Loan week, June 19-25

China

Daiwa House (Suzhou) Real Estate Development's Rmb400 million three-year term loan has been signed via sole mandated lead arranger and bookrunner Sumitomo Mitsui Banking Corp. Agricultural Bank of China, Bank of China and Industrial & Commercial Bank of China joined as lead arrangers.

The financing is priced at 90% of the PBOC rate and proceeds are to support a project in Suzhou, China.

A Rmb12.8 billion 10-year fundraising for Honghua-Airport District Development & Construction Headquarter has been completed via sole mandated lead arranger and bookrunner Industrial & Commercial Bank of China. Other lenders coming in as participants include Bank of China, Bank of Communications, Bank of Shanghai, China Construction Bank, China Everbright Bank, China Merchants Bank, China Minsheng Banking Corp and Shanghai Pudong Development Bank.

Proceeds are to fund the relocation of the Dajiaochang airport in Nanjing, China.

Hong Kong

Yau Lee Construction's HK$260 million revolving credit has been signed via coordinating arrangers BNP Paribas, Hang Seng Bank and Nanyang Commercial Bank, with ICBC Asia and Bank of East Asia joining in as arrangers.

The deal is guaranteed by Yau Lee Holdings and proceeds are to amend the covenants in the borrower's existing financings.

India

A Rs16.5 billion transaction for Jaiprakash Power Ventures was sealed on June 23 via sole mandated lead arranger State Bank of India. The 14 year term loan is priced at 25bp over SBAR.

Final allocations saw the lead contribute Rs4.8 billion, while participant Oriental Bank of Commerce provided Rs2.4 billion. Allahabad Bank, Bank of India and Dena Bank gave Rs1.9 billion apiece, and Andhra Bank, State Bank of Bikaner & Jaipur, State Bank of Patiala and State Bank of Travancore each lent Rs940 million.

Proceeds are to finance a hydropower project in Vishnuprayag, India.

Pink City Expressways' Rs19 billion term loan was completed last week through mandated lead arrangers Axis Bank and IDBI Bank.

The 15 year financing pays an all-in fee of close to 13%.

Final allocations saw IDBI Bank lend Rs2.8 billion, while Axis Bank gave Rs1.4 billion. Participant India Infrastructure Finance pledged Rs2.8 billion and Bank of India, Canara Bank and Punjab National Bank contributed Rs1.6 billion apiece. Union Bank of India offered Rs1.2 billion, while Allahabad Bank, Andhra Bank, Dena Bank, State Bank of Bikaner & Jaipur, State Bank of Hyderabad and United Bank of India committed Rs1 billion each.

Proceeds are for project financing purposes.

Volkswagen India's €135 million debt package is ongoing in syndication via sole bookrunner International Finance Corporation.

The deal comprises a €60 million nine-year loan (tranche A) solely provided by IFC, and a €75 million five-year-and-seven-month loan (tranche B) provided by commercial banks. The facility is guaranteed by the parent company, Volkswagen.

Proceeds are to finance the construction of a production plant in Pune, India.

Indonesia

A Rp3.5 trillion financing for Semen Tonasa was inked on June 22 via sole mandated lead arranger and bookrunner Bank Mandiri.

The 10-year transaction, guaranteed by Semen Gresik, has an annual interest rate of 12%.

Final allocations saw the lead commit Rp2.4 trillion, while participants Bank Rakyat Indonesia, BPD Jawa Timur and BPD Sulawesi Selatan ended up with Rp1 trillion, Rp100 billion and Rp15 billion respectively.

Proceeds are for expansion purposes.

Macau

Apollo (Macao Commercial Offshore)'s $37.3 million facility has been completed on a club basis via mandated lead arrangers Bank of Taiwan, Chinatrust Commercial Bank, EnTie Commercial Bank, HSBC, Mega International Commercial Bank and RBS.

Secured by shares, the 3.25-year term loan features a spread of 200bp over Libor.

Among the coordinating arrangers, Bank of Taiwan committed $8.4 million, EnTie Commercial Bank $8 million, HSBC $7.3 million, Chinatrust Commercial Bank $6.5 million, RBS $3.8 million, and Mega International Commercial Bank provided $3.3 million.

Proceeds are for refinancing purposes.

Singapore

Syndication of a S$275 million credit for Ascendas Real Estate Investment (A-REIT) has been launched via bookrunners ANZ, Natixis, Oversea-Chinese Banking Corp and Standard Chartered Bank.

The margin for the three-year deal ranges from 225bp to 275bp based on the borrower's rating.

Banks are invited on three levels - mandated lead arrangers with tickets of S$30 million get 120bp, while lead arrangers with S$20 million tickets earn 90bp. Arrangers coming in with S$10 million receive 60bp.

Proceeds are to refinance CMBS facilities due in December 2009. Responses are expected in mid-July.