Australia
Mandated lead arrangers, underwriters and bookrunners BNP Paribas and Commonwealth Bank of Australia are in the market with a $110 million 4.25-year borrowing base facility for Roc Oil (Finance).
Proceeds are to refinance existing debt facilities and to support the development of the Beibu Gulf Oilfield. Closing is slated for the end of June.
China
ICBC joined in as a joint mandated lead arranger in a Rmb3.3 billion loan for Hitachi Construction Machinery Leasing (China) on June 1 (Tuesday).
The loan, which was signed earlier in February this year, consisted of two revolvers for Rmb2.1 billion and Rmb200 million and a Rmb400 million term loan prior to ICBC’s joining. ICBC has committed Rmb600 million to the Rmb2.1 billion tranche, which increases the total facility size to Rmb3.3 billion.
Proceeds are for working capital purposes.
Hong Kong
China Overseas Land & Investment successfully secured a HK$6.2 billion five year club loan on Monday (May 31) through a consortium of 11 banks.
Bank of China, Bank of Communications, Bank of East Asia, BNP Paribas, China Construction Bank, Credit Agircole, DBS Bank, Hang Seng Bank, HSBC, Shanghai Pudong Development Bank and United Overseas Bank provided the financing.
Proceeds are to refinance existing debt facilities and for property development purposes.
Solargiga Energy Holdings has signed a $75 million three-year term loan through bookrunners BNP Paribas and Industrial Bank of Taiwan. The deal was oversubscribed and upsized from $60 million. Guaranteed by six subsidiaries of the borrower, the deal is priced at 260bp over Libor.
Final allocations saw the leads commit $12 million each, while China Development Industrial Bank and Jih Sun International Bank contributed $8.5 million each. Lead arranger Cathay United Bank lent $7 million while arrangers Bank Sinopac, EnTie Commercial Bank, Hua Nan Commercial Bank, Taishin International Bank, Taiwan Cooperative Bank and Taiwan Shin Kong Commercial Bank ended up with $4.5 million respectively.
Proceeds are for general corporate purposes.
India
Torrent Energy has sealed a Rs39.4 billion 15-year term loan has been sealed through sole lead SBI Capital Markets. The facility is sponsored by Torrent Power and will be repaid in 44 quarterly installments after an 11-month grace period.
Final allocations saw participants State Bank of India and IDFC provide Rs11.5 billion each while Bank of Baroda gave Rs11.4 billion. Punjab National Bank rounded up the syndicate with Rs5 billion.
Proceeds are to part finance a 1,200MW gas-based power project in Gujarat, India.
Sion Panvel Tollways successfully signed a Rs13 billion dual-tranche term loan on Monday (May 30) through joint bookrunners and mandated lead arrangers IDFC and SBI Capital Markets. The deal is split into a Rs9.1 billion 14.5-year facility and a Rs3.9 billion six-year portion.
Syndications saw Andhra Bank, Bank of India, Canara Bank, India Infrastructure Finance Co (IIFCL), Indian Overseas Bank, Karnataka Bank, Oriental Bank of Commerce, State Bank of Bikaner & Jaipur, Tamilnadu Mercantile Bank and Vijaya Bank participate at lower levels.
Proceeds are to support a highway project.
Tata Teleservices (Maharashtra) has obtained a $350 million 10-year term loan through joint bookrunners Bank of India and IDBI Bank.
The loan package will be repaid in three annual installments after a nine-month grace period.
Final allocations saw the leads contribute $50 million each, while participants Canara Bank and Union Bank of India pledged $100 million each. Indian Overseas Bank joined in with $50 million.
Proceeds are to partly refinance an existing project financing facility.
Japan
Itochu Corp has obtained a $500 million 364-day revolving credit facility through sole bookrunner Citi.
Syndication saw Credit Agricole join in as a mandated lead arranger while Mizuho Corporate Bank and other undisclosed participants come in as lower tiers.
Proceeds are for debt repayment purposes.
Philippines
Beacon Electric Asset Holdings has signed a Ps11 billion financing arranged by First Metro Investment Corp and PNB Capital & Investment Corp.
Proceeds are for the acquisition of additional interest in Manila Electric.
