Loan week, June 13-19

A roundup of the latest syndicated loan market news.

A A$550 million 2.5-year dual-tranche financing for AGL Energy has been inked via lead arrangers and bookrunners Royal Bank of Scotland and Westpac. The deal was increased from A$500 million.

The credit is split between a A$222.5 million tranche and a A$327.5 million revolver.

Syndication saw a total of 15 banks joining in û ANZ, Banco Bilbao Vizcaya Argentaria, Bank of China (Macau Branch), Bank of China (Sydney Branch), Bank of Tokyo-Mitsubishi UFJ, BayernLB, Citi, Commonwealth Bank of Australia, Fortis Bank (Singapore Branch), JPMorgan, Mega International Commercial Bank, Mizuho Corporate Bank, Oversea-Chinese Banking Corp, Scotia Bank and Toronto Dominion Bank. Allocations have not been disclosed.

Proceeds are to refinance existing debt.

BBP Finance AustraliaÆs A$2.7 billion multi-tranche debt package was funded on June 16 via a consortium of 10 mandated lead arrangers û ANZ, BNP Paribas, Commonwealth Bank of Australia, Dexia, nabCapital, Natixis, Societe Generale, Suncorp-Metway, UniCredit Group and WestLB. With the exception of Suncorp-Metway, all the banks are also acting as bookrunners.

The facility comprises a A$1.6 billion three-year loan, a A$960 million five-year debt, a A$60 million one-year portion and an A$80 million one-year revolver.

Proceeds are to refinance existing bridge facilities and for working capital requirements.

Syndication of a $340 million three-year term loan for the SPV of Dampier Bunbury Pipeline is in progress via ANZ, Bank of Tokyo-Mitsubishi UFJ, Barclays, Commonwealth Bank of Australia, Royal Bank of Scotland, Societe Generale, Toronto Dominion Bank and Westpac.

Proceeds are to fund stage 5B of an expansion project which will start in 2009 and finish in 2010. Closing is expected to be in late June.

A A$400 million dual-tranche credit for ElectraNet was signed as a club deal on June 16 via ANZ, Commonwealth Bank of Australia and Westpac.

The loan is split into a A$100 million three-year revolver and a A$300 million five-year portion.

Allocations saw Westpac contributing A$200 million while Commonwealth Bank of Australia and ANZ held A$120 million and A$80 million respectively.

FBG Treasury (Australia)'s ú200 million three-year term loan has been sealed via mandated leads and bookrunners Commonwealth Bank of Australia, Citi and Westpac. FosterÆs Group is acting as the guarantor.

Final allocations saw Westpac lending ú26.43 million while Commonwealth Bank of Australia and Citi took ú19.05 million and ú14.29 million respectively. Coming in as lead managers were National Australia Bank, contributing ú22.86 million, BNP Paribas (Sydney Branch) providing ú20 million and ANZ giving ú19.05 million. Bank of America held ú15 million, while Toronto Dominion Bank and ABN AMRO committed ú14.29 million and ú10 million correspondingly.

Completing the syndicate as managers were Rabobank, which took ú17.13 million while Societe Generale held ú11.43 million. Bank of Tokyo-Mitsubishi UFJ and Oversea-Chinese Banking Corporation ended up with ú6.67 million and ú3.8 million respectively.

The funds are to refinance an existing debt signed in June 2005.


Yau Kuang GroupÆs $126 million three-year credit has been sealed via sole mandated lead and bookrunner Bank of China.

The bullet deal pays a spread of 300bp over Libor.

Final allocations saw the bookrunner providing $16 million. Coming in as equal-status mandated arrangers were Bank of China (Hong Kong) and Bank of Tokyo-Mitsubishi UFJ (China), which lent $80 million and $30 million respectively.


Idea CellularÆs $250 million dual-tranche debt package has been launched into syndication via Calyon, Rabobank and Standard Chartered Bank.

Featuring an average life of 5.67 years and a spread of 170bp over three month Libor, the facility is split into a $100 million term loan A and a $150 million term loan B. Mandated lead arrangers providing $15 million or above get 140bp, lead arrangers lending between $10 million and $14.9 million have 115bp and lead managers contributing $5 million to $9.9 million gain 90bp. Banks guaranteeing $30 million or above earn an underwriting fee of 15bp.

Proceeds are to support the expansion project of the telecommunications network into Mumbai and Bihar, and to install and maintain the National Long-Distance network (NLD). Banks will have until June 30 to revert.

Punjab National BankÆs $165 million three year fundraising was signed last Wednesday (June 11) via mandated lead arrangers Banc of America Securities Asia, DZ Bank, HSBC, Natixis and Sumitomo Mitsui Banking Corp. The facility was upsized from $100 million due to a good market response.

The margin is priced at 105bp over Libor.

Final allocations saw Natixis committing $21 million, while the other four mandated leads contributed $20 million apiece. Coordinating arrangers Chinatrust Commercial Bank and Citic Ka Wah Bank contributed $15 million each.

