Loan Week

Loan Week, March 2-8

A roundup of the latest syndicated loan market news.

Australia

Outdoor Media Operations signed a A$130 million five-year facility on a club basis through mandated lead arrangers Commonwealth Bank of Australia, GE Capital, NAB and Westpac.

The debt package consists of an A$80 million term loan, a A$40 million capex facility and a A$10 million revolver.

Proceeds are for the leveraged buyout of Ooh Media Group by Champ Private Equity, capital expenditure and working capital purposes.

Australian Agricultural obtained a A$450 million three-year facility through sole bookrunner and mandated lead arranger NAB.

The facility is split into a A$400 million revolver and a A$50 million term loan.

Final allocations saw the lead contribute A$125 million while participants Commonwealth Bank of Australia pledged A$125 million. ANZ and Rabobank joined in with A$100 million each.

Proceeds are to refinance existing indebtedness.

 


China

A Rmb91 million six-month loan for Guangdong Hengfu Group Sugar Industry, Leizhou Hengda and Xuwen Hengfu has been upsized to Rmb141 million after receiving a Rmb50 million commitment from Bank of Nanjing.

BNP Paribas is the sole bookrunner of this pre-financing facility, which saw Bank of Nanjing, Dah Sing Bank and Korea Development Bank join in as mandated lead arrangers.

Proceeds are to support the purchase of sugarcane.

 


Hong Kong

Regal Real Estate Investment Trust, through its two SPVs Bauhinia Hotels and Rich Day Investments, successfully secured a HK$4.5 billion three-year financing through a consortium of 12 lenders.

The term loan is priced at 210bp over Hibor.

The banking group comprises ANZ, Bank of East Asia, Cathay United Bank, China Construction Bank (Asia) Corp, China Construction Bank Corp, Chinatrust Commercial Bank, Hang Seng Bank, Credit Agricole, OCBC, SMBC, Taiwan Cooperative Bank and United Overseas Bank.

Proceeds are to refinance a HK$4.5 billion five-year deal signed in 2006.

E-Land Fashion China Holdings has obtained a HK$333 million-equivalent loan through sole bookrunner HSBC.

Guaranteed by subsidiaries of the borrower and E-Land World, the three-year term loan consists of a HK$155 million tranche and a Rmb145 million portion.

Syndication saw China Construction Bank, Hang Seng Bank, Tai Fung Bank and Wing Lung Bank join in as mandated lead arrangers.

Proceeds are for working capital purposes.

 


India

ONGC Mangalore & Petrochemicals is waiting to sign the loan agreement of a $250 million term loan through sole bookrunner and mandated lead arranger State Bank of India.

Sponsored by Oil & Natural Gas Corp and Mangalore Refinery & Petrochemicals, the debt package is split into two $70 million with tenors of four-year, 10-month and six-year, 10-month and a $110 million nine-year, 10-month portion.

Syndication saw First Gulf Bank and SBI (Mauritius) come in as lead arrangers and Cathay United Bank join in as an arranger.

Proceeds are to support the development of an aromatic petrochemical complex in Mangalore, India.

Orchid Chemicals & Pharmaceuticals secured $97 million seven-year term loan through sole bookrunner Axis Bank.

Final allocations saw the lead contribute $50 million while mandated lead arranger Bank of India came in with $22 million. Participants Indian Overseas Bank brought $20 million while AfrAsia Bank ended up with $5 million.

Proceeds are to refinance the redemption of FCCBs issued in 2007.

 


South Korea

Korea Exchange Bank has completed a $294 million-equivalent one-year dual currency facility on a club basis through 10 mandated lead arrangers ANZ, Bank of America, Citi, Commerzbank, HSBC, Landesbank Baden-Wurttemberg, Mizuho, Standard Chartered, SMBC and Wells Fargo.

The facility is split into a $110 million term loan and a ¥15 billion term loan.

Proceeds are to refinance existing indebtedness and general corporate purposes.

Sri Lanka

Sampath Bank has obtained a $62.5 million 364-day term loan through mandated lead arrangers and bookrunners BankMuscat, Citi and Emirates NBD Bank.

Syndication saw Bank Sohar come in as a lead arranger while United Bank joined in as an arranger. Bank Alfalah, BMI Bank and Union National Bank ended up as lead managers.

Proceeds are for general corporate purposes.

 


Taiwan

Gallant Ocean International completed a NT$1.3 billion five-year revolving facility through sole bookrunner and mandated lead arranger Taiwan Business Bank.

The guaranteed package is priced at 166bp over one-year Taiwan postal saving rate.

Final allocations saw the lead pledge NT$650 million while manager DBS brought NT$150 million. Chang Hwa Commercial Bank, First Commercial Bank, Ta Chong Bank and Taiwan Cooperative Bank contributed NT$100 million each while Bangkok Bank ended up with NT$50 million.

Proceeds are for working capital purposes.

Sino-American Silicon Products and Gwafers have successfully completed a NT$6.2 billion and ¥7.8 billion credit facility through bookrunners and mandated lead arrangers Bank of Taiwan, Chinatrust Commercial Bank, Citibank, DBS, E.Sun Commercial Bank, First Commercial Bank, Taipei Fubon Commercial Bank and Taiwan Cooperative Bank.

The guaranteed facility consists of a NT$6.2 billion five-year term loan and a ¥7.8 billion three-year revolver with two one-year extension option.

Syndication saw Cathay United Bank, China Development Industrial Bank, Mega International Commercial Bank and Taishin International Bank join in as co-arrangers.

Proceeds are to support the acquisition of Covalent Materials Sekikawa Corp and Covalent Silicon Corp.

 


Vietnam

Vietnam Offshore Floating Terminal (Ruby) signed a $240 million six-year term loan through mandated lead arrangers Bank of Tokyo-Mitsubishi UFJ, OCBC, SMBC and United Overseas Bank.

Final allocations saw OCBC and SMBC commit $70 million each while Bank of Tokyo-Mitsubishi UFJ took $60 million. United Overseas Bank rounded up the syndicate with $40 million.

Proceeds are for the acquisition and development of a floating production, storage and offloading unit in offshore Vietnam.

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