loan-week-july-1824

Loan week, July 18-24

A roundup of the latest syndicated loan market news.
Australia

A A$518 million facility for BBI AET & D Holdings No. 2, an SPV of Babcock and Brown Infrastructure, has been sealed as a club deal via a syndicate of seven banks.

The deal is split equally into two- and three-year term loans, paying a spread of 140bp and 160bp over BBSY respectively.

Final allocations saw the mandated leads lending A$74 million each.

Proceeds are to refinance an existing A$518 million acquisition bridge loan signed last August.

India

A $105 million six-year dual-tranche debt package for 3i Infotech has been signed oversubscribed via a consortium of five mandated arrangers on a club basis.

The loan comprises a $65 million senior portion and a $40 million junior tranche with an average life of 2.3 years and five years respectively. The margins are priced at 325bp over Libor for the senior tranche and 500bp for the junior facility. The borrower also acted as the guarantor.

Allocations saw ICICI Bank contributing $40 million solely to the junior tranche, while Export-Import Bank of India took $25 million. Bank of Baroda and Standard Chartered Bank held $15 million apiece, while DBS Bank provided $10 million.

The funds are to support the acquisition of a US-based business service provider, Regulus Group.

Andhra BankÆs $75 million three-year term loan was signed on July 18 via mandated lead arrangers BayernLB, Doha Bank, HSBC, Raiffeisen Zentral Osterreich (Singapore branch) and Sumitomo Mitsui Banking Corp.

The leads committed $13 million each, while co-arrangers Land Bank of Taiwan (offshore banking branch) and Mega International Commercial Bank (offshore banking branch) provided $5 million apiece.

The bullet loan will be drawn down in Japanese yen equivalent. Proceeds are for on-lending purposes.

A $175 million three-year facility for Bank of Baroda has been closed and upsized from $125 million through coordinating arrangers Bank of America, BNP Paribas, DZ Bank and Sumitomo Mitsui Banking Corp. Talk has it that 11 banks have joined in the syndication.

Proceeds are for general working purposes. The signing is expected to take place in August.

HDFC BankÆs $130 million one-year fundraising was completed yesterday (July 24) via mandated lead arrangers Banc of America Securities (Asia), DZ Bank, Intesa Sanpaolo, Natixis and Raiffeisen Zentralbank +sterreich. The bookrunners are Banc of America Securities (Asia) and Natixis.

The deal pays a spread of 60bp over Libor.

Final allocations saw the mandated arrangers all contributing $15 million apiece. Coming in as arrangers were Oversea-Chinese Banking Corp, which provided $12 million, while Raiffeisenlandesbank Niederosterreich-Wien (RNW), United Overseas Bank and Westdeutsche Genossenschafts-Zentralbank (WGZ Bank) took $10 million each. Rounding off the syndicate were Banca Monte dei Paschi di Siena and Export-Import Bank of Republic of China, which lent $8 million and $5 million respectively.

Proceeds are to refinance an existing $125 million facility signed in June 2007.

New Zealand

A NZ$349.4 million two-year bullet term loan for Todd Landco Land Holdings was inked on July 17 as a club deal via mandated leads Bank of New Zealand, BOS International, Commonwealth Bank of Australia and HSBC.

Allocations saw the lead arrangers committing NZ$87.35 million each.

The funds are for working capital purposes.

Singapore

BW GroupÆs $3 billion revolving credit has been completed by mandated arrangers Danske Bank, Deutsche Bank, DnB NOR Bank (Singapore), Fortis (Singapore), HSBC, HSH Nordbank (Singapore), ING (Singapore), Nordea Bank, Oversea-Chinese Banking Corp, Svenska Handelsbanken and Swedbank.

DnB NOR Bank (Singapore), ING (Singapore) and Nordea Bank committed $250 million apiece; HSH Nordbank (Singapore), Svenska Handelsbanken and Swedbank provided $240 million each; Danske Bank, Fortis Bank (Singapore) and Oversea-Chinese Banking Corp each lent $180 million; while Deutsche Bank gave $140 million. Bank of Ireland, Bank of Tokyo-Mitsubishi UFJ, BNP Paribas, HSBC, KfW and Societe Generale held $100 million apiece. Calyon, Deutsche Bank and SEB took $70 million each. SMBC rounded out the group with $40 million.

