Loan Week

Loan Week, January 18-24

A roundup of the latest syndicated loan market news.

India


Aravali Infrapower has secured a Rs10.4 billion debt package through sole bookrunner and mandated lead arranger State Bank of India.

The facility is split into a Rs626 million 10-year term loan, a Rs60 million five-year term loan, a Rs2.4 billion 10-year term loan, a Rs1 billion 10-year term loan, a Rs21 million four-year term loan and a Rs6.3 billion one-year revolver.

Syndication saw 12 banks join in as participants.

Proceeds are to repay existing indebtedness and for working capital purposes.

Videocon Hydrocarbon Holdings’ $115 million two-year-and-11-month term loan was completed on Monday (January 21) through sole bookrunner Deutsche Bank.

The facility is split into $32 million, $15 million, $28 million and $40 million portions. The facility was priced at 300bp over Libor.

Final allocations saw the lead contribute $28 million while mandated lead arrangers Gulf Bank and Qatar National Bank provided $25 million each. Union National Bank pledged $20 million while Bank of Ayudhya lent $17 million.

Proceeds are for capital expenditure and refinancing purposes.

Videocon Hydrocarbon Holdings has completed a $60 million two-year-and-11-month term loan through sole bookrunner and mandated lead arranger Deutsche Bank.

The facility was priced at 295bp over Libor.

Final allocations saw the lead commit $25 million while arrangers First Gulf Bank and Bank of East Asia joined in with $20 million and $15 million, respectively.

Proceeds are to refinance existing indebtedness and for general corporate purposes.

 

Indonesia


Tower Bersama Infrastructure has inked a $190 million three-year revolver on a club basis through mandated lead arrangers ANZ, Bank of Tokyo-Mitsubishi UFJ, CIMB, Chinatrust Commercial Bank, Credit Agricole, DBS, Deutsche Bank, HSBC, J.P. Morgan, OCBC and SMBC.

Proceeds are for general corporate purposes.

 

Taiwan


AU Optronics Corp has obtained a NT$17.3 billion four-year-and-six-month term loan through joint bookrunners and mandated lead arrangers Bank of Taiwan, Cathay United Bank, Chinatrust Commercial Bank, E.Sun Commercial Bank, First Commercial Bank, Land Bank of Taiwan, Mega International Commercial Bank, Taipei Fubon Commercial Bank, Taishin International Bank and Taiwan Cooperative Bank.

Final allocations saw Bank of Taiwan take NT$2.4 billion while First Commercial Bank and Taiwan Cooperative Bank contributed NT$1.8 billion each. Chinatrust Commercial Bank gave NT$1.5 billion while Cathay United Bank, E.Sun Commercial Bank, Land Bank of Taiwan, Mega International Commercial Bank, Taipei Fubon Commercial Bank and Taishin International Bank pledged NT$1.2 billion each. Participants Bank SinoPac and Hua Nan Commercial Bank came in with NT$800 million each while Chang Hwa Commercial Bank and Taiwan Business Bank join it with NT$600 million and NT$400 million, respectively.

Proceeds are to refinance four existing loan facilities.

China Zhongwang Holding has completed a $200 million three-year term loan through bookrunners and mandated lead arrangers Bank of Taiwan, Mega International Commercial Bank, Nomura, Ping An Bank and Taishin Bank.

The oversubscribed single tranche facility was increased from $150 million.

Syndication saw 10 banks join in as arrangers.

Proceeds are for working capital purposes.

DSM-AGI Corp has inked a NT$1.6 billion five-year financing through bookrunners and mandated lead arrangers Chinatrust Commercial Bank, First Commercial Bank and Taipei Fubon Commercial Bank.

The loan package consists of a NT$1 billion term loan and a NT$600 million revolving facility.

Allocation saw the leads provide NT$400 million each while participants Bank of Kaohsiung and Ta Chong Bank lent NT$200 million each.

Proceeds are to refinance an existing loan that was signed in Feb 2011.

NexPower Technology has concluded a NT$1.4 billion three-year financing through bookrunners and mandated lead arrangers Bank of Taiwan, Chinatrust Commercial Bank, First Commercial Bank, Taipei Fubon Commercial Bank, Mega International Commercial Bank and Taipei Shin Kong Commercial Bank.

The facility, which includes a two-year extension call option, is priced at 60bp over the 90-day primary market commercial paper rate.

Syndication saw Hua Nan Commercial Bank and Taiwan Business Bank come in as participants.

Proceeds are to refinance an existing loan facility that was signed in 2009.

Taiwan Cement Corp has secured a NT$14 billion five-year debt facility through bookrunners Bank of China, Chinatrust Commercial Bank, Hua Nan Commercial Bank, Mega International Commercial Bank, Taipei Fubon Commercial Bank and Taiwan Cooperative Bank.

The facility is split into an NT$8.4 billion term loan and a NT$5.6 billion revolver.

Syndication saw Agricultural Bank of Taiwan and Yuanta Commercial Bank join in as mandated lead arrangers while Bank of Communications, E.Sun Commercial Bank, Export-Import Bank of China and Jih Sun International Bank came in as participants.

Proceeds are to repay existing indebtedness, for share investment and working capital purposes.

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