Loan week, January 9-15

A roundup of the latest syndicated loan market news.

Nanjing Walsin MetalÆs Rmb280 million one-year revolver has been completed via mandated lead arranger and bookrunner BNP Paribas.

The bookrunner provided Rmb112 million, while lead arrangers Oversea-Chinese Banking Corp and United Overseas Bank took Rmb104 million and Rmb64 million respectively.

Guaranteed by the Taiwan parent company, Walsin Lihwa Corp, the deal pays a spread of 105% of the six-month PBOC rate and has a commitment fee of 15bp if the usage is less than 50%.

Proceeds are to extend an existing facility signed in October 2006.


City Realty & DevelopmentÆs Rs5.5 billion fundraising has been closed via sole mandated lead arranger and bookrunner IDBI Bank.

Syndication saw Bank of India, Central Bank of India, Corporation Bank, Punjab National Bank and Union Bank of India joining in as participants.

Proceeds are to fund the development of a retail and commercial space near the city of Pune in Maharashtra.


Bank Mandiri (Persero) and Mandiri Sekuritas have been mandated for Semen Gresik (Persero)'s $1.3 billion debt package and will be arranging the Rp6.3 trillion 10-year portion. Two other tranches, a US dollar-denominated facility and an ECA portion, are yet to be disclosed.

Syndication is slated to launch in February. Proceeds are to finance the construction of new cement and power plants.

A few banks have been invited to join Straits Asia ResourcesÆ $300 million 1.5-year term loan, led by sole bookrunner Standard Chartered Bank.

The facility comprises a $250 million term loan and a $50 million revolving credit.

The deal features a margin of 325bp over Libor and has a commitment fee of 130bp. The lead is currently preparing an information memorandum that will be sent out to banks soon.

Proceeds are to refinance a $230 million debt signed in 2007.


F&N TreasuryÆs S$300 million three-year term loan was launched into general syndication on January 8 via mandated lead arrangers and bookrunners Bank of Tokyo-Mitsubishi UFJ, Calyon, Maybank and Natixis.

The deal pays a spread of 145bp over the Singapore dollar swap rate (SSR).

Banks are invited on three levels. Lenders joining in with commitments between S$11 million and S$20 million receive the coordinating arranger title and 75bp in upfront fees; lead arrangers lending between S$8 million and S$10 million get 60bp and arrangers contributing S$5 million to S$7 million take 45bp.

Signing is expected to take place by mid-February. Proceeds are for general corporate purposes and to refinance existing debt.

PSA CorpÆs $1 billion three-year, multi-currency loan is still ongoing in senior syndication via DBS and four other undisclosed mandated lead arrangers. So far, Bank of Tokyo-Mitsubishi UFJ and United Overseas Bank have joined in as equal-status lead arrangers.

Proceeds are to refinance existing debt.


A NT$1.5 billion five-year financing for Coxon Precise Industrial has been put on hold by the borrower, which will be seeking to raise capital through other means. Hua Nan Commercial Bank was one of the initial mandated lead arrangers.

The facility was split into a NT$1 billion term loan and a NT$500 million revolver paying a spread of 85bp over the secondary CP rate and a commitment fee of 20bp.

Proceeds were for capital expenditure purposes.

Prime View International successfully extended an outstanding NT$4.5 billion loan on January 12 via sole mandated lead arranger and bookrunner Chinatrust Commercial Bank.

The lead, along with coordinating arrangers Bank of Taiwan and Taipei Fubon Commercial Bank, committed NT$1.125 billion each, while Taishin Bank and participant Chang Hwa Commercial Bank contributed NT$562.5 million apiece.

The original facility was a NT$6 billion nine-month bridge loan signed in March 2008, of which NT$1.5 billion has been repaid.

Secured by assets and guaranteed by Yuan Yu Investment, the pricing of the current nine-month extension is 100bp over the primary CP rate.

Taiwan Top Power HoldingsÆ NT$1.1 billion 10-year credit is expected to launch into general syndication by early February via mandated arrangers and bookrunners Cathay United Bank and China Development Industrial Bank.

The deal comprises a NT$980 million term loan and a NT$120 million revolver.

Proceeds are for acquisition purposes.


A $35 million five-year term loan for Vietnam National Petroleum Corp (Petrolimex) has been finalised via sole lead arranger and bookrunner BNP Paribas.

BNP Paribas and arranger Natixis offered $25 million and $10 million respectively.

Signing is slated to take place next week. Proceeds are for capital expenditure purposes.
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