Loan week, March 26-31

A roundup of the latest syndicated loan market news.

Australia

McConnell Dowell Corp's A$400 million one-year revolving credit facility has been signed as a club deal via coordinating arrangers ANZ, Commonwealth Bank of Australia, Export Finance & Insurance Corp (EFIC) and HSBC.

Proceeds are for refinancing and general corporate purposes.

Pact Group and Pact Group (NZ)'s three- year debt package has been sealed on a club basis via mandated lead arrangers ANZ, Deutsche Bank, HSBC, J.P. Morgan, National Australia Bank and Westpac.

The revolver comprises a A$330 million tranche and a NZ$159 million portion.

Proceeds are for refinancing and acquisition purposes.

China

A Rmb2 billion three-year term loan for Hitachi Construction Machinery Leasing (China) has been completed via sole mandated lead arranger and bookrunner Sumitomo Mitsui Banking Corp.

Full bank syndication saw Bank of China joining as an arranger while Agricultural Bank of China, China Citic Bank and China Construction Bank participated as co-arrangers. Bank of East Asia came in as a senior lead manager.

The deal is priced at 90% of the PBOC rate and proceeds are to repay outstanding facilities and for working capital purposes.

Suzhou Gaoxin Qu North New City Construction Investment Development's Rmb1.9 billion seven-year term loan has been inked via sole mandated lead arranger and bookrunner Bank of China.

Final allocation saw the lead commit Rmb1.1 billion, while arrangers Agricultural Bank of China and Bank of Jiangsu provided Rmb600 million and Rmb200 million respectively.

Guaranteed by Suzhou Gaoxin Qu National Capital Operation, the deal pays a spread of 5.35% per annum.

Proceeds are for project financing and working capital purposes.

A Rmb305 million three-year transaction for Yieh Phui (China) Technomaterial was concluded last week via sole bookrunner BNP Paribas.

BNP Paribas, China Merchants Bank, Hang Seng Bank and Oversea-Chinese Banking Corp pledged Rmb70 million apiece, while participant First Sino Bank contributed Rmb25 million.

Guaranteed by the Taiwanese parent company ,Yieh Phui Enterprises, the term loan is priced at the PBOC rate.

Proceeds are for refinancing and general corporate purposes.

Hong Kong

Sun Hung Kai Properties (Financial Services)' HK$18.1 billion financing has received an overwhelming response from the market and was signed on March 30 via a consortium of 32 local and international lenders. The facility was oversubscribed and upsized from HK$8 billion.

Guaranteed by Sun Hung Kai Properties, the five-year bullet debt package is split into a HK$5.4 billion term loan and a HK$12.7 billion revolving credit, which offers a spread of 78bp over Hibor.

Final allocations saw the bookrunners HSBC take HK$2 billion, while Bank of Communications (Hong Kong) and Bank of Tokyo-Mitsubishi UFJ committed HK$1.5 billion each. Bank of China (Hong Kong), Hang Seng Bank, Oversea-Chinese Banking Corp (Hong Kong) and facility agent Sumitomo Mitsui Banking Corp lent HK$1 billion apiece.

Mandated lead arrangers United Overseas Bank gave HK$800 million and CCB International Finance held HK$700 million. DBS Bank and Mizuho Corporate Bank came in with HK$600 million each, while ANZ, Bank of East Asia, Credit Agricole, Dah Sing Bank, ICBC Asia, Standard Chartered Bank (Hong Kong), Wing Hang Bank and Wing Lung Bank joined in with HK$500 million apiece. BNP Paribas contributed HK$300 million.

Co-arrangers Cathay United Bank (Hong Kong) pledged HK$300 million, while Bank of Taiwan (Hong Kong), Bank Sinopac (Hong Kong), Chong Hing Bank, Hua Nan Commercial Bank (Hong Kong), E.Sun Commercial Bank (Hong Kong), Shanghai Commercial Bank and Taiwan Cooperative Bank (Hong Kong) gave HK$200 million each. Lead managers First Commercial Bank (Hong Kong) committed HK$120 million, and Chang Hwa Commercial Bank (Hong Kong), Far Eastern International Bank and Malayan Bank ended up with HK$100 million apiece.

