Loan week, March 7-13

A roundup of the latest syndicated loan market news.

A A$375 million three-year financing for Australian Retirement Homes and FKP is expected to be signed later this month via sole bookrunner ANZ.

So far, syndication has seen Bank of New Zealand (Australia Branch) and Suncorp Metway joining in. Proceeds are to refinance existing debt

ANZ, Bank of Australia (International) and Royal Bank of Scotland have been mandated to arrange a A$170 million multi-tranche LBO financing for BNT Holdco, an SPV for Bras N Things.

The loan comprises an A$80 million six-year bullet, a A$50 million amortising loan, a A$30 million seven-year revolver and a A$10 million portion.

Syndication is expected to be launched at the end of March.

A $170 million three-year bullet loan has been inked on a club basis for SAI Global via ANZ and Westpac Banking Corporation, which will hold A$110 million and A$60 million respectively.

Proceeds are to finance the acquisition of Quality Management Institute from Canadian Standards Association.


A Rmb2.4 billion dual tranche fundraising for Beijing Sanlitun North Property Management, Beijing Sanlitun South Property Management, and Beijing Sanlitun Hotel Management was signed on March 10 via a syndicate of eight banks.

The credit is split between a Rmb2.2 billion three-year loan and a Rmb200 million three year-debt with both tranches paying a margin of 110% of PBOC rate.

Allocations saw mandated lead arrangers BNP Paribas, HSBC and Standard Chartered taking Rmb533.33 million each while arrangers Bank of East Asia, Nanyang Commercial Bank and Oversea-Chinese Banking Corporation committing Rmb200 million apiece. Bank of Tokyo-Mitsubishi UFJ and Sumitomo Mitsui Banking Corporation ended up with Rmb100 million each.

Swire Properties is acting as the guarantor. The funds are to acquire a property in Beijing New Sanlitun Cultural District.

Calyon and Royal Bank of Scotland launched a $200 million 3.5-year term loan for Wuhan Iron & Steel into general syndication on March 12.

The loan features a spread of 110bp over Libor and banks are expected to revert by mid-April.


DLF Global HospitalityÆs $300 million five-year financing has received a $50 million commitment from Export-Import Bank of India with two banks expected to join the syndicate shortly. Three more banks are processing credit approvals. ICICI Bank and Standard Chartered are leading the deal.

The deal features a spread of 250bp over Libor.

Proceeds are to support the acquisition of Amanresorts from Singapore-based Silverlink Holdings.

Syndication is still ongoing for Delhi International AirportÆs $1.25 billion dual tranche project financing led by ICICI Bank.

The loan comprises a $900 million rupee-equivalent onshore loan and a $350 million 13-year offshore credit.

The offshore loan has already received joint commitments of $150 million via lead ICICI Bank and arranger Abu Dhabi Commercial Bank. Calyon and HSH Nordbank have joined the syndicate with holds of $30 million each and titles of mandated lead arranger. Intesa Sanpaolo and Bayern LB have already joined as equal-status arrangers with contributions of $50 million and $30 million respectively.

The facility marks the debut of IndiaÆs airport sector in the International debt market.

Industrial Development Bank of IndiaÆs (IDBI) $50 million one-year facility has been inked via mandated lead arrangers BNP Paribas, DZ Bank (Singapore Branch), First Commercial Bank (Offshore Banking Branch) and Intesa Sanpaolo (Singapore Branch). BNP Paribas is the sole bookrunner.

Final allocations saw the mandated leads providing $10 million apiece. Coming in as arrangers were Export-Import Bank of the Republic of China and Unicredito Italiano (Hong Kong Branch) taking $5 million each.

Not long after signing the previous deal, Industrial Development Bank of India is in the market again. A $130 million one-year credit has been launched into syndication via lead arrangers BNP Paribas, DEPFA Bank and DZ Bank. BNP Paribas is again the sole bookrunner.

A bank meeting is scheduled to be held next week in Taiwan. Syndication is expected to be closed early next month.

Tata ChemicalÆs $850 million dual tranche five year financing was launched into senior syndication this week via a group of seven leads û ABN AMRO, Bank of Nova Scotia, Calyon, HSBC, Mizuho Corporate Bank, Rabobank and Standard Chartered.

The credit comprises a $500 million five year fundraising that will be syndicated to the market while a $350 million portion will be completed as a club deal by the seven leads.

Proceeds are to support the acquisition of US-based General Chemical Industrial Products.

Export Import Bank has also joined VA TechÆs Ç65 million five year guarantee facility with a commitment of Ç25 million. ICICI Bank is the sole mandated arranger.

