Loan Week, January 20-26

A digest of the latest loan news.

Sonic HealthcareÆs A$500 million six-month bridge facility was signed on January 3 on a club basis. Citibank and Commonwealth Bank of Australia arranged this deal and committed A$250 million apiece. Proceeds are for acquisition purposes.


Societe Generale has won the mandate for Nanjing Tanker CorpÆs $108 million ten year ship financing. Proceeds will be used for the purchase of tankers. The deal is expected to be launched in early February.

Hong Kong

China Gas HoldingsÆ $75 million financing has been launched into general syndication via sole mandated arranger RBS. The deal is split into $50 million and $25 million facilities. Proceeds are to refinance existing debt and for general corporate purposes. Banks have until January 29 to revert.

Victory City has launched its HK$1 billion five year financing via mandated lead arranger HSBC. Arrangers lending HK$80 million and above earn a management fee of 65bp, senior arrangers committing HK$50 million-HK$79 million get 60bp and managers providing HK$40 million-HK$59 million receive 55bp. The deal is expected to close in early February.


Essar Oilfield has mandated ICICI bank to arrange a $150 million facility. The loan has a tenor of 4.75 years.

The margin is 170bp over Libor in the first year that steps up to 200bp in the second year and then to 550bp in the third year. Proceeds are to finance a sub-rig. Essar Global, the parent company, is providing a guarantee.

ABN Amro, Bank of Tokyo-Mitsubishi UFJ, DBS Bank, and Mizuho Corporate Bank have launched Jindal Steel & PowerÆs $100 million equivalent yen financing into general syndication. The five year loan carries a margin of 100bp over Libor. Arrangers lending $10 million to $15 million get 95bp, co-arrangers committing $5 million to $10 million earn 85bp and lead managers providing $3 million to $5 million receive 75bp. The deadline for banks to respond is January 29. Proceeds are for working capital purposes.

Matrix Laboratories has signed a Ç185 million dual tranche financing via mandated arrangers ABN Amro (Singapore) and Rabobank (Singapore). A group of 14 banks are providing the funds. The facility is split equally into three year and seven month tranches.

Rabobank committed Ç20 million and ABN Amro took Ç14 million while arrangers Fortis Bank (Belgium) and ING (Belgium) held Ç18 million apiece. Managers Bank of Baroda (Ras Al Khaimah) pledged Ç22 million, Bank of Baroda (London) provided Ç21.8 million, Banca di Roma S.p.A. (Singapore) took Ç17.5 and CIMB lent Ç7.5 million. Lead managers State Bank of India (Antwerp) contributed Ç11 million, International Commercial Bank of China committed Ç9 million, Chang Hwa Commercial Bank (London) and Chiao Tung Bank (Singapore) held Ç8 million each and First Commercial Bank (Singapore) and Indian Bank (Singapore) ended up with Ç5 million apiece.
New Zealand

Carter Holt Harvey has successfully raised NZ$3 billion from the market via a group of 15 banks. Proceeds will be used for refinancing existing debt. The multi-tranche facility includes NZ$1.8 billion, NZ$425 million and NZ$200 million five year term loans and NZ$200 million and $100 million equivalent five year revolvers. The margin is 200bp over the bank bill swap rate.

Mandated arrangers Credit Suisse took NZ$515 million, Commonwealth Bank of Australia contributed NZ$300 million and ABN Amro, National Australia Bank and Westpac Bank held NZ$250 million apiece while lead arrangers Bank of Scotland International (Australia) committed NZ$250 million and Bank of Tokyo-Mitsubishi UFJ, Calyon, HSBC and Mizuho Corporate Bank contributed NZ$150 million each. Arrangers Rabobank took NZ$150 million, WestLB pledged NZ$135 million and ANZ Investment Bank, Bank of America and United Overseas Bank ended up with NZ$100 million each.


Genting International is rumored to be looking for a S$1.2 billion six month financing
from Barclays, CIMB, DBS Bank, HSBC, Maybank and Royal Bank of Scotland. Proceeds will go towards the development of a resort on SingaporeÆs Sentosa Island.

South Korea

Hankook Tire HungaryÆs Ç60 million five year fundraising has reached financial close via sole mandated arranger Korea Development Bank. There are five banks providing the funds. Korea Development Bank is holding Ç20 million while co-arrangers are Woori Bank (London) committing Ç14 million, National Agricultural Cooperative Federation taking Ç10 million and KEB (London) and Mizuho Corporate Bank pledging Ç8 million apiece. The deal features a margin of 48bp over six-month Euribor. The signing ceremony will take place at the end of January.


S-Tech CorpÆs NT$900 million dual-tranche facility has been signed via mandated lead arrangers Hua Nan Commercial Bank, First Commercial Bank and Bank of Taiwan.

The loan is spilt into a NT$750 million seven year term loan æAÆ and a NT$150 million five year revolving credit facility æBÆ. Both tranches feature margins of 42bp over the post-office savings rate. Proceeds are for working capital purposes.

Powertip Technology Group has successfully raised NT$800 million from the market. The five year term facility was led by mandated lead arranger Bank of Taiwan with a final hold of NT$300 million. Managers include Mega Bank lending NT$200 million and Taiwan Business Bank, Bank of Kaohsiung and Chang Hwa Commercial Bank contributing NT$100 million apiece.

The margin is 55bp over Bank of TaiwanÆs savings rate. Proceeds are for general corporate purposes.

The NT$600 million four year term facility for Jui Li Enterprise has been upsized from NT$550 million due to an enthusiastic response. Chinatrust Commercial Bank and Industrial Bank of Taiwan are the mandated lead arrangers and bookrunners.

The deal offers 100bp over the 30, 60, 90,120 and 180 days primary CP rate. Banks have been invited to join on three tiers. Co-arrangers providing NT$70 million and above earn 18bp, lead managers committing NT$50 million-NT$70 million gain 15bp while managers lending NT$50 million and below get 10bp.

Arima Computer CorporationÆs multi-tranche five year facility was signed via mandated lead arranger Taishin International Bank on January 8.

The loan is split into a NT$500 million term facility, a NT$500 million revolver and a Ç10.37 million portion. The first two tranches carry a margin of 150bp over the secondary CP rate and the third tranche has a guarantee commission fee of 150bp.

Proceeds are for refinancing existing debt and for working capital purposes.
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