Loan Week

Loan Week, May 13-19

A roundup of the latest syndicated loan market news.

Hong Kong
CLP Holdings has successfully obtained a HK$5.2 billion five-year club deal through a consortium of 16 banks. The revolver is priced at 60bp over Hibor.

Final allocations saw mandated lead arrangers ANZ, Banco Bilbao Vizcaya Argentaria (Hong Kong), Bank of Tokyo-Mitsubishi UFJ, Citi (Hong Kong), Deutsche Bank (Hong Kong), HSBC, Mizuho Corporate Bank (Hong Kong), RBS (Hong Kong), Standard Chartered (Hong Kong) and SMBC commit HK$400 million each while other leads Bank of America, BNP Paribas (Hong Kong), Credit Agricole (Hong Kong), Goldman Sachs, OCBC (Hong Kong) and Scotiabank (Hong Kong) lent HK$200 million each.

Proceeds are for general corporate purposes.

United Asia Finance obtained a HK$930 million multi-tranche facility last week (May 12) through bookrunners and mandated leads Mizuho Corporate Bank and Taipei Fubon Commercial Bank. The deal was oversubscribed and upsized from HK$800 million.

The three-year facility, which is split into a HK$698 million term loan and a HK$233 million revolver, offers a margin of 130bp over Hibor.

Syndication saw the leads pledge HK$200 million each while lead arrangers First Commercial Bank (Hong Kong) and Taishin International Bank gave HK$100 million each. Arranger China Construction Bank (Asia) lent HK$60 million while Chinatrust Commercial Bank, Far Eastern International Bank, Mega International Commercial Bank and Taiwan Business Bank (Hong Kong) provided HK$50 million each. Hua Nan Commercial Bank and Land Bank of Taiwan joined in with HK$35 million each.

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


India
Bhushan Steel’s €181 million 12 year term loan was signed as a club deal through mandated lead arrangers DBS, DZ Bank and Standard Chartered.

Syndication saw the leads contribute equally to the financing.

Proceeds are to support the expansion of an integrated steel plant located at Orissa, India.

BMM Ispat has recently signed a Rs42 billion 9.75 year term loan through sole mandated arranger SBI Capital Markets.

The facility is priced between 375bp and 400bp over SBI Base Rate, and will be repaid in 25 quarterly installments.

Final allocations saw lead bank State Bank of India pledge Rs9 billion while participant Canara Bank committed Rs7.5 billion. Bank of India and Oriental Bank of Commerce gave Rs3 billion each while Punjab National Bank and Axis Bank lent Rs2.9 billion and Rs2.5 billion respectively. Export-Import Bank of India, Indian Overseas Bank, Jammu & Kashmir Bank, Punjab & Sind Bank joined in with Rs2 billion each while Vijaya Bank and Dena Bank provided Rs1.5 billion and Rs1 billion respectively. State Bank of Bikaner & Jaipur, State Bank of Hyderabad, State Bank of Mysore contributed Rs950 million and State Bank of Travancore rounded up the syndicate with Rs750 million.

Proceeds are for project financing purposes.


Indonesia
Bukit Makmur Mandiri Utama has secured an $800 million club loan through a consortium of 10 mandated lead arrangers.

The dual-tranche comprises a $750 million seven-year term loan and a $50 million three-year revolver.

Mandated lead arrangers were Bank Mandiri, Bank of Tokyo-Mitsubishi UFJ, CIMB Bank, Credit Agricole, HSBC, ING, Intesa Sanpaolo, Mizuho Corporate Bank, Morgan Stanley and SMBC.

Proceeds are to refinance a $600 million transaction signed in November 2010.

Pertamina’s $400 million three-year self-arranged term loan, signed in June 2009, was amended last week through its existing lenders.

The margin has decreased and the tenor has been extended in the current facility as the the borrower would like to take advantage of the tightening pricing levels in the market.

The mandated lead arrangers participated in the amendment includes – ANZ, Bank Central Asia, Bank Pan Indonesia, Bank Rakyat Indonesia, Bank of Tokyo-Mitsubishi UFJ, CIMB Bank, Chinatrust Commercial Bank, Citi, Credit Agricole, HSBC, Mizuho Corporate Bank, Natixis, OCBC, Qatar National Bank and SMBC.

Proceeds are for general corporate purposes.


Japan
Rouge Leasing has obtained an €80 million 12 year financing through sole bookrunner BNP Paribas.

Syndication saw Credit Industriel et Commercial join in as participant.

Proceeds are for aircraft financing purposes.


New Zealand
AMP NZ Office’s NZ$400 million multi-tranche facility was successfully completed on a club basis on Monday (May 16) through mandated leads ANZ, Commonwealth Bank of Australia and National Australia Bank.

