Loan Week, June 16-22

A roundup of the latest syndicated loan market news.

ABC Learning Centres and Learning Care Group have raised A$1.44 billion on a club basis. The dual tranche revolver was provided by mandated arrangers Commonwealth Bank of Australia and Westpac, holding A$720 million each.

AscianoÆs A$5.2 billion multi-tranche financing has been signed via a consortium of 30 banks. Original mandated arrangers Citi, National Australia Bank, Royal Bank of Scotland and Westpac, were joined by ABN AMRO, ANZ Investment Bank, BNP Paribas, Calyon, Commonwealth Bank of Australia, Societe Generale, Sumitomo Mitsui Banking Corp and WestLB as equal-status arrangers. With the exception of Sumitomo Mitsui Banking Corp, all the banks are also bookrunners.

The facility comprises four tranches, A$2.25 billion three and five year term loans, a three year A$550 million capital expenditure facility and a one year A$150 million working capital financing.

Final allocations saw mandated arrangers BNP Paribas, Commonwealth Bank of Australia, Royal Bank of Scotland and Westpac provide A$300 million apiece. ANZ Investment Bank, National Australia Bank and Sumitomo Mitsui Banking Corp contributed A$250 million each with ABN AMRO holding A$225 million. Calyon, Citi and WestLB committed A$200 million apiece with Societe Generale taking A$150 million.

Coming in as sub-underwriters were Bank of China taking A$165 million with DBS Bank, DEPFA Bank, Dexia Bank and DnB NOR Bank providing A$144.9 million each. HSH Nordbank, HypoVereinsbank, Mizuho Corporate Bank, Rabobank, Royal Bank of Canada and United Overseas Bank also contributed A$144.9 million apiece. Allied Irish Bank took A$100 million.

Joining as arrangers were China Construction Bank, Deutsche Bank and DZ Bank each committing A$108.7 million with Bank of Tokyo-Mitsubishi UFJ taking A$100 million. Oversea-Chinese Banking Corp and Fortis completed the syndicate holding
A$75 million and A$60 million respectively.

Asciano will be separated from parent company Toll Holdings and will control rail and port businesses, Pacific National and Patrick Ports.

Oxiana FinanceÆs $500 million and A$25 million dual currency multi-tranche facility was signed on June 20 via sole mandated lead ANZ Investment Bank.

The facility is split into a $220 million term loan, a $200 million revolver and a A$25 million letter of credit, all with a tenor of five and a half years. A one year $80 million revolving credit completes the set of four tranches.

Syndication saw the banks contributing both in US and Australian dollars with the mandated lead committing $70 million and A$3.5 million. Coming in as arrangers were BNP Paribas, Commonwealth Bank of Australia and HVB Australia also providing $70 million and A$3.5 million respectively. China Construction Bank, Bank of Scotland, National Australia Bank and Royal Bank of Scotland all held $55 million and A$2.75 million correspondingly.

Proceeds are to refinance the acquisition financing of Golden Grove Mine and the development of the Prominent Hill Copper Gold project.

Hong Kong

A HK$1.705 billion four year fundraising has been completed for Century Rise via a syndicate of eight banks.

The four year deal, which features a spread of 32bp over Hibor, is split into a HK$1.055 billion term loan and a HK$650 million revolving credit.

Mandated arrangers Bank of China (Hong Kong), Bank of Communications, Bank of East Asia, CCB International Finance and DBS Bank provided HK$255 million apiece. Bangkok Bank and Wing Lung Bank each committed HK$155 million while Standard Chartered ended up with HK$120 million.

Nan Fung Development, Nan Fung Textiles, Sino Land and USI Holdings are the guarantors. Proceeds are to finance land premiums and to fund land construction.

Nine Dragons PaperÆs HK$2.3 billion five year term loan was inked on June 18 via a consortium of 16 banks. The facility was oversubscribed due to an overwhelming market response and upsized from HK$2 billion.

Mandated arrangers Bank of China (Hong Kong) contributed HK$500 million while China Development Bank provided HK$350 million. Commonwealth Bank of Australia committed HK$200 million while Export Development Bank took HK$150 million. Tai Fung Bank lent HK$140 million and Wing Lung Bank held HK$120 million. Bank of Communications and China Construction Bank took HK$110 million each. Bank of China (Macau) and Mizuho Corporate Bank held HK$105 million apiece.

Lead managers Bank of China (Tokyo) and Nanyang Commercial Bank took HK$100 million apiece.

Joining as senior managers, Bank of China (Frankfurt) committed HK$60 million while Cathay United Bank, DBS and Sumitomo Mitsui Banking Corp ended up with HK$50 million each.

Shui On CentreÆs HK$2.2 billion five year dual tranche financing has been signed via sole mandated arranger Standard Chartered.

The deal comprises a HK$1.3 billion revolver and a HK$900 million term portion.

Mandated arranger Standard Chartered committed HK$390 million while arrangers Bank of China, Fubon Bank and Industrial & Commercial Bank of China (Asia) provided HK$350 million apiece. HSBC contributed HK$300 million.

