Loan Week, February 3-9

A roundup of the latest syndicated loan market news.
Hong Kong

After the cancellation of a HK$10.3 billion fundraising late last year, IFC Development is returning to the market to raise HK$14.8 billion. The five year facility, set to be Hong KongÆs largest syndicated loan, has been fully underwritten by the mandated arrangers and was launched into general syndication last week.

Mandated arrangers are ABN AMRO, BNP Paribas, Bank of China (Hong Kong), Bank of Communications, Bank of East Asia, BayernLB, Bank of Tokyo-Mitsubishi UFJ, Calyon, China Construction Bank, Citigroup, DBS, Fortis, Hang Seng Bank, HSBC, ICBC Asia, Mizuho Corporate Bank, Rabobank, Societe Generale and SMBC.

The jumbo loan carries a margin of 37bp over Hibor and is being marketed to banks on three tiers. Co-arrangers holding HK$200 million or above get a participation fee of 42bp, leading to a top level all-in of 45.4bp, lead arrangers taking HK$100 million to HK$190 million will earn 41.5bp for an all-in of 45.3bp, lead managers contributing HK$50 million to HK$90 million will receive 41bp for an all-in of 45.2bp.

Proceeds will be used to refinance existing debt and financial close is scheduled for February 16.

Victory City InternationalÆs HK$1.4 billion five year facility has been signed via a consortium of 25 banks. The deal offers a margin of 50bp over Hibor and has been upsized from HK$1 billion.

Sole Mandated arranger HSBC committed HK$125 million. Arrangers include Sumitomo Mitsui Banking Corp lending HK$120 million, Hang Seng Bank taking HK$100 million and Bank of America, Bank of Tokyo-Mitsubishi UFJ and United Overseas Bank providing HK$80 million apiece.

Co-arrangers include Nan Yang Commercial Bank holding HK$80 million, Mizuho Corporate Bank providing HK$70 million, Bank of Nova Scotia pledging HK$65 million and Agricultural Bank of China, Bank Sinopec, Citic Ka Wah Bank and Oversea-Chinese Banking Corp committing HK$52.5 million each.

Joining as lead managers are DBS Bank and Taiwan Business Bank lending HK$40 million apiece, Arab Bank and E.Sun Bank contributing HK$35 million each, BBVA, Bangkok Bank, Bank of China, China Construction Bank, Intesa Sanpaolo, Maybank and Tai Fung Bank with tickets of HK$30 million apiece and Tachong Bank providing HK$18 million.

The signing ceremony took place on February 6.


Adani EnterprisesÆ $49 million 14-month term loan has been completed via sole mandated lead arranger Standard Chartered Bank which committed $24 million. Export-Import Bank of India held $14 million while Indian Bank took $11 million.

The facility offers a margin of 100bp over Libor. Proceeds are for working capital purposes and debt refinancing.

Sub-underwriting for Tata TeaÆs ú284.3 million facility was launched this week via mandated lead arrangers ICICI Bank and Standard Chartered Bank. The facility is split into an ú85 million loan, a ú108.5 million portion, a ú35 million revolving credit facility and a ú55.8 million tranche.

Mandated lead arrangers joining with ú50 million or above receive an underwriting fee of 15bp and a participation fee of 85bp. Arrangers committing ú35 million or above receive a 10bp underwriting fee and a 75bp management fee.

New Zealand

The NZ$100 million one year term facility for Enza Finance has been signed via a syndicate of four banks. Mandated lead arranger ANZ Investment Bank contributed NZ$36 million while participants Westpac ended up with NZ$24 million and HSBC and Rabobank took NZ$20 million apiece.

Proceeds will be used for general corporate purposes.

Turner & Growers signed its NZ$50 million three year financing on January 22. Mandated lead arranger ANZ Investment Bank lent NZ$25 million while lender Westpac put in the other NZ$25 million.

Proceeds are to refinance existing debt and provide for working capital requirements.


General syndication has closed for Fujian Ton Yi Tinplate and Jiangsu Ton Yi TinplateÆs $60 million dual tranche facility that was upsized from $50 million due to an oversubscription. The deal is split into a $35 million facility for Fujian Ton Yi Tinplate, tranche æAÆ, and a $25 million financing for Jiangsu Ton Yi Tinplate, tranche æBÆ.

Tranche æAÆ had mandated arranger BNP Paribas contributing $7 million, arrangers Bank of Tokyo-Mitsubishi UFJ lending $6.5 million and Hang Seng Bank, Oversea-Chinese Banking Corp and Mizuho Corporate Bank committing $5 million apiece. Co-arranger Bangkok Bank lent $4 million and Ping An Bank took $2.5 million in its role as a participant.

Tranche æBÆ saw co-arranger Industrial Bank pledging $7 million, arrangers Bank of Tokyo-Mitsubishi UFJ providing $4 million and Hang Seng Bank, Oversea-Chinese Banking Corp and Mizuho Corporate Bank taking $3 million apiece. Participant Ping An Bank put in $2.5 million.

Proceeds are for refinancing existing debt and for general corporate purposes. The signing ceremony is expected to take place on February 12.

JeanÆs $90 million one year revolving credit has been signed via Chinatrust Commercial Bank. The deal was increased from $75 million and offers a margin of 70bp over Sibor.

Mandated arranger Chinatrust Commercial Bank committed $19.5 million while China Development Bank and Mega International Bank pledged $15 million each. Far Eastern International Bank put in $10 million, Shanghai Commercial & Savings Bank, Taichung Commercial Bank and Taiwan Business Bank lent $5 million apiece, Taiwan Commercial Bank took $3.5 million and Central Trust of China, Bank of Panhsin, Sunny Bank, Bank of Kaohsiung and Taiwan Shin Kong Commercial Bank contributed $3 million apiece.

Kemflo InternationalÆs NT$500 million dual tranche facility was signed on a club basis on January 30. The deal has a tenor of five years and is split into a NT$300 million tranche æAÆ and a NT$200 million tranche æBÆ.

Tranche æAÆ offers a margin of 37bp over the post-office savings rate. Mandated arrangers Chinatrust Commercial Bank and Mega International Commercial Bank committed NT$150 million each.

Tranche æBÆ carries a margin of 22bp over the post-office savings rate and saw contributions of NT$100 million apiece from the mandated arrangers.

Proceeds are for working capital purposes.
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