Loan Week

Loan Week, June 15-21

A roundup of the latest syndicated loan market news.

Australia

ConnectEast Finance has obtained a A$1.3 billion facility through mandated lead arrangers ANZ, BOS International (Australia), Bank of Tokyo Mitsubishi UFJ, CIBC, Commonwealth Bank of Australia, Industry Funds Management, NAB, Westbourne Capital and Westpac.

The facility is split into a A$160 million seven-year term loan, a A$383 million three-year term facility, a A$323 million five-year term loan and a A$400 million two-year bridge facility.

Proceeds are to refinance existing indebtedness, including the financing for EastLink Toll Road in Melbourne, Australia.

IG Power Holdings has concluded a A$347 million four-year facility through mandated lead arrangers BNP, BOS International (Australia), KBC Bank, Mizuho and NAB.

The debt package comprises a A$127 million amortising facility, a A$150 million bullet facility and a A$70 million working capital facility.

Proceeds are to refinance existing debt for the development of Callide C power station near Gladstone in central Queensland, Australia.

 


China

Wingate Overseas Holdings has completed a $250 million three-year term loan through bookrunners and mandated lead arrangers Bank of Taiwan, Bank Sinopac, HSBC, Hua Nan Commercial Bank, Mega International Commercial Bank, Mizuho and SMBC.

The facility is priced at 115bp over Libor.

Final allocations saw the leads contribute $24 million each while mandated lead arrangers Land Bank of Taiwan and Taiwan Cooperative Bank joined in with $21 million each. Managers Bank of Tokyo Mitsubishi UFJ came in with $15 million while Barclays lent $10 million. Export-Import Bank of the Republic of China pledged $8 million while Taipei Fubon Commercial Bank ended up with $7 million.

Proceeds are to refinancing existing indebtedness.

 


Hong Kong

Alibaba Group Holding has successfully obtained a $3 billion dual-tranche acquisition financing through underwriters, original bookrunners and mandated lead arrangers ANZ, Credit Suisse, DBS, Deutsche Bank, HSBC and Mizuho.

The fundraising is split into a $1 billion three-year loan and a $2 billion one-year bridge facility.

Syndication saw Barclays, Citi, Intesa Sanpaolo and Morgan Stanley join in as bookrunners and mandated leads while Bank of East Asia, Cathay United Bank, China Development Industrial Bank, Chinatrust Commercial Bank, ING, Mega International Commercial Bank, Natixis, Taipei Fubon Commercial Bank and Taishin International Bank came in as mandated lead arrangers.

Proceeds are to support the borrower’s privatization of Alibaba.com and share buyback from Yahoo.

CITIC Pacific signed a HK$7.1 billion three-year term loan on Monday (June 18) through a consortium of 12 mandated lead arrangers and bookrunners.

Final allocations saw the leads ANZ, Bank of China, Bank of Tokyo-Mitsubishi UFJ, China Construction Bank, DBS, Hang Seng Bank, HSBC, Industrial & Commmercial Bank of China, OCBC, Taipei Fubon Commercial Bank, United Overseas Bank and Wing Lung Bank commit HK$500 million each while arrangers China Minsheng Banking Corp, Chong Hing Bank, Deutsche Bank, Taishin International Bank and Wing Hang Bank lent HK$200 million each. Senior manager Chang Hwa Commercial Bank ended up with HK$100 million.

Hutchison Telecommunications Hong Kong Holdings, Hutchison Telephone and Hutchison Global Communications have obtained a HK$5.5 billion three-year dual-tranche financing on a club basis through a consortium of 10 mandated lead arrangers.

Guaranteed by Hutchison Telecommunications Hong Kong Holdings, the debt package comprises a HK$3.3 billion term loan and a HK$2.2 billion revolving credit which are priced at 160bp over Hibor.

Syndication saw Agricultural Bank of China, Bank of China, CIBC, Credit Agricole, DBS, HSBC, Mizuho, Standard Chartered, SMBC and United Overseas Bank join in as mandated lead arrangers.

