Loan Week

Loan Week, July 29-August 4

A roundup of the latest syndicated loan market news.

Australia

American Express Credit Corp successfully inked a A$4.5 billion multi-tranche revolver yesterday (August 3) through joint bookrunners and mandated leads Citi, Commonwealth Bank of Australia, National Australia Bank and Westpac.

The facility comprises two A$2 billion portions maturing in three- and five-years respectively, and a A$500 million tranche with a five-year tenor.

Final allocations saw the leads pledge A$390 million each while co-arranger SMBC provided A$235 million. Co-arrangers ANZ, Bank of America, BNP Paribas, Credit Suisse, Deutsche Bank, J.P. Morgan, Lloyds TSB Bank, Mizuho, Royal Bank of Canada, Royal Bank of Scotland and UBS lent A$195 million each while lead managers Bank of Tokyo-Mitsubishi UFJ, Goldman Sachs, HSBC, Standard Chartered and Toronto-Dominion came in with A$112 million each.

Proceeds are to refinance a A$4.25 billion facility signed in Aug 2007.

 


Hong Kong

Sany International Development signed a $350 million-equivalent facility through bookrunners ANZ, Credit Agricole, HSBC, Royal Bank of Scotland and Standard Chartered.

Guaranteed by Sany Heavy Industry, the term loan comprises a $315 million tranche and a HK$270 million portion.

Final allocations saw bookrunners ANZ, HSBC, Royal Bank of Scotland and Standard Chartered commit $37.5 million each while Credit Agricole, mandated leads Intesa Sanpaolo and Maybank contributed $35 million each. Lead arranger China Construction Bank lent $30 million while senior managers Hang Seng Bank, Korea Development Bank and Westpac gave $10 million each. Bank of Nova Scotia was the sole contributor for the Hong Kong dollar tranche.

Proceeds are for capital expenditure and working capital purposes.

 


India

DB Power successfully sealed a Rs24 billion 14.5-year term loan last week through sole bookrunner and mandated lead arranger IDBI Bank.

The facility will be repaid in 42 quarterly installments after a nine-month grace period.

Final allocations saw the lead provide Rs20 billion while participant L&T Infrastructure Finance lent Rs1.3 billion. Life Insurance Corp of India and State Bank of Bikaner & Jaipur gave Rs1 billion each while State Bank of Hyderabad rounded up the syndicate with Rs750 million.

Proceeds are to support the construction of a 600MW domestic coal-based thermal power plant in Janjgir-Champa District, Chattisgarh.

Hindustan Electricity Generation inked a Rs13.4 billion 14-year term loan through sole lead arranger SBI Capital Markets.

The loan will be repaid in 44 quarterly installments after a six-month grace period.

Final allocations saw participants State Bank of India pledge Rs5.1 billion while Canara Bank, Export-Import Bank of India and Vijaya Bank lent Rs2 billion each. Punjab National Bank committed Rs1 billion while State Bank of Patiala took Rs750 million. State Bank of Bikaner & Jaipur joined in with Rs500 million.

Proceeds are to construct a 379MW gas based combined cycle power plant in Pune, Maharashtra.

 


Indonesia

Profesional Telekomunikasi Indonesia signed a $482 million-equivalent loan last Friday (July 29) through bookrunners DBS, ING, OCBC, Royal Bank of Scotland and Standard Chartered. The facility was oversubscribed and upsized from $300 million-equivalent.

The bullet facility is split into a $364 million term tranche and a IDR 1.0 trillion portion.

Bank Central Asia, Bank Negara Indonesia and Bank of China came in as mandated lead arrangers while Bank Panin and CIMB joined in as lead arrangers. Bank Chinatrust Indonesia, Bank Commonwealth and Bank ICBC Indonesia participated in the deal as arrangers.

Proceeds are to fully repay a $103 million subordinated high interest rate facility, to partially refinance the existing syndicated facility signed last year and for the acquisition and construction of towers.

BFI Finance Indonesia signed a $60 million loan on Wednesday (August 3) through bookrunners Deutsche Bank and Standard Chartered.

The three-year term loan is priced at 365bp over Libor.

