Loan Week, July 22-28

A roundup of the latest syndicated loan market news.

Australia

AGL Energy signed a A$1 billion dual-tranche facility on a club basis last week through a consortium of 11 mandated lead arrangers.

The self-arranged facility comprises a A$600 million three-year term loan and a A$400million five-year revolver.

Final allocations saw ANZ, Bank of China, Bank of Tokyo-Mitsubishi UFJ, BNP Paribas, Commonwealth Bank of Australia, Mizuho Corporate Bank, National Australia Bank, SMBC and Westpac commit A$100 million each. Bank of Nova Scotia and Mega International Commercial Bank lent A$60 million and A$40 million respectively.

Proceeds are to refinance an existing facility signed in December 2006 and for general corporate purposes.

NQ Airports Finance, wholly owned by North Queensland Airports Group, has completed a A$529 million multi-tranche facility on a club basis through mandated lead arrangers ANZ, Commonwealth Bank of Australia, National Australia Bank, SMBC and Westpac.

The loan package is split into A$316 million and A$139 million term loans maturing in three- and five-year respectively, and A$72 million and A$2 million revolvers maturing in five- and three-year respectively.

Proceeds are to refinance existing debt, for capital expenditure, working capital and general corporate purposes.

Queensland Sugar signed a A$500 million two-year revolver last Friday through joint bookrunners and mandated lead arrangers ANZ and National Australia Bank.

Final allocations saw the bookrunners pledge A$225 million each while participant Rabobank lent A$50 million.

Proceeds are to refinance a A$700 million facility signed in October 2009.

 


Hong Kong

Chainway signed a HK$2.9 billion three-year term loan through bookrunners Agricultural Bank of China, Bank of China and SMBC.

China Merchants Bank came in as a lead arranger and Citic Bank International joined in as a senior manager.

The deal is guaranteed by China Taiping Insurance Group. Proceeds are to refinance existing banking facilities and for working capital purposes.

 


India

HDFC Bank completed a $135 million dual-tranche term loan last week (July 21) through a consortium of 12 banks. The deal was oversubscribed and upsized from $100 million.

The transaction consists of a $65 million two-year tranche and a $70 million three-year portion.

Final allocations saw joint bookrunners and mandated leads ANZ, Bank of America, BNP Paribas, Mizuho Corporate Bank, National Bank of Kuwait SAK and Standard Chartered commit $15 million each while lead arrangers Afrasia, First Commercial Bank and Mega International Commercial Bank provided $10 million each. Arrangers Bank Sinopac, Export-Import Bank of the Republic of China and Chang Hwa Commercial Bank took $5 million each.

Proceeds are for general corporate purposes.

Uttal Galva Steels has sealed a Rs14 billion nine-year term loan through sole mandated lead arranger SBI Capital Markets.

Final allocations saw participants Punjab National Bank pledge Rs4 billion while State Bank of Hyderabad, Syndicate Bank and State Bank of India committed Rs2.7 billion, Rs2.3 billion and Rs2 billion respectively. Axis Bank lent Rs1 billion while Bank of Baroda, Dena Bank, Export-Import Bank of India and Oriental Bank of Commerce took Rs500 million each.

Proceeds are to repay existing debt.

 


Indonesia

Export-Import Bank of Indonesia has completed a $300 million four-year term loan through bookrunners Bank of Tokyo-Mitsubishi UFJ, Bank Mizuho Indonesia, Commerzbank and OCBC.

Syndication saw Bank Ekonomi Raharja join in as a mandated lead arranger while Chang Hwa Commercial Bank, Land Bank of Taiwan, Mega International Commercial Bank and Sumitomo Mitsui Finance & Leasing came in as lead arrangers. Bank of Taiwan, Cathay United Bank, Chinatrust Commercial Bank, Export-Import Bank of the Republic of China, NTT Finance Asia and Taiwan Business Bank participated as arrangers.

Proceeds are for general corporate purposes.

 


Japan

Nissan Motor has successfully secured a ¥30 billion three-year term loan through bookrunner and mandated lead arranger Credit Agricole.

Syndication saw Norinchukin Bank come in as participant.

Proceeds are for general corporate purposes.

 


New Zealand

Unison Networks signed a NZ$70 million four-year revolver on Tuesday (July 26) on a club basis through mandated lead arrangers ANZ, Bank of New Zealand, Commonwealth Bank of Australia and Westpac.

Final allocations saw ANZ provide NZ$24 million while Commonwealth Bank of Australia and Westpac lent NZ$19 million each. Bank of New Zealand ended up with NZ$8 million.

Proceeds are to refinance an existing facility signed in August 2008.

 


South Korea

Amorepacific Global Operations successfully sealed a $40 million three-year term loan last Thursday (July 21) through joint bookrunners and mandated lead arrangers ANZ, Bank of Nova Scotia, Citi, KEB Asia Finance, Mizuho Corporate Bank and SMBC.

Proceeds are for general corporate purposes.

