Loan week, March 13-19

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.