Loan week, July 2-8

A roundup of the latest syndicated loan market news.


Pacific Equity Partners Fund IV's A$400 million 364-day revolver was signed as a club deal last Friday (July 2) with two participating banks.

 Citibank (Sydney) gave A$250 million while Commonwealth Bank of Australia lent A$150 million.

 Proceeds are for general corporate purposes.

An A$500 million five year term loan for Transfield Services Infrastructure was completed on a club basis last Wednesday (June 30) via seven banks.

The mandated leads for the facility were ANZ, Credit Agricole, Commonwealth Bank of Australia, National Australia Bank, Royal Bank of Canada, Royal Bank of Scotland and Westpac.

Proceeds are to support the development of wind farm projects in Australia.


Dalian Star Bright Property, Dalian Star Land Property and Dalian Star Shine Property have secured a Rmb674 million financing via sole mandated lead arranger and bookrunner Standard Chartered Bank (China) with Bank of East Asia (Dalian) coming in as a joint lead arranger.

The three-year term loan is priced at 110% of the PBOC rate.

Proceeds are for the acquisition of property.

Hong Kong

Comba Telecom Systems' $130 million three year term loan was signed on Monday (July 5) via coordinating arrangers ANZ, HSBC and Hang Seng Bank. The deal was oversubscribed and upsized from $100 million.

Coordinating arrangers HSBC took $28 million while ANZ and Hang Seng Bank held $23 million and $20 million respectively. Lead arranger Svenska Handelsbanken (Hong Kong) gave $11 million while co-arrangers Bank of Adyudhya (Hong Kong) and DBS Bank (Hong Kong) contributed $8 million each. Senior managers Bangkok Bank (Hong Kong) and Cathay United Bank (Hong Kong) provided $6 million apiece while Bank Sinopac (Hong Kong), Chang Hwa Commercial Bank (Hong Kong), Hua Nan Commercial Bank, Industrial Bank of Taiwan (Hong Kong) and Taiwan Business Bank (Hong Kong) ended up with $4 million each.

The deal is guaranteed by Comba Telecom, Comba Telecom Systems Holdings, Comba Telecom Systems Investments and Praises Holdings. Proceeds are to refinance a $100 million three-year term loan signed in September 2009 and for capital expenditure and working capital purposes.

A $42 million three-year term loan for Jetzen Investment has been inked as a club deal via a consortium of five mandated lead arrangers.

Guaranteed by Patum Manufacturing, Full Apex International and Full Apex (Holdings), the deal features a margin of 265bp over Libor and a two year extension option.

Syndication saw ANZ, DBS Bank and Standard Chartered Bank (Hong Kong) commit $10 million each while BNP Paribas (Hong Kong) and Taishin International Bank contributed $6 million apiece.

Proceeds are to refinance existing indebtedness and to finance general corporate funding requirements.


BSES Rajdhani Power has secured a Rs6.5 billion three-year term loan via sole bookrunner and mandated lead arranger AXIS Bank.

The facility saw AXIS Bank commit Rs1.5 billion. Participants South Indian Bank gave Rs2 billion while Indian Bank and Dena Bank contributed Rs1.5 billion each.

Proceeds are for trade finance purposes.

A Rs41.6 billion 14.75-year term loan for Hinduja National Power Corp has been inked via sole bookrunner and mandated lead arranger SBI Capital Markets.

Participants were Bank of Baroda, Canara Bank, Corporation Bank, Federal Bank, Indian Bank, Oriental Bank of Commerce, Punjab National Bank, Punjab & Sind Bank, State Bank of Bikaner & Jaipur, State Bank of India, UCO Bank, Union Bank of India, United Bank of India and Vijaya Bank.

Proceeds are to support the development of a coal based power plant in India.

L & T Uttaranchal Hydro Power's Rs7.8 billion 14.8-year term loan was sealed last Tuesday (June 29) via bookrunners and mandated lead arrangers SBI Capital Markets and L & T Infrastructure Finance Company.

The facility features a margin of 25bp below the Punjab National Bank Prime Lending Rate. The project is sponsored by Larsen & Toubro.

Joining as participants were Andhra Bank, Corporation Bank, Karur Vysya Bank, Punjab National Bank, State Bank of Bikaner & Jaipur, State Bank of Hyderabad and State Bank of Travancore.

Proceeds are to support an energy generation project in India.


General syndication of Pertamina's $700 million five year term loan was completed and signed in June via bookrunners ANZ, BNP Paribas, HSBC and Royal Bank of Scotland.

