Loan Week

Loan Week, November 18-24

A roundup of the latest syndicated loan market news.


Nufarm has sealed a A$625 million three-year revolving facility on a club basis through a consortium of seven mandated lead arrangers ANZ, Credit Suisse, Deutsche Bank, Mizuho Corporate Bank, Rabobank, UBS and Unicredit.

Proceeds are for refinancing, working capital and general corporate purposes.

DBNGP Finance has signed a A$400 million three-year fundraising on a club basis through five mandated lead arrangers.

Final allocations saw Commonwealth Bank of Australia and Westpac come in with A$100 million each while ANZ and Bank of Tokyo-Mitsubishi UFJ committed A$75 million each. National Australia Bank ended up with A$50 million.

Proceeds are to refinance existing facilities which were used to support the Dampier Bunbury Pipeline project.


Hong Kong

Cofco Capital Corp has successfully obtained a $150 million three-year letter of credit (L/C) on a club basis through a consortium of eight mandated lead arrangers. The facility was substantially oversubscribed.

Guaranteed by its parent Cofco Corp, the facility offers an L/C fee of 65bp a year with a 63bp upfront fee.

Syndication saw mandated coordinating arranger Rabobank (Hong Kong) together with mandated lead arrangers ANZ, Bank of America Merrill Lynch, Bank of Tokyo-Mitsubishi UFJ, Commonwealth Bank of Australia, DBS, J.P. Morgan and United Overseas Bank (New York) contribute equally to the financing.

Proceeds are to refinance an existing $150 million three-year financing signed in 2008.



Patna Bakhtiyarpur Tollway sealed a Rs6.8 billion 15-year term loan last week (November 16) through bookrunners and mandated lead arrangers Axis Bank and L&T Infrastructure Finance Co.

Sponsored by BSCPL Infrastructure and C&C Constructions, the facility will be repaid in 46 quarterly installments.

Final allocations saw Axis Bank and L&T Infrastructure Finance Co commit Rs1 billion and Rs500 million respectively while participants Allahabad Bank, Central Bank of India, India Infrastructure Finance Co, State Bank of Hyderabad and State Bank of Patiala came in with Rs750 million each. Bank of India pledged Rs550 million while State Bank of Bikaner & Jaipur and State Bank of Mysore ended up with Rs500 million each.

Proceeds are to support the construction of a four-lane highway in India.


South Korea

Korea Gas Corp completed a $400 million four-year loan-style FRN on a club basis through mandated lead arrangers DBS and Mizuho Corporate Bank.

Proceeds are to finance offshore investments.

Tamra Sarang Uiryowon has secured a W44.7 billion project financing through sole mandated lead arranger Korea Development Bank.

The facility is split into a W35.3 billion 21.5-year term loan guaranteed by Korea Credit Guarantee Fund, a W4.2 billion 22-year tranche, a W3.2 billion 20-year portion and a W2 billion standby revolver.

Syndication saw Kiamco BTL Fund and Kyobo Life Insurance join in as participants.

Proceeds are to support the Seogwipo Medical Center project in Korea.



BW Group fully completed a $1.5 billion seven-year revolver last Thursday (November 17) through bookrunners DnB Bank, Nordea Bank, OCBC and Swedbank.

Final allocations saw the leads take $180 million each while mandated lead arrangers Deutsche Bank and Skandinaviska Eskilda Banken lent $120 million each. Commonwealth Bank of Australia, Fokus Bank, HSH Nordbank and KfW IPEX-Bank gave $90 million each while lead arrangers Bank of Tokyo-Mitsubishi UFJ and HSBC held $60 million each. Lenders ING and United Overseas Bank rounded up the syndicate with $30 million respectively.

Proceeds are for refinancing and general corporate purposes.



Acer successfully obtained a NT$15 billion five-year loan last week (November 17) through nine bookrunners and mandated lead arrangers Bank of Taiwan, Chinatrust Commercial Bank, Citi, DBS, Land Bank of Taiwan, Taipei Fubon Commercial Bank, Taishin International Bank, Taiwan Business Bank and Taiwan Cooperative Bank.

The dual-tranche facility is split into a NT$9 billion term loan and a NT$6 billion revolver, which is priced at 60bp over the secondary commercial-paper rate and has a commitment fee of 10bp.

Final allocations saw the leads take NT$1.4 billion each while participant Mega International Commercial Bank gave NT$1 billion. ANZ and Chang Hwa Commercial Bank provided NT$700 million each.

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

New Hope Maritime closed a ¥3.5 billion seven-year club facility on Monday (November 21) through mandated lead arrangers Chinatrust Commercial Bank, Citi, Mega International Commercial Bank, Shanghai Commercial & Savings Bank and Taipei Fubon Commercial Bank.

Guaranteed by Ta Tong Marine, the term loan features a spread of 200bp over Libor and will be repaid in 28 quarterly installments.

Syndication saw the leads contribute equally to the facility.

Proceeds are to finance the acquisition of a capesize bulk carrier.

Yu-Ta Enterprise and Wan-Bao Asset Management have concluded a NT$780 million five-year term loan through sole bookrunner and mandated lead arranger Land Bank of Taiwan.

The facility, which is split into a NT$570 million tranche and a NT$210 million portion, offers a margin of 160bp over the one-year average savings rate of six domestic banks.

Syndication saw the lead commit NT$360 million while arrangers Agricultural Bank of Taiwan and Taichung Commercial Bank joined in with NT$170 million each. Participant Taiwan Cooperative Bank lent NT$80 million.

Proceeds are for refinancing and capital expenditure purposes.

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