loan-week-march-1319

Loan week, March 13-19

A roundup of the latest syndicated loan market news.

Australia

ElectraNet's A$180 million three-year dual tranche facility has been signed via Commonwealth Bank of Australia and Westpac on a club basis.

The debt package is split into A$120 million and A$60 million revolving credits, with the leads committing A$90 million apiece.

Proceeds are to refinance a A$200 million multi-tranche facility signed in June 2006.

A A$240 million three-year club deal for Spotless Group was inked last week via mandated lead arrangers ANZ, Commonwealth Bank of Australia and HSBC. The leads each provided A$80 million. Proceeds are for debt repayment purposes.

Willmott Forest has tapped the syndicated loan market via a A$135 million transaction that was upsized from A$100 million and signed by sole mandated lead arranger and bookrunner Commonwealth Bank of Australia.

The deal comprises a A$55 million two-year revolver and an A$80 million three-year revolver. The lead bank gave A$95 million, while participant St George Bank came in with A$40 million.

Proceeds are to refinance bilateral facilities held with Commonwealth Bank of Australia and for general corporate purposes.

China

A Rmb900 million facility for East Hope (San Men Xia) Aluminum was signed on March 18 via sole bookrunner Calyon. The three-year loan is priced at 110% of the PBOC rate.

Final allocations saw the mandated lead and equal-status lead arrangers Bank of China, Bank of Communications and Standard Chartered Bank committing Rmb200 million each. Arranger Commercial Bank of Luoyang rounded off the syndicate with Rmb100 million.

Proceeds are for working capital purposes.

An Rmb800 million two-year financing for Foshan Sanshui Jianlibao Commerce was upsized from Rmb700 million and signed on March 17 via a consortium of 10 banks.

Bookrunners ANZ, BNP Paribas, HSBC, Oversea-Chinese Banking Corp, Rabobank, Standard Chartered Bank and United Overseas Bank each lent Rmb81.5 million, while mandated lead arrangers Bank of Communications, Bank of Nova Scotia and Hang Seng Bank held Rmb76.5 million apiece.

Guaranteed by parent company Uni-President Enterprises Corp, the deal features a margin of 115% of the one- to three-year PBOC rate. Banks providing Rmb100 million earn an upfront fee of 10bp, while those committing between Rmb50 million and Rmb99 million take 5bp.

Proceeds are to refinance a Rmb1 billion term loan signed in March 2007 and for working capital purposes.

Lafarge Shui On (Beijing) Technical Services has secured a Rmb1.8 billion debt package from coordinating arrangers BNP Paribas (China), Citi (China) and Standard Chartered Bank (China) on behalf of 10 subsidiaries of Lafarge Shui On Cement.

The deal is divided into a Rmb360 million one-year term loan and a Rmb1.4 billion three-year term loan. The leads each committed Rmb600 million.

The fundraising is guaranteed by the parent company and proceeds are to repay existing indebtedness and for general corporate purposes.

Hong Kong

A HK$3 billion credit for Link REIT was signed yesterday (March 19) via a consortium of 13 banks on a club basis. The loan was upsized from HK$1.8 billion.

The three-year facility features an all-in of 175bp over Hibor. The lenders are ANZ, Bank of China (HK), Bank of East Asia, Bank of Tokyo-Mitsubishi UFJ, China Construction Bank (HK), Citic Ka Wah Bank, DBS, HSBC, Industrial & Commercial Bank of China (Asia), Scotiabank (HK), Standard Chartered (HK), Wing Hang Bank and Wing Lung Bank.

Proceeds are for refinancing and working capital purposes.

NWS Transport Services' HK$1.4 billion three-year financing has been inked as a club deal via mandated lead arrangers Bank of China, Calyon, HSBC and Standard Chartered Bank.

Final allocation saw the leads contribute HK$350 million apiece, except for Standard Chartered Bank, which lent HK$300 million.

Proceeds are for general corporate purposes.

India

A Rs400 million seven-year financing for Teesta Rangit has been completed via sole bookrunner State Bank of India.

Final allocations saw the lead and participant Punjab National Bank provide IRs200 million apiece.

Proceeds are to finance a Rs620 million expansion of a hotel in Sikkim, India.

