Loan Week

Loan Week, May 24-30

A roundup of the latest syndicated loan market news.

Australia


M2 Telecommunications Group has signed a A$400 million three-year financing through mandated leads Commonwealth Bank of Australia, Goldman Sachs, HSBC, National Australia Bank and Westpac on a club basis.

Final allocations saw Commonwealth Bank of Australia provide A$125 million while National Australia Bank and Westpac took A$100 million each. HSBC committed A$50 million while Goldman Sachs contributed A$25 million.

Proceeds are to support the A$204 million acquisition of Dodo Australia Holdings from Eftel, and for general corporate purposes.

 

China


Giovanna Acquisition completed a $1.5 billion facility last Thursday (May 20) through joint bookrunners Bank of America Merrill Lynch, Bank of Taiwan, China Development Bank Corp, China Minsheng Banking Corp, Citi, Credit Suisse, DBS, Deutsche Bank, ICBC, Taishin Financial and UBS.

The deal comprises a $1.1 billion five-year term loan and a $450 million one-year bridge facility.

Syndication saw BNP Paribas, Bank of East Asia, Citic Group Corp, China Development Financial Holding Corp, Chinatrust Commercial Bank, Hang Seng Bank and Mega International Commercial Bank join in as mandated lead arrangers.

Proceeds are to partially finance the $3.1 billion management buyout of Focus Media Holdings.

 

Hong Kong


Noble Group has sealed a $2.1 billion revolver through mandated lead and bookrunners ABN Amro, ANZ, Agricultural Bank of China, Bank of America Merrill Lynch, Bank of Tokyo-Mitsubishi UFJ, Citi, Commerzbank Group, DBS, Goldman Sachs, HSBC, ICBC, ING, J.P. Morgan, Lloyds Banking Group, National Australia Bank, Natixis, RBS, Rabobank, Societe Generale CIB, Standard Chartered and UOB.

The facility consists of a $1 billion one-year tranche, a $488 million three-year tranche and a $550 million three-year portion.

Syndication saw 50 other banks join in at lower tiers.

Proceeds are to refinance existing indebtedness.

 

India


Hetero Wind Power has concluded a Rs2.8 billion 15-year term loan through sole bookrunner ICICI Bank.

The facility comprises a Rs1.8 billion tranche and a $20 million portion.

Syndications saw L&T Infrastructure Finance join in as participant.

Proceeds are to support the development of a wind farm.

 

Indonesia


Protelindo has completed a $526 million-equivalent five-year loan package through bookrunners BNP Paribas, Bank of America Merrill Lynch, CIMB Group, DBS, ING, J.P. Morgan, OCBC, RBS, Standard Chartered and Sumitomo Mitsui Financial Group.

The five-year facility consists of a $350 million term loan, a $125 million revolver and a €40 million portion.

Syndication saw Indonesia Infrastructure Finance join in as mandated lead arranger, while 22 other banks participated at lower levels.

Proceeds are for refinancing and general corporate purposes.

 

Philippines


SM Prime Holdings has closed a $200 million five-year term loan through mandated lead arrangers and bookrunners Chinatrust Commercial Bank and Standard Chartered.

The facility is priced at 170bp over Libor.

Final allocations saw bookrunners Standard Chartered and Chinatrust Commercial Bank hold $55 million and $50 million respectively, while participants Mega International Commercial Bank pledged $30 million. Land Bank of Taiwan and Taiwan Cooperative Bank provided $20 million each while Bank of Taiwan and First Commercial Bank provided $10 million each. Shanghai Commercial & Savings Bank ended up with $5 million.

Proceeds are for working capital and capital expenditure purposes.

 

Singapore


NorCE Offshore has signed a $100 million five-year term loan through mandated lead arrangers DZ Bank, DNB Bank ASA and Nordea Markets on a club basis.

Final allocations saw the banks contribute evenly to the facility.

Proceeds are to refinance an existing loan facility signed in Apr 2011.

Zippora has completed an $82 million five-year term loan through joint bookrunners DNB Bank ASA and Nordea Markets.

Syndication saw DZ Bank join in as mandated lead arranger.

Proceeds are to repay existing debt and finance new vessels.

 

Taiwan


Fujian Fuxin Special Steel has secured a $246 million-equivalent five-year dual-tranche facility through sole bookrunner Bank of Taiwan.

The facility is split into a $168 million term loan and a Rmb480 million portion.

Syndication saw Chinatrust Commercial Bank, E.Sun Commercial Bank, HSBC and Mega International Commercial Bank come in as mandated lead arrangers while Hua Nan Commercial Bank joined in as participant.

Proceeds are for capital expenditure purposes.

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