Loan week, March 14-20

A roundup of the latest syndicated loan market news.

A $712 million-equivalent dual tranche financing for BBI Financewas signed on March 13 via a syndicate of 11 banks.

The loan comprises a A$150 million three-year bullet, an A$85 million five-year revolver, a $275 million three-year loan and a $225 million five-year credit.

ANZ, Commonwealth Bank of Australia, Dresdner Bank and Royal Bank of Australia are the original mandated arrangers. Joining the syndicate as arrangers were DnB Nor Bank, KFW Bank and Natixis, while National Australia Bank, Oversea-Chinese Banking Corporation and Societe Generale joined as managers.

Leads Commonwealth Bank of Australia and Westpac have sealed a A$1.6 billion multi-tranche fundraising for Goodman Australia Industrial Fund.

The financing is split between a A$450 million one-year debt, two A$400 million portions with tenors of three years and a A$350 million one-year credit.

The full syndicate was undisclosed at the time of going to press. Proceeds are to refinance existing debt and to fund expansion.

Iluka ResourcesÆ A$500 million five-year debt package was completed on March 12 via mandated lead arrangers and bookrunners ABN AMRO and Westpac.

Final allocations saw Westpac and ABN AMRO providing A$155 million and A$100 million respectively. Coming in as co-arrangers were nabCapital and ANZ, lending A$100 million and A$75 million respectivley. Rounding off the syndicate were HSBC (Australia) and Oversea-Chinese Banking Corportation, which took A$35 million apiece as managers.

Proceeds are to refinance existing debt and for general corporate purposes

Origin EnergyÆs A$1.54 billion multi-tranche facility has closed heavily oversubscribed despite the current market conditions. The loan was upsized from A$1.1 billion.

The dual-currency deal is divided into a A$700 million three-year revolver, a A$200 million three-year credit and a $200 million three-year bullet.

Final allocations saw underwriters ANZ, Commonwealth Bank of Australia, Deutsche Bank, JPMorgan and National Australia Bank each provide A$98 million, while co-arrangers Bank of China held A$212 million. Royal Bank of Scotland took A$98 million, while Banco Bilbao Vizcaya Argentaria, Bank of Nova Scotia, Bank of Tokyo-Mitsubishi UFJ, DnB Nor Bank and Fortis Bank took A$95 million apiece.

Lead manager Dexia Credit Local came in with A$70 million and senior managers Oversea-Chinese Banking Corporation lent A$55 million. Citi and Societe Generale committed A$50 million each while Bank of America ended up with A$30 million.

The funds will be used along with cash flow and existing facilities to finance the borrowerÆs capital expenditure requirements, including the Darling Downs Power Station Project and ongoing coal-seam gas developments.

A A$300 million dual tranche three-year bullet loan has been inked for Spotlight via sole lead National Australia Bank.

The debt is split between a A$200 million bullet and a A$100 million three-year portion.

Allocations saw the lead and co-arranger ANZ provide A$100 million each, while co-arrangers Commonwealth Bank of Australia and Bank of Western Australia contributed A$50 million apiece.


Jiangsu New Times Shipbuilding Shipping Export Project has obtained a $3 billion 18-year onshore bill facility via a consortium of seven banks.

Final allocations saw mandated leads Bank of China commit $1 billion, while Export-Import Bank of the Republic of China contributed $800 million.

Participants Agricultural Bank of China, China Everbright Bank and China Minsheng Bank each took $300 million. China Merchants Bank held $200 million, while Shanghai Pudong Development Bank ended up with $100 million.

Jiangsu New Century Shipbuilding and Jiangsu New Times Shipbuilding are acting as guarantors. Proceeds are to finance the acquisition of vessels.

Hong Kong

Pacific Andes Treasury ManagementÆs $160 million four-year dual tranche financing is ongoing in syndication via mandated leads and bookrunners Rabobank and Standard Chartered Bank.

