Loan week, March 12-18

A roundup of the latest syndicated loan market news.

China

Haitai Semiconductor (Wuxi)'s $200 million five-year credit facility has been signed via Agricultural Bank of China, Bank of China, China Construction Bank and Export-Import Bank of China.

Proceeds are to finance the testing of packaged integrated circuits.

A Rmb1.9 billion fundraising for Suzhou National High-New Tech Industry Developing Zone Xushuguan Zone was completed in early March via Agricultural Bank of China, Bank of China and Bank of Jiangsu.

Proceeds are to support a renovation project around the development zone in Suzhou, China.

Hong Kong

A HK$16 billion dual-tranche self-arranged facility for Sun Hung Kai Properties is in the market via a consortium of 20 coordinating arrangers and underwriters. Bank of Communications, Bank of Tokyo-Mitsubishi UFJ, Bank of China (Hong Kong), Hang Seng Bank, HSBC and Oversea-Chinese Banking Corp joined in as bookrunners, while ANZ, Bank of East Asia, BNP Paribas, China Construction Bank, Credit Agricole, Dah Sing Bank, DBS Bank, Industrial & Commercial Bank of China (Asia), Mizuho Corporate Bank, Standard Chartered Bank, Sumitomo Mitsui Banking Corp, United Overseas Bank, Wing Hang Bank and Wing Lung Bank came in as lead arrangers.

The five-year bullet loan comprises a HK$4.8 billion term loan and a HK$11.2 billion revolving credit.

Signing is expected by the end of March and proceeds are for general corporate purposes.

India

Abhijeet Madc Nagpur Energy has secured a Rs4.3 billion 13-year term loan from sole bookrunner Axis Bank.

Bank of India, Bank of Maharashtra, Srei Infrastructure Finance, State Bank of Hyderabad, State Bank of Mysore, State Bank of Travancore, UCO Bank and Vijaya Bank were the participants.

Proceeds are for project financing purposes.

Maxx Mobile Communications' Rs2 billion seven-year term loan was sealed on March 12 via sole mandated lead arranger and bookrunner SBI Capital Markets.

Final allocations saw State Bank of India take Rs520 million. Oriental Bank of Commerce and Allahabad Bank contributed Rs400 million each, while Federal Bank and Andhra Bank provided Rs350 million apiece.

Proceeds are to set up a mobile battery manufacturing unit at Haridwar, Uttarakhand.

A Rs3.8 billion 11-year term loan for Pipavav Shipyard was completed on March 10 via mandated lead arranger IDBI Bank.

Syndication saw United Bank of India and IDBI Bank commit Rs800 million and Rs750 million respectively. Life Insurance Corp of India, Karnataka Bank and Karur Vysya Bank contributed Rs450 million each, and Punjab National Bank took Rs470 million. Union Bank of India ended up with Rs400 million.

Proceeds are to support the expansion of its shipyard at Pipavav, Gujarat.

Reliance Industries secured two club transactions totalling $800 million last week, via a group of 11 mandated lead arrangers.

A $500 million four-year term loan was obtained via mandated leads ANZ, Bank of America Merrill Lynch, Bank of Tokyo-Mitsubishi UFJ, HSBC and Sumitomo Mitsui Banking Corp with RBS/ABN AMRO acting as the facility agent. Each lender contributed equally.

Another $300 million four-year term loan was signed via mandated lead arrangers BNP Paribas, Credit Agricole, ING, Mizuho Corporate Bank, RBS/ABN AMRO and Standard Chartered Bank.

Final allocations saw BNP Paribas lend $70 million, while Credit Agricole, ING Bank and RBS/ABN AMRO committed $50 million each. Mizuho Corporate Bank and Standard Chartered Bank ended up with $40 million apiece.

Proceeds are to refinance existing debt facilities.

A Rs2.5 billion eight-year debt package for Shiraguppi Sugar Works has been inked via sole lead arranger SBI Capital Markets.

The package is split into Rs1.8 billion and Rs744 million term loans. Both facilities feature a margin of 50bp over the State Bank Advance Rate. 

Joining as participants were Andhra Bank, Federal Bank, Indian Bank, State Bank of Hyderabad, State Bank of India, State Bank of Mysore and State Bank of Travancore.

Proceeds are to set up an integrated sugar manufacturing complex at Belgaum, Karnataka.

Tata Teleservices (Maharashtra)'s Rs34.3 billion nine-year term loan was signed on March 10 by sole mandated lead arranger and bookrunner IDBI Bank.

Participants were Allahabad Bank, Bank of Baroda, Bank of Maharashtra, Canara Bank, Central Bank of India, Corporation Bank, Dena Bank, Development Credit Bank, Jammu & Kashmir Bank, Karanataka Bank, Life Insurance Corp of India, Oriental bank of Commerce, State Bank of Indore, State Bank of Mysore, UCO Bank, Union Bank of India and United Bank of India.

