Loan week, June 25-30

Australia

Karara Mining, a joint venture between Gindalbie Metals and Angang Steel, has secured a $1.2 billion project financing via leads Bank of China (Liaoning) and China Development Bank (Liaoning).

The 12-year term loan offers a margin of 200bp over six-month Libor.

Syndication saw Industrial & Commercial Bank of China (Liaoning) and Agricultural Bank of China (Liaoning) joining in at lower tiers.

Proceeds are to support the Karara Iron Ore Project in Western Australia.

Hong Kong

Airport Authority of Hong Kong's self-arranged HK$5.0 billion revolver was signed on June 28 via 13 banks.

The five-year facility is priced at 40bp over Hibor.

Mandated lead arrangers Australia & New Zealand Banking Group, Bank of Tokyo-Mitsubishi UFJ, Citibank (Hong Kong), Commonwealth Bank of Australia, HSBC, Mizuho Corporate Bank, Scotiabank (Hong Kong), Standard Chartered Bank (Hong Kong) and Sumitomo Mitsui Banking Corp committed HK$420 million each. Arrangers Banca Monte dei Paschi di Siena (Hong Kong), Chong Hing Bank, DBS Bank (Hong Kong) and Oversea-Chinese Banking Corp lent HK$200 million apiece.

Proceeds are for general corporate purposes.

China Central Properties' HK$1.0 billion three-year term loan was inked on June 28 via mandated lead arrangers and bookrunners BNP Paribas and Standard Chartered Bank (Hong Kong).

The leads gave HK$281 million each, while arrangers Bank of China (Macau), China Merchants Bank (Hong Kong), Malayan Banking (Hong Kong) and United Overseas Bank (Hong Kong) joined in with HK$100 million apiece. Co-arranger KDB Asia participated with $5 million.

Proceeds are to refinance existing indebtedness and for working capital purposes.

A HK$13.3 billion self-arranged financing for Henderson Land Credit (2010) was completed on June 28 via a consortium of 14 mandated lead arrangers.

Guaranteed by the parent -- Henderson Land Development -- the five-year debt package is split into a HK$4.0 billion revolving credit and a HK$9.3 billion term loan, which are priced at 78bp over Hibor.

Final allocations saw mandated lead arrangers HSBC committing HK$2.0 billion, while Bank of Tokyo-Mitsubishi UFJ and Mizuho Corporate Bank (Hong Kong) contributed HK$1.5 billion apiece. Bank of China (Hong Kong), Sumitomo Mitsui Banking Corp and United Overseas Bank lent HK$1.0 billion each, while Oversea-Chinese Banking Corp (Hong Kong) gave HK$600 million. ANZ, Bank of East Asia, China Merchants Bank (Hong Kong), Hang Seng Bank, ING Bank (Hong Kong), Royal Bank of Scotland (Hong Kong) and Standard Chartered Bank (Hong Kong) pledged HK$500 million apiece.

Lead managers Shanghai Commercial & Savings Bank (Hong Kong) held HK$350 million and DBS Bank (Hong Kong) came in with HK$300 million. Chong Hing Bank and Credit Agricole (Hong Kong) ended up with HK$250 million apiece.

Proceeds are for general corporate purposes.

India

Fortis Healthcare's S$325 million five-year term loan has been sealed via bookrunners DBS Bank, ICICI Bank and Royal Bank of Scotland.

Syndication saw Bank of Baroda, Bank of India, Export-Import Bank of India and HSBC joining in as mandated lead arrangers, while Chinatrust Commercial Bank came in as an arranger.

Proceeds are for acquisition purposes.                

A Rs5.5 billion one-year term loan for Hinduja National Power Corp was signed last week via sole mandated lead arranger SBI Capital Markets.

Final allocations saw Bank of Baroda, Canara Bank and Indian Bank commit Rs2.5 billion, Rs2.0 billion and Rs1.0 billion respectively.

Proceeds are for project financing purposes.

GMR Chennai Outer Ring Road's Rs7.2 billion 16-year term loan has been signed via sole mandated lead arranger and bookrunner ICICI Bank.

Bank of Baroda, Indian Bank, Oriental Bank of Commerce, Punjab & Sind Bank, and UCO Bank came in as participants.

Proceeds are to support a road expansion project in India.

Jindal Steel & Power's Rs32.8 billion 10.75-year term loan was completed on June 29 via sole lead arranger SBI Capital Markets.

The loan is priced at 125bp below the State Bank Advance Rate with a 120bp commitment fee. 

Syndication saw Andhra Bank, Bank of Baroda, Bank of India, Dena Bank, Punjab National Bank, Oriental Bank of Commerce, State Bank of Hyderabad, State Bank of India, United Bank of India and Vijaya Bank join in as participants.

Proceeds are for project financing purposes.

Singapore

Gunvor International and Gunvor Singapore have successfully obtained a $1.0 billion dual-tranche fundraising via bookrunners BNP Paribas, Credit Suisse, Credit Agricole, Fortis Bank, HSBC, ING Bank, Natixis, Rabobank International and Societe Generale.

