Loan Week, June 13-19

A roundup of the latest syndicated loan market news.

China

Shimao Property has sealed a $737 million-equivalent four-year term loan through mandated lead arrangers Bank of East Asia, China Citic Bank, Credit Suisse, Goldman Sachs, HSBC, JPMorgan, Morgan Stanley, SMBC, Standard Chartered and Tai Fung Bank on a club basis.

The transaction is split into a US$665 million tranche and a HK$555 million portion, priced at 330bp over Libor and Hibor, respectively.

Proceeds are to refinance maturing bonds.

Hong Kong

CLP Power Hong Kong has inked a Y26 billion three-year term loan through joint bookrunners Bank of Tokyo-Mitsubishi UFJ and Mizuho.

The facility is underwritten by the bookrunners.

Syndication saw Chiba Bank, Chugoku Bank, Hachijuni Bank and Shizuoka Bank join in as participants.

Proceeds are for general corporate purposes.

Right Lane has obtained a $350 million-equivalent three-year term loan through bookrunners and mandated lead arrangers ANZ, HSBC, Natixis and RBS.

The debt package consists of a US$332 million tranche and a HK$140 million portion.

Syndication saw Bank of China join in as mandated lead arranger while Banques des Mascareignes, Chang Hwa Commercial Bank, First Commercial Bank, Hua Nan Commercial Bank, Jih Sun International Bank, KBC Bank, Land Bank of Taiwan and SMBC joined in as arrangers.

Proceeds are to refinance an existing facility signed in June 2012.

India

State Bank of India has secured a $555 million three-year financing through joint bookrunners ANZ, BNP Paribas, Bank of America Merrill Lynch, Bank of Tokyo-Mitsubishi UFJ, Barclays, Credit Agricole, DBS, Mizuho, SMBC, Standard Chartered, Union National Bank, Wells Fargo and Westpac.

The facility is priced 120bp over Libor.

Syndication saw Commercial Bank of Qatar, DZ Bank, Fuyo General Lease Co, Gunma Bank, NAB and National Bank of Kuwait come in as mandated lead arrangers while Chugoku Bank, Export-Import Bank of the Republic of China, Oberbank, Shinhan Bank, Shizuoka Bank and UBI Banca joined in as arrangers.

Proceeds are for general corporate purposes.

Sweta Estates has secured a Rs3 billion three-year and three-month facility through sole bookrunner and mandated lead arranger Axis Bank.

The underwritten facility will be repaid by 12 quarterly instalments.

Final allocations saw the lead give Rs1.3 billion while participants Aditya Birla Finance and Indian Overseas Bank provided Rs750 million and Rs1billion respectively to round up the deal.

Proceed are for construction of residential project.

Indonesia

Indonesia Eximbank has signed a $789 million loan package through bookrunners ANZ, Bank of Tokyo-Mitsubishi UFJ, Commerzbank, DBS, Mizuho and UOB.

The facility consists of a $420 million one-year term loan and a $369 million three-year portion.

Syndication saw Shinsi Bank and SMBC join in as mandated lead arrangers while Abu Dhabi Commercial Bank, Fuyo General Lease Co, State Bank of India, Sumitomo Trust Bank and Union National Bank came in as Lead Arrangers. 16 additional banks joined in at lower tiers to complete the syndication.

Proceeds are for working capital purposes.

New Zealand

Mainfreight has inked a NZ$450 million four-year and 10-month revolver on a club basis through mandated lead arrangers Bank of Tokyo-Mitsubishi UFJ, Commonwealth Bank of Australia, HSBC and Westpac.

Final allocations saw Westpac commit NZ$180 million while Commonwealth Bank of Australia provided NZ$120 million. Bank of Tokyo-Mitsubishi UFJ and HSBC concluded the syndicate with NZ$75 million each.

Proceeds are to refinance existing indebtedness.

Singapore

RCMS Properties has secured a S$260 million three-year revolver on a club basis through mandated lead arrangers DBS, Maybank and OCBC.

The debt package comprises of a S$105 million tranche and a S$155 million portion.

Proceeds are to refinance existing indebtedness.

South Korea

Korean Air Lines has completed a $144 million three-year term loan through bookrunners and mandated lead arrangers Deutsche Bank and DVB Group Merchant Bank.

Proceeds are for aircraft financing.