Loan Week

Loan Week, February 3-9

A roundup of the latest syndicated loan market news.

Australia

Sandfire Resources has successfully obtained a A$380 million four-year term loan through sole underwriter and mandated lead arranger ANZ.

Final allocations saw the lead commit A$180 million, while mandated lead arrangers Commonwealth Bank of Australia and National Australia Bank took A$100 million each.

Proceeds are to support the development of DeGrussa Copper Gold Project in the mid-west region of Western Australia.

 


Bangladesh

Bangladesh Petroleum Corp has signed a $200 million six-month short-term loan through bookrunners Citi, Commercial Bank of Qatar, HSBC and Standard Chartered.

Final allocations saw the bookrunners take $22 million each while mandated lead arrangers Bank of India, Doha Bank and Emirates NBD Bank committed $19 million each. Arrangers Abu Dhabi Commercial Bank and Gulf International Bank held $15 million each while Arab Banking Corp and Arab Investment joined in with $11 million each. Participant London Forfaiting rounded up the syndicate with $3 million.

The deal is guaranteed by the People’s Republic of Bangladesh. Proceeds are to finance oil imports.

 


Hong Kong

China Travel Service (Holdings) Hong Kong has obtained a HK$1.5 billion three-year bullet loan on a club basis through a consortium of five mandated lead arrangers.

Final allocations saw Agricultural Bank of China and Bank of China commit HK$500 million each, while HSBC took HK$230 million. Bank of Tokyo-Mitsubishi UFJ joined in with HK$200 million, while Taipei Fubon Commercial Bank ended up with HK$100 million.

Proceeds are to refinance an existing term-loan facility and for general corporate funding purposes.

 


India

Gangavaram Port has completed two project financing facilities through sole bookrunner and mandated lead arranger SBI Capital Markets.

The Rs10.5 billion seven-year, 10-month term loan is priced at 200bp over SBI base rate and will be repaid in 32 quarterly installments while the other Rs9.9 billion 12-year term facility offers a margin of 225bp over SBI base rate and will be repaid in 36 quarterly installments.

Syndication saw Andhra Bank, Bank of Baroda, Canara Bank, Export-Import Bank of India, Oriental Bank of Commerce, State Bank of Hyderabad, State Bank of India, State Bank of Mysore, State Bank of Patiala, State Bank of Travancore, Union Bank of India and United Bank of India come in as participants.

Proceeds are to refinance an existing Rs11.6 billion project loan signed in October 2005 and for further expansion and development of the Gangavaram Port.

Pawan Hans Helicopters has secured a Rs1.9 billion credit facility through sole bookrunner and mandated lead arranger SBI Capital Markets.

The nine-year, 11-month term loan features a margin of 150bp over State Bank of India base rate and will be repaid in 36 quarterly installments.

Final allocations saw participant Vijaya Bank provide Rs952 million while Export-Import Bank of India ended up with Rs908 million.

Proceeds are to purchase two Dauphin N3 and two Mi-172 helicopters.

Transstroy Krishnagiri-Tindivanam Highways has secured a Rs3.7 billion 13-year term loan on a club basis through a consortium of five banks.

Final allocations saw Central Bank of India commit Rs1.1 billion while Andhra Bank, Corporation Bank and Vijaya Bank provided Rs700 million each. Indian Overseas Bank ended up with Rs450 million.

Proceeds are for the development of an existing highway project in the State of Tamil Nadu in India.

 


Indonesia

Trihamas Finance has signed a Rp330 billion three-year financing through sole mandated lead arranger Bank Permata.

Syndication saw Bank Permata, Bank BJB and Bank KDI commit Rp100 billion each, while Bank ICBC Indonesia contributed Rp30 billion.

Proceeds are for general corporate purposes.

 


New Zealand

General syndication of a NZ$1.5 billion loan fundraising for Carter Holt Harvey and Carter Holt Harvey Finance Australia was completed on Tuesday (February 7) through bookrunners ANZ, Bank of New Zealand, Commonwealth Bank of Australia, Credit Suisse, HSBC, SMBC and Westpac.

The five-year debt package is split into a NZ$405 million term loan, a NZ$374 million bullet loan, a $470 million facility and a NZ$100 million revolving credit.

BOS International, Mizuho and Rabobank have joined in as mandated lead arrangers during senior syndication while Korea Exchange Bank came in as a participant during general syndication.

Proceeds are for refinancing purposes.

ENZA Finance has secured a NZ$90 million 10-month term loan through sole lead arranger Bank of New Zealand.

Final allocations saw the lead and participant Rabobank pledge NZ$32 million each while Westpac provided with NZ$27 million.

Proceeds are for general corporate purposes.

 


Singapore

Millenia Hotel has secured a S$270 million three-year, six-month fundraising as a club deal through mandated lead arrangers Maybank, SMBC and United Overseas Bank.

The debt package is split into a S$180 million term loan and a S$90 million revolving credit with a sub limit for a bank guarantee facility. The borrower has an option to renew the facility for another 24 months.

Proceeds are for refinancing, working capital and general corporate purposes.

 


Taiwan

Fulin Industries has obtained a NT$850 million 17-year term loan last week through sole bookrunner and mandated lead arranger Taiwan Cooperative Bank.

The facility offers a margin of 194bp over one-year postal saving deposit rate and will be repaid in 49 quarterly installments.

Final allocations saw the lead and co-lead arranger Agricultural Bank of Taiwan commit NT$375 million each, while participant Taichung Commercial Bank pledged NT$100 million.

Proceeds are for capital expenditure purposes.

 


Thailand

Solar Power has obtained three separate project financings totaling Bt1.5 billion through sole lead arranger Kasikornbank.

The first facility, borrowed through Solar Power (Korat 3), is a Bt512 million facility that consists of a Bt488 million 12-year term loan and a Bt25 million four-year Vat-loan facility. Solar Power (Korat 4) took out a Bt518 million 12-year term loan, while Solar Power (Korat 7) borrowed a Bt488 million 12-year term loan.

Final allocations saw Kasikornbank commit Bt834 million, while participant Ayudhya Bank joined in with Bt683 million.

Proceeds are for project financing.
 

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