loan-week-january-1622

Loan week, January 16-22

A roundup of the latest syndicated loan market news.
Australia

Axiom Education Victoria's A$230 million fundraising is being launched into senior syndication today via sole bookrunner ABN AMRO/RBS with closing expected in February.

The transaction consists of a A$135 million four-year facility and a A$95 million three-year portion.

Proceeds are to finance the development of 11 new public schools in Melbourne and the State of Victoria in Australia.

Baring Asia Private Equity Fund's $231.3 million leveraged buy-out facility for the acquisition of Nord Anglia Education is near signing after a prolonged syndication process. The bookrunners are Credit Suisse and United Overseas Bank.

So far, AMP Capital Investors, Barclays, HBOS, and Mizuho Corporate Bank have joined in as equal status lead arrangers with two more lenders processing credit approvals. The financing is sponsored by Baring Private Equity Partners.

The senior facility is split into a $66.8 million six-year term loan A, a $66.8 million 6.6-year term loan B, a $40 million 6.6-year credit facility and a $10 million 6.6-year revolver. Term loan B is priced at 325bp over Libor, while the other portions pay a spread of 300bp. A $47.7 million mezzanine tranche has a margin of 10%, which comprises a 450bp cash coupon and a 550bp PIK note.

Proceeds are to support a $398.7 million leveraged buy-out of Nord Anglia Education.

India

A $560 million financing for Ballarpur Industries via bookrunners Citi, ING and Rabobank is slated to close syndication within a week. Bank of Baroda, DBS, NordLB, State Bank of India and WestLB have already joined in as equal-status lead arrangers, with a few more banks expected to join.

The transaction is divided equally into two term loans of five and seven years, with margins priced at 335bp and 365bp over Libor respectively.

Proceeds are for refinancing purposes.

Philippines

TVI Pacific's $29.9 million term loan facility was inked on January 20 via mandated lead arrangers LIM Asia Multi-Strategy Fund and LIM Asia Special Situations Master Fund.

Proceeds are to convert a previous bridge facility signed in March last year into a term loan and to finance mining activities at the Canatuan mine site in southern Philippines.

Taiwan

Syndication of Chi Mei Corp's NT$13 billion dual tranche facility is still ongoing via mandated lead arranger and bookrunner Bank of Taiwan.

The five-year debt comprises a NT$7 billion term loan and a NT$6 billion revolving credit. The transaction features a margin of 55bp over the primary CP rate and a commitment fee of 10bp if usage of the term loan is less than 80% or if that of the revolver is less than 60%.

Proceeds are to partly repay a NT$12.7 billion facility arranged by DBS and for working capital purposes.

Kung Sing Engineering Corp's NT$2.2 billion six-year guarantee facility was signed last week via a consortium of five mandated lead arrangers and bookrunners.

Mandated lead arrangers and bookrunners Land Bank of Taiwan, Mega International Commercial Bank, Taiwan Business Bank, Taiwan Cooperative Bank and Taipei Fubon Commercial Bank contributed NT$344.3 million apiece and participants Bank Sinopac, First Commercial Bank and Hua Nan Commercial Bank committed NT$166.6 million each.

The bullet loan features a margin of 125bp per annum. Proceeds are to support the construction and development of the MRT System for Taiwan Taoyuan International Airport.

Vietnam

A $45 million five-year term loan for Vietnam National Petroleum Corp was upsized by $10 million from $35 million and signed at the end of last week via sole mandated lead arranger and bookrunner BNP Paribas.

The lead provided $25 million, while arrangers Chinatrust Commercial Bank (Ho Chi Minh City branch) and Natixis (Ho Chi Minh City branch) each took $10 million.

Proceeds are for capital expenditure purposes.

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