Senior manager Bank of East Asia lent HK$210 million while managers Bank of Tokyo-Mitsubishi UFJ took HK$150 million and Taipei Fubon Bank held HK$100 million.

JSW SteelÆs $175 million six year term loan was signed on June 14 via mandated lead arrangers ABN AMRO, BNP Paribas, Citi, DBS Bank, Mizuho Corporate Bank, Standard Chartered Bank and State Bank of India. Original mandated arrangers ABN AMRO, Citigroup, Standard Chartered Bank and State Bank of India are the bookrunners.

The $50 million greenshoe was exercised following a strong response. The deal features an average life of 5.25 years and a margin of 125bp over Libor.

Final allocations saw the mandated lead arrangers committing $15 million apiece with DBS Bank providing $18 million. Sole lead arranger Bank of Taiwan gave $15 million, with arrangers Bank SinoPac and Emirates Bank held $10 million each. SBI International (Mauritius) took $9 million. Contributing $5 million each as lead managers were Arab Investment Corp, Bank of Baroda, Bank of Muscat and Sumitomo Trust & Banking Company. Hua Nan Commercial Bank parted with $3 million as a manager.

Proceeds are for general corporate purposes.

A $250 million dual tranche term loan for Videsh Sanchar Nigam (VSNL) was signed on June 19 on a club basis. ABN AMRO was originally mandated and was joined by DBS Bank, Export Development Canada, HSBC and WestLB at the top level, with ABN AMRO and DBS Bank acting as bookrunners.

The loan is split equally into $125 million tranches. The six year facility is priced at 48bp over Libor and the seven year portion offers a margin of 51bp. Both have an average life of six and a half years.

Allocations saw ABN AMRO contributing $110 million with Export Development Canada and HSBC committing $40 million apiece. DBS Bank and WestLB provided $30 million each.

Proceeds are for general corporate purposes.

New Zealand

ANZ Investment Bank and Bank of New Zealand have arranged Dominion FoundationÆs NZ$165 million three year bullet loan.

Bank of New Zealand committed NZ$107.25 million and ANZ Investment lent NZ$57.25 million.

The funds are to refinance existing debt.

A NZ$58 million bullet term loan for Primecare Holdings has signed via sole lead arranger ANZ Investment Bank.

The two year facility saw the lead arranger provide NZ$33.3 million with Commonwealth Bank of Australia joining as a participant and contributing NZ$24.7 million.

Proceeds are to refinance an existing debt.

Transaction ServicesÆ NZ$25 million three year financing has been closed as a bilateral via ANZ Investment Bank. The funds are to refinance existing debt.

South Korea

Hyundai Heavy IndustriesÆ $500 million three and a half year guarantee facility is signing today (June 22) via sole mandated lead arranger Calyon. The deal was funded in May 2007.

Syndication saw only ANZ Investment Bank joining as a lead arranger, with Calyon contributing $300 million and ANZ Investment Bank holding $200 million.

The facility is fully secured by insurance coverage from the Korea Export Insurance Corp (KEIC) and proceeds are to fund the production of eight 8200 TEU class container carriers.

A $50 million one year club facility for Kwangju Bank was signed on June 18 via mandated leads BayernLB, Calyon, Commerzbank (Hong Kong Branch) and Sumitomo Mitsui Banking Corp (Seoul Branch).

The deal carries a margin of 11bp over Libor and proceeds are for general corporate purposes.

Syndication has been completed for Samsung SDIÆs $200 million loan-style FRN via sole bookrunner Standard Chartered which took $100 million.

Mandated arranger Bank of Tokyo-Mitsubishi UFJ held $40 million while arrangers Korea Exchange Bank, Mizuho International and Shinhan Bank each lent $20 million.


ChipMos TechnologiesÆ NT$6 billion five year fundraising has been completed via a syndicate of ten banks, and pays a spread of 70bp over the Taiwan deposit savings rate.

Mandated arrangers Bank of Taiwan and Taiwan Cooperative Bank, together with arrangers, Bank of Sinopac, Land Bank of Taiwan, Mega International Bank, Hua Nan Commercial Bank, First Commercial Bank, Taishin International Bank, Taiwan Shinkong Commercial Bank and Ta Chong Bank, held NT$600 million apiece.

Proceeds are to support the purchase of machinery.

Kuo Kuang PowerÆs NT$4.44 billion 11 year dual tranche financing has been completed via sole mandated arranger Bank of Taiwan which took a hold of NT$1.85 billion.

The facility is split into a NT$4.3 billion term loan and a NT$140 million guarantee facility.

Joining as participants Hua Nan Commercial Bank provided NT$380 million while Land Bank of Taiwan and Taipei Fubon Commercial Bank committed NT$350 million apiece. Mega International Commercial Bank and Taiwan Cooperative Bank provided NT$300 million each while Chang Hwa Commercial Bank, Shanghai Commercial & Savings Bank and Sunny Bank each took NT$200 million. Chinatrust Commercial Bank lent NT$120 million and Export-Import Bank of Taiwan took NT$50 million.

Proceeds are to refinance an existing deal signed in September 2001.

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