loan-week-july-2531

Loan week, July 25-31

A roundup of the latest syndicated loan market news.
Australia

Bank of QueenslandÆs $295 million two-and-a-half year bullet facility was closed on July 18 and upsized from $200 million via mandated lead arrangers ABN AMRO, Chinatrust Commercial Bank, First Commercial Bank and Taiwan Cooperative Banking Corp.

The transaction is now undergoing documentation procedures and signing is targeted to take place in the second week of August.

A A$700 million multi-tranche debt package for Billabong International was sealed on July 17 via mandated leads Commonwealth Bank of Australia and Westpac.

The deal is split into a A$300 million two-year tranche, a A$300 million three-year portion and a A$100 million two-year credit solely provided by HSBC.

Syndication saw ANZ, Bank of America, HSBC and Societe Generale coming in as participants. The funds are to refinance existing debt and for working capital purposes.

A A$365 million multi-tranche project financing for NewGen Braemar 2 Partnership was inked as a club deal on July 21 via six mandated leads. The mandated arrangers are ANZ, BOS International, KBC Bank, National Australia Bank, Suncorp-Metway and WestLB.

The fundraising comprises a A$134 million five-year bullet loan, a A$201 million 11-year tranche and a A$30 million 11-year guarantee facility.

Proceeds are to fund the construction of a 450MW gas-fired power station in Dalby, Queensland.

Powercor AustraliaÆs A$250 million three-year revolving credit has been completed on a club basis via Banco Bilbao Vizcaya Argentaria (Singapore), Barclays Capital, Commonwealth Bank of Australia, Toronto-Dominion Bank (Australia) and Westpac.

Proceeds are for working capital expenditures.

China

Eternal Chemical (Guangdong)Æs $51 million-equivalent three-year financing was signed earlier this week (July 29) via sole bookrunner BNP Paribas.

The facility is split into a $31 million term loan paying a margin of 200bp over Libor, and a Rmb140 million tranche priced at 110% of the three-year PBOC rate.

Final allocations saw mandated arrangers Bank of Communications, BNP Paribas and Sumitomo-Mitsui Banking Corp provide $10 million-equivalent apiece. Coming in as senior managers were Bangkok Bank, Intesa Sanpaolo and Mizuho Corporate Bank holding $7 million-equivalent each.

Proceeds are to refinance existing debt and for working capital requirements.

A HK$1.34 billion five-year term loan for Shenzhen International Holdings was completed yesterday (July 31) on a club basis.

Mandated lead arrangers Bank of China (Hong Kong) and Bank of Tokyo-Mitsubishi UFJ each provided HK$400 million, while DBS and Standard Chartered Bank committed HK$350 million and HK$190 million respectively.

The repayment schedule will be nine unequal semi-annual installments. Proceeds are for general corporate purposes.

Hong Kong

City TelecomÆs $65 million four-year dual-tranche facility was launched into syndication in early July via sole mandated lead arranger HSBC. The debt package is divided into $35 million and $30 million term loans. The proceeds are to refinance existing debt and for working capital purposes.

The banks will have until August 6 to revert.

Syndication of Crown Worldwide MoversÆ $85 million three-year and three-month credit has been extended as some lenders are still processing their credit approvals. The mandated lead arrangers and bookrunners are BNP Paribas and Standard Chartered Bank.

The deal pays a spread of 267bp over Libor and has an average life of 2.4 years. So far a handful of commitments have been received. Banks are expected to revert by mid-August.

Proceeds are to refinance an existing bridge facility signed in 2006 and for working capital purposes.

Meadville HoldingsÆ $170 million four-year dual-tranche fundraising was inked on July 29 on a club basis via a consortium of six mandated lead arrangers - Bank of China (Hong Kong), Chong Hing Bank, Citic Ka Wah Bank, DBS Bank (Hong Kong), HSBC and Wing Hang Bank.

The loan comprises a $120 million amortising facility and a $50 million revolver. Proceeds are to refinance existing debt and for general corporate purposes.

A $220 million and $65 million five-year term loan package for Nan Ya Plastics (Hong Kong) Corp and Nan Ya Printed Circuit Board (Hong Kong) Corp was signed on July 25 by coordinating arrangers Bank of Taiwan, Chinatrust Commercial Bank, Land Bank of Taiwan, Sumitomo Mitsui Banking Corp, Taiwan Cooperative Bank and Yuanta Commercial Bank.

For Nan Ya Plastics (Hong Kong) CorpÆs $220 million transaction, Bank of Taiwan Committed $73.3 million, Land Bank of Taiwan lent $38.6 million, Chinatrust Commercial Bank and Sumitomo Mitsui Banking Corp each contributed $27 million and Taiwan Cooperative Bank and Yuanta Commercial Bank gave $23.2 million apiece. Participant Ta Chong Bank rounded out the group with $7.7 million.

For Nan Ya Printed Circuit Board (Hong Kong) CorpÆs $65 million fundraising, Bank of Taiwan committed $21.7 million, Land Bank of Taiwan lent $11.4 million, Chinatrust Commercial Bank and Sumitomo Mitsui Banking Corp each contributed $8 million and Taiwan Cooperative Bank and Yuanta Commercial Bank gave $6.8 million apiece. Participant Ta Chong Bank rounded out the group with $2.3 million.

Guaranteed by parent company Nan Ya Plastics Corp, both bullet loans pay a spread of 51bp over three- or six-month Libor.

Proceeds are for capital expenditure and working capital purposes.

































































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