Loan Week, March 17-23

A roundup of the latest syndicated loan market news.

The A$900 million multi-tranche facility for CSL has been completed via mandated arrangers Deutsche Bank and National Bank of Australia. The deal is split into an A$400 million facility and two A$250 million portions.

ANZ Investment Bank, BNP Paribas, Citigroup, Commonwealth Bank of Australia, Deutsche Bank, National Bank of Australia and Westpac made commitments of A$117 million each while HSBC put in A$81 million.

Proceeds are for general corporate purposes.

The A$145 million club facility for JB Hi-Fi Ltd has been completed via ANZ Investment Bank and Westpac. The deal carries a tenor of 2 years.

ANZ Investment Bank and Westpac contributed A$72.5 million apiece.

Proceeds are to refinance existing facilities and for acquisition purposes.


CSC Nanjing Tanker CorpÆs $181 million 12 year financing has been closed on a club basis via mandated arranger Calyon.

Bookrunners Calyon committed $40 million and Industrial & Commercial Bank of China contributed $61 million. Lead managers China Construction Bank pledged $30 million and Fortis Bank and Mizuho Corporate Bank A$25 million each.

Proceeds are to fund the purchase of 2 crude oil tankers.

Hong Kong

Cheung Kong FinanceÆs HK$6 billion five year revolver was signed on March 19 on a club basis via a syndicate of 12 banks.

Mandated arrangers Bank of China, Bank of Tokyo-Mitsubishi, Bayerische Landesbank, Calyon, Canadian Imperial Bank of Commerce, CCB International Finance, Citigroup, Fortis Bank, HSSBC, Hang Seng Bank, Mizuho Corporate Bank and Standard Chartered contributed HK$500 million apiece.

The deal carries a margin of 24bp over Hibor.

First CapitalÆs $300 million revolving credit was signed yesterday (March 22). A total of seven banks joined the facility. The deal carries a margin of 145bp over Libor and was pre-funded on January 30.

Mandated arrangers Banco De Oro Capital & Investment committed $60 million, Rizal Commerical Banking Corp contributed $55 million, Export Development Canada held $50 million while Calyon and Mizuho pledged $40 million. Metrobank Bank & Trust took $30 million and Sumitomo Mitsui Banking Corp ended up with $20 million.

Proceeds are to refinance the acquisition of 23 percent stake in Philippine Telecommunications Investment.

The Ç110 million yen-equivalent fundraising for Havell NetherlandÆs acquisition of SLI Sylvania was inked March 13 via mandated arrangers Barclays Capital and State Bank of India. HavellÆs India is acting as guarantor in the deal.

The one year facility is split into an Ç80 million term facility which offers a margin of 175bp over Libor, an Ç50 million portion that carries a margin of 1.35bp, another Ç50 million term loan and a Ç40 million revolver which holds a margin of 170bp.

Barclays Capital and State Bank of India took an even steven of Ç110 million.

Jindal Steel & Power plans to sign its $100 million five year Yen-equivalent facility at the end of the week. Mandated lead arrangers ABN AMRO, Bank of Tokyo-Mitsubishi UFJ, DBS Bank and Mizuho Corporate Bank contributed $17.25 million apiece while China Construction Bank provided $15million.

Arranger Bank of Taiwan held $10 million and co-arrangers Taiwan Cooperative Bank and Uni-Credito Italiano committed $3 million each.

The loan is priced at 75bp over Libor, paying a top level all-in of 94bp. Funds will be used for capital expenditure purposes.

Union Bank of India has completed its $100 million three year Yen-equivalent financing with eight banks on board. Coordinating lead arrangers Bank of America, Citigroup, DBS Bank, Intesa Sanpaolo, Mizuho Corporate Bank, Natixis and Standard Chartered contributed $14 million apiece.

Sole participant Banco Populare di Verona e Novara took up $2 million in syndication.

The deal carried a margin of 28bp over Libor with a top level all-in of 40bp over Libor. Signing took place in Singapore on March 14.


Astra Sedaya FinanceÆs $60 million three year facility was upsized from $50 million due to an enthusiastic response from banks. The deal has closed via eight banks.