Coming in as arrangers were Banque des Mascareignes and Hua Nan Commercial Bank, giving $10 million apiece. Completing the syndicate as co-arrangers were Taiwan Business Bank, which lent $8 million, and Chang Hwa Commercial Bank and Shanghai Commercial & Savings Bank, which held $3 million each.

The funds are for on-lending purposes.

PT BFI Finance IndonesiaÆs dual-currency transaction was signed yesterday (June 19) by mandated lead arranger ANZ (Singapore) and Standard Chartered Bank (sole bookrunner). Other participating banks included lead arrangers CITIC Ka Wah Bank and PT Bank Rakyat Indonesia (Persero) and arranger Indian Bank (Singapore).

Split into a Ñ2.889 million three-year amortising credit and a $7 million 1.5-year bullet facility, the tranches pay spreads of 225bp and 210bp respectively. Proceeds are for working capital purposes.

A $450 million five-year financing for PT Indosat was upsized from $200 million and signed on June 12 via mandated leads Aozora Bank, Commerzbank (Singapore branch), DBS, Export Development Canada, ING Bank (Singapore branch), Natixis (Singapore branch) and Sumitomo Mitsui Banking Corporation(Singapore branch).

Onshore and offshore lenders are paid a spread of 190bp and 185bp respectively. ING Bank lent $60 million and DBS Bank, Export Development Canada and Sumitomo Mitsui Banking Corporation contributed $50 million each. Bank of Tokyo-Mitsubishi UFJ (Jakarta branch), Cooperative Centrale Raiffeisen-Boerenleenbank (Singapore branch), Natixis and PT Bank Mizuho Indonesia held $30 million apiece. PT Bank UOB Indonesia gave $25 million and Bank of China and Chinatrust Commercial Bank each held $10 million.

Proceeds are to refinance an existing debt facility and for capital expenditure purposes. Repayment is in five semi-annual installments after a three-year grace period.


A M$220 million 10-year term-loan for MRCB Southern Link has been completed via mandated leads CIMB Investment Bank and HSBC (Malaysia Branch). HSBC is the sole bookrunner.

The amortising facility only saw Oversea-Chinese Banking Corporation joining in as a participant. Allocations were not disclosed.

Proceeds are to finance and support costs in relation to the project.


MGP BerthÆs S$1.94 billion 46-month dual tranche fundraising was inked last week via mandated arrangers and bookrunners DBS Bank, Hypo Real Estate Capital, Oversea-Chinese Banking Corporation and United Overseas Bank.

The facility features an attractive margin of 210bp over SOR and consists of a S$1.55 billion senior portion and a S$388 million junior tranche, which will not be syndicated and held only by the bookrunners.

Syndication saw Bank of China (Singapore Branch) and HSH Nordbank (Singapore Branch) joining in as senior lead arrangers. Natixis came in as a lead arranger while senior lead manager was China Construction Bank (Singapore Branch). Lead manager titles were given to First Commercial Bank (Singapore Branch), RHB Bank (Singapore Branch) and Indian Bank. Allocations are not yet disclosed.

Proceeds are to partially refinance an existing S$1.42 billion bridge loan and to fund construction costs.


Gintech CorporationÆs NT$4.85 billion dual-tranche facility has been signed by coordinating arrangers Chang Hwa Commercial Bank, first Commercial Bank, Ta Chong Bank, Taichung Commercial Bank, Taiwan Cooperative Bank and Yuanta Bank.

The five-year fundraising has a commitment fee of 10bp and is divided into a NT$2.75 billion term loan to fund the borrowerÆs capital expenditure, and a NT$2.1 billion revolver for working capital purposes. The pricing for each tranche is 60bp and 65bp over the secondary CP rate respectively.

The mandated lead arrangers each committed NT$485 million, while participants Cathay United Bank, Export-Import Bank of the Republic of China, Hua Nan Commercial Bank, Land Bank of Taiwan, Mega International Commercial Bank and Taiwan Business Bank held NT$291 million apiece. Chinatrust Commercial Bank rounded out the group with NT$194 million.

The repayment schedule for the amortising portion is 13 quarterly installments after a two-year grace period.

A $50 million five-year loan for Sino-Belgium (Holding) was sealed on June 13 through Bank of Taiwan, Calyon Corporate and Investment Bank, Chinatrust Commercial Bank, HSBC, Land Bank of Taiwan and Mega International Commercial Bank.

The deal is split into a $30 million term loan and a $20 million revolving credit. Guaranteed by Yuan Tong Investment Corporation, both tranches pay a spread of 57.5bp over Libor and have a commitment fee of 15bp. The coordinating arrangers committed $7.5 million apiece and got an upfront fee of 30bp while participant Shanghai Commercial & Savings Bank held $5 million and took 24bp.

The repayment schedule for the term loan is in three equal annual installments commencing three years after the first drawdown date. Proceeds are to support the borrowerÆs PRC brewery & bottling business in Suzhou and for working capital purposes.


Taksin PropertiesÆ Bt5 billion four-year transaction was inked on June 17 via Siam City Bank, sole bookrunner Standard Chartered Bank (Thai) and TMB Bank on a club-style basis.

The deal is priced at the average MLR. Proceeds are to finance the land loan and the construction costs of a residential development project known as The River.

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