loan-week-may-26--june-2

Loan Week, May 26 - June 2

A round up of the latest syndicated loan market news.
Australia

Optus Finance has completed a A$300 million refinancing via seven banks. The revolving credit was provided on a club basis by ABN AMRO, ANZ Investment Bank, Barclays Capital, BNP Paribas, Citibank, Commonwealth Bank of Australia and Westpac Banking Corp. Proceeds are to refinance a A$300 million loan that was signed in May last year.


China

AU Optronics (Suzhou) and AU Optronics (Xiamen) Æs $50 million and Rmb1 billion fundraising has so far received commitments totalling $270 million from six banks. ABN AMRO, Bank of Tokyo-Mitsubishi UFJ, HSBC and Standard Chartered Bank are arranging the deal.

A number of banks are still in the process of gaining credit approval and the arrangers are in discussions with the borrower whether to extend the deadline.

Syndication for Semiconductor Manufacturing International (Shanghai) Corp (SMISC) Æs $600 million fundraising was closed last week with seven banks participating. The facility was slightly oversubscribed and the amount is unlikely to be increased according to bankers in the arranger group. Proceeds will be used to finance the borrowerÆs capital expenditure and general corporate funding requirements. Signing is expected to be held on June 8.

The Rmb500 million dual tranche facility for Xiamen SM City and SM Shopping Centre (Chengdu) had reached financial close with a total of five banks participating. Signing will be held next week.

Bookrunner Standard Chartered Bank held Rmb80 million as did coordinating arrangers Agricultural Bank of China, Hang Seng Bank, Oversea-Chinese Banking Corp and United Overseas Bank.


Hong Kong

Cheung Kong Holdings is close to mandating five banks to arrange its HK$6 billion five year revolving credit. The facility will be used for working capital purposes. Cheung Kong was last in the market when it raised HK$4.1 billion through a five-year club deal. That facility was arranged by Bank of China, BNP Paribas, Citigroup, Hang Seng Bank, HSBC, Mizuho Corporate Bank, Standard Chartered Bank and UFJ Bank.

Hong Kong listed international frozen food group Pacific Andes International Holdings is launching its $120 million five year term facility today (Friday) via mandated lead arrangers HSBC and Rabobank. This is the borrowerÆs first attempt into the market and the financing will be used to fund the borrowerÆs expansion plans in China.


India

HDFC BankÆs $125 million 364 day credit was signed yesterday (Thursday) with a syndicate of 21 banks. Bank of America Securities, DBS Bank, DZ Bank, Lloyds TSB Bank, Natexis Banques Populaires (Singapore) and RZB are the mandated lead arrangers. Proceeds are to refinance existing debt.

The $200 million seven year export credit for JSW Steel has been launched into general syndication. Bookrunner ABN AMRO was joined by mandated lead arrangers KBC Bank, KfW and Standard Chartered prior to launch.

The deal carries a margin of 170bp over Libor and banks have been invited to join on two levels. Lead arrangers committing $10 million or more earn 25bp flat and arrangers providing less than $10 million gain 20bp.

The loan is guaranteed by Duferco and proceeds are for trade finance purposes. Roadshows were held in Bahrain last week and in Singapore on May 30. Responses are due by June 16.


































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