The bookrunners committed $8 million each while mandated lead arrangers Export-Import Bank of Indonesia joined in with $7.5 million. Bank of Tokyo-Mitsubishi UFJ and Qatar National Bank contributed $7 million each while lead arrangers Bank of East Asia, Bank Rakyat Indonesia, First Gulf Bank, Krung Thai Bank and State Bank of India lent $4 million each. Arranger Cathay United Bank ended up with $2.5 billion.

Proceeds are for working capital purposes.

 


Malaysia

Press Metal Bintulu M$400 million eight-year project financing facility has been signed through sole bookrunner Maybank Investment Bank.

The deal is sponsored by Press Metal and will be repaid through 24 quarterly installments after a two-year grace period.

Maybank took M$250 million while RHB Bank came in as a mandated lead arranger with M$100 million. Alliance Bank joined in at a lower tier with M$50 million.

Proceeds are to support the Phase-2 expansion of the aluminium smelting project in Samalaju, Sarawak, Malaysia.

 


New Zealand

A NZ$37 million multi-tranche facility for New Zealand Comfort Group (formally known as Sleepyhead Manufacturing) was inked last week through sole mandated lead arranger Bank of New Zealand.

The loan package is split into a NZ$21 million three-year term loan, a NZ$9.5 million two-year term loan and a NZ$6.5 million three-year revolver.

Final allocations saw the lead provide NZ$25 million while participant ANZ took NZ$12 million.

Proceeds are to support the borrower’s acquisition of Dunlop Living from Rangatira Investments, and for capital expenditure purposes.

Perpetual Trust’s NZ$80 million five-year three-month term loan has been completed on a club basis through joint mandated lead arrangers ANZ, Bank of New Zealand, Commonwealth Bank of Australia and Westpac, who committed equally to the facility.

Perpetual Trust acted as trustee for the Goodman Property Trust. Proceeds are to refinance existing indebtedness.

 


Taiwan

Greenrich Technology signed a NT$700 million multi-tranche facility on Wednesday (August 3) through bookrunners DBS, First Commercial Bank, Industrial Bank of Taiwan and Taiwan Cooperative Bank.

The five-year term loan is split into a NT$500 million tranche, a NT$100 million portion and a NT$100 million facility.

Final allocation saw the leads DBS, First Commercial Bank and Taiwan Cooperative Bank commit NT$140 million each while Industrial Bank of Taiwan took NT$91 million. Participants Shanghai Commercial & Savings Bank and Yuanta Commercial Bank gave NT$70 million each while Chang Hwa Commercial Bank rounded up with syndicate with NT$49 million.

Proceeds are for refinancing, capital expenditure and working capital purposes.

Ritek signed a NT$1.8 billion dual-tranche facility through bookrunners Bank of Taiwan, Hua Nan Commercial Bank, Shanghai Commercial & Savings Bank and Taiwan Cooperative Bank.

The debt package is split into a NT$900 million term loan and a NT$1.1 billion revolving credit, which are priced at 100bp over the 90-day primary CP rate. However, the total outstanding amount of the two tranche cannot exceed NT$1.8 billion.

Final allocations saw the bookrunners take NT$400 million each while Taishin International Bank joined in as a mandated lead arranger with NT$200 million.

Proceeds are for refinancing and working capital purposes.

TPK Universal Solutions signed a $200 million three-year term loan through a consortium of 14 bookrunners and mandated lead arrangers.

The deal is priced between 70bp to 80bp over Libor subject to a pricing grid and is guaranteed by TPK Holding.

Final allocations Citibank and Mega International Commercial Bank commit $22 million each while Hua Nan Commercial Bank and Yuanta Commercial Bank contributed $18 million each. Bank Sinopac, Bank of Taiwan, Bank of Tokyo-Mitsubishi UFJ, Chang Hwa Commercial Bank, Chinatrust Commercial Bank, E.Sun Commercial Bank, Far Eastern International Bank, First Commercial Bank, Shanghai Commercial & Savings Bank and Taipei Fubon Commercial Bank ended up with $12 million respectively.

Proceeds are to support the acquisition of 19.9% interest in Cando Corp from AU Optronics.

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