Loan week, May 1-7

A roundup of the latest syndicated loan market news.


Pacific Brands' A$800 million deal signed in 2007 via mandated lead arrangers ANZ, Commonwealth Bank of Australia, HSBC, National Australia Bank and Westpac has been amended.

The facility comprises three tranches. A A$150 million portion that was upsized to A$220 million earlier this year, will be amortised over the next 18 months and will mature on January 1, 2011. A A$330 million portion of the A$400 million tranche has been extended from August 21, 2010, to March 28, 2012, while the A$250 million securitisation tranche remains unchanged.

Proceeds are for general corporate, refinancing and acquisition purposes.

SP AusNet has secured three debt facilities totaling A$275 million. The facilities feature a three-year tenor and are priced around 250bp over BBSW.

The borrower has an A- rating from Standard & Poor's. Proceeds are to refinance existing indebtedness and for capital expenditure purposes.

A A$465 million dual-tranche financing for Transurban has been completed via Calyon, Commonwealth Bank of Australia, National Australia Bank, Royal Bank of Scotland and Westpac.

Proceeds are to refinance a A$470 million facility signed in June 2004 for the construction and operation of Hills Motorway Project in Sydney, Australia.

The new debt package consists of three- and five-year tranches, with the three-year portion featuring a margin that is largely in line with the previous facility, while the five-year facility pays approximately 140bp more than the three-year tranche.


A Rs4.4 billion 12.5-year debt package for Jaigad Power Transco, an SPV for the Jaigad Power Transmission Lines project, was inked on April 29 via sole bookrunner State Bank of India. JSW Energy and Maharashtra State Electricity Distribution Corp are acting as the sponsors.

Final allocations saw the lead committing Rs1 billion, while participants Canara Bank, Punjab National Bank and United Bank of India put in Rs750 million apiece. Bank of India provided Rs700 million while Bank of Baroda ended up with Rs400 million.

Proceeds are for project financing purposes.

Vodafone Essar's Rs100 billion five-year debt has been sealed via sole bookrunner State Bank of India.

Final allocations saw the lead provide Rs30 billion, while participants Bank of Baroda, Canara Bank and Central Bank of India gave Rs10 billion apiece. Infrastructure Development Finance Corp, Punjab National Bank and Syndicate Bank lent Rs5 billion each. UCO Bank pledged Rs4 billion, while Dena Bank, State Bank of Hyderabad and United Bank of India provided Rs3 billion apiece. Allahabad Bank gave Rs2.5 billion and Bank of India, Corporation Bank, Indian Overseas Bank and South Indian Bank ended up with Rs2 billion each. Union Bank of India rounded off the syndicate with a commitment of Rs1.5 billion.

Proceeds are for project financing and capital expenditure purposes.


A $25 million 33-month facility for Ultrajaya Milk Industry & Trading Company has been signed via sole mandated lead arranger and bookrunner HSBC, with Bank of Tokyo-Mitsubishi UFJ, Bank Maybank Indocorp, Bank Mandiri (Persero), Bank Mizuho Indonesia, Bank OCBC Indonesia, Bank OCBC NISP and Bank Rabobank International Indonesia joining at lower levels.

Proceeds are to refinance a $36 million facility signed in March 2007.

A self-arranged $280 million three-year term loan for Sime Darby was completed on April 30 via Bank of Tokyo-Mitsubishi UFJ, DBS, Mizuho Corporate Bank and Oversea-Chinese Banking Corp as a club deal.

Proceeds are for capital expenditure purposes.   

South Korea

Export-Import Bank of Korea has successfully executed a $240 million dual-tranche facility via bookrunners Bank of Tokyo-Mitsubishi UFJ and Standard Chartered Bank.

The fundraising is divided into a $50 million two-year tranche and a $190 million three-year portion.

Mandated lead arrangers Bank of Tokyo-Mitsubishi UFJ, Industrial & Commercial Bank of China and Standard Chartered Bank committed $130 million, $50 million and $30 million respectively. Lead arranger Citic Ka Wah Bank offered $20 million, while arranger Export-Import Bank of the Republic of China took $10 million.

Proceeds are for refinancing purposes.

A $220 million financing for SK Telecom was signed on April 29 through mandated lead arrangers Calyon, Chinatrust Commercial Bank, DBS and Natixis as a club deal. The loan amount was upsized from $150 million.

The three-year loan-style FRN pays a spread of 315bp over Libor.