The loan was funded on September 19, 2007. The funds are to part finance the acquisition of VA Tech Austria.


PT Adaro and Coaltrade International ServicesÆ $750 million dual tranche debt package was signed last Thursday (March 6) via mandated lead arrangers Bank of Tokyo-Mitsubishi UFJ, DBS Bank, Standard Chartered Bank, Sumitomo Mitsui Banking Corp and United Overseas Bank. DBS Bank, Standard Chartered Bank and Sumitomo Mitsui Banking Corp were the bookrunners. The facility was funded in early December.

The credit is split between a $650 million five year amortising term loan, with an average life of 3.54 years and a $100 million three year revolver. The deal is priced at 130bp over Libor for the onshore portion and 120bp for the offshore tranche.

Final allocations saw the mandated arrangers contributing $110.8 million apiece with the exception of United Overseas Bank which held $72.1 million. Bank Mandiri joined in as an equal-status arranger taking $67.2 million.

Coming in as lead arrangers were ABN ABRO and ANZ both giving $50 million each. Rounding off the syndicate were arrangers NordLB providing $30 million while Bangkok Bank took $20 million. Commerzbank and Bank Lippo held $10 million and $7.5 million respectively.

Proceeds are to refinance an existing $200 million loan signed in March 2007 and a $400 million high-yield bond.

The 14 mandated leads û Aozora Bank, Bayerische Hypo-und Vereinsbank, GE Commercial Lending Japan, HSBC, JPMorgan, Lehman Brothers, Shinsei Bank (who are all acting as bookrunners), Calyon, Nomura Capital Investment, Shinhan Asia, United Overseas Bank, WestLB, BNP Paribas and Citi have inked a Ñ140 billion seven-year equivalent amortising LBO financing for Arysta Lifescience Corporation.

The facility comprises a Ñ40.0 billion equivalent seven-year amortising tranche æAÆ, a Ñ65.0 billion equivalent seven-year tranche æBÆ, a Ñ15.0 billion seven-year acquisition facility which pays 275bp over Libor and a Ñ20 billion seven-year multi-currency revolver which features a spread of 250bp over Libor.

Tranche æAÆ is further split into a Ñ17.14 billion credit, a $130 million fundraising and a Ñ14.0 billion Euro-equivalent portion. The margin is 225bp over Libor.

Tranche æBÆ comprises a Ñ27.9 billion financing, a $211.23 million loan and a Ñ14.0 billion Euro-equivalent facility and offers a spread of 275bp over Libor.

The debt package also features a Ñ45.0 billion subordinated mezzanine financing which is split into a Ñ20.0 billion 7.5-year bullet loan and a Ñ25.0 billion eight-year junior mezzanine portion, which were fully underwritten by JPMorgan, Lehman Brothers and Unicredit and have been syndicated with a good market response. The mezzanine portion signifies a landmark transaction for a sponsor-related transaction in the Asia-Pacific region.

Syndication saw Bayerische Landesbank, Chinatrust Commercial Bank and Bank of Tokyo-Mitsubishi UFJ join as lead arrangers while Tokyo Star Bank and Credit Industriel et Commercial took the arranger title.

Joining as co-arrangers were Allied Irish Bank, Hana Bank and Rabobank while Mitsubishi UFJ Trust & Banking Corporation and State Bank of India get lead manager titles.

Mitsui Sumitomo Insurance, Carlyle Group, Juroku Bank and Kyoko Lease joined as managers.

The funds are to support the Permira Advisers-led leveraged buyout of Arysta LifeScience from Olympus Capital Holdings Asia.

A $500 million one-year credit for Marubeni Corporation was completed last week via sole bookrunner Citi.

Syndication saw BNP Paribas (Tokyo Branch) and nine other undisclosed financial institutions joining in.

Proceeds are for general corporate purposes.


Astro All Asia NetworksÆ five-year dual tranche fundraising was finally sealed via lead arrangers and bookrunners Citi and DBS Bank. The loan facility was downsized to an undisclosed amount from the original $300 million.

The facility features a term loan and a revolving credit portion with the margin priced at 50bp over Libor.

Syndication saw Calyon and RHB Bank coming in as equal-status lead arrangers with Chang Hwa Commercial Bank as lead manager. Allocations have not yet been disclosed.

Proceeds are for general corporate purposes.

New Zealand

Auckland International Airport has signed two separate documents for a NZ$550 million multi-tranche facility on a club basis. The loan is split between a NZ$350 million multi-tranche debt and a NZ$200 million dual tranche revolver.

