Loan week, June 4-10

A roundup of the latest syndicated loan market news.

Australia

Computershare's $600 million dual-tranche financing has been completed via bookrunners and mandated lead arrangers ANZ and National Australia Bank. The revolver is split equally into a three-year tranche and a four-year portion.

Syndication saw the bookrunners and participants Bank of America Merrill Lynch, Bank of Toyko-Mitsubishi UFJ, Commonwealth Bank of Australia, HSBC, Harris Bank and Royal Bank of Scotland contribute $75 million each.

Proceeds are for refinancing purposes.

China

Shanghai Forte Land has secured a Rmb770 million four-year onshore facility and a $150 million offshore financing via Bank of East Asia, DBS Bank and Hang Seng Bank.

The onshore and offshore facilities are priced at the PBOC rate and at 250bp over Libor respectively. Garden Plaza Capital is the borrower for the renminbi tranche while Skysail Investment is the borrower for the US dollar portion.

Bank of East Asia, DBS Bank and Hang Seng Bank contributed equally.

Proceeds are to finance the acquisition related to the Shanghai Garden Plaza residential project, and for refinancing and general corporate purposes.

HSBC (China) was mandated to arrange a $260 million three-year fundraising for Shanghai Heavy Industry on June 4. Depending on the response from the market, the facility could be upsized to $300 million.

Proceeds are for general corporate purposes.

Hong Kong

Goldman HK Finance's HK$1.6 billion four-year and four-month dual-tranche club deal was signed on June 3 via six lenders. The facility is split into a term loan and a revolver of HK$824 million each.

Final allocations saw Standard Chartered Bank commit HK$400 million and Natixis take HK$300 million. Credit Agricole came in with HK$270 million, while ING Bank gave HK$241 million. Oversea-Chinese Banking Corp and CITIC Bank International joined in with HK$236 million and HK$200 million respectively.

Proceeds are to refinance a HK$1.6 billion three-year credit facility signed in September 2009.

India

IDBI Bank, acting through its DIFC branch, has secured a $100 million three-year term loan via bookrunners BNP Paribas and Standard Chartered Bank.

Final allocations saw the bookrunners take $26 million each, while United Overseas bank joined in with $20 million. Lead arrangers Mega International Commercial Bank (Offshore Banking) and Taiwan Cooperative Bank (Offshore Banking) committed $10 million apiece, while arrangers Banca Monte dei Paschi di Siena (Hong Kong) and Shanghai Commercial & Savings Bank (Offshore Banking) ended up with $5 million and $3 million respectively.

Proceeds are for general corporate purposes.

Malaysia

A M$2.7 billion nine-month bullet term loan for Astro Holdings was signed last week via sole underwriter, bookrunner and mandated arranger CIMB Bank. The deal was pre-funded earlier in April.

Syndication saw RHB Bank coming in with M$1 billion while Employees Provident Fund Board took M$700 million. CIMB Bank lent M$600 million, while Bank of Tokyo-Mitsubishi UFJ (Malaysia) and Oversea-Chinese Banking Corp (Malaysia) rounded out the group with M$200 million each.

Proceeds are to support the acquisition of shares in Astro All Asia Networks.

South Korea

Hana Bank's $100 million financing has been completed via sole underwriter, bookrunner and mandated arranger Standard Chartered Bank (Hong Kong).

The 366-day term loan is priced at 50bp over Libor.

Final allocations saw the lead contribute $40 million, while Intesa Sanpaolo (Hong Kong) and Natixis joined in as mandated lead arrangers with $15 million each. Banca Monte dei Paschi di Siena (Hong Kong), Land Bank of Taiwan (Offshore Banking) and Mega International Commercial Bank gave $10 million apiece.

Proceeds are to cover general funding requirements.

Taiwan

A NT$400 million two-year debt package for ChipSiP Technology was signed last week via lead arrangers Chinatrust Commercial Bank, E. Sun Commercial Bank, Hua Nan Commercial Bank, Industrial Bank of Taiwan and Taiwan Cooperative Bank.

Secured by land, building and machinery, the package comprises a NT$100 million term loan and a NT$300 million revolver.

Final allocations saw the leads contribute NT$80 million apiece.  Proceeds are for refinancing, capital expenditure and working capital purposes.

Danen Technology Corp's NT$1.2 billion three-year fundraising was completed on June 4 via bookrunners Chinatrust Commercial Bank, Chang Hwa Commercial Bank, E. Sun Commercial Bank, First Commercial Bank, Land Bank of Taiwan, Mega International Commercial Bank and Taiwan Cooperative Bank. The deal was upsized from NT$1.0 billion.

The loan consists of a NT$350 million revolving credit and an NT$850 million term loan, which are priced between 125bp and 250bp over the secondary CP rate (based on the borrower's pre-tax net profit margin) with a 3% pre-tax interest rate floor. The term loan also features a two year extension option.

