Loan Week

Loan Week, June 1-7

A roundup of the latest syndicated loan market news.

Australia

Australia Pacific LNG Processing successfully obtained an $8.5 billion facility on a club-basis through 15 mandated lead arrangers, and two bilateral tranches facilitated by Export-Import Bank of China and Export-Import Bank of the United States, respectively.

The facility is split into a $2.9 billion 16-year term loan provided by the commercial banks, a $2.9 billion 17-year credit facility from US Exim and a $2.8 billion 16-year loan from China Exim.

Final allocations for the syndicated portion saw ANZ pledge $350 million while Export Development Canada and Westpac lent $300 million each. Commonwealth Bank of Australia, Mizuho, NAB and SMBC committed $250 million each while HSBC came in with $200 million. BTMU provided $150 million while BOS International brought in $125 million. BBVA, DBS, DNB and SG lent $100 million each while Bank of China ended up with $50 million.

Proceeds are to finance the development of a liquefied natural gas plant on Curtis Island at Gladstone, Queensland, Australia.

Leighton Holdings has upsized its A$275 million six-year facility to A$425 million through mandated lead arranger and sole bookrunner NAB.

Final allocations saw the sole lead hold A$150 million while BOS International, CAT Finance and Bank of China join in with A$75 million each as mandated lead arrangers. Westpac came in with A$50 million as a lead arranger.

Proceeds are for capital expenditure and general corporate purposes.

SDP FinCo has obtained a A$1.6 billion facility on a club-basis through 11 mandated lead arrangers.

The debt package comprises of a A$800 million three-year term loan, a A$800 million five-year term loan and a A$40 million three-year revolver.

Final allocations saw ANZ, NAB and Westpac pledge A$193 million each while Export Development Canada and Royal Bank of Canada lent A$180 million each. Commonwealth Bank of Australia, HSBC and SMBC committed A$160 million each while Bank of Tokyo-Mitsubishi UFJ came in with A$105 million. Credit Agricole provided A$90 million while Morgan Stanley ended up with A$25 million.

Proceeds are for the privatization of the Sydney Desalination Plant located in Kurnell, New South Wales and working capital purposes.

 


China

Trafigura Trading (Shanghai) arranged a Rmb707 million one-year revolving credit facility through bookrunners and mandated lead arrangers BNP Paribas and Standard Chartered.

Syndication saw Bank of Tokyo-Mitsubishi UFJ, China Merchants Bank, ICBC and ING join in as mandated lead arrangers.

Guaranteed by Trafigura Beheer, proceeds are for working capital purposes.

 


Hong Kong

Far East Horizon has obtained a $275 million three-year loan through mandated lead arrangers Agricultural Bank of China, Hang Seng Bank, HSBC, Mizuho Corporate Bank and UOB.

Proceeds are for general corporate purposes.

Noble Group has secured a $2.4 billion dual-currency revolver through bookrunner and mandated lead arrangers ABN Amro, ANZ, Bank of America, BTMU, Citi, DBS, Goldman Sachs, HSBC, ICBC, ING, J.P. Morgan, Lloyds Bank, Rabobank, RBS, SG, Standard Chartered and UOB.

The facility is split into a $973 million and a €159 million 364-day tranches, a $992 million and a €155 million three-year portions.

Syndication saw CoBank, Commonwealth Bank of Australia, Credit Agricole, KfW and Nedbank join in as mandated lead arrangers. There were 35 other banks joining in at lower tiers.

Proceeds are to refinance existing indebtedness and general corporate purposes.

Pickenpack, Pickenpack Asset and Gelmer have secured a €110 million dual-tranche facility through bookrunners and mandated lead arrangers Rabobank International and Commerzbank.

The debt package comprises a €10 million three-year term loan and a €100 million one-year revolving with two one-year extension option which are priced at 270bp and 235bp over Euribor respectively.

Final allocations saw the leads commit €30 million each while Deutsche Bank and Unicredit Bank joined in as mandated lead arrangers with €20 million each. Citic Bank International rounded up the syndicate with €10 million.

The deal is guaranteed by Pacific Andes International Holdings and Pickenpack Europe. Proceeds are for refinancing and working capital purposes.

 


India

GMR Gujarat Solar Power closed a Rs2.3 billion 12-year, seven-month term loan last Thursday (May 31) through sole bookrunner and mandated lead arranger IDBI Bank.

Sponsored by GMR Energy, the facility will be repaid in 47 quarterly instalments after a six-month grace period.

Final allocations saw the lead take Rs760 million while lenders Export-Import Bank of India and India Infrastructure Development Finance provided Rs750 million each.

Proceeds are for the construction of a solar plant.

KPC Medical College & Hospital Society concluded a Rs1.3 billion nine-year, four-month term loan last week (May 31) through sole bookrunner and mandated lead arranger SBI Capital Markets.

Syndication saw State Bank of Bikaner & Jaipur, State Bank of Hyderabad, State Bank of India, State Bank of Mysore, State Bank of Travancore and West Bengal Infrastructure Development Finance Corp join in as participants.

Proceeds are to refinance a Rs1.3 billion 10-year facility signed in August 2006 for the construction of medical college.

 


Indonesia

Krakatau Steel has signed a $450 million-equivalent in Rp loan on a club basis through mandated lead arrangers Bank Mandiri, Bank Negara Indonesia and Bank Rakyat Indonesia.

The six-year loan will be repaid semi-annually after a 2.5-year grace period.

Final allocations saw Bank Mandiri take $300 million-equivalent while Bank Negara Indonesia committed $100 million-equivalent. Bank Rakyat Indonesia contributed $50 million-equivalent.

Proceeds are for the construction of a blast furnace at Citegon, Indonesia.

 


Pakistan

Sitara Chemical Industries has sealed a PKR400 million three-year Islamic Finance through sole bookrunner and mandated lead arrangers Standard Chartered (Pakistan).

The three-year deal is priced at 150bp over three-month Kibor.

Syndication saw the Burj take PKR200 million while the lead and Standard Chartered Modaraba commit PKR100 million respectively.

Proceeds are for capital expenditure purposes.

 


South Korea

Nonghyup Bank has signed a ¥8 billion one-year facility as a club deal through mandated lead arrangers ANZ, Commerzbank, Standard Chartered and Sumitomo Mitsui Trust Bank.

The transferable term loan is priced at 65bp over yen Libor.

Proceeds are for general corporate purposes.

 


Taiwan

Highwealth Construction Corp completed a NT$4.3 billion five-year term loan through sole bookrunner and mandated lead arranger Mega International Commercial Bank.

The transaction is split into a NT$1.8 billion tranche and a NT$2.5 billion portion, which offers a margin of 94bp and 104bp over one-year average savings rate of the local banks, respectively.

Syndication saw Chang Hwa Commercial Bank, First Commercial Bank, Hua Nan Commercial Bank, Taichung Commercial Bank, Taiwan Business Bank and Taiwan Cooperative Bank come in as coordinators.

Proceeds are for property construction purposes.
 

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