Loan week, June 18-24

A roundup of the latest syndicated loan market news.

Australia

A A$41 million dual-tranche financing for Customers has been signed via sole bookrunner National Australia Bank, with Westpac joining in as a mandated lead arranger.

The transaction is split into a A$31 million revolving credit and a A$10 million term loan.

Proceeds are for general corporate purposes.

Hong Kong

China State Construction International Holding's HK$3.0 billion revolving credit and term loan facility was inked on June 22 via Agricultural Bank of China (Hong Kong), Bank of China (Hong Kong), Bank of Communications (Hong Kong), Bank of East Asia, BNP Paribas, HSBC, Standard Chartered Bank and Wing Lung Bank.

The five-year facility offers a margin of 135bp over Hibor.

Proceeds are for general corporate purposes.

Right Lane's $300 million three-year loan was sealed on June 24 via bookrunners and mandated lead arrangers HSBC and Royal Bank of Scotland. The loan was oversubscribed and upsized from $200 million.

Syndication saw Bank of China, China Development Bank (Hong Kong), Industrial & Commercial Bank of China (Asia) and Wing Lung Bank join as mandated lead arrangers while Hang Seng Bank and United Overseas Bank came in as lead arrangers. Credit Agricole (China) and Wing Hang Bank participated in the facility as arranger and manager respectively.

The loan is guaranteed by the parent, Legend Holdings. Proceeds are to refinance existing bilateral facilities and for working capital purposes.

Indonesia

A $265 million dual-tranche fundraising for Export-Import Bank of Indonesia was signed as a club deal on June 18 via seven mandated lead arrangers.

The bullet term loan consists of a $140 million two-year tranche and a $125 million three-year portion.

Final allocations saw Bank of Tokyo-Mitsubishi UFJ take $75 million, while Standard Chartered Bank lent $55 million. ING Bank gave $35 million and Bank of China and Intesa Sanpaolo (Singapore) contributed $30 million each. Bank Mizuho Indonesia and Citibank (Jakarta) rounded out the group with $20 million apiece.

Proceeds are to partially refinance a $210 million deal sealed in 2009 and to finance the borrower's export finance activities.

Japan

KVH successfully obtained a ¥12.0 billion three-year term loan on June 22 via sole bookrunner and mandated lead arranger Citi.

Syndication saw Bank of Tokyo-Mitsubishi UFJ, Development Bank of Japan, Mizuho Corporate Bank and Societe Generale join in at lower tiers.

Proceeds are for debt repayment purposes.

Philippines

A $175 million loan for Energy Development Corp (EDC) was signed last week via bookrunners ANZ, Credit Agricole and Standard Chartered Bank.

The three-year term loan is priced at 325bp over Libor.

Final allocations saw the bookrunners give $25 million each, while mandated lead arrangers Bank of Tokyo-Mitsubishi UFJ, DBS Bank, ING Bank, Maybank and Mizuho Corporate Bank pledged $15 million apiece. Lead arrangers Chinatrust Commercial Bank and Taiwan Cooperative Bank committed $10 million each, and arrangers Bangkok Bank and Cathay United Bank contributed $3 million and $2 million respectively.

Proceeds are to refinance existing debt facilities and for general corporate purposes.

New Zealand

Ernslaw One's NZ$115 million dual-tranche fundraising was completed in early June via sole bookrunner and mandated lead arranger HSBC.

The three-year transaction comprises a NZ$105 million term loan and a NZ$10 million standby facility.

Proceeds are for general corporate purposes.

Singapore

Prime Asset Holdings has secured a S$360 million three-year term loan via sole bookrunner and mandated lead arranger Oversea-Chinese Banking Corp.

Proceeds are to refinance existing debt facilities.

Taiwan

Advanced Semiconductor Engineering's $465 million-equivalent dual-currency financing was signed on June 24 via a consortium of 22 local and international banks led by Citibank (Taiwan).

The five-year debt package is split into a NT$7.2 billion term loan and a $240 million revolving credit, which are priced at 60bp to 70bp over the 90-day secondary CP rate.

Bookrunners were Bangkok Bank, Bank of Taiwan, Bank of Tokyo-Mitsubishi UFJ, Chang Hwa Commercial Bank, China Development Industrial Bank, Chinatrust Commercial Bank, Citibank (Taiwan), Credit Agricole, DBS Bank, E.Sun Commercial Bank, First Commercial Bank, HSBC, Hua Nan Commercial Bank, Land Bank of Taiwan, Mega International Commercial Bank, Oversea-Chinese Banking Corp, Shanghai Commercial & Savings Bank, Standard Chartered Bank, Sumitomo Mitsui Banking Corp, Taipei Fubon Commercial Bank, Taishin International Bank and Taiwan Cooperative Bank. Mizuho Corporate Bank and Taiwan Business Bank joined in as participants.

Proceeds are for refinancing purposes.

A NT$2.4 billion five-year term loan for Global Brands Manufacture was signed on June 21 via mandated lead arrangers Chinatrust Commercial Bank and Standard Chartered Bank. The deal was oversubscribed and upsized from NT$2.0 billion.

The loan features a margin of 65bp over the secondary CP rate.

Final allocations saw the leads take NT$230 million each, while Bank Sinopac, Cathay United Bank, E.Sun Commercial bank, First Commercial Bank, Hua Nan Commercial Bank, Industrial Bank of Taiwan, Land Bank of Taiwan, Ta Chong Bank, Taipei Fubon Commercial Bank and Yuanta Commercial Bank committed NT$148 million apiece. Mega International Commercial Bank and Shanghai Commercial & Savings Bank lent NT$140 million and NT$120 million respectively.