Proceeds are to refinance BW Ga's revolving credit facility and BW Offshore's existing loans and to fund new floating production, storage and offloading projects.

Dubai DrydockÆs $2.2 billion dual-tranche financing was launched into syndication on July 11 via mandated arrangers and bookrunners BNP Paribas, DBS Bank, Emirates International, HSBC, ING Bank, Lloyds TSB, Mashreqbank and Standard Chartered Bank.

The deal comprises a $1.7 billion three-year bullet term loan, paying a spread of 170bp over Libor and a $500 million five-year amortising portion, priced at 190bp over Libor.

Commitments are due by the end of the month. Proceeds are to refinance a facility signed in November 2007.

A S$2.25 billion 18-month bridge facility for SinoSing Power, an SPV of Tuas Power has been sealed via original mandated leads and bookrunners BNP Paribas, Calyon, DBS Bank, Oversea-Chinese Banking Corp and Sumitomo-Mitsui Banking Corp.

The financing is split into S$2.1 billion and S$150 million term loan portions.

Final allocations saw the bookrunners committing $260 million apiece. Three other banks joined in as equal-status arrangers û Bank of Tokyo-Mitsubishi UFJ and United Overseas Bank both held $250 million each, while Fortis took $150 million. Coming in as lead arrangers were Commonwealth Bank of Australia and ING Bank, giving $150 million apiece.

Proceeds are to support Huaneng PowerÆs acquisition of Tuas Power from Temasek Holdings, an investment arm of the Singapore Government.

A $625 million 364-day revolver for Vitol Asia was signed on July 21 via original mandated lead arrangers Commonwealth Bank of Australia, DBS, ING, KBC Bank, Sumitomo Mitsui Banking Corp and United Overseas Bank. Other joint lead arrangers are Agricultural Bank of China, Bank of China, Bank of Tokyo-Mitsubishi UFJ, Land Bank of Taiwan, Mega International Commercial Bank, nabCapital, Oversea-Chinese Banking Corp and Westpac.

The original mandated lead arrangers committed $75 million each, except for KBC Bank, who lent $50 million. The other leads held $20 million apiece, except for Oversea-Chinese Banking Corp, who took $40 million. Co-arrangers Chang Hwa Commercial Bank and First Commercial Bank both provided $10 million.

Proceeds are to refinance an existing debt facility and for working capital purposes.

Taiwan

ChipMOS Technologies (Bermuda)Æs $74.5 million three-year transaction was inked on July 18 via coordinating arrangers Land Bank of Taiwan, Mega International Commercial Bank, Ta Chong Bank, Taiwan Business Bank, Taiwan Cooperative Bank and Standard Chartered Bank (Taiwan).

The coordinating arrangers each contributed $10 million, while co-arrangers Jih Sun International Bank and Taishin International Bank held $5 million apiece. Hua Nan Commercial Bank took $4.5 billion.

The pricing of the fundraising is 100bp over Libor. Proceeds are to partially refinance two convertible bonds.

A $120 million three-year facility for a subsidiary of Ju Teng International Holdings - Dynamic Apex Macao Commercial Offshore û was completed on July 14 by mandated leads Taipei Fubon Commercial Bank and Taishin International Bank.

The leads each committed $18.35 million. Manager China Development Industrial Bank provided $18.3 million. Cathay United Bank, Jih Sun International Bank, Land Bank of Taiwan and Taiwan Cooperative Bank lent $10 million apiece. Mega International Commercial Bank and Taiwan Shin Kong Commercial Bank contributed $7.5 million each. Bank of Kaohsiung and Shanghai Commercial & Savings Bank each gave $5 million.

The bullet loan features a margin of 100bp over Libor and a commitment fee of 15bp. Proceeds are for general corporate purposes.

Emerging Display TechnologiesÆ NT$1.2 billion dual-tranche facility was sealed on July 16 through E.Sun Commercial Bank, Mega International Commercial Bank and Bank of Taiwan, which lent NT$360 million, NT$300 million and NT$240 million respectively. Participants Taiwan Business Bank took NT$180 million, while Taishin International Bank lent NT$120 million.

The debt package was split into an NT$800 million five-year term loan and a NT$400 million revolver, which has to be repaid within 180 days after each drawdown. The deal pays a spread of 95bp over the secondary CP rate. Proceeds are to redeem existing convertible bonds and for working capital purposes.
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