Proceeds are for refinancing purposes.

New Zealand

A NZ$475 million transaction for PGG Wrightson has been inked through ANZ, Bank of New Zealand and Westpac.

The deal comprises a NZ$275 million core debt maturing in September 2011, a NZ$125 million amortising loan due in December 2010 and a NZ$75 million working capital facility that matures in April 2010.

Proceeds are for refinancing purposes.


A NT$960 million fundraising for Ching Feng Home Fashion has been signed via sole bookrunner Taiwan Cooperative Bank.

The five-year debt package is split into a NT$720 million term loan and a NT$240 million revolving credit/term loan facility. Both tranches are priced at 168bp over Taiwan Cooperative Bank's one-year time deposit rate, with a margin floor of 2.5% and a commitment fee of 15bp. 

Final allocations saw mandated lead arranger Taiwan Cooperative Bank commit NT$480 million, while participants Taichung Commercial Bank lent NT$300 million, Shanghai Commercial & Savings Bank gave NT$80 million and Bank of Kaohsiung and Taishin International Bank ended up with NT$50 million apiece.

Proceeds are to refinance a NT$1 billion dual-tranche facility signed in October 2005 and for working capital purposes.

K Laser Technology's NT$600 million financing was sealed on April 29 via sole bookrunner Taipei Fubon Commercial Bank. The facility was oversubscribed and upsized from NT$500 million.

Guaranteed by the chairman, the three year term loan is priced at 125bp over the 90-day secondary CP rate with a margin floor of 2% and a commitment fee of 10bp.

Coordinating arrangers Bank Sinopac, Chang Hwa Commercial Bank, E.Sun Commercial Bank, First Commercial Bank and Hua Nan Commercial Bank committed NT$85 million each, except for Taipei Fubon Commercial Bank, which lent NT$95 million. Participants Cathay United Bank and Yuanta Commercial Bank joined in with NT$40 million apiece.

Proceeds are to refinance a NT$500 million convertible bond facility issued in November 2007.

Namchow Chemical Industrial's NT$1 billion loan was inked on April 30 via sole bookrunner Industrial Bank of Taiwan.

The five-year term loan is priced at 125bp over the one-year floating post office savings rate that also features a pre-tax margin floor of 2.3%.

Final allocations saw mandated lead Industrial Bank of Taiwan take NT$127 million, while co-arrangers Agricultural Bank of Taiwan, Bank of Taiwan, First Commercial Bank and Land Bank of Taiwan committed NT$100 million each. Participants Taiwan Cooperative Bank, Hua Nan Commercial Bank and Chang Hwa Commercial Bank came in with NT$93 million, NT$86 million and NT$84 million respectively. Meanwhile, Shanghai Commercial & Savings Bank, Taichung Commercial Bank and Taiwan Business bank pledged NT$80 million each, while Bank of Panhsin rounded off the syndicate with NT$50 million.

Proceeds are to refinance a NT$1.4 billion dual-tranche credit signed in October 2005.

Shin Kong No. 1 REIT's NT$3.9 billion acquisition facility has been completed on a club basis through mandated lead arrangers Cathay United Bank, Land Bank of Taiwan and Shin Kong Commercial Bank.

The 10-year term loan is priced at a fixed rate of 1.98% per annum for the first two years. Pricing will then change to 93bp over the one-year floating post office savings rate.

Equal status arrangers Land Bank of Taiwan and Shin Kong Commercial Bank gave NT$1.5 billion each, while Cathay United Bank joined in with NT$850 million.

Proceeds are to support the purchase of Shin Kong Life Insurance Zhongshan Tower from Shin Kong Life Insurance.
Synnex Technology International Corp's NT$5 billion fundraising was sealed on May 6 via a consortium of 10 bookrunners. The facility was oversubscribed and upsized to NT$6 billion.

The deal is split equally into two NT$3 billion five-year portions priced at 80bp over the secondary CP rate and features a pricing floor of 1.8% for the first six months after drawdown. 

Final allocations saw bookrunners Bank of Taiwan, Changhwa Commercial Bank, Hua Nan Commercial Bank, Mega International Bank and Taipei Fubon Bank take NT$540 million each, while the remaining leads gave NT$520 million apiece. Participants Bank SinoPac and Taiwan Business Bank provided NT$450 million and NT$250 million respectively.

Proceeds are for refinancing and working capital purposes.

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