Proceeds are for working capital purposes.

A NT$4.8 billion three-year financing for Hannstar Board Corp has been completed via mandated lead arrangers Agricultural Bank of Taiwan, Bank Sinopac, Cathay United Bank, Chang Hwa Commercial Bank, E.Sun commercial Bank, Far Eastern International Bank, First Commercial Bank, Hua Nan Commercial Bank, Industrial Bank of Taiwan, Land Bank of Taiwan, Shanghai Commercial & Savings Bank, Taipei Fubon Commercial Bank, Taishin International Bank and Yuanta Commercial Bank. The deal was oversubscribed and upsized from NT$4.0 billion.

The financing consists of a NT$4.8 billion term loan and a NT$1.8 billion revolver, which are priced at between 60bp and 70bp over the secondary CP rate, with a 25bp commitment fee. There is also a two-year extension option for both tranches. The sum of the tranches cannot exceed NT$4.8 billion. 

China Development Industrial Bank, Jih Sun International Bank, Mega International Commercial Bank and Taiwan Cooperative Bank came in as participants.

Proceeds are for refinancing and working capital purposes.

Long Chen Paper's NT$1.3 billion five-year debt package was inked on June 21 via sole mandated lead Taishin International Bank.

Secured by land and buildings, the package comprises a NT$670 million term loan and a NT$670 million revolver, which are priced at 75bp over the secondary CP, rate with an interest floor of 1.4%. 

Taishin International Bank, Agricultural Bank of Taiwan and Chang Hwa Commercial Bank pledged NT$400 million, NT$240 million and NT$200 million respectively. Hua Nan Commercial bank gave NT$140 million, while Bank of Kaohsiung, Shanghai Commercial & Savings Bank and Yuanta Commercial Bank committed NT$120 million apiece.

Proceeds are for refinancing and working capital purposes.

Taisun Enterprise successfully secured a NT$2.0 billion five-year facility last week via bookrunners Bank of Taiwan, Chinatrust Commercial Bank, E.Sun Commercial Bank, First Commercial Bank, Hua Nan Commercial Bank, Industrial Bank of Taiwan, Taipei Fubon Commercial Bank, Taishin International Bank and Yuanta Commercial Bank.

The facility is split into a NT$1.6 billion revolver and a NT$400 million term loan which are priced at 75bp and 55bp over the one-year post office savings rate respectively. 

Agricultural Bank of Taiwan, Bank of Kaohsiung, Cathay United Bank, Chang Hwa Commercial Bank, DBS Bank, Land Bank of Taiwan, Mega International Commercial Bank, Shanghai Commercial & Savings Bank, Taichung Commercial Bank and Taiwan Cooperative Bank joined in as participants.

Proceeds are for refinancing existing indebtedness and working capital purposes.

Taiwan Broadband Communications' NT$24.5 billion seven-year fundraising was signed on June 23 via lead arrangers Chinatrust Commercial bank, Cathay United Bank, DBS Bank, Land Bank of Taiwan, Ta Chong Commercial Bank, Taipei Fubon Commercial Bank and Taishin International Commercial Bank.

The package is split into a NT$23.3 billion term loan and a NT$1.2 billion revolving credit which are priced at between 225bp and 290bp over the secondary CP rate depending on the borrower's net senior secured debt-to-Ebitda ratio.

Joining in at lower tiers were Agricultural Bank of Taiwan, Bank of Nova Scotia, Bank Sinopac, Entie Commercial Bank, Jih Sun Commercial Bank, King's Town Bank, Bank of Panhsin, Sumitomo Mitsui Banking Corp and Taiwan Cooperative Bank.

Proceeds are for refinancing, capital expenditure and working capital purposes.

A $135 million 7.5-year term loan for TBC Holdings, Taiwan Broadband Communications' offshore vehicle, was completed on June 23 via mandated lead arrangers Chinatrust Commercial Bank, Cathay United Bank, Entie Commercial Bank, Macquarie Securitisation, Ta Chong Commercial and Taipei Fubon Commercial Bank.

The loan features a spread of 825bp over three- or six-month Libor. Banks were invited to join at one of two levels -- mandated lead arrangers taking $10 million to $19 million get a 100bp fee, while managers committing $7 million to $9 million receive 50bp.

Final allocations saw Macquarie Securitisation pledge $45 million, while Chinatrust Commercial Bank, Cathay United Bank, Entie Commercial Bank, Ta Chong Commercial and Taipei Fubon Commercial Bank gave $15.5 million each. King's Town Bank ended up with $12.5 million.

Proceeds are for the refinancing of an existing mezzanine loan signed in 2007.

A NT$9.0 billion five-year revolving credit for Teco Electric & Machinery was sealed last week via mandated leads Bank of Taiwan, Chang Hwa Commercial Bank, E.Sun Commercial Bank, First Commercial Bank, Hua Nan Commercial Bank, Land Bank of Taiwan and Taiwan Cooperative Bank. The deal was upsized from NT$7.5 billion.

The bullet facility offers a spread of 55bp over the secondary CP rate.

Final allocations saw First Commercial Bank contribute NT$2.0 billion, while Bank of Taiwan, Chang Hwa Commercial Bank, E.Sun Commercial Bank, Hua Nan Commercial Bank, Land Bank of Taiwan and Taiwan Cooperative Bank held NT$1.0 billion apiece. Cathay United Bank and Ta Chong Bank pledged NT$500 million each.

Proceeds are for working capital purposes.

¬ Haymarket Media Limited. All rights reserved.

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