Loan Week

Loan Week, July 8-14

A roundup of the latest syndicated loan market news.

Australia

Southern Cross Media Australia has successfully completed a A$765 million four-year multi-tranche facility through joint bookrunners ANZ, Commonwealth Bank of Australia and National Australia Bank. The transaction is fully underwritten by the joint bookrunners and general syndication was launched in March 2011.

Syndication saw GE Capital join as mandated lead arranger while SMBC and Natixis came in as lead arrangers.

Proceeds are to support the borrower’s acquisition of Austereo Group, to refinance a A$375 million facility signed in March 2010, and for general corporate purposes.

 


Hong Kong

Xinyi Group (Glass) completed a HK$1 billion four-year term loan on Monday (July 11) through bookrunners Citi and Taipei Fubon Commercial Bank.

Syndication saw Chinatrust Commercial Bank, First Commercial Bank and Bank SinoPac join in at lower levels. Proceeds are to repay existing debt and for general corporate purposes.

ZTE (HK) completed a $900 million three-year dual-tranche facility through bookrunners and mandated lead arrangers Bank of China, Banco Santander, Bank of Tokyo-Mitsubishi UFJ, DBS, Natixis and United Overseas Bank.

Guaranteed by the parent ZTE Corp, the deal is evenly split into a three-year tranche and a five-year portion.

Hang Seng Bank and Maybank came in as mandated lead arrangers while China Construction Bank and Bank of Nova Scotia joined in as lead arranger and arranger respectively.

Proceeds are to refinance offshore bilateral facilities.

 


Indonesia

Federal International Finance has signed a $250 million three-year term loan as a club deal through a consortium of 10 mandated lead arrangers.

ANZ, Bank of East Asia, Bank of Tokyo-Mitsubishi UFJ, Bank Mandiri, Chinatrust Commercial Bank, J.P. Morgan, Mizuho Corporate Bank, OCBC, SMBC and United Overseas Bank came in as mandated lead arrangers.

The deal is secured by receivables. Proceeds are for general corporate purposes.

 


Malaysia

Measat International (South Asia) has obtained a $120 million 18-month bridge facility on a club basis through mandated lead arrangers Bank of Tokyo-Mitsubishi UFJ, Natixis and SMBC.

Syndication saw the leads contribute equally to the financing.

Measat Global acted as the guarantor for this deal. Proceeds are for the acquisition of the Measat 3b satellite.

 


Singapore

Noble Group successfully completed a $3.2 billion-equivalent multi-tranche revolver on Tuesday (July 12) through a consortium of 68 banks.

The loan package was oversubscribed and upsized from $2.3 billion-equivalent, and consists of a $1.1 billion 364-day tranche, a €244 million 364-day portion and a $1.8 billion three-year facility.

Bookrunners and mandated leads are ABN Amro, Banco do Brasil, Bank of America, Bank of Tokyo-Mitsubishi UFJ, Citi, Commerzbank, DBS, Goldman Sachs, HSBC, ING, J.P. Morgan, Natixis, Rabobank, Royal Bank of Scotland, Societe Generale and Standard Chartered.

Syndication saw Commonwealth Bank of Australia and UBS join in as mandated lead arrangers, while 50 banks came in at lower tiers.

Proceeds are to refinance existing indebtedness and for general corporate purposes.

 


South Korea

A $230 million three-year term loan for Starkist was signed last week (July 6) through sole bookrunner Hana Daetoo Securities.

The deal saw SMBC come in as mandated lead arranger while Shinhan Bank join in at a lower tier.

The deal is guaranteed by Dongwon Enterprise. Proceeds are to refinance an existing facility signed in 2008.

 


Taiwan

Mosa Industrial Corp has completed a NT$1.4 billion multi-tranche facility through sole bookrunner Taiwan Cooperative Bank.

The five-year financing is split into a NT$1 billion term loan, a NT$220 million facility and a NT$150 million revolving credit. Guaranteed by the chairman of the borrower, the fundraising offers a margin of 130bp over the one-year time savings rate of Taiwan Cooperative Bank.

Final allocations saw Taiwan Cooperative Bank commit NT$510 million while mandated lead arranger Bank of Taiwan joined in with NT$250 million. Managers Sunny Bank and Yuanta Commercial Bank lent NT$190 million each while Chang Hwa Commercial Bank and First Commercial Bank ended up with NT$130 million each.

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

Universal Microelectronics has secured a NT$1.6 billion dual-tranche facility through bookrunners Bank of Taiwan, Mega International Commercial Bank, Ta Chong Bank and Taiwan Cooperative Bank.

The five-year transaction consists of a NT$600 million term loan and a NT$960 million revolving credit which are priced at 100bp over the secondary CP rate.

Final allocations saw bookrunners Mega International Commercial Bank take NT$225 million while Bank of Taiwan, Ta Chong Bank and Taiwan Cooperative Bank took NT$205 million each. Mandated lead arrangers Yuanta Commercial Bank gave NT$130 million while E.Sun Commercial Bank and Land Bank of Taiwan came in with NT$125 million each. Participants China Development Industrial Bank, Hua Nan Commercial Bank, Taichung Commercial Bank and Taipei Fubon Commercial Bank provided NT$60 million each while Chang Hwa Commercial Bank and Chinatrust Commercial Bank ended up with NT$50 million respectively.

Proceeds are for refinancing and working capital purposes.

¬ Haymarket Media Limited. All rights reserved.

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