Proceeds are for general corporate purposes.

India

Diamond Power Infrastructure's Rs1.3 billion six-year term loan was signed last on March 24 via sole bookrunner Axis Bank.

Final allocations saw Axis Bank take Rs400 million while participants Bank of India and L&T Infrastructure Finance Company committed Rs400 million and Rs500 million respectively.

Proceeds are for capital expenditure purposes.

A Rs26.1 billion financing for Emco Energy was completed on March 25 via sole mandated lead arranger Axis Bank.

The participants were Andhra Bank, Bank of Baroda, Corporation Bank, IDBI Bank, Oriental Bank of Commerce, Punjab & Sind Bank, UCO Bank, Union Bank of India and United Bank of India.

Proceeds are to support the development of a coal based power project at Warora Taluka, Chandrapur District, Maharashtra.

Jindal Power secured a Rs100.6 billion 14-year debt package on March 26 via sole mandated lead arranger SBI Capital Markets.

The package consists of Rs53.3 billion and Rs47.3 billion term loans, which are priced at 50bp below the State Bank Advance Rate. Both tranches will be repaid through quarterly payments with a grace period of six months.

Syndication saw Allahabad Bank, Andhra Bank, Bank of Baroda, Bank of Maharashtra, Canara Bank, Corporation Bank, Dena Bank, IDBI Bank, IDFC, Indian Bank, Life Insurance Corporation of India, Oriental Bank of Commerce, Punjab National Bank, Punjab & Sind Bank, State Bank of Hyderabad, State Bank of India, State Bank of Patiala, State Bank of Travancore, Syndicate Bank, South Indian Bank, UCO Bank, Union Bank of India and United Bank of India join in as participants.

Proceeds are for project financing purposes.

Sikkim Industrial Development and Investment Corp's Rs2.9 billion four-year term loan has been signed via sole mandated lead arranger SBI Capital Markets.

Final allocations saw UCO Bank commit Rs1 billion, while Allahabad Bank pledged Rs700 million.  Dena Bank and Bank of Maharashtra held Rs600 million and Rs500 million respectively.

Proceeds are for the development of infrastructure around the Sikkim's airport.

A Rs23.1 billion 13.5-year term loan for Vadinar Power has been sealed via sole mandated lead arranger Axis Bank.

Allocations saw the lead contribute Rs6 billion, while participants Power Finance Corp and Syndicate Bank took Rs11.5 billion and Rs2.5 billion respectively. Corporation Bank, State Bank of Patiala and United Bank of India committed Rs1 billion apiece.

Proceeds are to develop a power generation plant in Gujarat, India.

Japan

A $1 billion 364-day multi-currency revolving credit for Mitsubishi Corp was signed on March 31 via sole bookrunner Citi.

Syndication saw Bank of Tokyo-Mitsubishi UFJ joining as a mandated lead arranger, while Bank of America Merrill Lynch, BNP Paribas, Credit Agricole, HSBC, J.P. Morgan, Societe Generale and Standard Chartered Bank came in as participants.

Proceeds are to roll over an existing $1 billion revolver signed in April 2009 and for general corporate purposes.

Singapore

Centennial Properties' S$150 million three-year dual-tranche debt package was completed as a club deal on March 29 via mandated lead arrangers BNP Paribas, Sumitomo Mitsui Banking Corp and United Overseas Bank.

The financing comprises a S$100 million term loan and a S$50 million revolving credit. The lenders committed S$50 million apiece.

Proceeds are for working capital purposes.

A $400 million equivalent dual-currency facility for Louis Dreyfus Commodities Asia and LD Commodities Australia Holdings was completed last week via bookrunners ANZ, BNP Paribas and HSBC.

The fundraising is split into $271 million and A$45 million term loans, and $75 million and A$15 million revolving credits.

Final allocations saw each of the bookrunners commit $40 million, while mandated lead arrangers National Australia Bank pledged $37 million and Commonwealth Bank of Australia, DBS Bank, Oversea-Chinese Banking Corp and Westpac offered $28 million apiece. Lead arrangers Credit Industriel et Commercial and Natixis provided $20 million each. Arranger Commerzbank took $15 million, while Bank of Communications, Bank of East Asia, Bank of Taiwan, Chinatrust Commercial Bank, Sumitomo Mitsui Banking Corp and United Overseas Bank contributed $10 million apiece. Hua Nan Commercial Bank gave $6 million. Bank Mandiri and Mega international Commercial Bank joined in with $5 million tickets.