The 364-day revolving credit comprises a $785 million tranche syndicated in the European market and a $245 million portion targeted at Asian banks. Both tranches are priced at 185bp over Libor. The deal features an accordion clause which will allow the borrower to upsize each tranche by $15 million. Bank of Baroda, Mega International Commercial Bank and WestLB have already committed to join this clause.

In the Asian tranche, HSBC took $75 million and Societe Generale lent $20 million. BNP Paribas, Credit Agricole, Fortis Bank, ING Bank, Natixis and Rabobank International gave $15 million each, while lead arrangers RZB Austria, DBS Bank and Sumitomo Mitsui Banking Corp and arrangers DZ Bank, First Commercial Bank and First Gulf Bank provided $10 million apiece.

Proceeds are to refinance a $600 million revolver signed on June 30, 2009 and for general corporate purposes.

Taiwan

Achem Technology successfully secured a NT$1.5 billion dual-tranche facility last week via bookrunners First Commercial Bank, Industrial Bank of Taiwan, Land Bank of Taiwan and Mega International Commercial Bank. The deal was upsized from NT$1.2 billion.

The facility is split into a NT$750 million five-year term loan and a NT$750 million three-year revolver, which are priced at 85bp over the 90-day secondary CP rate.

Bank of Kaohsiung, Bank of Taiwan, Chang Hwa Commercial Bank and E.Sun Commercial Bank came in at lower tiers.

Proceeds are for refinancing existing debt and working capital purposes.

A NT$500 billion three-year term loan for Atlantic Eagle has been inked via sole mandated lead arranger Chinatrust Commercial Bank.

The loan features a margin of 235bp over the secondary CP rate.

Final allocations saw Chinatrust Commercial Bank and Farglory Life Insurance pledge NT$180 million apiece, while King's Town Bank lent NT$180 million.

Proceeds are for refinancing existing indebtedness.

A NT$31.4 billion dual-tranche financing for China Network Systems (CNS) and its subsidiaries was signed on June 25 via a consortium of 15 bookrunners and coordinating arrangers.

The seven-year debt package comprises a NT$29.6 billion term loan and a NT$1.8 billion revolving credit. Both tranches feature a margin of 170bp to 220bp over the secondary CP rate. The deal also features a one-year extension option.

Final allocations saw the leads Citibank (Taiwan), DBS Bank and Mega International Commercial Bank take NT$2.6 billion each, while Cathay United Bank lent NT$2.6 billion. Credit Agricole, Hua Nan Commercial Bank and Taiwan Cooperative Bank gave NT$2.6 billion each, and E.Sun Commercial Bank and Taishin International Bank pledged NT$2.5 billion apiece. King's Town Bank committed NT$1.9 billion, while Industrial Bank of Taiwan, Land Bank of Taiwan, Shanghai Commercial & Savings Bank, Standard Chartered Bank and Taipei Fubon Commercial Bank joined in with NT$1.2 billion. Taiwan Shin Kong Commercial Bank rounded out the group with NT$60 million.

Proceeds are to refinance existing debt facilities, and provide for capital expenditure and working capital requirements.

Chi Lin Technology's $370 million one-year club deal was signed last week via mandated lead arrangers Bank of Taiwan, Cathay United Bank, First Commercial Bank, Hua Nan Commercial Bank, Mega International Commercial Bank and Taipei Fubon Commercial Bank. 

The bullet facility is priced at 45bp over Libor. Proceeds are for working capital purposes.

A NT$1.5 billion five-year debt package for Genesis Photonics was concluded last week via bookrunners Chang Hwa Commercial Bank, DBS Bank, First Commercial Bank, Hua Nan Commercial Bank, Mega International Commercial Bank, Land Bank of Taiwan, Taichung Commercial Bank and Taiwan Business Bank.

The package comprises a NT$1.3 billion term loan and a NT$200 million revolver, which are priced at between 60bp and 130bp over the one-year floating post office savings rate, depending on the borrower's debt ratio and net profit margin.

Agricultural Bank of Taiwan, Bank of Kaohsiung, Shanghai Commercial & Savings Bank and Taiwan Cooperative Bank joined in as participants.

Proceeds are for capital expenditures and working capital purposes.

A NT$5.0 billion four-year revolving credit for KGI Securities was sealed on June 29 via lead arrangers Chang Hwa Commercial Bank, First Commercial Bank, Hua Nan Commercial Bank and Taipei Fubon Commercial Bank.

Final allocations saw the leads and co-arranger Agricultural Bank of Taiwan contribute NT$1.0 billion each.

Proceeds are for working capital purposes.

Vedan Enterprise has successfully secured a NT$2.0 billion seven-year term loan via bookrunners First Commercial Bank and Land Bank of Taiwan.

The term loan is split equally between two tranches, which are priced at 100bp and 105bp over  the one-year time deposit rate of Land Bank of Taiwan respectively.   

Syndication saw Chang Hwa Commercial Bank, Taiwan Business Bank and Taiwan Cooperative Commercial Bank come in as participants.

Proceeds are for refinancing and working capital purposes.