Proceeds are to support the expansion of its mobile telecom network.

Indonesia

A Rp2.2 trillion project financing for Priamanaya Energi was sealed last week via sole bookrunner Bank Negara Indonesia.

Syndication saw Bank Pembangunan Daerah Jawa Barat dan Banten, Bank Pembangunan Daerah Jawa Tengah and Bank Pembangunan Daerah Sumatera Selatan dan Bangka Belitung join in as participants.

Proceeds are to finance a 2 times 135MW steam coal-fired power plant in Keban Agung, Sumatera Selatan.

Telekomunikasi Selular (Telkomsel)'s $264 million 7.5-year amortising term loan was inked in early March via sole bookrunner and mandated lead arranger HSBC.

Syndication saw Citi and Credit Suisse join in as participants with Finnvera acting as the risk participant.

Proceeds are for capital expenditure purposes.

Singapore

A $170 million-equivalent five-year dual-tranche multi-currency facility for subsidiaries of Equinix -- including Equinix Australia, Equinix Hong Kong, Equinix Japan, Equinix Pacific and Equinix Singapore -- is in the market via joint mandated lead arrangers and bookrunners DBS Bank, ING Bank (Singapore), RBS/ABN AMRO and GE Commercial Finance (Hong Kong).

The facility offers an initial margin of 350bp over the local borrowing rates in the first year and may step down to 250bp over the same rates, depending on the leverage ratio of the borrower. The facility is guaranteed by Equinix and secured by assets and shares of the borrowers. There is a delayed drawdown option of up to 24 months available for the second tranche of the facility.

Proceeds are to refinance existing facilities arranged by ABN AMRO and DBS Bank, and to finance capital expansion requirements.

South Korea

Tong Yang Magic has secured a W40 billion three-year club deal from mandated lead arrangers Standard Chartered Bank and Woori Bank.

The deal comprises W25 billion and W15 billion term loans.

Secured by real estate and receivables, the facility pays a spread of 300bp over the CD rate.

Standard Chartered Bank and Woori Bank pledged W25 billion and W15 billion respectively.

Proceeds are for acquisition purposes.

A W200 billion five-year term loan for Woongjin Polysilicon was sealed via sole bookrunner Woori Bank last week.

The lead committed W70 billion, while mandated lead arrangers Hana Bank and Shinhan Bank contributed W30 billion apiece. Participants Korea Exchange Bank and Nonghyup Bank gave W20 billion each. Daegu Bank, Shinhan Capital and Suhyup Bank came in with W10 billion tickets.

The financing is secured by stock and is priced at 502bp over the CD rate. The commitment fee is 100bp.

Proceeds are for capital expenditure purposes.

Taiwan

A $132 million term loan for Formosa Industries Corp (Vietnam) was signed on March 11 through mandated lead arrangers and bookrunners Chinatrust Commercial Bank, Citibank, First Commercial Bank, HSBC, Mega International Commercial Bank, Standard Chartered Bank and Taipei Fubon Commercial bank.

The term loan pays a spread of 145bp over Sibor and has a two-year extension option.

Final allocations saw the leads take $16 million each, with the co-arrangers ANZ, Cathay United Bank and Hua Nan Commercial Bank committing $8 million apiece.

Proceeds are for capital expenditure purposes.

Joinsoon Electronics MFG's NT$500 million three-year revolver was completed last week via coordinating arrangers Chinatrust Commercial Bank and E.Sun Commercial Bank.

Pricing is linked to the pre-tax profit margin and debt-to-net-worth ratio over the secondary CP rate. There is also a 0.7% interest rate floor for the secondary CP rate.

Final allocations saw the leads contribute NT$75 million each, while participants Bank SinoPac and Chang Hwa Commercial Bank took NT$70 million apiece. First Commercial Bank committed NT$60 million while Taipei Fubon Commercial Bank lent NT$55 million. Shanghai Commercial & Savings Bank joined in with NT$50 million while Far Eastern International Bank ended up with NT$45 million.

Proceeds are for working capital purposes.

A NT$720 million three-year transaction for Ta-I Technology was inked on March 16 via bookrunners and mandated lead arrangers Taipei Fubon Commercial Bank and Taishin International Bank.

The debt package is split into a NT$480 million term loan and a NT$240 million revolving credit. Both tranches are priced at 65bp over the secondary CP rate with an interest rate floor of 1.5%.

Syndication saw Agricultural Bank of Taiwan, E.Sun Commercial Bank, Hua Nan Commercial Bank and Shanghai Commercial & Savings Bank join in as lead managers, while Bank Sinopac, Bank of Kaohsiung and Mega International Commercial Bank came in as managers.

Proceeds are for capital expenditure, equipment purchase and working capital purposes.

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