Loan week, November 19-25

A roundup of the latest syndicated loan market news.

Australia

Hills Motorway Management’s A$740 million multi-tranche facility was completed on a club basis on November 19 via a consortium of six mandated lead arrangers.

The deal consists of a A$400 million four-year tranche, a A$65 million six-year term loan and a A$275 million six-year commitment line.

The leads are Bank of Tokyo-Mitsubishi UFJ, Commonwealth Bank of Australia, Credit Agricole CIB, National Australia Bank, Scotiabank Group and Sumitomo Mitsui Banking Corp.

Proceeds are to refinance a facility signed in May 2009 and for project financing.

Hong Kong

China Fishery Group’s $425 million club loan was signed last week via lenders Citic Bank International, DBS Bank (Hong Kong), HSBC, Rabobank (Hong Kong) and Standard Chartered Bank (Hong Kong).

The four-year financing consists of a $340 million term loan and an $85 million revolving credit.

Proceeds are for refinancing and working capital purposes.

A HK$5.2 billion financing for SIHL Finance, a subsidiary of Shanghai Industrial Holdings, was signed on November 23 via bookrunners Bank of China (Hong Kong), BNP Paribas and HSBC.

Guaranteed by Shanghai Industrial Holdings, the term loan is split equally into a 3.5-year tranche and a five-year portion, which are priced at 103bp and 115bp over Hibor respectively.

Final allocations saw bookrunners and mandated lead arrangers Agricultural Bank of China, Bank of East Asia, Bank of Tokyo-Mitsubishi UFJ, Hang Seng Bank, ICBC (Macau), Mizuho Corporate Bank, Sumitomo Mitsui Banking Corp and United Overseas Bank pledge HK$400 million each, while lead arrangers Bank of Nova Scotia lent HK$300 million and Fubon Bank (Hong Kong) provided HK$200 million. Arrangers Shanghai Pudong Development Bank and Wing Hang Bank came in with HK$150 million apiece.

Proceeds are to refinance a HK$3.0 billion dual-tranche financing signed in November 2006 and a HK$2.2 billion three-year loan signed in October 2008.

India

A Rs3.6 billion 13-year term loan for Moakam-Munger Highway was completed last week via sole bookrunner and mandated lead arranger SBI Capital Markets.

The borrower is a joint venture of BSCPL Infrastructure and C&C Constructions and the facility will be repaid in 22 semi-annual instalments.

Participants State Bank of India pledged Rs1.0 billion and Union Bank of India gave Rs750 million. India Infrastructure Finance Co (IIFCL) contributed Rs700 million and Punjab & Sind Bank lent Rs500 million. Federal Bank and State Bank of Hyderabad provided Rs350 million and Rs250 million respectively.

Proceeds are for a highway project in the state of Bihar, India.

Space Theme Park India’s Rs1.8 billion nine-year term loan has been sealed via sole bookrunner and mandated lead arranger SBI Capital Markets.

Sponsored by Space Investment Co and Lavasa Corp, the facility will be repaid in 28 quarterly instalments following a six-month grace period.

Participants Union Bank of India took Rs415 million and Punjab National Bank committed Rs400 million. Export-Import Bank of India, State Bank of Patiala and Bank of India came in with Rs350 million, Rs320 million and Rs280 million respectively.

Proceeds are to support the establishment of the Space Edutainment Project at Lavasa, India.

Pakistan

Pakistan National Shipping Corp (PNSC) has obtained a PKR9.0 billion term loan via sole bookrunner Standard Chartered Bank (Pakistan).

The eight-year term loan is priced at 220bp over Kibor.

Askari Bank, Faysal Bank and National Bank of Pakistan joined in as lead arrangers, while Pak Brunei Investment and Pak Oman Investment came in as lenders.

Proceeds are to purchase five multi-purpose dry cargo vessels.

South Africa

Standard Bank of South Africa’s $268 million fundraising was sealed last week via mandated lead arrangers ANZ, Bank Sinopac, Bank of Taiwan, Cathay United Bank, Chinatrust Commercial Bank, HSBC, Mega International Commercial Bank, Taipei Fubon Commercial Bank, Taishin International Bank and Taiwan Cooperative Bank. The deal was well received and upsized from $200 million.

The three-year term loan was priced at 150bp over Libor.

Final allocations saw the facility agent, Bank of Taiwan, take $25 million, while the other mandated leads held $20 million apiece. Chang Hwa Commercial Bank, E Sun Commercial Bank, Far Eastern International Bank, Land Bank of Taiwan and Yuanta Commercial Bank gave $10 million each as lead managers. Managers Bank of Kaohsiung and Sunny Bank lent $5 million apiece and Bank of Panhsin provided $3 million. 