Korea

Cyprus Investment's $150 million three-year financing has been sealed via bookrunners Hana Investment Bank, Kookmin Bank, and Korea Development Bank, with Industrial Bank of Korea and Korea Exchange Bank joining in as co-arrangers. The deal was increased from $90 million.

The facility pays a spread of 450bp over Libor and final allocations saw each lender contribute $30 million.

Proceeds are to take out a $400 million bridge facility signed in August 2008, which backed LS Cable and LS Corp's acquisition of Superior Essex.

New Zealand

A NZ$80 million short term facility for Fisher & Paykel Appliances was sealed on March 13 on a club basis via mandated lead arrangers ANZ, Bank of New Zealand, Citi, Commonwealth Bank of Australia, HSBC and Westpac.

Proceeds are for cash advance purposes.

Taiwan

Cheng Uei Precision Industry's NT$4.8 billion three-year facility was upsized from NT$4 billion and signed on March 18 via a consortium of 10 bookrunners and mandated leads - 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, Mega International Commercial Bank, Taipei Fubon Commercial Bank and Taiwan Cooperative Bank.

The margin is priced on a six-tiered matrix, over the 90-day or 180-day secondary CP rate: 65bp if the CP rate is greater than 1.5%; 95bp if the CP rate is less than or equal to 1.5% but greater than 1.25%; 110bp if the CP rate is less than or equal to 1.25% but greater than 1%; 125bp if the CP rate is less than or equal to 1% but greater than 0.75%; 135bp if the CP rate is less than or equal to 0.75% but greater than 0.5%; and 145bp if the CP rate is less than or equal to 0.5%. There is also a commitment fee of 15bp and a two-year extension option.

Allocations saw the leads lending NT$390 million apiece, with the exception of Cathay United Bank and First Commercial Bank, which contributed NT$500 million each. Arrangers Agricultural Bank of Taiwan and Yuanta Commercial Bank joined in with NT$270 million each, while Bank of Kaohsiung ended up with NT$140 million.

Proceeds are to refinance the borrower's existing convertible bond facility and for working capital purposes.

Darfon Electronics Corp's NT$2 billion five-year fundraising was signed as a club deal on March 18 via mandated lead arrangers Bank of Taiwan, Chinatrust Commercial Bank, First Commercial Bank, Land Bank of Taiwan, Mega International Commercial Bank, Taipei Fubon Commercial Bank and Taiwan Cooperative Bank.

The deal comprises three tranches: NT$300 million and NT$800 million term loan portions which pay a spread of 48bp over the 90-day primary CP rate; and a NT$900 million credit that is priced at 52bp over the 90-day primary CP rate. There is also a commitment fee of 15bp and the loan is secured over the land, building and factory.

Final allocations saw coordinating arrangers Taiwan Cooperative Bank and Taipei Fubon Commercial Bank holding NT$450 million and NT$350 million respectively. Bank of Taiwan, Chinatrust Commercial Bank, First Commercial Bank, Land Bank of Taiwan and Mega International Commercial Bank contributed NT$240 million apiece.

Proceeds are for refinancing and capital expenditure purposes.

A NT$1.3 billion dual tranche five-year financing for Taisun Enterprise was completed on March 12 via bookrunners and coordinating arrangers Agricultural Bank of Taiwan, First Commercial Bank, Mega International Commercial Bank and Taiwan Cooperative Bank. The facility was oversubscribed and upsized from NT$1.2 billion.

The debt package is divided into a NT$400 million term loan and a NT$940 million revolver, paying a spread of 70bp and 85bp over the secondary CP rate respectively. Secured by land and plant, the loan has a commitment fee of 15bp and is guaranteed by the chairman of the company.

Among the lead banks Taiwan Cooperative Bank contributed NT$300 million, Agricultural Bank of Taiwan NT$299 million, Mega International Commercial Bank NT$200 million, and First Commercial Bank NT$194 million. Co-arrangers Shin Kong Commercial Bank held NT$150 million, while DBS lent NT$100 million and Land Bank Taiwan pledged NT$97 million.

Proceeds are for refinancing and working capital purposes. 

¬ Haymarket Media Limited. All rights reserved.

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