Loan week, March 4-10

A roundup of the latest syndicated loan market news.

Aspen Asia Pacific has signed a A$300 million three-year revolver, arranged as a club deal by Commonwealth Bank of Australia and National Australia Bank, contributing A$100 million and A$200 million respectively. Proceeds are for general corporate purposes, including the acquisition of Sigma pharmaceutical assets.

Hong Kong
Wingate Overseas Holdingssigned a $250 million three-year term loan on Monday (March 8) through a consortium of 10 mandated lead arrangers and bookrunners.

The leads -- ANZ, Bank of America, Bank of Tokyo-Mitsubishi UFJ (Hong Kong), BNP Paribas, Chinatrust Commercial Bank, First Commercial Bank, HSBC, Mizuho Corporate Bank, OCBCandSMBC -- committed $23 million each while lead arranger Taiwan Business Bank and senior manager Shanghai Commercial & Savings Bank contributed $15 million and $5 million respectively.

The bullet loan is guaranteed by Want Want China Holdings. Proceeds are for working capital purposes.

DS (Assam) Hospitalityhas secured a Rs774 million nine-year, eight-month term loan through sole bookrunner and mandated lead SBI Capital Markets. The facility offers a margin of 400bp over the SBI Base Rate and will be repaid in 28 quarterly installments.

Final allocations saw participants State Bank of India pledge Rs450 million while Canara Bank gave Rs324million. Proceeds are for setting up the first five-star hotel at Guwahati, India.

Reliance Communicationssigned a Rs60.0billion loan on March 9 (Wednesday) with China Development Bank. 

The 10-year loan is fully underwritten by the lead bank and will be funded by a syndicate of Chinese banks or financial institutions.

Proceeds are for refinancing purposes. The borrower has also signed an additional Rs27 billion loan with China Development Bank to finance procurement of telecom equipment from Chinese vendors.

Marubeni Corphas completed a rollover of its $515 million 364-day multi-currency revolving credit facility via sole bookrunner Citi.

Syndication saw Credit Agricole join in as mandated lead arranger while Societe Generale, Standard Chartered and seven other undisclosed lenders participated at lower tiers.

Proceeds are for general corporate purposes.

South Korea
Korea Exchange Bankhas sealed a ¥22.5 billion dual-tranche facility on a club basis through a consortium of nine mandated lead arrangers.

The transferable financing is split into an¥18 billion one-year term loan and a¥4.5 billion two-year term loan, which are priced at 50bp and 80bp over yen Libor respectively.

Final allocations saw SMBC commit ¥5 billion while HSBC, LBBW and Wells Fargo Bank lent ¥2.5 billion each. Bank of America, Commerzbank, ING Bank, Natixis and Standard Chartered Bank ended up with ¥2 billion each.

Proceeds are for general corporate purposes.

HSBC Institutional Trust Services, the trustee of Suntec Real Estate Investment Trust, has signed a S$1.1 billion transferable debt package with bookrunners Citigroup Global Markets Singapore, DBS Bank and Standard Chartered Bank.

The loan, which was prefunded by the bookrunners in December last year, consists of a S$773.5 million 3.5-year tranche and a S$331.5 million 4.5-year portion. The first tranche offers a margin of 130bp over SOR while the latter facilityis priced at 140bp over the same rate.

Syndication saw Commonwealth Bank of Australia, Credit Agricole and Maybank join in as mandated lead arrangers while ANZ, OCBC and SMBC came in as lead arrangers. CIMB Bank participated as an arranger whileBank of China, Bank of East Asia, Cathay United Bank and RHB Bank ended up as lead managers.

Proceeds are for acquisition purposes.

Cheng Chieh Constructionhas secured a NT$250 million 2.5-year financing with sole mandated lead arranger Ta Chong Bank.

The facility features a margin of 200bp over the secondary CP rate.

Syndication saw Chang Hwa Commercial Bank, Taiwan Business Bank, Taiwan Shin Kong Commercial Bank and Yuanta Commercial Bank join in at lower tiers.

Proceeds are to finance its construction costs.

Sole bookrunner Chinatrust Commercial Bank completed a $460 million amendment last week for CoAsia Microelectronics Corp

The amendment increases the loan size from $210 million and put in place a 10bp commitment fee.

Bank of Tokyo-Mitsubishi UFJ, BNP Paribas, Mizuho Corporate Bank, OCBC, Shanghai Commercial & Savings Bank, Taiwan Shin Kong Commercial Bank, Ta Chong Bank and Taiwan Shin Kong Commercial Bank joined the upsized loan, in addition to the original consortium consisting of seven domestic banks.

Proceeds are for refinancing existing indebtedness and working capital purposes.

F Elephant, a subsidiary of Taiwan Maritime Transportation, signed an $81 million seven-year term loan last week through mandated leads Cathay United Bank, Chang Hwa Commercial Bank, First Commercial Bank and Yuanta Commercial Bank.

The loan is priced at 230bp over Libor with a 50bp commitment fee.

Final allocations saw Cathay United Bank commit $20 million while the other mandated lead arrangers contributed $11 million each. Arrangers King’s Town Bank, Shanghai Commercial & Savings Bank and Taishin International Bank lent $8 million each while participant Taiwan Business Bank gave $5 million.

Proceeds are for ship financing.

Sintek Photronic Corplast week sealed a NT$7.2 billion five-year fundraising, upsized from NT$6 billion, through joint bookrunners Bank Sinopac, Cathay United Bank, Land Bank of Taiwan, Mega International Commercial Bank, Taiwan Cooperative Bank, Taishin International Bank and Yuanta Commercial Bank.

The fundraising is split into a NT$4.8 billion amortising term loan and a NT$2.4 billion bullet revolving credit facility, which are priced between 53bp and 63bp over the primary CP rate.

The bookrunners held NT$800 million each while joint arranger Taiwan Business Bank committed NT$520 million. Participants Chang Hwa Commercial Bank, First Commercial Bank, Hua Nan Commercial Bank and Taipei Fubon Commercial Bank contributed NT$270 million respectively.

Proceeds are for capital expenditure and working capital purposes.

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