Proceeds are for general corporate purposes.

Taiwan

Chi Mei Lighting Technology Corp’s NT$6.8 billion loan has been upsized and completed via joint mandated lead arrangers Chang Hwa Commercial Bank, First Commercial Bank, Hua Nan Commercial Bank, Land Bank of Taiwan, Mega International Commercial Bank and Taiwan Cooperative Bank.

The facility consists of NT$4.6 billion and NT$800 million five-year secured term loans and a NT$1.4 billion one-year revolver. The term loans and the revolver offer a margin of 75bp and 63bp over the secondary CP rate respectively.

Syndication saw Bank of Taiwan, Bank Sinopac, Cathay United Bank, China Bills Finance Corp, Dah Chung Bills Finance Corp, Mega Bills Finance Corp, Ta Chong Bank, Taishin International Bank, Taiwan Business Bank and Taiwan Finance Corp participate at lower tiers.

Proceeds are to provide for capital expenditure and working capital requirements.

A NT$1.3 billion five-year multi-tranche debt package for Chin Fong Machine Industrial was signed last week via sole bookrunner Land Bank of Taiwan.

Agricultural Bank of Taiwan and Taichung Commercial Bank came in as joint arrangers while Cathay United Bank, Hua Nan Commercial Bank, Taiwan Cooperative Bank and Yuanta Commercial Bank joined in as participants.

Proceeds are for refinancing existing debt and working capital purposes.

Sole bookrunner Taiwan Cooperative Bank has sealed a NT$3.7 billion four-year term loan for Da-Li Construction.

The bullet loan is split into a NT$1.6 billion tranche and a NT$2.1 billion portion, which are priced at 120bp and 135bp over the one-year post office savings rate respectively.

Taichung Commercial Bank, Taiwan Business Bank and Yuanta Commercial Bank were the mandated lead arrangers, while Agricultural Bank of Taiwan and Taiwan Cooperative Bills Finance Corp joined as participants.

Proceeds are for capital expenditures.

A NT$2.0 billion dual-tranche five-year deal for Edom Technology was inked last week via sole lead arranger Mega International Commercial Bank.

The deal comprises a NT$1.2 billion revolver and an NT$800 million term loan. Final allocations saw the lead and co-arranger Land Bank of Taiwan contribute NT$600 million and NT$400 million respectively, while managers Bank of Taiwan, Chang Hwa Commercial Bank, Hua Nan Commercial Bank, Taishin International Bank and Taiwan Cooperative Bank took NT$200 million apiece.

Proceeds are to refinance an existing NT$1.0 billion facility signed in 2006 and for working capital purposes.

Eva Airways Corp’s NT$5.8 billion 12-year refinancing was completed last week via a consortium of nine bookrunners.

The term loan, secured by aircraft, offers 70bp over the 90-day secondary CP rate with an after-tax interest rate floor of 1.5%.

The bookrunners are Cathay United Bank, Chang Hwa Commercial Bank, E Sun Commercial Bank, First Commercial Bank, Hua Nan Commercial Bank, Land Bank of Taiwan, Taichung Commercial Bank, Taiwan Cooperative Bank and Yuanta Commercial Bank. Export-Import Bank of Taiwan joined as a participant.

Proceeds are to refinance an existing loan signed in 2009. 

A NT$1.0 billion multi-purpose facility for Freshfields International Corp has been signed via sole bookrunner Land Bank of Taiwan.

The facility is divided into an NT$800 million seven-year portion and a NT$200 million five-year tranche which are priced at 97bp and 107bp respectively over the average one-year savings rate of Bank of Taiwan, Chang Hwa Commercial Bank, First Commercial Bank, Hua Nan Commercial Bank, Land Bank of Taiwan and Taiwan Cooperative Bank.

Syndication saw the bookrunner commit NT$700 million, while manager Agricultural Bank of Taiwan provided NT$300 million.

Proceeds are for the refinancing of existing indebtedness, capital expenditures and working capital purposes.

A NT$3.5 billion five-year transaction for Tung Mung Development has been inked via bookrunners Bank Sinopac, Entie Commercial Bank, Mega International Commercial Bank and Taiwan Cooperative Bank.

The transaction includes a NT$2.6 billion multi-currency revolving credit and a NT$900 million term loan.

General syndication saw Chang Hwa Commercial Bank, Cosmos Bank Taiwan, Hua Nan Commercial Bank, Land Bank of Taiwan, Shanghai Commercial & Savings Bank and Taiwan Shin Kong Commercial Bank join as participants.

Proceeds are for refinancing and general corporate purposes.

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