Proceeds are for refinancing and general corporate purposes.

Sino-Ocean Land Holdings completed a $600 million-equivalent multi-tranche financing through mandated lead arrangers and bookrunners Agricultural Bank of China, Bank of China, Hang Seng Bank and HSBC.

The facility is split into a $431 million tranche, a HK$535 million portion, and two Rmb316 million facilities.

Syndication saw Bank of East Asia, China Merchants Bank, DBS, Industrial & Commercial Bank of China (Asia), Wing Lung Bank and Tai Fung Bank come in at lower tiers.

Proceeds are for refinancing and general corporate purposes.

SOHO China sealed a $626 million-equivalent facility in early June on a club basis through mandated leads Bank of Communications, Barclays, CITIC Bank International, DBS, HSBC, Hang Seng Bank, Industrial & Commercial Bank of China, Standard Chartered, Tai Fung Bank, Wing Lung Bank and Wing Hang Bank

The three-year term loan consists of a HK$1.2 billion tranche and a $385 million portion.

Proceeds are for general corporate purposes.

 


India

Jabalpur Transmission has completed a Rs8.8 billion term loan through sole bookrunner and mandated lead arranger SBI Capital Markets.

The facility will be repaid in 47 quarterly installments after a six-month grace period.

Final allocations saw participants State Bank of India contribute Rs2.4 billion while India Infrastructure Finance Co provided Rs1.9 billion. Bank of Baroda, Indian Overseas Bank and Oriental Bank of Commerce gave Rs1.2 billion each while Corporation Bank came in with Rs860 million.

Proceeds are for the construction of transmission line.

 


Indonesia

Tower Bersama Infrastructure has obtained a $50 million three-year term loan through sole underwriter and mandated lead arranger Standard Bank.

Final allocations saw the lead contribute $40 million while lead arranger Chinatrust Commercial Bank joined in with $10 million.

Proceeds are to part fund the acquisition of cellular towers from Indosat.

 


Taiwan

APCB Electronics (Thailand) concluded a $42 million five-year financing on Monday (June 18) through bookrunner Bank of Taiwan.

The secured facility consists of a $11 million term loan, a $21 million portion and a $10 million revolver.

Final allocations saw the lead and mandated lead arranger Mega International Commercial Bank contribute $12 million each while participants Chinatrust Commercial Bank and E.Sun Commercial Bank provided $8 million each. Participant Taipei Fubon Commercial Bank came in with $4 million.

Proceeds are for capital expenditure purposes

Hong Kong Winternity International secured a $200 million-equivalent three-year term loan last Friday (June 15) through bookrunners and mandated lead arrangers Bank of Taiwan, Hang Seng Bank, HSBC, Shanghai Pudong Development Bank and Taiwan Cooperative Bank.

The transaction comprises a $183 million tranche and a HK$133 million portion.

Syndication saw Bank SinoPac, Chinatrust Commercial Bank, Nanyang Commercial Bank, Tai Fung Bank come in as lead arrangers while Cathay United Bank joined in as participant.

Proceeds are for general corporate purposes.

Test Rite Retailing signed a $58 million seven-year term loan on Tuesday (June 19) through bookrunners and mandated lead arrangers First Commercial Bank and Taiwan Business Bank.

The transaction is split evenly for refinancing and working capital purposes, respectively.

Final allocations saw the leads take $20 million each while participant Yuanta Commercial Bank contributed $7 million. Chang Hwa Commercial Bank and Bank SinoPac brought in $6 million and $5 million respectively.

Yieh Phui (HK) Holdings has signed a $52 million three-year revolver through bookrunners and mandated lead arrangers Land Bank of Taiwan and Taiwan Business Bank.

Final allocations saw Taiwan Business Bank take $14 million while Land Bank of Taiwan provided $10 million. Participants Bank of Taiwan, Export-Import Bank of the Republic of China, Bank of Kaohsiung, Taichung Commercial Bank and Jih Sun International Bank joined in with $5 million each while Sunny Bank pledged $3 million.

Proceeds are for working capital purposes.

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