The deal comprises a $100 million term loan and a $60 million revolver. The margin is priced at 125bp over Libor and features an average life of three years. The parent company, Pacific Andes International Holdings, is acting as the guarantor.

Citic Ka Wah Bank has so far joined in as an equal-status arranger with several other banks still processing their credit approvals. The syndication closing date has been extended to the end of the month.

Proceeds are to refinance existing debt signed in July 2006 and for working capital purposes.


State Bank of India has completed a $1 billion one-year fundraising for Aircel. A total of seven banks joined the syndicate.

Allocations saw State Bank of India providing $287.5 million and lender IDBI Bank committing $250 million. Allahabad Bank and Indian Overseas Bank each held $125 million, while United Bank of India lent $87.5 million. Indian Bank and State Bank of Patiala took $62.5 million apiece.

The funds are to support the implementation of pan-India GSM services.

Indian Overseas BankÆs $100 million three-year debt package has been inked via co-ordinating arrangers HSBC, Intesa Sanpaolo, Bank of Tokyo-Mitsubishi UFJ, DZ Bank, Bank of China, First Commercial Bank and Taiwan Cooperative Bank with each holding $9 million.

Arrangers Bank of Austria Creditanstalt and Land Bank of Taiwan provided $7 million each, while co-arrangers Banca Monte dei Paschi di Siena, Banque des Mascareignes and Hua Nan Commercial Bank contributed $5 million apiece. Export-Import Bank of the Republic of China lent $3.5 million while Bank of Kaohsiung committed $3 million. Shanghai Commercial & Savings Bank ended up with $1.5 million.


A $485 million two-year credit for Calipso Investment, an SPV of Bumi Resources, is being well received in syndication via sole mandated lead and bookrunner Credit Suisse.

Syndication has so far seen ICICI Bank and WestLB joining in as equal status mandated arrangers. Four more banks have also committed.

The funds are to support the acquisition of an Australian company, Herald Resources.

A $240 million three-year financing for Pakistan State Oil has been sealed on a club basis via a group of six banks.

Joining the consortium with holds of $40 million each were Allied Bank of Pakistan, Bank Alfalah, MCB Bank, National Bank of Pakistan, Standard Chartered Bank and United Bank.

Proceeds are to finance the price differential claim receivables on petroleum and oil products from the Government of the Islamic Republic of Pakistan.


MorganiteÆs S$1.5 billion six-month fundraising has been signed on a club basis via mandated arrangers DBS Bank, Royal Bank of Scotland, Standard Chartered Bank, Oversea-Chinese Banking Corporation and United Overseas Bank.

Allocations saw the banks holding an equal share of S$300 million apiece.

Proceeds are to support the acquisition of land and for working capital purposes.

Syndication of Tech SemiconductorÆs $600 million term loan has received a good response in the market with 19 commitments so far. The mandated lead arrangers and bookrunners are ABN AMRO, Citi, DBS Bank and Oversea-Chinese Banking Corporation.

The amortising term loan features a margin of 250bp over Sibor with a door-to-door maturity of 4.25 years. The average life is 2.85 years.

Syndication is slated to close in the coming week.

The funds are to refinance an existing debt facility signed in 2005 and for capital expenditure requirements.


Hung Tu Alishan International DevelopmentÆs NT$1.3 billion multi-tranche debt package was sealed on March 20 via a syndicate of six mandated leads û Agricultural Bank of Taiwan, Bank of Taiwan, Cathay United Bank, Land Bank of Taiwan, Taiwan Business Bank and Taiwan Cooperative Commercial Bank.

The facility is split into term loan portions of NT$806 million and NT$429 million rspectively, paying a spread of 183bp over the one-year post office savings rate. A NT$65 million guarantee tranche is priced at 100bp over the annual guarantee fee.

Final allocations saw the six mandated leads contributing NT$200 million apiece while Taichung Commercial Bank provided NT$100 million as a participant.

Proceeds are for the construction of a resort hotel and a rail station with the guarantee tranche acting as a contract security deposit.