Hana Bank signed a €260 million 366-day transferable term loan facility on Monday (July 25) as a club deal through mandated lead arrangers Bank of America, Barclays, Commerzbank, Credit Agricole, HSBC, ING, LBBW, Natixis, Raiffeisen Bank International, Royal Bank of Scotland, Standard Chartered, UniCredit and Wells Fargo.

The facility is priced at 50bp over Euribor and syndication saw each lead provide equally to the financing.

Proceeds are to refinance an existing €200 million deal signed in July 2010.

 


Taiwan

Chicony Electronics has successfully obtained a NT$6 billion-equivalent financing through a consortium of five bookrunners. The facility was oversubscribed and upsized from NT$5 billion equivalent.

The three-year transaction is split into a NT$3 billion term loan, a NT$3 billion revolver and a $96 million revolver. The NT$ tranches are priced at 70bp over the secondary CP rate while the US$ tranche offers a margin of 85bp over Sibor.  However, the total amount drawn for the revolvers cannot exceed NT$3 billion.

Final allocations saw bookrunners E.Sun Commercial Bank take NT$660 million while Hua Nan Commercial Bank, Land Bank of Taiwan, Taipei Fubon Commercial Bank, Taiwan Cooperative Bank and mandated lead arrangers Chang Hwa Commercial Bank, DBS and Far Eastern International Bank lent NT$600 million each. Participant First Commercial Bank came in with NT$360 million while Ta Chong Bank, Taiwan Business Bank and Yuanta Commercial Bank lent NT$270 million each. Mega International Commercial Bank rounded up the syndicate with NT$120 million.

Proceeds are to refinance an existing NT$4 billion deal signed in 2009 and for working capital purposes.

E-DA Hospital has obtained a NT$5.5 billion multi-tranche facility in early July through sole bookrunner Land Bank of Taiwan.

The term loan is spilt into a NT$2.8 billion 15-year tranches, a NT$600 million and a NT$2.1 billion seven-year facilities. The debt package is priced at 91.5bp over the one-year average savings rate of Bank of Taiwan, Chang Hwa Commercial Bank, First Commercial Bank, Hua Nan Commercial Bank, Land Bank of Taiwan and Taiwan Cooperative Bank.

Final allocation saw the sole lead take NT$1.2 billion while coordinating arrangers Chang Hwa Commercial Bank and First Commercial Bank lent NT$750 million each. Agricultural Bank of Taiwan, Export-Import Bank of the Republic of China and Mega International Commercial Bank committed NT$600 million each. Co-arrangers Bank of Taiwan and Hua Nan Commercial Bank contributed NT$375 million each while participant Taiwan Business Bank ended up with NT$250 million.

Proceeds are for the construction of a hospital and for equipment purchase purposes.

Pan Jit International’s NT$4.2 billion five-year dual currency financing has been signed through bookrunner Land Bank of Taiwan and Taiwan Cooperative Bank.

The debt package consists of a NT$1.7 billion term loan and a NT$2.5 billion revolving credit/term loan facility. The facility offers a margin of 75bp over the secondary CP rate if drawn in NT$ while the margin is 80bp over Libor if drawn in US$.

Chang Hwa Commercial Bank, First Commercial Bank, Mega International Commercial Bank, Ta Chong Bank and Taiwan Business Bank came in as mandated lead arrangers while Bank of Taiwan, E.Sun Commercial Bank, Hwatai Bank, Taichung Commercial Bank, Taishin International Bank, Taipei Fubon Commercial Bank and Yuanta Commercial Bank joined in as participants.

Proceeds are for refinancing and working capital purposes.

Shyeh Sheng Fuat Steel & Iron Works completed a NT$3 billion-equivalent five-year dual-tranche facility last Friday through a consortium of 11 banks.

The deal is evenly split into a letter of credit and a revolver. The loan is available in US$ and NT$, and the total loan amount cannot exceed NT$3 billion-equivalent.

Chang Hwa Commercial Bank, Chinatrust Commercial Bank, E.Sun Commercial Bank, Hua Nan Commercial Bank, Land Bank of Taiwan, Mega International Commercial Bank, Taiwan Business Bank, Taiwan Cooperative Bank, Taipei Fubon Commercial Bank, and Yuanta Commercial Bank came in as joint bookrunners and mandated lead arrangers while Bank of Kaohsiung joined in as a manager.

Proceeds are for working capital purposes.

 


Thailand

AEON Thana Sinsap (Thailand) signed a $108 million-equivalent dual-tranche facility on Monday (July 25) through sole bookrunner Mizuho Corporate Bank.

The three-year term loan consists of a ¥5.5 billion tranche and a $40 million portion.

Syndication saw Chiba Bank, Chugoku Bank and Shinkin Central Bank join in as participants. Proceeds are for general corporate purposes.

¬ Haymarket Media Limited. All rights reserved.

Article limit is reached.

Hello! You have used up all of your free articles on FinanceAsia.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team subscription (2-5 users), or office-wide licences. To help you and your colleagues access our proprietary content, please contact us at [email protected], or +(852) 2122 5222