Loan week

Loan week, March 23-29

A roundup of the latest syndicated loan market news.

Australia

Leighton Holdings has obtained a A$275 million six-year term loan through sole bookrunner and mandated lead arranger NAB.

Final allocations saw the lead contribute A$150 million, while mandated lead arranger BOS International (Australia) lent A$75 million. CAT Finance joined in as a lead arranger with A$50 million.

Proceeds are for capital expenditure purposes.

Hong Kong

Noble Group launched the syndication of a $1.5 billion unsecured revolving credit last week through a consortium of 17 bookrunners and mandated lead arrangers.

The revolver consists of a $600 million 364-day tranche and a $900 million three-year portion.

ABN Amro, ANZ, Bank of America, Bank of Tokyo-Mitsubishi UFJ, Citi, DBS, Goldman Sachs, HSBC, ICBC, ING, J.P. Morgan, Lloyds TSB Bank, Rabobank International, RBS, Societe Generale, Standard Chartered and United Overseas Bank have been appointed as bookrunners and mandated lead arrangers.

Proceeds are to refinance existing debt and for general corporate purposes.

India

Adani Power has obtained a Rs47.6 billion eight-year, six-month term loan through sole bookrunner and mandated lead arranger SBI Capital Markets.

The facility will be repaid in 32 quarterly installments with a six-month grace period.

Syndications saw Axis Bank, Bank of India, Central Bank of India, Punjab & Sind Bank, Punjab National Bank, State Bank of Hyderabad, State Bank of India, State Bank of Patiala, State Bank of Travancore and UCO Bank join in as participants.

Proceeds are for project financing purposes.

Jas Infrastructure & Power signed a Rs65.2 billion facility last week through sole bookrunner and mandated lead arranger Axis Bank.

The debt package is split into a Rs55.5 billion 14-year term loan, a Rs3.7 billion tranche and a Rs6 billion bank guarantee. The term loans will be repaid in 40 quarterly installments after a 40-month grace period.

Syndication saw Bank of India, Housing and Urban Development Corp, India Insurance Infrastructure Finance Co, Life Insurance Corp of India, Oriental Bank of Commerce, Power Finance Corp, Punjab National Bank, Rural Electrification Corp, State Bank of Bikaner & Jaipur and UCO Bank join in at lower tiers.

Proceeds are for the construction of a 1,320MW coal-based thermal power plant.

Japan

Acom signed a ¥3.5 billion two-year term loan on March 28 via sole bookrunner and mandated lead arranger Credit Agricole.

Syndication saw Shinhan Bank Japan join in as a participant.

Proceeds are for general corporate purposes.

New Zealand

Kordia Group has completed a NZ$125 million revolver on a club basis through mandated lead arrangers ANZ, Commonwealth Bank of Australia and BNZ.

The debt package is split into a NZ$20 million and a NZ$15 million one-year portion, a NZ$40 million three-year tranche, and two four-year revolvers of NZ$40 million and NZ$10 million respectively.

Final allocations saw the mandated lead arrangers pledge NZ$42 million apiece.

Proceeds are to refinance an existing NZ$120 million deal signed in May 2011.

Ryman Healthcare has secured a NZ$331 million-equivalent dual-currency revolver through mandated lead arrangers ANZ and CBA.

The facility is split into a NZ$215 million two-year tranche, a NZ$35 million one-year tranche, and two two-year tranches of A$16 million and A$49 million, respectively.

Final allocation saw ANZ commit NZ$219 million-equivalent while Commonwealth Bank of Australia took NZ$112 million-equivalent.

Proceeds are to refinance an existing A$260 million facility signed in March 2011.

Singapore

Cargill, Cargill Global Funding and Cargill Asia Pacific Treasury have signed a $1.3 billion dual-tranche financing through bookrunners and mandated lead arrangers ANZ, Bank of Tokyo-Mitsubishi UFJ, BNP Paribas, Deutsche Bank, HSBC, RBS and Standard Chartered Bank.

The 364-day revolver comprises a $746 million tranche syndicated in Europe and a $505 million Asian portion.

In the Asian tranche, syndication saw Commonwealth Bank of Australia, DBS, Oversea-Chinese Banking Corp and Westpac join in as mandated lead arrangers, while Mizuho Corporate Bank and United Overseas Bank came in as arrangers. Syndication saw seven mandated leads and five additional banks come in at lower tiers in the European tranche.