Jih Sun SecuritiesÆ NT$2.5 billion three-year financing is scheduled to be signed next week via mandated arrangers Agricultural Bank of Taiwan, Chang Hwa Commercial Bank, Chinatrust Commercial Bank, Mega International Commercial Bank and Taiwan Cooperative Bank.

A $450 million three-year financing for Leadtek Global is expected to be launched into the market shortly. Bank of Taiwan and HSBC are coordinating the syndication, with six banks in the process of getting final approvals to join at the mandated lead arranger level.

Land Bank of Taiwan is in charge of co-ordinating with the local banks while HSBC will facilitate with the international banks.

Banks committing $50 million and above receive the mandated arranger titles. The loan amount is likely to increase to as much as $700 million once the lead banks have been finalised.

The deal features an extension option of two-years and offers a spread of 62.5bp over Libor.

A NT$6 billion nine-month bridge facility for Prime View International was completed on March 13 via mandated leads and bookrunners Bank of Taiwan, Chinatrust Commercial Bank, Taipei Fubon Commercial Bank and Taishin International Bank.

The bullet loan pays a spread of 70bp over the primary CP rate.

Final allocations saw the bookrunners committing NT$1.5 billion apiece, with the exception of Taishin International Bank which holds NT$750 million.

Coming in as a participant was Chang Hwa Commercial Bank, which is also lending NT$750 million.

The funds are to support the acquisition of South Korean company Hydis.

Sino-American Silicon ProductsÆ NT$2.5 billion five-year multi-tranche fundraising was inked on March 12 as a club deal via eight mandated arrangers.

The deal comprises a NT$1 billion term loan, and NT$650 million and NT$850 million revolving credits. All three tranches are priced at a margin of 50bp over the secondary CP rate.

Allocations saw Chang Hwa Commercial Bank and E.Sun Commercial Bank contributing NT$460 million and NT$360 million respectively. The remaining six banks û Bank of Taiwan, Cathay United Bank, Industrial Bank of Taiwan, Mega International Commercial Bank, Shanghai Commercial & Savings Bank and Taiwan Cooperative Commercial Bank - provided NT$280 million apiece.

Proceeds are to purchase a stake in Globitech Incorporation and for working capital purposes.

Ta Ching SecuritiesÆ NT$1.2 billion two-year revolver has been signed via sole lead Industrial Bank of Taiwan.

Final allocations saw the lead and participants Agricultural Bank of Taiwan, Bank of Taiwan, Cathay United Bank and Taiwan Business Bank each committing NT$176 million, while EnTie Commercial Bank, Taiwan Cooperative Bank and Shin Kong Commercial Bank took NT$90 million apiece. Far Eastern International Bank rounded off the syndicate, with a hold of NT$50 million.

Syndication of Taipei Fullerton HotelÆs facility has finally closed, but did not sign due to a change in collateral. The sole bookrunner is Taiwan Cooperative Bank.

The loan is to be restructured and is slated to be re-launched on March 24 with a loan amount similar to the previous facility at more than NT$2 billion.

Bookrunners China Development Industrial Bank and Ta Chong Bank have completed a NT$2.81 billion multi-tranche facility for Win Semiconductor Corporation.

The deal is split between a NT$900 million seven-year credit, a NT$1.49 billion five-year loan and a NT$420 million five-year portion.

Allocations saw China Development Industrial Bank holding NT$600 million, while Ta Chong Bank contributed NT$500 million.

Participants Yuanta Bank took NT$210 million, while Bank SinoPac, Chinatrust Commercial Bank, Chang Hwa Commercial Bank and Taiwan Cooperative Bank each provided NT$200 million. E.Sun Commercial Bank and Taiwan Shin Kong Commercial Bank lent NT$150 million apiece, while Mega International Commercial Bank, Land Bank of Taiwan, Taiwan Business Bank and Taiwan Life Insurance took NT$100 million each.
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