Loan week, June 27-July 3

A roundup of the latest syndicated loan market news.

Primary HealthcareÆs A$2.32 billion multi-tranche fundraising has been sealed via lead arrangers and bookrunners ABN AMRO, Calyon, Credit Suisse, Deutsche Bank and National Australia Bank.

The two-year credit comprises a A$1.22 billion loan, a A$1 billion bullet and a A$100 million portion with a 12-month extension option. The deal was funded back in March.

Syndication saw a total of 21 commitments with 11 banks joining in at the top-level as equal-status arrangers. Final allocations saw the original mandated leads National Australia Bank providing A$200 million, while ABN AMRO, Calyon, Credit Suisse and Deutsche Bank took A$97.4 million apiece.

Allied Irish Bank and St George Bank gave A$150 million each while BOS International lent A$125 million. ANZ, Commonwealth Bank of Australia, Mizuho Corporate Bank, Natixis, Societe Generale, Sumitomo Mitsui Banking Corporation and WestLB all contributed A$100 million apiece. Westpac held A$75 million.

Coming in as a co-arranger was Suncorp-Metway with a hold of A$100 million, while senior lead arrangers Aozora Bank, Bank of Ireland and Citic Ka Wah Bank provided A$75 million each. Lead managers BayernLB and Credit Industriel et Commercial committed A$50 million and A$48.4 million respectively, while Chinatrust Commercial Bank lent A$40 million.

Rounding off the syndicate as managers were DZ Bank holding A$30 million and Taiwan Business Bank and Bank of Taiwan, which took A$20 million and A$15 million respectively.

Proceeds are to support the acquisition of Symbion Health.


A Rmb1 billion three-year term loan for Shanghai Forte Investment Management was inked in late June through China Zheshang Bank (Shanghai branch), First Sino Bank, Hang Seng Bank, Nanyang Commercial Bank (China) and Standard Chartered Bank (China) on a club basis.

The mandated lead arrangers committed Rmb200 million each, except for China Zheshang Bank (Shanghai branch) and First Sino Bank, which lent Rmb250 million and Rmb150 million respectively.

The pricing of the deal is 110% of the one- to three-year PBOC rate. Proceeds are to finance the acquisition of a property project in Beijing.

Hong Kong

China Resources HoldingsÆ HK$2.45 billion three-year club facility was signed on June 23 via Bank of Tokyo-Mitsubishi UFJ, Citi, DBS Bank, Natixis, Oversea-Chinese Banking Corporation, Standard Chartered Bank and Sumitomo Mitsui Banking Corporation.

Bank of Tokyo-Mitsubishi UFJ and Natixis joined in with HK$500 million each, while Sumitomo Mitsui Banking Corp gave HK$400 million. DBS Bank and Oversea-Chinese Banking Corp held HK$300 million apiece. Standard Chartered Bank and Citi gave HK$250 million and HK$200 million respectively.

The deal is priced at 50bp over Libor. Proceeds are to refinance the borrowerÆs existing indebtedness and to meet corporate funding requirements.

A HK$420 million dual-tranche credit for SG Finance, a subsidiary of Samson Paper Holdings, was inked on June 27 via a consortium of eight mandated leads on a club basis. The deal was upsized slightly from HK$400 million.

The three-and-a-half-year facility comprises a HK$320 million term loan and a HK$100 million revolver, paying a spread of 120bp over Hibor.

Allocations saw HSBC holding HK$100 million while Hang Seng Bank took HK$80 million. Oversea-Chinese Banking Corporation and Citic Ka Wah Bank provided HK$60 million and HK$50 million respectively. KBC Bank and Taiwan Business Bank contributed HK$40 million apiece, while Fubon Bank (Hong Kong) and Maybank committed HK$30 million and HK$20 million respectively.

Proceeds are to refinance an existing HK$300 million facility signed in February 2006.


Syndication of Tata Motors SPV TML HoldingsÆ $3 billion, 12-month bridge facility has finally closed via original mandated leads and bookrunners Bank of Tokyo-Mitsubishi UFJ, BNP Paribas, Citi, ING Bank, JPMorgan, Mizuho Corporate Bank, Standard Chartered and State Bank of India.

The margin is priced at 85bp for the first six months, 120bp from the sixth to the ninth month and 150bp thereafter. The blended margin is 110bp over Libor.

Allocations saw the bookrunners contributing $290.7 million apiece, with the exception of BNP Paribas, which took $250 million. Coming in as equal-status arrangers were WestLB, with $125 million, while Bank of Baroda and Natixis held $100 million each.

