loan-week-july-31aug-6

Loan week, July 31-Aug 6

A roundup of the latest syndicated loan market news.

Australia

A A$146 million multi-tranche credit facility for Genesis Care has been sealed via ANZ, Bank of Scotland, National Australia Bank and Westpac on a club basis.

The three-year stapled financing is divided into A$63 million, A$45 million and A$30 million term loans and an A$8 million revolving credit.

The leads each provided A$37 million. Proceeds are to support Advent Equity Partners' acquisition of a 30% stake in Genesis (formerly known as Heart Care Group) from I-Med (formerly known as the DCA Group) Network, which is owned by CVC Capital Partners.

TRUenergy's A$350 million three-year loan has been launched into syndication via mandated lead arrangers and bookrunners National Australia Bank, Royal Bank of Scotland and Westpac.

Proceeds are to refinance an existing loan facility maturing this month. A roadshow has been proposed for Hong Kong and commitments are due in September.

China 

Celebrities Real Estate Development Group's RMB50 million facility has been signed via Jingzhou Commercial Bank and Yichang City Commercial Bank.

Secured by company shares, the one-year debt features a margin of 5.31% p.a. Proceeds are for general corporate purposes.

Hong Kong

A HK$750 million three year fundraising for TCC International Holdings was sealed last Thursday (July 30) via bookrunners Bank of Taiwan, Bank Sinopac, Cathay United Bank, Chinatrust Commercial Bank, Land Bank of Taiwan, Mega International Commercial Bank and Taiwan Cooperative Bank.

Secured by a letter of support from the parent, Taiwan Cement Corp, the term loan is priced at 180bp over Hibor with a commitment fee of 25bp. A two year extension option is available for the facility.

Final allocations saw the seven coordinating arrangers lending HK$100 million apiece while participant Far Eastern International Bank came in with HK$50 million.

Proceeds are for general corporate purposes.

India

Aircel and its subsidiaries Aircel Cellular and Dishnet Wireless have secured three loans via sole mandated lead arranger State Bank of India.

The facilities comprise a INR3.5 billion six month term loan, a INR12 billion 11 month bridge facility and a INR110 billion 10 year take-out loan.  

The six-month term loan is priced at 11% per annum while the bridge portion has a fixed interest rate of 10.5% per annum. The 10-year term loan features a commitment fee of 120bp on drawdowns delayed beyond two months from the notified schedule.

Allocations for the bridge facility saw participant Bank of Baroda solely lending INR12 billion while allocations for the six month loan saw participant United Bank of India solely committing INR3.5 billion.

Final allocations for the 10-year portion saw the lead providing INR21.5 billion while participants Life Insurance Corp of India and Canara Bank lent INR15 billion and INR13 billion respectively. Bank of Baroda provided INR6.5 billion while Allahabad Bank, Indian Bank and Indian Overseas Bank lent INR5 billion apiece. United Bank held INR3.5 billion while Bank of India, Corporation Bank, Dena Bank, State Bank of Hyderabad, State Bank of Patiala and UCO Bank took INR3 billion each. State Bank of Mysore and Yes Bank pledge INR2.5 billion apiece while Andhra Bank, Federal Bank, Jammu & Kashmir Bank and State Bank of Travancore lent INR2 billion each. South Indian Bank held INR1.5 billion while Karur Vysya Bank, Lakshmi Vilas Bank and State Bank of Indore joined in with INR1 billion each.

Proceeds are to fund the development of a telecoms network in India.

Nama Hotels Private's INR2.5 billion project financing was sealed on July 31 through sole bookrunner State Bank of India and mandated lead arranger Canara Bank.

The deal is priced at 75bp over Canara Bank PLR which is at 12%.

Final allocations saw the mandated lead arranger Canara Bank and participants Punjab & Sind Bank and State Bank of Mysore lending INR455 million apiece while Oriental Bank of Commerce lent INR254 million. Andhra Bank, Corporation Bank, State Bank of Travancore and Union Bank of India came in with INR228 million each.

Proceeds are to fund the construction of a four star hotel at Kukatpally in Hyderabad.

A $1.2 billion 13 year aircraft financing for National Aviation of India has been completed via sole bookrunner IDBI Bank.

Final allocations saw the mandated lead lending $110 million while participants Allahabad Bank, Canara Bank and Union Bank of India provided $210 million apiece. Punjab National Bank came in with $100 million while Indian Bank lent $60 million. Bank of Maharashtra, Central Bank of India and Syndicate Bank pledged $40 million each. United Bank took $30 million while Punjab & Sind Bank and State Bank of Travancore committed $25 million apiece. Bank of Rajasthan rounded off the syndicate with a $20 million ticket.

Proceeds are to purchase 21 A320 Airbus planes. 