Syndication saw Bank of Central Asia, Bank DBS Indonesia, Bank of China, Bank of Tokyo-Mitsubishi UFJ, Bank Pan Indonesia, Natixis, Societe Generale, State Bank of India and Sumitomo Mitsui Banking Corp joining in as mandated lead arrangers while Bank Mizuho Indonesia came in as a lead arranger.

First Commercial Bank, First Gulf Bank and Intesa Sanpaolo participated as arrangers while Bank Chinatrust Indonesia, Bank OCBC NISP, Mega International Commercial Bank, Taishin International Bank, Taiwan Cooperative Bank and Union de Banques Arabes et Francaises (UBAF) joined in as lead managers.

Proceeds are for capital expenditure and general corporate purposes.

South Korea

KCC Corp's $480 million three-year offshore loan-style FRN has been signed via leads ANZ, Bank of Nova Scotia, DBS Bank, HSBC, JP Morgan, Mizuho Corporate Bank, Natixis, Standard Chartered Bank and Sumitomo Mitsui Banking Corp. The deal was originally targeted to raise $550 million but was downsized as a result of Korea Exchange Bank and Hana Bank dropping out due to tax reasons.

Syndication saw the leads contributing $48 million each while Bank of Tokyo-Mitsubishi UFJ and Chinatrust Commercial Bank joined at the top with holds of $24 million apiece. KEB Asia Finance came in with $2 million.

Proceeds are to refinance existing debt facilities.

A $60 million two-year loan-style FRN for Lotte Card has been completed via mandated lead arrangers ANZ, BNP Paribas and DBS Bank.

Proceeds are for working capital purposes.

A ¥16 billion club facility for National Federation of Fisheries Cooperatives was sealed on July through Bank of America Merrill Lynch, Commerzbank, Credit Agricole, ING Bank, Mizuho Corporate Bank, Natixis, Oversea-Chinese Banking Corp and Standard Chartered Bank.

The 366-day term loan offers a margin of 55bp over Yen Libor.

Proceeds are for general corporate purposes.


A NT$1.0 billion five-year debt package for Elite Material was signed last week via mandated lead arrangers Bank of Taiwan, Taipei Fubon Commercial Bank and Taishin International Bank.

The package comprises NT$400 million and NT$240 million term loans and a NT$360 million revolver that are priced between 80bp and 90bp over the secondary CP rate. 

Final allocations saw the leads contribute NT$145 million each while DBS Bank and Hua Nan Commercial Bank took NT$125 million and NT$120 million respectively. Yuanta Commercial Bank and Ta Chong Bank lent NT$85 million apiece. Chang Hwa Commercial bank and Bank of Kaohsiung ended up with NT$80 million and NT$70 million respectively.

Proceeds are for refinancing and working capital purposes.

Innovation & Infinity Global Corp has successfully secured a NT$1.1 billion five-year term loan via bookrunners E. Sun Commercial Bank and Taiwan Business Bank.

The term loan is priced between 120bp and 140bp over the one year post office savings rate dependent upon the borrower's pre-tax margin and sales volume.

Syndication saw Bank of Kaohsiung, Bank of Panhsin, Chang Hwa Commercial Bank, DBS Bank, Taichung Commercial Bank, Taiwan Cooperative Bank and Yuanta Commercial Bank come in as participants.

Proceeds are for capital expenditure purposes.

QinDe's NT$2.1 billion seven-year term loan has been sealed via mandated leads E. Sun Commercial Bank and Mega International Commercial Bank.

The loan is split into NT$1.8 billion and NT$300 million tranches that feature a spread of 70bp over the secondary CP rate.

Bank Sinopac, First Commercial Bank and Yuanta Commercial Bank joined in at lower tiers.

Proceeds are for capital expenditure purposes.

A NT$2.6 billion five year facility for Spazio Investment was completed last week via sole mandated lead arranger Taishin International Bank.

Secured by land and buildings, the bullet loan is priced at 150bp over the secondary CP rate with a 20bp commitment fee. 

Final allocations saw Taishin International Bank, Yuanta Commercial Bank and Bank of Kaohsiung pledge NT$1.4 billion, NT$870 million and NT$400 million respectively.

Proceeds are for purchasing real estate and debt repayment.


Hutchison Laemchabang Terminal's Bt6 billion club facility has been signed via Bank of Tokyo-Mitsubishi UFJ, Credit Agricole, HSBC, Mizuho Corporate Bank, Oversea-Chinese Banking Corp, Standard Chartered Bank, Sumitomo Mitsui Banking Corp and Siam Commercial Bank.

The five-year term loan facility offers a margin of 75bp per annum and is guaranteed by Hutchison Port Holdings.

Proceeds are to refinance existing indebtedness and to provide for capital expenditure and general working capital requirements.

¬ Haymarket Media Limited. All rights reserved.
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