Arrangers Intesa Sanpaolo and Export Development Canada committed $75 million and $70 million respectively, while DBS Bank and Union National Bank gave $50 million apiece.

Coming in as managers were Syndicate Bank with a hold of $30 million while Emirates International Bank and Bank of Taiwan contributed $25 million each. Chinatrust Commercial Bank and Banco Nacional Ultramarino lent $20 million apiece. Completing the syndicate were State Bank of Mauritius and Taiwan Cooperative Bank, holding $10 million each, while Bank of East Asia took $5 million.

The funds are to support the acquisition of Jaguar and Land Rover from Ford.


A S$2 billion five-year, multi-tranche financing for Morganite was signed on June 20 via mandated lead arrangers and bookrunners DBS Bank, Oversea-Chinese Banking Corporation, Royal Bank of Scotland, Standard Chartered Bank and United Overseas Bank.

The loan comprises a S$1.37 billion term loan, a S$500 million revolver and a S$130 million guarantee portion which is not being syndicated to the market. The margin is priced at 150bp over SOR for all three tranches.

Final allocations saw DBS Bank and United Overseas Bank provide S$340 million apiece, while Standard Chartered Bank held S$316.2 million. Royal Bank of Scotland and Oversea-Chinese Banking Corp gave S$292.4 million each. Joining in as equal-status arrangers were HSH Nordbank (Singapore Branch) with a hold of S$150 million, while HSBC and Maybank (Singapore Branch) contributed S$100 million apiece.

Bank of China (Singapore Branch) took S$50 million as an arranger while lead manager Arab Bank (Singapore Branch) lent S$15 million.

The funds are to support the acquisition of land and for the construction of a real estate property development, Farrer Court.

SupernovaÆs S$200 million leveraged buy-out facility for the acquisition of Seksun Corporation has finally been completed after a prolonged syndication process. The mandated arrangers and bookrunners are Chinatrust Commercial Bank, DBS Bank and United Overseas Bank. The financing is sponsored by Citi Venture Capital International.

The fundraising comprises three tranches û a short term loan, a revolving credit and a term loan facility with an average life of 3.25 years. The margin is priced at 335bp over SOR and the loan was funded in early January by the mandated arrangers.

Final allocations saw banks committing in US dollar equivalent with the mandated lead arrangers providing $30.4 million apiece. Oversea-Chinese Banking Corporation contributed $14 million as an arranger. Co-arrangers Ta Chong Bank and Entie Commercial Bank took $12 million and $11 million respectively, while First Commercial Bank and Taishin International Bank gave $7 million and $5 million correspondingly.


A $50 million three-year multi-tranche debt package for Kenmos Technology was oversubscribed and sealed on June 30 via original mandated arrangers First Commercial Bank and Ta Chong Bank. Banks joining as equal status lead arrangers are Bank of Taiwan, Cathay United Bank, Chang Hwa Commercial Bank, E.Sun Commercial Bank and Jih Sun Commercial Bank. Participating as arrangers were Land Bank of Taiwan, Mega International Commercial Bank, Shin Kong Commercial Bank, Taiwan Business Bank and Yuanta Commercial Bank.

The facility comprises two $50 million revolving credits and a $25 million stand-by credit û with the maximum total outstanding amount not exceeding $50 million. The margin of the fundraising is 85bp over Libor. Proceeds are for working capital purposes.

Motech IndustriesÆ NT$6 billion five-year, dual-tranche financing was upsized from NT$5 billion and closed on last June 27. Signing is expected to take place today July 4 via nine mandated lead arrangers.

Mandated leads and bookrunners Chang Hwa Commercial Bank, Chinatrust Commercial Bank, E. Sun Commercial Bank, First Commercial Bank, Hua Nan Commercial Bank, Industrial Bank of Taiwan, Mega International Commercial Bank, Taipei Fubon Commercial Bank and Yuanta Commercial Bank committed NT$550 million apiece. Managers Cathay United Bank, Land Bank of Taiwan and Taishin International Bank held NT$250 million each, while Shanghai Commercial & Savings Bank and Taiwan Cooperative Bank took $150 million apiece.

The deal is split into a NT$4.8 billion revolving credit and a NT$1.2 billion term loan. Secured by machinery, the facility features a margin of 60bp over the 90- or 180-day secondary CP rate and has a commitment fee of 15bp. The repayment schedule for both tranches will be six semi-annual installments after a grace period of 2.5 years. Proceeds are to refinance an existing debt facility and for working capital purposes.

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