The facility carries a margin of 120bp over Libor.

Mandated arrangers BNP Paribas, Citigroup and Sumitomo Mitsui Banking Corp contributed $10 million while lead arranger Sumitomo Trust & Banking held $10 million. Arrangers Bank of Taiwan, Industrial & Commercial Banking Corp, RHB Bank and State Bank of India took $5 million apiece.

The signing ceremony takes place on March 27.


Daegu BankÆs $50 million two year term facility was signed today (March 22) via six banks. The deal pays a margin of 11bp over 3 months Libor.

Banks were invited on two levels. Lead arrangers providing $8 million or more receive front end fees of 8bp over Libor. Arrangers holding $3 million to $7 million get 6bp.

Mandated arrangers Calyon, DBS Bank, Oversea-Chinese Banking Corp and Standard Chartered took $9 million apiece. Lead arranger Dresdner Bank held $8 million while arranger DZ Bank ended with $6 million.

All the mandated arrangers are running the books. Proceeds will be used for general corporate purposes.

A $100 million two year fundraising for Standard Chartered First Bank Korea has been secured via sole bookrunner Standard Chartered. The facility carries a margin of 8bp over Libor.

Mandated arrangers Bayerische Landesbank, DZ Bank, Landesbank Baden-Wurttemberg committed $28 million each while Standard Chartered pledged $11 million. Arranger Banco Bilbao Vizcaya Argentaria held $5 million.
New Zealand

Macquarie Goodman Property TrustÆs NZ$525 million three year financing was completed via mandated arranger Commonwealth Bank of Australia.

Commonwealth Bank of Australia committed NZ $275 million while lenders Bank of New Zealand and Westpac Banking Corp contributed NZ $100 million apiece and ANZ Banking Groups took NZ$50 million.

Mighty River PowerÆs NZ$50 million revolver has been completed on a club basis via ANZ Banking Corp and Citigroup with each taking NZ$25 million.


The S$130 million five year bullet term loan for City Gas was signed on March 14. Coordinating arranger DBS Bank held S$28 million.

Lead arranger Commonwealth Bank of Australia also committed S$28 million while BBVA and DnB NOR Bank provided S$26 million each, with Natixis contributing S$20 million.

This is one of the first ever syndicate loan facility arranged in Singapore for a trustee borrower.

Continental Chemical CorpÆs $250 dual tranche facility has been oversubscribed. Credit Suisse is the mandated arranger in the facility.

The deal is split into a $200 million senior tranche and a $50 million portion. It has so far received commitments from 18 investors.

Signing is expected to take place end of March.

A S$250 million three year multi-tranche credit for Ho Bee Cove was launched into syndication last week via mandated arrangers and bookrunners DBS Bank, HSBC and OCBC.

The loan comprises a S$187 million tranche, a S$7 million portion and a S$56 million revolver. Margin is priced at 78bp over SOR.

Fees to the market are on three levels. Arrangers lending S$30 million and above receive a management fee of 18bp, co-arrangers committing S$20 million-S$29 million gain 15bp and lead managers providing S$10 million-S$19 million earn 12bp.

The facility is secured over future receivables and will be used for residential development.

Banks have until the first week of April to revert, with signing expected the week after.


Wei-Ji DevelopmentÆs NT$1 billion three year facility has been completed via mandated
arranger Cathay United Bank. The deal is split into a NT$607 million loan, a NT$182 million facility, a NT$182 loan and a NT$28 portion.

Cathay United Bank committed NT$618 million while lenders Cathay Life Insurance held NT$182 million and First Commercial Bank and Bank of Kaoshiung ended up with NT$100 million.


Credit Suisse-led $200 million eight year financing for Vietnam Shipbuilding Industry Group (Vinashin) which launched into general syndication last week has received commitments from Depfa Bank.

The deal carries a margin of 150bp over Libor and has an average life of 5.75 years.

Banks have been invited on three tiers. Mandated arrangers providing with $50 million or more will receive 25bp in management fees. Arrangers with commitments between $25 million and $50 million get 15bp while co-arrangers holding between $10 million and $25 million get 10bp.

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