The NZ$350 million debt comprises two $125 million portions with tenors of two and three years respectively and a NZ$100 million five-year credit. ANZ, Bank of New Zealand, Commonwealth Bank of Australia and Westpac Banking Corporation led the deal.

The NZ$200 million bullet facility comprises two equal portions with tenors of one and two years respectively. The leads were ANZ, Bank of New Zealand and Westpac.

Sole lead ANZ has completed syndication of a NZ$500 million three-year revolver for Skycity Auckland Holdings.

Final allocations saw ANZ and lender Commonwealth Bank of Australia provide NZ$187.5 million each while lender Bank of New Zealand held NZ$125 million.

A S$219 million 3.5-year facility for Greatearth Developments has been inked as a club deal via mandated leads DBS Bank, Oversea-Chinese Banking Corporation and United Oversea Bank.

Allocations saw the lead arrangers contributing S$73 million apiece.

The funds are for land acquisition and property financing.

Hong Fok LandÆs S$723 million five-year debt package was completed on March 3 via original mandated lead arranger and bookrunner Oversea-Chinese Banking Corporation. United Overseas Bank joined in as an equal-status arranger.

Syndication saw Great Eastern Life Insurance, NTUC Income Insurance Cooperative and Oversea Assurance Cooperation joining in as participants.

Proceeds are to refinance existing debt and for working capital purposes.

A S$645.5 million one-year bridge financing for MGP Kimi has been signed on a club basis via mandated arrangers DBS Bank, Hypo Real Estate Capital, Oversea-Chinese Banking Corporation and United Overseas Bank with each holding S$161.4 million.

The dual tranche deal is split into a S$595.5 million tranche and a S$50 million portion.

Proceeds are to support property acquisitions.

South Korea

Pusan BankÆs $140 million one-year term loan was sealed on a club basis on March 7 via a consortium of seven lead arrangers - Banc of America Securities Asia, BayernLB, Calyon, DZ Bank, ING Bank, Oversea-Chinese Banking Corporation and Wachovia Bank.

The bullet deal pays a spread of 40bp over Libor.

Final Allocations saw the banks each committing an equal share of $20 million.

Hanjin Heavy Industries & ConstructionÆs $100 million two-year floating rate note has been completed as a club via leads Korea Exchange Bank and Standard Chartered, with each holding $50 million.


Advanced Semiconductor EngineeringÆs NT$24.75 billion five-year fundraising has been completed via a syndicate of 18 mandated lead arrangers û Bank of Taiwan, Calyon, Cathay United Bank, Chinatrust Commercial Bank, Chang Hwa Commercial Bank, Citi, DBS Bank, First Commercial Bank, HSBC, Hua Nan Commercial Bank, ING Bank, KBC Bank, Land Bank of Taiwan, Mega International Commercial Bank, Sumitomo-Mitsui Banking Corporation, Taipei Fubon Bank, Taishin International Bank and Taiwan Cooperative Bank.

The loan features a grace period of 18 months and an average life of 3.49 years.

Final allocations saw all the mandated leads committing NT$1.3 billion apiece with the exception of Chang Hwa Commercial Bank and Taishin International Bank holding NT$750 million each.

Coming in as lead managers were Oversea-Chinese Banking Corporation, which took NT$650 million and E.Sun Commercial Bank, Mizuho Corporate Bank, Taiwan Business Bank and United Oversea Bank, which held NT$450 million apiece.

Proceeds are to support the acquisition of a 49% stake in ASE Test based in Singapore.

A $100 million dual tranche seven-year LBO facility for Fu Sheng Industrial and Valiant APO has been sealed via sole bookrunner Taishin International Bank.

The loan is split into a $40 million credit and a $60 million portion. Both tranches offer a spread of 100bp over Libor.

Allocations saw the bookrunner providing $90 million while manager EnTie Commercial Bank lent $10 million.

Proceeds are to support the OCM Asia Principal Opportunities-led leveraged buyout of the borrower.

An NT$860 million three-year guarantee facility for Horizon Securities was sealed on March 10 via mandated arrangers and bookrunners Industrial Bank of Taiwan, Ta Chong Bank and Taishin International Bank.

Allocations saw Ta Chong Bank providing NT$200 million, while Industrial Bank of Taiwan and Taishin International Bank took NT$180 million apiece.

Coming in as participants with commitments of NT$100 million each were Mega International Commercial Bank, Shanghai Commercial & Savings Bank and Taiwan Business Bank.

The funds are for working capital purposes.

¬ Haymarket Media Limited. All rights reserved.
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