Loan week, May 14-19

China

Hebei China Coal Risun Coking's Rmb1.0 billion pre-financing facility has been signed via sole bookrunner Credit Agricole.

The three-year fundraising is priced at 110% of the PBOC rate.

Syndication saw Bank of Communications give Rmb210 million, while Credit Agricole contributed Rmb180 million. China Minsheng Banking Corp, Bank of Hebei and Nanyang Commercial Bank (China) pledged Rmb90 million each, while Societe Generale lent Rmb60 million. Guangdong Development Bank, Natixis, United Overseas Bank, Wing Lung Bank and ANZ committed Rmb50 million apiece and Dah Sing Bank rounded out the group with Rmb30 million.

Proceeds are for the procurement of coking coal and other raw materials, and for working capital purposes.

A $135 million three-year term loan for Zhangjiagang Pohang Stainless Steel has been completed via mandated lead arrangers Bank of America Merrill Lynch, Bank of Tokyo-Mitsubishi UFJ, ING Bank and Sumitomo Mitsui Banking Corp.

The deal is guaranteed by POSCO Investment. Proceeds are to refinance an existing $60 million facility signed in April 2009 and for working capital purposes.

Hong Kong

Shimao Property Holdings' $460 million three-year term loan was signed on May 14 via bookrunners Standard Chartered Bank (Hong Kong) and HSBC.

Syndication saw Standard Chartered Bank (Hong Kong) and HSBC provide $109 million and $75 million respectively, while mandated lead arrangers Bank of East Asia, Hang Seng Bank and Sumitomo Mitsui Banking Corp committed $50 million apiece.

Arrangers Bank of China (Macau) and Dah Sing Bank joined in with $30 million each and senior manager Tai Fung Bank gave $20 million. Managers Bank of Taiwan (Hong Kong), Maybank (Hong Kong), Taiwan Business Bank (Hong Kong) and Wing Lung Bank took $10 million apiece. Public Bank (Hong Kong) rounded out the group with $6 million.

Proceeds are to refinance existing indebtedness and for general corporate purposes.

Macau

Venetian Orient's $1.75 billion multi-currency project financing was signed on May 18 via joint global coordinators Bank of China (Macau), Barclays, BNP Paribas (Hong Kong), Citi, Goldman Sachs, Industrial & Commercial Bank of China (Macau) and UBS (Singapore).

The five-year financing comprises a $750 million term loan, a $750 million delayed draw down term loan and a $250 million revolving credit facility, which are priced at 450bp over Hibor or Libor.

Banco Nacional Ultramarino, DBS Bank and Oversea-Chinese Banking Corp joined in as mandated lead arrangers, while Bank of Communications (Macau) and Tai Fung Bank came in as lead arrangers. Senior manager Banco Comercial Portugues (Macau Offshore Branch) and managers State Bank of India (Hong Kong), China Construction Bank (Macau) and Wing Lung Bank also took part in the financing.

Proceeds are to restart the development and construction of parcels five and six of Cotai Strip in Macau, for working capital and general corporate purposes.

Malaysia

AsianIndo Holdings' $145 million dual-tranche term loan has been secured as a club deal via OCBC Bank (Malaysia) and DBS Bank (Labuan).

The deal is split into a $105 million 10-year term loan and a $40 million five-year bullet facility. The $105 million tranche will be repaid in 20 quarterly instalments with a grace period of 5.25 years.

OCBC Bank (Malaysia) committed $95 million and DBS Bank (Labuan) lent $50 million.

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

India

A $125 million three-year term loan for Axis Bank was completed on May 17 via mandated lead arrangers BNP Paribas, ING Bank, Natixis and Standard Chartered Bank.

The bullet term loan features a spread of 145bp over Libor.

Final allocations saw ING Bank commit $25 million, while BNP Paribas, Natixis and Standard Chartered Bank pledged $20 million apiece. Arrangers Bank of Taiwan, Commerzbank and Raiffeisenlandesbank contributed $10 million each, and Mega International Commercial Bank and Taiwan Business Bank provided $5 million apiece.

Proceeds are for general corporate purposes.

Bharti Airtel's Rs88.0 billion six-year term loan has been signed via mandated lead arrangers SBI Capital Markets and IDFC.

The term loan will be repaid in eight semi-annual instalments.

SBI Capital Markets contributed Rs45 billion, while Housing Development Finance Corp and IDFC pledged Rs16.5 billion each. HDFC Bank provided Rs10 billion.

Proceeds are to finance its 3G telecom capital expenditure.

A Rs5.3 billion 14.75 year term loan for BSCPL Godhra Tollways has been sealed via sole bookrunner SBI Capital Markets.

The term loan features a margin of 100bp below the Indian Benchmark Prime Lending Rate, and will be repaid in 45 quarterly instalments after a one-year grace period. 

Final allocations saw Bank of Baroda, L&T Infrastructure Finance and State Bank of India commit Rs1.3 billion, Rs1.2 billion and Rs1 billion respectively. India Infrastructure Finance lent Rs800 million, while State Bank of Bikaner & Jaipur and State Bank of Hyderabad offered Rs500 million apiece.

Proceeds are for project financing purposes. 

Japan

A ¥20.0 billion 364-day revolving credit for Oriental Land has been inked via sole bookrunner BNP Paribas.

Bank of China joined in as a mandated lead arranger, while Bank of Taiwan came in as a lead arranger. ANZ, Bank of America Merrill Lynch, Bank of Communications and Industrial & Commercial Bank of China took part in the financing as participants.

Proceeds are for general corporate purposes.