loan-week-february-612

Loan week, February 6-12

A roundup of the latest syndicated loan market news.

Australia

According to the borrower, Mirvac Property Trust's $805 million refinancing facility was signed on February 6 via a consortium of nine banks.

The new maturity date for the three-year unsecured term loan is 31 January, 2012, and the deal features a 275bp fee, inclusive of line fees and margin.

Proceeds are to refinance a previous $1.1 billion syndicated loan maturing in June 2009 and for working capital purposes.

Syndication of Wesfarmers' A$4 billion dual tranche facility is still ongoing in the market via mandated lead arrangers ANZ, BNP Paribas and NAB.

The financing is equally split into three- and four-year term loans which pay a spread of 200bp and 250bp over BBSY respectively.

More than 10 banks have joined the deal at lower levels and the transaction is looking to close in March.

Proceeds are to extend a A$5 billion tranche of a A$10 billion deal signed in October 2007, which supported the acquisition of Coles in Australia.

India

A $560 million dual tranche debt for Ballarpur Industries was inked on February 5 via bookrunners Bank of Baroda, Citi, ING, Rabobank, State Bank of India and WestLB. DBS and NordLB joined in as equal-status lead arrangers while Axis Bank and ICICI Bank joined in as arrangers.

The deal is split equally into five- and seven-year term loans priced at 335bp and 365bp over Libor, respectively.

Proceeds are to refinance a $200 million LBO deal signed in June 2007 and for capital expenditure purposes.

Indiabulls Properties Investment's Rp2 billion four-year transaction was signed lFebruary 6 via sole mandated arranger LIC Housing Finance. Proceeds are to finance the development of One Indiabulls Center in Mumbai, India.

Syndication of Vijaywada Chilkaluripet's Rp6 billion 13.5-year loan is slated to close this month via sole bookrunner SBI Capital Markets.

The deal pays a spread of 12% and participating banks are being offered a 25bp upfront fee.

Proceeds are to finance the Vijayawada Chilkaluripet project in Andhra Pradesh, India.

Indonesia

A Rp1.2 trillion 10 yea-debt package for PLN (Persero) has been completed via mandated leads Bank Negara Indonesia and Bank Rakyat Indonesia on a club basis.

Proceeds are to fund the construction of a coal-fired power plant in East Java province.

Fundraising for PLN (Persero) 's (PNL) Rp1.2 trillion 10 year-deal has been signed via mandated lead arrangers BPD DKI, BPD North Sumatera, BPD Papua, BPD South Kalimantan, BPD South Sulawesi, and BPD South Sumatera as a club deal.

Proceeds are to finance the development of PLTU 3 Bangka Belitung, PLTU Kalimantan Selatan, PLTU 2 Papua and PLTU South Sulawesi projects.

PLN's (Persero)'s Rp2.1 trillion 10-year dual currency transaction has been sealed via mandated leads Bank Negara Indonesia and Bank Rakyat Indonesia on a club basis.

Proceeds are to support projects as part of the government's 10K MW fast track program.

Macau

According to the borrower, Macau Property Opportunities Fund's HK$642.82 facility was completed via sole lead arranger HSBC with other international and Macanese banks participating.

Secured by legal mortgage, the facility is priced at 240bp over three-month Libor and the repayment will be made in four semi-annual installments after a two year grace period.

Proceeds are to support the acquisition of Tower 6 and 25 individual units in One Central Residences.

Malaysia

Digi Telecommunications' MYR475 million facility has been sealed via mandated leads AmBank Group and Oversea-Chinese Banking Corp as a club deal.

The financing is divided into three tranches, a M$150 million three-year portion, a M$150 million four-year credit and a M$175 million five-year term loan paying spreads of 490bp, 510bp and 535bp over Libor, respectively.

Proceeds are for working capital purposes.

Singapore

A S$300 million three-year fundraising for F&N Treasury is near to closing via mandated lead arrangers Bank of Tokyo-Mitsubishi UFJ, Calyon, Maybank and Natixis.

The leads have received a total commitment of S$40 million from two banks, but the names and titles are yet to be disclosed.

The deal features a margin of 145bp over the Singapore dollar swap rate and has a bullet repayment schedule.

Proceeds are for debt repayment and working capital purposes.

A S$646 million facility for MGP Kimi has been mandated to DBS Bank, Oversea-Chinese Banking Corp and United Overseas Bank.

Proceeds are for refinancing purposes.

Taiwan

A NT$13 billion five-year dual tranche facility for Chi Mei Corp has received a number of commitments via mandated lead arrangers Bank of Taiwan, Chang Hwa Commercial Bank, Chinatrust Commercial Bank, E.Sun Commercial Bank, First Commercial Bank and Taiwan Cooperative Bank.

The deal is divided into a NT$7 billion term loan and a NT$6 billion revolving facility.

Agricultural Bank of Taiwan, Cathay United Bank, Mega International Commercial Bank, Taichung Commercial Bank, Taishin International Bank, Taiwan Business Bank and Yuanta Commercial Bank have joined the deal as participants.

The transaction features a pricing of 55bp over the secondary CP rate and has a commitment fee of 10bp if the usage of the term loan is less than 80% or the usuage of the revolver is less than 60%.

Signing is targeted for early March. Proceeds are for refinancing and working capital purposes.

DelSolar's NT$37 billion five-year debt package has been closed via bookrunners Chinatrust Commercial Bank, DBS, First Commercial Bank, Taipei Fubon Commercial Bank and Taiwan Cooperative Bank.

The fundraising comprises a NT$36 billion term loan and a NT$1 billion revolver.

Final allocations saw the leads each committing NT$600 million. Participants Chang Hwa Commercial Bank and E.Sun Commercial bank took NT$300 million apiece, while Shanghai Commercial & Savings Bank and Taiwan Business Bank contributed NT$200 million each.

The facility pays a spread of 105bp and 110bp over the secondary CP rate for the term loan and the revolver respectively. The commitment fee is 12bp if the usage of the term loan is less than 70% or that of the bullet facility is less than 50%.

Proceeds are to fund the construction of a solar cell plant in Long Tan, Taiwan, and for debt repayment purposes. Signing is expected to take place on February 16.

¬ Haymarket Media Limited. All rights reserved.

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