Kong) lent HK$250 million. Bank of East Asia, Chinatrust Commercial Bank, Scotiabank (Hong Kong) and Wing Lung Bank came in with HK$200 million each.

Proceeds are for refinancing and general corporate funding purposes.

A HK$3.8 billion financing for Hong Kong & China Gas has been successfully sealed via bookrunners Bank of Tokyo-Mitsubishi UFJ, Citigroup Global Markets Asia and Mizuho Corporate Bank. The deal was oversubscribed and upsized from HK$3.0 billion.

The fully underwritten deal is split equally into a term loan and a revolving credit priced at 49bp over Hibor.

Syndication saw BBVA, Chong Hing Bank and Sumitomo Trust & Banking participate as mandated lead arrangers, while Bank of America Merrill Lynch, Hua Nan Commercial Bank and Mega International Commercial Bank joined in as arrangers. Chang Hwa Commercial Bank and Chiba Bank came in as participants.

Proceeds are for refinancing purposes.

Lenovo Group
’s $500 million five-year fully underwritten transaction has been signed via a consortium of seven bookrunners.

The revolver is priced at 137.5bp over Libor.

Final allocations saw Bank of China pledge $80 million while Citigroup Global Markets Asia contributed $65 million. Bank of Tokyo-Mitsubishi UFJ and HSBC came in with $54.7 million each, while Mizuho Corporate Bank and Standard Chartered Bank (Hong Kong) took $49.8 million. BNP Paribas (Hong Kong) lent $46 million. 

Bank of Communications (Tokyo) joined in as a mandated lead arranger with $40 million and China Construction Bank (Asia) committed $30 million. Arranger Bank of East Asia took $20 million and senior manager Dah Sing Bank rounded off the syndicate with $10 million.

Proceeds are to refinance an existing $400 million facility signed in March 2006 (and amended in May 2009) and for working capital purposes.

NewOcean Energy Holding has obtained a $42 million four-year term loan as a club deal via mandated lead arrangers Bank of China, DBS Bank and Standard Chartered Bank.

Proceeds are to support the acquisition of Lianxin Energy Development.

A Rmb4.9 billion three-year term loan for Shanghai Xin Lu One Properties, Shanghai Xin Lu Two Properties and Shanghai Xin Lu Three Properties has been sealed on a club basis via mandated lead arrangers Bank of China, Bank of Tokyo-Mitsubishi UFJ, BNP Paribas, HSBC, ICBC, Mizuho Corporate Bank, Sumitomo Mitsui Banking Corp and Standard Chartered Bank.

The deal is guaranteed by Sun Hung Kai Properties. Proceeds are to refinance an existing Rmb4.7 billion facility signed in January 2008.

India

A Rs4.8 billion 14.9-year term loan for North Bihar Highway was sealed on February 3 via sole bookrunner and mandated lead arranger SBI Capital Markets.

The facility was fully underwritten and will be repaid in 25 semi-annual installments.

Participants State Bank of India pledged Rs1.5 billion, while Axis Bank and India Infrastructure Finance Co (IIFCL) lent Rs900 million each. Punjab National Bank, United Bank of India and State Bank of Patiala contributed Rs650 million, Rs600 million and Rs200 million respectively.

Proceeds are to support a highway construction project in the State of Bihar.

Singapore

A $200 million five-year revolving credit for Hyflux has been successfully completed via bookrunners BNP Paribas and DBS Bank. The deal was upsized from $150 million following strong interest from the market.

The bookrunners took $22.5 million each and ING Bank, Sumitomo Mitsui Banking Corp and NordLB lent $20 million apiece. Lead arrangers Agricultural Bank of Taiwan and Bank of China came in with $14 million each, and arrangers Land Bank of Taiwan contributed $10 million. Bank of Taiwan joined in with $8 million, while Bank of Communications, Bank of East Asia, Chang Hwa Commercial Bank, Chinatrust Commercial Bank, First Commercial Bank, Mega International Commercial Bank and United Overseas Bank ended up with $7 million apiece.

The deal is guaranteed by Hydrochem (S). Proceeds are to refinance an existing facility maturing in August 2011.

Nomura Singapore’s $275 million three-year loan has been completed via bookrunners ANZ, HSBC and Standard Chartered Bank (Hong Kong). The deal was oversubscribed and upsized from $250 million.

Guaranteed by Nomura Holdings, the loan is equally split into a term loan and a revolving credit, which offer a margin of 130bp over Libor.

Syndication saw HSBC lend $72 million, while ANZ and Standard Chartered Bank (Hong Kong) joined in with $50 million each. National Australia Bank lent $30 million and lead arranger Yuanta Commercial Bank contributed $15 million. Arrangers Far Eastern International Bank, Jih Sun International Bank and Taipei Fubon Commercial Bank (Offshore Banking) took $10 million each, while co-arrangers China Development Industrial Bank, Chinatrust Commercial Bank (Tokyo), Cosmos Bank, Industrial Bank of Taiwan, Mega International Commercial Bank (Singapore) provided $5 million apiece. Bank of Panhsin rounded off the syndicate with $3 million.

Proceeds are for general corporate purposes.

Taiwan

A NT$2.1 billion loan for Chang Bing Sow Chwan Memorial Hospital has been signed via bookrunners Bank of Taiwan, Industrial Bank of Taiwan and Taiwan Cooperative Bank.

The loan is split into a NT$1.6 billion seven-year term facility and a NT$500 million five-year revolver, which are priced at 42bp over the one-year post office savings rate.

Final allocations saw the bookrunners contribute NT$470 million each, while managers Chang Hwa Commercial Bank, Hua Nan Commercial Bank and Land Bank of Taiwan lent NT$360 million, NT$180 million and NT$150 million respectively.

Proceeds are for refinancing existing indebtedness and working capital purposes.

¬ Haymarket Media Limited. All rights reserved.

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