Loan week, March 25-31

A roundup of the latest syndicated loan market news.

Australia

Incitec Pivot signed a A$900 million self-arranged three-year revolver on March 24 through a consortium of 11 banks.

The facility is available in Australian dollars and US dollars. Mandated leads were ANZ, Bank of America, Citi, Commonwealth Bank of Australia, Credit Suisse, HSBC, National Australia Bank, Rabobank, Royal Bank of Scotland, UBS and Westpac.

Proceeds are to refinance a A$1.7 billion facility signed in September 2008 and for working capital purposes.

Seek secured a A$340 million three-year revolver on March 28 via sole bookrunner National Australia Bank.

Final allocations saw the bookrunner give A$120 million, while mandated leads ANZ and Westpac lent A$70 million. Commonwealth Bank of Australia and HSBC gave A$50 million and A$30 million respectively.

Proceeds are to support the acquisition of JobsDB, which was completed in December 2010, and to refinance a A$250 million facility signed in July 2010.

China

Deutsche Leasing (China) secured a Rmb600 million three-year deal on March 29 via sole bookrunner Natixis (Shanghai).

The bookrunner and mandated lead arrangers Agricultural Bank of China committed Rmb200 million each, while Bank of Shanghai and China Merchants Bank provided Rmb100 million apiece.

Deutsche Sparkassen Leasing is guaranteeing the facility. Proceeds are for working capital purposes.

India

Aircel and two of its wholly-owned subsidiaries has sealed a Rs153 billion 10-year term loan through sole bookrunner and mandated lead arranger SBI Capital Markets. The debt package is sponsored by Maxis Communications, and will be repaid in 27 quarterly installments.

Final allocations saw participants State Bank of India pledge Rs40 billion and Punjab National Bank lend Rs30 billion. Bank of Baroda and Canara Bank committed Rs25 billion and Rs23 billion respectively. Indian Overseas Bank gave Rs6 billion, while Export-Import Bank of India and Syndicate Bank took Rs5 billion each. Jammu & Kashmir Bank and State Bank of Patiala contributed Rs4 billion and Rs3 billion respectively. L & T Infrastructure Finance, State Bank of Hyderabad, State Bank of Mysore and State Bank of Travancore gave Rs2.5 billion, while Federal Bank rounded out the syndicate with Rs2 billion.

Proceeds are for project financing purposes.

Hindalco Industries has successfully obtained a Rs78.8 billion 12.75-year term loan via bookrunners Citi, Kotak Mahindra Bank, Royal Bank of Scotland and State Bank of India.

The facility is priced at 175bp over the SBI base rate and will be repaid in 42 quarterly installments after a 2.25-year grace period.

The following 23 banks joined in at lower tiers: Asis Bank, Allahabad Bank, Andhra Bank, Bajaj Allianz Life Insurance, Bank of Baroda, Bank of India, Bank of Maharashtra, Canara Bank, Central Bank of India, Corporation Bank, Dena Bank, Export-Import Bank of India, Federal Bank, HDFC Bank, Indian Overseas Bank, Jammu & Kashmir Bank, Karur Vysya Bank, Punjab & Sind Bank, Punjab National Bank, South Indian Bank, State Bank of Bikaner & Jaipur, State Bank of Hyderabad, State Bank of Mysore, State Bank of Travancore, UCO Bank, United Bank of India and Vijaya Bank.

Proceeds are to finance an Aluminium Smelter complex at Bargawan, India.

JSW Steel has signed a $280 million six-year term loan on a club basis via a consortium of six mandated lead arrangers.

Among the leads, ANZ, Bank of Tokyo-Mitsubishi UFJ, BNP Paribas (Singapore), Credit Agricole and Mizuho Corporate Bank lent $50 million each, while DBS Bank gave $30 million.

Proceeds are for capital expenditure purposes.

Lanco Power completed a Rs55.6 billion 16-year term loan on March 25 through sole bookrunner and mandated lead IDBI Bank. The facility is sponsored by Lanco Infratech and will be repaid in 48 quarterly installments after a six-month grace period.

Andhra Bank, Allahabad Bank, Bank of India, Indian Overseas Bank, Life Insurance Corp of India, Power Finance Corp, Punjab National Bank, Rural Electrification Corp and United Bank of India joined in at lower levels.

Proceeds are to support the development of a 1,320MW domestic coal based power plant in Chhattisgarh, India.