Indonesia

A $400 million dual tranche self-arranged debt package for Pertamina was completed on July 31 via a consortium of 16 lenders on a club basis.

Mandated lead arrangers Citi, ANZ and Bank of Tokyo-Mitsubishi UFJ committed $45 million, $40 million and $35 million respectively. BNP Paribas, PT Bank Rakyat Indonesia (Persero) and Sumitomo Mitsui Banking Corp each took $30 million while HSBC, PT Bank Central Asia and Oversea-Chinese Banking Corp held $25 million apiece. Chinatrust Commercial Bank, Mizuho Corporate Bank and PT Bank Pan Indonesia contributed $20 million each while Calyon, CIMB Bank and Natixis came in with $15 million tickets. Qatar National Bank rounded out the group with a hold of $10 million.

The deal comprises $240 million and $160 million three year term loans. Another IDR3 trillion loan was inked on the same date via Bank Negara Indonesia 1946, Bank Rakyat Indonesia, PT Bank Central Asia and PT Bank Mandiri (Persero).

Proceeds of both deals are for capital expenditure and working capital purposes.

New Zealand

A $263 million two year debt facility for Wellington Electricity Distribution Network has been sealed on a club basis through mandated lead arrangers ANZ, Bank of China (Hong Kong), Bank of China (Sydney), Bank of Tokyo-Mitsubishi UFJ and CCB International Finance.

Final allocations saw ANZ, Bank of Tokyo-Mitsubishi UFJ and CCB International Finance committing $66 million apiece while Bank of China (Hong Kong) and Bank of China (Sydney) gave $44 million and $22 million respectively.

Proceeds are to take out a bridge facility signed in July 2008 and for general corporate purposes.

Taiwan

Air Liquide Far Eastern's NT$1.8 billion debt package was sealed on July 27 via sole bookrunner Calyon. Chinatrust Commercial Bank and First Commercial Bank came in as mandated lead arrangers.

The seven year loan pays a spread of 130bp over the NT$ secondary market Commercial Paper fixing rate.

Each lender gave NT$600 million apiece. Proceeds are for general corporate purposes.

A $30 million term loan for the two subsidiaries of Waffer Technology -- Burton Consultants and Waffer International (formerly Adroit Investments) -- that signed in October 2005 has recently been amended via sole bookrunner Taishin International Bank.

The margin has been increased from 100bp to 150bp over Libor while the tenor has also been extended by two years.  A total of 11 banks have joined in at lower levels of general syndication -- Cathay United Bank, Chang Hwa Commercial Bank, China Development Industrial Bank, E.Sun Commercial Bank, Far Eastern International Bank, First Commercial Bank, Jih Sun International Bank, Land Bank of Taiwan, Mega International Commercial Bank, Shanghai Commercial & Savings Bank and Taipei Fubon Commercial Bank.

Proceeds are for refinancing purposes.

Loanesia Investment's $100 million fundraising was inked last Friday (July 31) via nine coordinating arrangers Chinatrust Commercial Bank, DBS, E.Sun Commercial Bank, Mega International Commercial Bank, Shanghai Commercial & Savings Bank, Taipei Fubon Commercial Bank, Taishin International Bank, Taiwan Cooperative Bank and Yuanta Commercial Bank.

Secured by three container vessels, the 5.5 year term loan offers a spread of 120bp over three month TAIFX3 or three month LIBOR, whichever is higher.

Final allocations saw the nine mandated leads committing $9 million each while co-arranger Ta Chong Bank joined in with $7.5 million. Participants Chang Hwa Commercial Bank, Bank of Panhsin and Shin Kong Commercial Bank contributed $5 million, $4 million and $2.5 million respectively.

Proceeds are for the borrower to re-lend to Italia Marittima -- the Italian subsidiary of Evergreen Marine Corp, for working capital purposes.

Vedan Enterprise Corp's NT$3.5 billion financing was signed last week via mandated lead arrangers Bank of Taiwan, Land Bank of Taiwan and Taiwan Cooperative Bank.

The seven-year debt package is split into a NT$2.45 billion term loan and a NT$1.05 billion revolving credit. Both tranches are priced at 130bp over Taiwan Cooperative Bank's one-year time savings deposit floating rate with a pricing floor of 2.4% after tax.

Final allocations saw the leads Bank of Taiwan and Taiwan Cooperative Bank contributing NT$780 million each while Land Bank of Taiwan came in with NT$675 million. Co-arrangers Bangkok Bank (Taichung) lent NT$600 million while Taiwan Business Bank gave NT$280 million. Hua Nan Commercial Bank committed NT$210 million while Sunny Bank ended up with NT$175 million.

Proceeds are for refinancing and working capital purposes.

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