Loan Week

Loan Week, July 15-21

A roundup of the latest syndicated loan market news.


AMT Management has completed a A$520 million dual-tranche facility on a club basis through mandated leads Bank of Tokyo-Mitsubishi UFJ, Commonwealth Bank of Australia, Credit Agricole, National Australia Bank and Westpac.

The term loan comprises a A$295 million three-year tranche and a A$225 million seven-year portion.

Final allocations saw Commonwealth Bank of Australia pledge A$170 million while Westpac provided A$160 million. Credit Agricole and National Australia Bank contributed A$70 million each while Bank of Tokyo-Mitsubishi UFJ took A$50 million.

Proceeds are to refinance a A$515 million facility signed in July 2009.



Corning Display Technologies has signed a Rmb4 billion five-year loan through bookrunners Bank of China, Bank of Tokyo-Mitsubishi UFJ and Standard Chartered.

Guaranteed by Corning, the facility is priced at 105% of the PBOC rate.

Final allocations saw Bank of China take Rmb1.9 billion while Standard Chartered contributed Rmb1 billion. Bank of Tokyo-Mitsubishi UFJ joined in with Rmb800 million while Citibank came in with Rmb300 million as an arranger.

Proceeds are for capital expenditure purposes.


Hong Kong

Agile Property Holdings has successfully obtained a HK$2.4 billion facility on a club basis through mandated lead arrangers Bank of East Asia, Barclays, HSBC, Industrial & Commercial Bank of China, Royal Bank of Scotland, Standard Chartered and Wing Lung Bank.

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



A2Z Maintenance & Engineering Services has inked a Rs1.8 billion nine-year term loan through sole bookrunner YES Bank. The facility will be repaid in 28 quarterly installments after a two-year grace period.

Final allocations saw the lead provide Rs900 million, while participant ICICI Bank lent Rs880 million.

Proceeds are to set up three biomass-based power plants of 15MW each in Punjab, India.



Energi Sengkeng signed a $200 million seven-year multi-tranche facility last week through joint bookrunners and mandated lead arrangers Mizuho and Standard Chartered.

The seven-year term loan facility comprises $105 million, $50 million and $45 million portions.

Final allocations saw the bookrunners commit $67 million and $50 million, respectively. Natixis and SMBC came in as mandated lead arrangers with $50 million and $33 million, respectively.

Proceeds are for project financing purposes.



Pembinaan BLT signed a M$2.5 billion four-year Islamic financing on Monday (July 18) through a consortium of five joint lead arrangers.

The facility offers a margin of 75bp over the cost of funds.

Final allocations saw CIMB pledge M$600 million, while Bank Islam Malaysia and Maybank Islamic committed M$500 million each. AmIslamic Bank lent M$465 million while RHB Islamic Bank ended up with M$400 million.

Proceeds are for construction, operational expenditure and for refinancing existing bilateral facility.



GMR Infrastructure’s subsidiary, GMR Energy (Singapore) recently signed an $819 million-equivalent facility on a club basis through mandated lead arrangers Axis Bank, CIMB, KfW IPEX Bank, National Australia Bank, Standard Chartered and WestLB.

The 17-year loan is split into a S$670 million tranche for project financing purposes and a $270 million portion for working capital purposes.


South Korea

Korea Development Bank has completed a $185 million term loan on a club basis through mandated lead arrangers HSBC, Mizuho Corporate Bank and Royal Bank of Scotland.

The loan package is split into three tranches with tenors of one year, two years and three years. Proceeds are for general corporate purposes.



CSB Battery and CVI Logistics have obtained a NT$1.5 billion-equivalent dual currency five-year financing through bookrunners Chang Hwa Commercial Bank, E.Sun Commercial Bank, Mega International Commercial Bank and Taipei Fubon Commercial Bank.

The bullet transaction is split into a NT$1.5 billion term loan and a $40 million revolver priced at 75bp over secondary CP rate and Libor respectively. However, the total amount drawn cannot exceed NT$1.5 billion.

Syndication saw First Commercial Bank join in as a co-arranger while Chinatrust Commercial Bank came in as a participant.

Proceeds are for working capital purposes.

Taishin Leasing & Financing is expected to sign a NT$1 billion three-year dual-tranche financing next Monday (July 25) through sole bookrunner Industrial Bank of Taiwan.

The financing comprises a NT$500 million revolver priced at 90bp over the primary CP rate and a NT$500 million guarantee facility with an annual guarantee fee of 90bp.

Agricultural Bank of Taiwan, Bank of Kaohsiung, Cosmos Bank, Jih Sun International Bank and Taichung Commercial Bank joined in as co-arrangers while Hwatai Bank, Sunny Bank, Taiwan Business Bank and Taiwan Cooperative Bank came in as participants.

Proceeds are to refinance an existing NT$860 million deal signed in August 2008 and for working capital purposes.

Tera Xtal Technology signed a NT$3 billion five-year dual-tranche facility today (July 21) through bookrunners and mandated leads E.Sun Commercial Bank, First Commercial Bank, Land Bank of Taiwan, Taipei Fubon Commercial Bank and Taiwan Cooperative Bank. The deal is upsized from NT$2.5 billion.

The loan package is split into a NT$1.8 billion term loan that is also available in US dollars, and a NT$1.2 billion revolver. There is a two-year extension option and a 10bp commitment fee if less than 70% of the fund is drawn.

Final allocations saw the bookrunners First Commercial Bank pledge NT$600 million while Land Bank of Taiwan, E.Sun Commercial Bank and Taiwan Cooperative Bank provided NT$550 million, NT$530 million and NT$500 million respectively. Taipei Fubon Commercial Bank gave NT$320 million while participant Hua Nan Commercial Bank took NT$300 million. Jih Sun International Bank rounded up the syndicate with NT$200 million.

Proceeds are for capital expenditure and working capital purposes.



AES-VCM Mong Duong Power has secured a $1.1 billion project financing through bookrunners BNP Paribas, Credit Agricole, HSBC, ING, Natixis, Societe Generale and SMBC.

Sponsored by AES Corp, China Investment Corp and Posco, the facility includes two tranches of $280 million and $840 million.

Mizuho, Standard Chartered and Unicredit joined in as mandated lead arrangers while CIC Bank and DZ Bank came in as lead arrangers.

Proceeds are to support the Mong Duong Power Plant 2 project in Vietnam.

Posco VST has obtained a $65 million seven-year term loan on a club basis through ANZ, HSBC and Mizuho.

Final allocations saw ANZ committed $25 million, while HSBC and Mizuho lent $20 million each. Proceeds are for capital expenditure purposes.

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