Power Finance Corp’s $260 million yen-equivalent transaction was signed on March 29 via bookrunners and mandated lead arrangers ANZ, Bank of Tokyo-Mitsubishi UFJ, BNP Paribas, Mizuho Corporate Bank and Sumitomo Mitsui Banking Corp.

The six-year transaction is priced at 165bp over Libor.

Sumitomo Trust & Banking and Norinchukin Bank came in as lead arrangers, while Bank of Taiwan, Land Bank of Taiwan, Hua Nan Commercial Bank and Mega International Commercial Bank joined as arrangers. Chang Hwa Commercial Bank, Export-Import Bank of the Republic of China and Shanghai Commercial & Savings Bank participated as lead managers.

Proceeds are for capital expenditure purposes.

Philippines

SM Prime Holdings has secured a $270 million financing via a consortium of nine mandated lead arrangers.

The five-year term loan is priced at 155bp over Libor.

ANZ
, Bank of Tokyo-Mitsubishi UFJ, Chinatrust (Philippines) Commercial Bank, Citibank, ING Bank, Maybank, Mizuho Corporate Bank, Standard Chartered Bank and Sumitomo Mitsui Banking Corp contributed equally to the loan.

Proceeds are for capital expenditure and working capital purposes.

Malaysia

AmBank has obtained a $210 million three-year club loan via mandated lead arrangers ANZ, Bank of America, Bank of Tokyo-Mitsubishi UFJ, Wells Fargo Bank and United Overseas Bank.

Proceeds are for working capital and general corporate purposes.

ATT Tanjung Bin Sdn signed a $230 million 8.5-year project financing last week via a consortium of seven mandated lead arrangers.

BNP
Paribas (Labuan), Credit Agricole (Labuan), HSBC, RHB Bank, OCBC (Labuan), Sumitomo Mitsui Banking Corp and United Overseas Bank committed equally to the term loan.

MISC and Vitol are the sponsors of the facility. Proceeds are to finance an oil storage terminal in Johor, Malaysia.

Taiwan

Sole bookrunner Taiwan Cooperative Bank completed a $150 million three-year term loan for Export-Import Bank of India last week.

The loan is priced at 130bp over Libor.

Bank of Taiwan, Deutsche Bank, Mega International Commercial Bank, Sumitomo Trust & Banking and Taiwan Business Bank were the mandated lead arrangers, while Chang Hwa Commercial Bank, Hua Nan Commercial Bank, Land Bank of Taiwan and United Taiwan Bank joined in at lower tiers.

Proceeds are for general corporate purposes.

Mandated lead arranger Taishin International Bank signed a $560 million credit facility on March 31 for LG Display Taiwan.

Syndication saw Bank Sinopac, Chang Hwa Commercial Bank, China Development Industrial Bank, Far Eastern International Bank, Ta Chong Bank and Taiwan Shin Kong Commercial Bank join in as participants.

Proceeds are for non-recourse factoring purposes.

Savior Lifetec Corp’s NT$800 million debt package was successfully sealed last week via bookrunners Chinatrust Commercial Bank and First Commercial Bank.

Proceeds are for repaying existing debt, and for capital expenditure and working capital purposes.

A NT$1.0 billion five-year facility for Starlike International was concluded last week through joined lead arrangers Chang Hwa Commercial Bank and E Sun Commercial Bank.

The facility is split into a NT$700 million term loan and a NT$300 million revolver, which are priced at 145bp and 130bp over the secondary CP rate respectively.

Participants include Bank of Kaohsiung, DBS Bank, Entie Commercial Bank, Hua Nan Commercial Bank, Shanghai Commercial & Savings Bank, Ta Chong Commercial Bank, Taipei Fubon Commercial Bank, Taiwan Business Bank and Yuanta Commercial Bank.

The proceeds will be used to refinance existing indebtedness, and for capital expenditure and working capital purposes.

Bookrunners Chinatrust Commercial Bank, Hua Nan Commercial Bank, Mega International Commercial Bank, Mizuho Corporate Bank, Taipei Fubon Commercial Bank and Taiwan Cooperative Bank have provided $88 million and $80 million of five-year acquisition financing for TSRC Corp subsidiaries Trimurti Holding Corp and TSRC (USA) Investment Corp.

Bank Sinopac and Chang Hwa Commercial Bank came in as mandated lead arrangers.

Proceeds are to support the acquisition of Dexco Polymers LP from Dow Chemical.