Syndication saw Chinatrust Commercial Bank and First Commercial Bank take NT$150 million apiece, while Chang Hwa Commercial Bank, E. Sun Commercial Bank, Land Bank of Taiwan, Mega International Commercial Bank and Taiwan Cooperative Bank lent NT$120 million each. DBS Bank and Shanghai Commercial & Savings Bank committed NT$100 million and NT$90 million respectively. Bank of Panhsin, Bank of Kaohsiung and Cathay United Bank pledged NT$30 million apiece. Cota Bank joined in with NT$20 million.

Proceeds are for capital expenditure and working capital purposes.

A $180 million 12-year term loan for Eva Airways Corp's SPV Octostar B777-09 was sealed on June 7 via bookrunners Bank Sinopac, Cathay United Bank, Chang Hwa Commercial Bank, Chinatrust Commercial Bank, E. Sun Commercial Bank, First Commercial Bank, Hua Nan Commercial Bank, Land Bank of Taiwan and Taiwan Cooperative Bank.

Final allocations saw First Commercial Bank provide $26 million, while Bank Sinopac, Cathay United Bank, Chang Hwa Commercial Bank, Chinatrust Commercial Bank, E. Sun Commercial Bank, Hua Nan Commercial Bank and Land Bank of Taiwan held $18 million apiece. Taiwan Cooperative Bank, Taichung Commercial Bank and Shanghai Commercial & Savings Bank contributed $12 million, $8 million and $5 million respectively, and Sunny Bank took $3 million.

Proceeds are for purchasing an aircraft.

Fu Yu Construction's NT$2.1 billion five-year term loan has been launched into syndication via sole mandated lead arranger Land Bank of Taiwan.

The facility is split into NT$948 million, NT$1.1 billion and NT$37 million tranches, which feature a spread between 139bp and 159bp over the one-year savings rate of Bank of Taiwan, Chang Hwa Commercial Bank, First Commercial Bank, Hua Nan Commercial Bank, Land Bank of Taiwan and Taiwan Cooperative Bank.

Banks are being invited to join at one of two levels -- managers taking NT$500 million or above get 10bp and participants contributing NT$300 million to NT$499 million receive 5bp.

Proceeds are for land acquisition, construction costs and working capital purposes. The facility is expected to close in mid-June.

A $660 million five-year dual-tranche revolver for Quanta Computer and Quanta International was inked on June 4 via mandated leads Bank of Taiwan, Bank of Tokyo-Mitsubishi UFJ, Cathay United Bank, Chang Hwa Commercial Bank, Chinatrust Commercial Bank, DBS Bank, E. Sun Commercial Bank, First Commercial Bank, HSBC, Hua Nan Commercial Bank, Land Bank of Taiwan, Mega International Commercial Bank, Shanghai Commercial & Savings Bank, Taipei Fubon Commercial Bank, Taishin International Bank and Taiwan Cooperative Bank.

The revolver features a margin of 53bp over Libor with a 10bp commitment fee.

Syndication saw Bank Sinopac, Ta Chong Bank and Yuanta Commercial Bank come in at lower tiers. Proceeds are for working capital purposes.

A NT$2.0 billion seven-year term loan for Vedan Enterprise Corp has been closed via sole mandated lead arranger Land Bank of Taiwan. The deal was oversubscribed to NT$2.7 billion and upsized from NT$1.9 billion.

The term loan is divided into two equal tranches of NT$1.0 billion, which are priced at 100bp and 105bp over Land Bank of Taiwan's one-year time saving deposit rate respectively.

Syndication saw First Commercial Bank join in as a bookrunner for a 20bp participation fee, while Chang Hwa Commercial Bank, Taiwan Business Bank and Taiwan Cooperative Bank came in as participants for a 10bp fee.

Proceeds are for the refinancing of existing indebtedness and for working capital purposes. Signing is slated for the end of June.

Thailand

MTP HPPO Manufacturing has obtained a $665 million-equivalent project financing via 11 international and domestic lenders.

The one-year bullet term loan consists of a $200 million portion, a $70 million tranche and a Bt12.7 billion facility.

Syndication saw Credit Agricole, HSBC, Mega International Commercial Bank, Oversea-Chinese Banking Corp, Societe Generale, Standard Chartered Bank and Sumitomo Mitsui Banking Corp participate in the US dollar tranches while Bangkok Bank, Kasikornbank, Krung Thai Bank and Siam Commercial Bank joined in the Thai baht.

Proceeds are to refinance an existing bridge facility signed in August 2009, which supports the development of the Propylene Oxide plant in the Map Ta Phut Estate, Thailand.

¬ Haymarket Media Limited. All rights reserved.

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