Loan Week

Loan Week, June 10-16

A roundup of the latest syndicated loan market news.

Alpha Crystal Technology signed a NT$2.8 billion five-year credit facility on Wednesday (June 15) through a consortium of seven lenders.

Final allocations saw bookrunner Mega International Commercial Bank pledge NT$625 million while Land Bank of Taiwan committed NT$600 million. Yuanta Commercial Bank gave NT$500 million, EnTie Commercial Bank and Taipei Fubon Commercial Bank lent NT$300 million each.  Chinatrust contributed NT$275 million. Participant Jih Sun International Bank provided NT$200 million.

The upsized deal is priced at 90bp above the secondary CP rate.

Proceeds are for capital expenditure and working capital.

E-Da Development Corp sealed a NT$6.5 billion dual-tranche facility on Wednesday (June 15) through sole bookrunner Bank of Taiwan.

Bookrunner contributed NT$1.1 billion. Mandated lead arrangers Taiwan Cooperative Bank pledged NT$980 million while First Commercial Bank, Mega International Commercial Bank, and Taiwan Business Bank gave NT$800 million each. Agricultural Bank of Taiwan and Land Bank of Taiwan joined in as managers and contributed NT$730 million each. Participant Chang Hwa Commercial Bank came in with NT$560 million.

The fundraising comprises a NT$5.5 billion 12 year term loan and a NT$1 billion six-year term loan. It is priced at 170bp above Bank of Taiwan’s one-year time saving deposits rate.

Proceeds are to refinance existing indebtedness and for capital expenditure purposes.

H Whale has completed a USD90 million seven-year term loan last Tuesday (June 7) through bookrunners Chinatrust Commercial Bank, First Commercial Bank, and Mega International Commercial Bank.

The guaranteed facility is priced at 200bp above three month Libor.

Syndication saw Chang Hwa Commercial Bank, Land Bank of Taiwan, and Ta Chong Bank join in as arrangers while Shanghai Commercial & Savings Bank, Taiwan Cooperative Bank, and Taichung Commercial Bank come in as co-arrangers. Bank of Kaohsiung, Bank of Taiwan, Export-Import Bank of the Republic of China, and Taiwan Business Bank participated as managers.

Proceeds are for ship financing.

A NT$2.4 billion multi tranche three-year credit facility for Sampo Corp was completed last Thursday (June 9) through bookrunners Bank of Taiwan, Ta Chong Bank, and Taishin International Bank.

The deal consists of NT$1.2 billion and NT$600 million tranches priced at 95bp above the 90 days CP rate and a NT$600 million commercial paper tranche priced at 85bp.  It features a two-year extension option.

Syndication saw Chang Hwa Commercial Bank, International Bills Financial Corp, and Mega Bills Financial Corp join in as managers while China Bills Financial Corp, Hua Nan Commercial Bank, and EnTie Commercial Bank came in as participants.

Proceeds are to refinance a NT$2.4 billion facility signed in July 2009 and for working capital purposes.

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