Proceeds are to refinance the $1.3 billion 364-day facility signed in March 2011.

GP Batteries International has secured a S$60 million three-year term loan through mandated lead arrangers and bookrunners DBS and Oversea-Chinese Banking Corp.

Final allocations saw Oversea-Chinese Banking Corp take S$29 million, while DBS lent S$25 million. Arranger United Overseas Bank joined in with S$6 million.

The deal is guaranteed by GPI International and Sylva Industries. Proceeds are for refinancing purposes.

South Korea

ARD Holdings has signed a W260 billion loan through sole bookrunner and mandated lead arranger Korea Development Bank.

The three-year bullet financing comprises a W240 billion term loan and a W20 billion revolving credit.

Final allocations saw the sole lead take W180 billion, while participants Woori Bank and National Agricultural Cooperatives Federation came in with W50 billion and W30 billion respectively.

Proceeds are for refinancing and working capital purposes.

Vietnam

Hoa Lam Shangri-La 1 has obtained a $43 million project financing on a club basis through mandated lead arrangers Maybank Investment Bank and RHB Bank.

Guaranteed by Aseana Properties, the eight-year facility will be repaid through 10 semi-annual installments after a three-year grace period.

Proceeds are for the construction and development of a hospital at International Hi-Tech Healthcare Park (IHPP) in Binh Tan District, Vietnam.

Taiwan

Chung Nan Textile completed a NT$1.6 billion five-year facility on March 23 through sole bookrunner and mandated lead arranger Land Bank of Taiwan.

The facility is split into a NT$1.3 billion term loan, a NT$300 million portion and a NT$50 million revolver, which offers a margin of 100bp over the primary CP rate. The term loans will be repaid in 20 quarterly installments.

The syndication saw Agricultural Bank of Taiwan, Bank of Kaohsiung, Bank SinoPac, Mega International Commecial Bank, Shanghai Commercial & Savings Bank, Taiwan Cooperative Bank and Yuanta Commercial Bank come in as arrangers, while EnTie Commercial Bank joined in as a participant.

Proceeds are to refinance a NT$1.5 billion five-year facility signed in April 2009 and for working capital purposes.

Eagle Great Investments, Inspire Investments, International Partners and Shining Era Investments, the four subsidiaries of ITEQ Corp, signed a $56 million five-year financing on March 27 through bookrunners and mandated lead arrangers Bank of Taiwan, First Commercial Bank and Taipei Fubon Commercial Bank.

The facility consists of a $56 million revolver, a $56 million letter of credit and a $24 million revolver, although the outstanding amount cannot exceed $56 million.

Syndication saw Hua Nan Commercial Bank and Taiwan Cooperative Bank join in as participants.

Proceeds are for working capital purposes.

Formosa Epitaxy concluded a NT$3.5 billion five-year facility on March 23 through bookrunners and mandated lead arrangers Bank of Taiwan and Land Bank of Taiwan.

The facility is split into a NT$1.8 billion term loan and a NT$1.7 billion revolver, which is priced at 87bp over the 90-day secondary CP rate.

Final allocations saw the leads take NT$900 million and NT$700 million respectively, while participant Bank Taiwan Life Insurance contributed NT$300 million. Participants First Commercial Bank and Taipei Fubon Commercial Bank committed NT$250 million each, and  Agricultural Bank of Taiwan, Chang Hwa Commercial Bank, E.Sun Commercial Bank, Hua Nan Commercial Bank, and Taiwan Life Insurance pledged NT$200 million apiece. Taishin International Bank came in with NT$100 million.

Proceeds are for refinancing and working capital purposes.

UNI Air completed a NT$5.3 billion 12-year term loan on March 27 on a club basis through mandated lead arrangers Agricultural Bank of Taiwan, Cathay United Bank, First Commercial Bank and Hua Nan Commercial Bank.

The transaction consists of a NT$5.3 billion tranche and a NT$4.7 billion portion. The facility offers a margin of 80bp over the 90-day secondary CP rate with an interest rate floor of 1.5%. The total withdrawal amount cannot exceed NT$5.3 billion.

The proceeds will be used for aircraft purchases.

¬ Haymarket Media Limited. All rights reserved.

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