The facility is guaranteed by Louis Dreyfus Commodities.

Proceeds are to repay outstanding bilateral facilities and for general corporate purposes.

South Korea

Samsung Heavy Industries' $120 million two-year term loan has been sealed as a club deal via mandated lead arrangers ANZ, Mizuho Corporate Bank and Standard Chartered Bank.

Proceeds are for capital expenditure purposes.

Taiwan

An NT$800 million five-year multi-tranche facility for Eagle Cold Storage Enterprise was signed on March 24 via sole bookrunner Land Bank of Taiwan.

The deal comprises a NT$330 million term loan, a NT$170 million facility and a NT$300 million revolver which pay 87bp, 97bp and 97bp over the one-year average saving rates of Bank of Taiwan, Chang Hwa Commercial Bank, First Commercial Bank, Hua Nan Commercial Bank, Land Bank of Taiwan and Taiwan Cooperative Bank respectively.  The term loans are repaid through semi-annual payments with a two-year grace period.

Final allocations saw Land Bank of Taiwan commit NT$400 million, while co-arranger Agricultural Bank of Taiwan and participant Taichung Commercial Bank held NT$300 million and NT$100 million respectively.

Proceeds are for refinancing and working capital purposes. 

A NT$980 million five-year financing for Jui Li Enterprise was upsized from NT$900 million and completed last week via sole bookrunner Taiwan Cooperative Bank.

Secured by land and a factory, the term loan is priced at 135bp over the two-year post office savings rate. There is a floor of 1.035% for the benchmark and a commitment fee of 15bp.

Syndication saw the lead lend NT$270 million, while mandated lead arrangers Land Bank of Taiwan came in with NT$160 million. Bank of Taiwan, Chinatrust Commercial Bank and Industrial Bank of Taiwan pledged NT$150 million each while participant Chang Hwa Commercial Bank rounded up the syndicate with NT$100 million.

Proceeds are for refinancing purposes.

Prime View International and Tech Smart Logistics have successfully secured a five-year dual-currency debt package via a consortium of eight coordinating arrangers led by Bank of Taiwan.

The transaction consists of a NT$6 million term loan, a NT$2 billion revolving credit and a $20 million portion. The New Taiwan dollar tranches offer a spread of 75bp to 110bp over the primary CP rate while the US dollar tranche features a margin of 100bp to 135bp over Libor or TAIFX3 (whichever is higher).

Chang Hwa Commercial Bank, Chinatrust Commercial Bank, Taipei Fubon Commercial Bank, Taishin International Bank and Taiwan Cooperative Bank joined as bookrunners, while Hua Nan Commercial Bank and Land Bank of Taiwan participated as coordinating arrangers. Cathay United Bank, First Commercial Bank, Taichung Commercial Bank and Taiwan Business Bank contributed as senior managers, and Bank of Kaohsiung, Far Eastern International Bank, Industrial Bank of Taiwan and Shanghai Commercial & Savings Bank came in as participants.

Proceeds are for refinancing and working capital purposes.

Thailand

North Sathorn Realty's Bt2.5 billion fundraising has been completed via sole bookrunner Kasikornbank.

Guaranteed by Golden Land Property Development, the transaction is split into a Bt2.4 billion 8.75-year term loan and a Bt60 million one-year revolver.

Final allocations saw the lead take Bt595 million, while participant Bank of Ayudhya came in with Bt515 million. Siam City Bank, Thanachart Bank and TMB Bank ended up with Bt450 million apiece.

Proceeds are to support the Sathorn Square project.

PTT's $300 million five-year club deal has been sealed via mandated lead arrangers Bank of Tokyo-Mitsubishi UFJ, Mizuho Corporate Bank and Sumitomo Mitsui Banking Corp. 

Proceeds are for capital expenditure and debt repayment purposes. 

¬ Haymarket Media Limited. All rights reserved.

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