Loan Week

Loan Week, June 3-9

A roundup of the latest syndicated loan market news.

Australia

Echo Entertainment Finance successfully signed a A$960 million dual-tranche facility last Wednesday (June 1) through joint bookrunners ANZ, Commonwealth Bank of Australia, National Australia Bank and UBS. The loan package is split evenly with tenors of three and five years respectively.

Syndication saw BNP Paribas and SMBC join in as mandated lead arrangers while Bank of Nova Scotia and United Overseas Bank came in as lead arrangers.

Proceeds are to support Tabcorp Holdings’ casino spin off.

Lend Lease Finance sealed a A$975 million multi-tranche facility last Thursday (June 2) through joint bookrunners Commonwealth Bank of Australia and National Australia Bank.

The deal consists of A$215 million and A$380 million three-year tranches and A$135 million and A$245 million five year portions.

Syndication saw Bank of America (Sydney), BOS International (Australia), Goldman Sachs, HSBC and SMBC join in as mandated leads while BBVA (Hong Kong), Mizuho Corporate Bank and Societe Generale joined in at lower levels.

Proceeds are to refinance a A$570 million facility signed in December 2009.

SA Health Partnership Securitisation has successfully obtained a A$2.6 billion seven year project financing through a consortium of 15 mandated lead arrangers.

Mandated lead arrangers ANZ, BBVA, BOS International, Banco Santander, Bank of Ireland, Credit Agricole, DBS Bank, HSBC, ING, ICBC, Intesa Sanpaolo, Investec Bank, National Australia Bank, Societe Generale and WestLB jointly arranged the financing.

Proceeds are to support the new Royal Adelaide Hospital PPP Project.

 


India

HPCL-Mittal Energy signed a Rs50 billion one-year working capital facility last Friday (June 3) through sole mandated lead arranger SBI Capital Markets. The deal is priced at 150bp over SBI Base Rate.

Final allocations saw participant State Bank of India pledge Rs17.5 billion while Canara Bank committed Rs8 billion. Standard Chartered and Bank of India lent Rs4.5 billion and Rs3.8 billion respectively while Allahabad Bank and Indian Overseas Bank gave Rs3.5 billion each. Union Bank of India and DBS provided Rs2.7 and Rs2.5 billion respectively, while Bank of Maharashtra and Vijaya Bank contributed Rs1.5 billion each. State Bank of Bikaner & Jaipur rounded up with Rs1 billion.

Transstroy Bhopal Bypass Tollways has completed a Rs2.1 billion 15-year term loan through syndication agent SRB Consultancy and mandated leads Central Bank of India, Indian Overseas Bank and Oriental Bank of Commerce.

Final allocations saw Oriental Bank of Commerce pledge Rs1 billion while Central Bank of India and Indian Overseas Bank lent Rs630 million and Rs500 million respectively.

Proceeds are for project financing purposes.

 


Japan

Sumitomo Rubber Industries’ ¥2 billion financing was signed in early June through sole bookrunner and mandated lead arranger Credit Agricole.

Syndication saw Chiba Bank come in as a participant.

Proceeds are for general corporate purposes.

 


Malaysia

Astro Malaysia Holdings has recently secured an approximately $1 billion 10-year financing package through a consortium of 10 banks.

The fundraising comprises a MYR2 billion 10-year onshore term loan and a $300 million 10-year offshore term loan.

Mandated lead arrangers AmBank, CIMB, Citi, Maybank, OCBC (Malaysia), Public Bank, RHB Bank and United Overseas Bank (Malaysia) provided the onshore portion. Bank of Tokyo-Mitsubishi UFJ, SMBC and OCBC contributed to the offshore tranche.

Proceeds are for subscription and/or purchase of shares and certain assets and liabilities of the company.

 


Taiwan
A NT$6.3 billion and $125 million multi-tranche five-year transaction for E Ink Holdings and four of its affiliates was completed last week through a consortium of 12 lenders.

The upsized deal is priced at 70bp above the secondary CP rate and 80bp above Libor when drawn in Taiwanese dollars and dollars respectively.

The mandated lead arrangers include Bank of Taiwan, Chang Hwa Commercial Bank, Chinatrust Commercial Bank, E.Sun Commercial Bank, First Commercial Bank, Hua Nan Commercial Bank, Land Bank of Taiwan, Mega International Commercial Bank, Taipei Fubon Commercial Bank, Taiwan Business Bank and Taiwan Cooperative Bank while HSBC joined in at a lower tier.

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

Green Energy Technology signed a $70 million five-year term loan last week through bookrunners Far Eastern International Bank, First Commercial Bank, Mega International Commercial Bank and Taipei Fubon Commercial Bank.

The term loan is split into four tranches, which offer a spread of 89bp over Libor or 110bp over the five-year interest rate swap rate.

The bookrunners committed $14 million each while arrangers Chang Hwa Commercial Bank and Taiwan Business Bank gave $7 million each.

Proceeds are for capital expenditure and working capital requirements.

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