The revolver consists of a NZ$125 million three-year tranche, a NZ$125 million five-year facility and a NZ$150 million two-year portion, with equal commitments from all three banks.

Proceeds are to refinance an existing facility signed in June 2009.


Philippines
Rizal Commercial Banking Corp has secured a $150 million one-year term loan through sole bookrunner Standard Chartered.

The one-year facility is priced at 108.92bp over Libor.

The sole lead contributed $100 million while mandated lead arranger Philippine National Bank committed $25 million. Arrangers Bank of the Philippine Islands and Chinatrust (Philippines) Commercial Banking Corp lent $10 million each while Taiwan Cooperative Bank joined in with $5 million.

Proceeds are for general corporate purposes.


South Korea
Hana Bank, acting through its Hong Kong branch, has obtained a $100 million dual-tranche loan through mandated lead arrangers and bookrunners Chinatrust Commercial Bank, Commerzbank, Natixis and United Overseas Bank.

The term loan is split into a $70 million one-year tranche and a $30 million 1.5-year facility.

Final allocations saw the mandated leads commit $15 million each while lead arrangers First Commercial Bank, Hua Nan Commercial Bank, Mega International Commercial Bank and Oberbank contributed $9 million each. Arrangers Chang Hwa Commercial Bank ended up with $4 million.

Proceeds are to refinance a $100 million 364-day loan signed in April 2010 and for general corporate purposes.


Taiwan
Farglory Free Trade Zone’s NT$3.3 billion seven-year facility has been concluded through mandated lead arrangers Cathay United Bank, Chang Hwa Commercial Bank, Mega International Commercial Bank and Sunny Bank.

General syndication saw Agricultural Bank of Taiwan, Bank of Kaohsiung, Bank of Panhsin, Entie Commercial Bank, Hua Nan Commercial Bank, Land Bank of Taiwan, Shanghai Commercial & Savings Bank, Taiwan Shin King Commercial Bank, Ta Chong Bank, Taichung Commercial Bank, Taiwan Business Bank and Taiwan Cooperative Bank participate at lower levels.

Proceeds are for refinancing an existing loan signed in 2004 and working capital purposes.

Sole bookrunner Taiwan Cooperative Bank has completed an $84 million five-year dual-tranche loan for J Touch M. Corp and Century Glory.

Upsized from $80 million, the loan comprises a $60 million term facility and a $24 million revolving credit facility, which are priced at 100bp over Libor.

Chinatrust Commercial Bank, First Commercial Bank, Land Bank of Taiwan and Mega International Commercial Bank came in as mandated leads while Bank of Taiwan, Hua Nan Commercial Bank and Ta Chong Commercial Bank joined in as participants.

Proceeds are for a China subsidiary’s capital expenditure and working capital purposes.

A NT$1.4 billion refinancing for Shin Wen Investment was signed on Tuesday (May 17) through sole mandated arranger Taishin International Bank.

The three-year revolver features a spread of 190bp above the secondary CP rate.

A total of five banks came in at lower tiers including Agricultural Bank of Taiwan, Bank of Kaohsiung, Chang Hwa Commercial Bank, Industrial Bank of Taiwan and Jih Sun International Bank.

Bookrunner Taiwan Cooperative Bank inked a $50 million-equivalent five-year dual currency debt last week for Taiwan Printed Circuit Board Techvest and TPT International.

The debt is split into a NT$600 million term loan, a NT$340 million revolver and a $17 million revolver. The pricing for the NT$ and US$ portions are 85bp over the secondary CP rate and 90bp over Libor respectively.

The bookrunner brought in Chang Hwa Commercial Bank, Hua Nan Commercial Bank, Land Bank of Taiwan and Taiwan Business Bank as mandated leads while Bank of Taiwan, Industrial Bank of Taiwan and Shanghai Commercial & Savings Bank contributed as participants.

Proceeds are for refinancing existing debt and working capital requirements.

Wealthplus Holdings, a subsidiary of Pou Chen Corp, obtained a $300 million five-year refinancing last week through a consortium of 14 banks.

The term loan offers a spread of 54bp over Libor.

Final allocations saw ANZ, Bank of Tokyo-Mitsubishi UFJ, Bank Sinopac, Chang Hwa Commercial Bank, Chinatrust Commercial Bank, Citibank, E.Sun Commercial Bank, First Commercial Bank, Mizuho Corporate Bank and SMBC commit $25 million each while DBS, Taipei Fubon Commercial Bank, Taiwan Shin Kong Commercial Bank and Yuanta Commercial Bank pledged $10 million each.

¬ Haymarket Media Limited. All rights reserved.

Article limit is reached.

Hello! You have used up all of your free articles on FinanceAsia.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team subscription (2-5 users), or office-wide licences. To help you and your colleagues access our proprietary content, please contact us at [email protected], or +(852) 2122 5222