Singapore
Olam International’s launched a $1.3 billion fully underwritten facility into syndication last Friday (May 27) through a consortium of 15 mandated lead arrangers and bookrunners.
The fundraising is split equally into a three-year and a five-year tranche.
ANZ, Commerzbank, Credit Suisse, DBS, Emirates NBD Bank, HSBC, ING, J.P. Morgan, Morgan Stanley, National Australia Bank, Natixis, Rabobank International, Royal Bank of Scotland, Standard Chartered and UBS have been appointed to arrange the financing.
Proceeds are to refinance existing debt facilities, for working capital and general corporate purposes.
Taiwan
Clevo has signed a $200 million five-year term loan through a consortium of seven banks. The facility is priced at 150bp over Libor, and will be repaid in seven semi-annual installments.
Final allocations saw bookrunner Land Bank of Taiwan commit $40 million while other leads Cathay United Bank, Chang Hwa Commercial Bank, First Commercial Bank, Taiwan Cooperative Bank and Yuanta Bank all lent $30 million. Joint arranger Taiwan Business Bank rounded up the syndicate with $10 million.
Proceeds are for general corporate purposes.
Global Mall signed a NT$4.5 billion multi-tranche financing through sole bookrunner Land Bank of Taiwan.
The transaction comprises two 15-year term loans of NT$2.7 billion and NT$1.8 billion and a five-year NT$500 million revolving credit. The sum of the latter two tranches will not exceed NT$1.8bn. The term loan is priced at 90bp over the one-year average savings rate of the banks while the revolver features a margin of 100bp over the same rate. There is an interest rate floor of 1.8%.
Final allocations saw the lead take NT$2.9 billion while Agricultural Bank of Taiwan came in as a lead arranger with NT$1.2 billion. Bank Sinopac and Taiwan Business Bank wrapped up the deal with NT$200 million each.
The deal is guaranteed by Kindon Construction. Proceeds are to refinance an existing facility signed in 2005, for the construction of a new mall and for working capital purposes.
Sole bookrunner Industrial Bank of Taiwan has inked a NT$2.7 billion dual-tranche three-year financing for Jing Guan Investment.
The facility is split into a NT$2.1 billion revolver and a NT$600 million guarantee facility, both priced at 195bp over the secondary CP rate.
Syndication saw Agricultural Bank of Taiwan, Bank of East Asia, Bank of Panhsin, Chang Hwa Commercial Bank, China Bills Finance Corp, Far Eastern International Bank, Grand Bills Finance Corp, Hua Nan Commercial Bank, International Bills Finance Corp, King’s Town Bank and Shanghai Commercial & Savings Bank participated at lower levels.
Proceeds are to refinance existing indebtedness.
Test Rite International successfully secured a NT$6 billion deal through bookrunners and mandated lead arrangers Bank of Taiwan, First Commercial Bank and Land Bank of Taiwan.
The transaction is split into a NT$2 billion term loan and a NT$4 billion dual currency revolver which is priced at 65bp over the secondary CP rate or Libor. There is an interest rate floor of 1.5% within 12 months after the first drawdown if drawn in Taiwanese dollars.
Agricultural Bank of Taiwan, Chang Hwa Commercial Bank, Hua Nan Commercial Bank, Taiwan Business Bank and Taiwan Cooperative Bank joined in as co-arrangers while E.Sun Commercial Bank came in as a participant.
Proceeds are to refinance an existing facility signed in 2007 and for working capital purposes.
Waterland Securities is expected to sign a NT$4 billion revolving credit on Friday (June 3) through a consortium of nine mandated lead arrangers and bookrunners.
The revolving credit is priced at 70bp over the secondary CP rate.
The leads Industrial Bank of Taiwan committed NT$500 million while Chang Hwa Commercial Bank, E.Sun Commercial Bank, Hua Nan Commercial Bank, Jih Sun International Bank, Taipei Fubon Commercial Bank, Taishin International Bank, Taiwan Business Bank and Taiwan Cooperative Bank lent NT$400 million. Participants Agricultural Bank of Taiwan ended up with NT$300 million.
Proceeds are to refinance an NT$1.8 billion deal signed in October 2008 and for working capital purposes.
