Loan Week

Loan Week, May 31-June 6

A roundup of the latest syndicated loan market news.



Arrium has secured an $800 million revolver through bookrunners and mandated lead arrangers ANZ, BNP Paribas, Commonwealth Bank of Australia, ICBC, National Australia Bank, SMBC and Westpac.

The facility is split into a $533 million four-year tranche and a $267 million five-year portion.

Final allocations saw the leads provide $70 million each, while arranger Bank of Tokyo-Mitsubishi UFJ provided $64 million. BBVA, Bank of Communications and Mizuho provided $50 million each while lead manager HSBC pledged $40 million. Bank of Nova Scotia and Bank of China rounded up the syndicate with $39 million and $20 million, respectively.

Proceeds are to refinance existing indebtedness.



Beijing Ton Yi Industrial and Kunshan Ton Yi Industrial have completed a Rmb448 million three-year term loan on a club basis though mandated lead arrangers BNP Paribas and DBS.

The debt package is split into Rmb230 million and Rmb218 million tranches.

Proceeds are for capital expenditure purposes.

China Energy Transportation Investment has inked a $1.2 billion 20-year term club loan through joint mandated leads Bank of China, Bank of Tokyo-Mitsubishi UFJ, Export-Import Bank of China, ICBC, Mizuho and SMBC.

Proceeds are for general corporate purposes.

Infoshore International and Shanghai Le Fu Properties have secured a $371 million-equivalent three-year term loan through bookrunners and mandated lead arrangers Standard Chartered and UOB.

The facility is guaranteed by Shui On Land and split into a HK$700 million tranche, a $39 million portion and a Rmb1.5 billion tranche.

Syndication saw Citic Group join in as mandated lead arranger while Bangkok Bank, Bank of East Asia, China Everbright Bank, Chong Hing Bank, ICBC, Maybank and Wing Lung Bank come in as lead arrangers while Dah Sing Bank and East West Bank concluded as participants.

Proceeds are to fund real estate project costs and refinancing.



Tata Steel Odisha has secured a Rs228 billion loan package through sole bookrunner State Bank of India.

The secured facility is split into a Rs126 billion 12-year term loan and a Rs101.8 billion 10-year and six-month portion.

Syndication saw Axis Bank, HDFC Bank, ICICI and Punjab National Bank join in as mandated lead arrangers.  Allahabad Bank, Canara Bank, Central Bank of India, Corporation Bank, Export-Import Bank of India, Federal Bank, Indian Bank, Jammu & Kashmir Bank, Oriental Bank of Commerce, Punjab & Sind Bank, State Bank of Bikaner & Jaipur, State Bank of Hyderabad, State Bank of Mysore, State Bank of Patiala, State Bank of Travancore and Syndicate Bank came in as participants to complete the syndication.

Proceeds are to fund the construction of a greenfield steel plant at Kalinganagar in Odisha, India.



Adaro Indonesia has obtained a $380 million seven-year term loan through mandated lead arrangers ANZ, Bank of Tokyo-Mitsubishi UFJ, CIMB, Chinatrust Commercial Bank, Citi, DBS, HSBC, Mizuho, OCBC, Standard Chartered, SMBC and UOB.

The oversubscribed club deal is priced at 300bp over Libor.

Final allocations saw ANZ, DBS, OCBC, SMBC and Standard Chartered hold $51 million each while Bank of Tokyo-Mitsubishi UFJ and CIMB lent $25 million each. HSBC and Mizuho contributed $20 million and $16 million, respectively, while Chinatrust Commercial Bank, Citi and UOB pledge $13 million each.

Proceeds are to refinance a facility completed in October 2009.



San Miguel Corp successfully sealed a $1.5 billion five-year financing on Tuesday (June 4) through joint bookrunners ANZ, Bank of America Merrill Lynch, Bank of Tokyo-Mitsubishi UFJ, DBS, Maybank, Mizuho, Standard Chartered, SMBC and UOB.

Price at 235bp over Libor, the facility is oversubscribed and upsized from $1.3 billion.

Syndication saw Bank of China, Chinatrust Commercial Bank, HSBC, ING and Rabobank join in as mandated lead arrangers while19 more banks came in as arrangers to conclude the syndication.

Proceeds are to refinance an existing $1 billion facility that was signed in August 2010.



Chuan Lih Fa Machinery Works has completed a NT$1.2 billion five-year loan package through sole bookrunner and mandated lead arranger Taipei Fubon Commercial Bank.

The financing is split into two NT$300 million term loans and a NT$600 million portion.

Final allocations saw the lead and mandated leads Mega International Bank and Bank SinoPac pledge NT$150 million each. Taiwan Cooperative Bank lent NT$140 million while Agricultural Bank of Taiwan, Chang Hwa Commercial Bank, Hua Nan Commercial Bank, Taichung Commercial Bank, Taiwan Business Bank and Yuanta Commercial Bank gave NT$90 million each. Bank of Taiwan ended up with NT$70 million.

Proceeds are for refinancing and working capital.

Da Yuan Development secured a NT$1.9 billion term loan through joint bookrunners Agricultural Bank of Taiwan, Land Bank of Taiwan and Mega International Commercial Bank.

The facility contains a NT$200 million 10-year term loan, a NT$950 million 10-year tranche and a NT$750 million seven-year portion.

Final allocations saw Land Bank of Taiwan take NT$600 million, while Mega International Commercial Bank and Agricultural Bank of Taiwan contributed NT$500 million and NT$400 million, respectively. Participant Bank of Kaohsiung provided NT$150 million while Bank of Taiwan and Taiwan Cooperative Bank gave NT$100 million each. Hua Nan Commercial Bank rounded up the syndicate with NT$50 million.

Proceeds are to purchase land and for construction purposes.

Ruentex Development has raised a NT$3.3 billion five-year revolver/term loan through sole bookrunner Bank of Taiwan.

Final allocations saw the lead commit NT$590 million, while mandated lead arrangers Chinatrust Commercial Bank, E.Sun Commercial Bank, First Commercial Bank and Mega International Commercial Bank held NT$520 million each. Far Eastern International Bank gave NT$400 million, while Cathay United Bank provided NT$180 million.

Proceeds are to repay existing indebtedness.

Uni-President China Holdings and Uni-President Enterprises sealed a $200 million revolving credit facility on Monday (June 3) through joint bookrunners and mandated lead arrangers ANZ, Bank of America Merrill Lynch, Chinatrust Commercial Bank, Taipei Fubon Commercial Bank, Mega International Commercial Bank, Mizuho and SMBC.

The facility has been upsized from $190 million.

Syndication saw E.Sun Commercial Bank and Yuanta Commercial Bank join in as mandated lead arrangers, while Export-Import Bank of China and Shanghai Commercial & Savings Bank came in at lower levels.

Proceeds are for working capital purposes.

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