loan-week-november-29

Loan Week, November 2-9

A digest of the latest loan news.
China

China International Trust & Investment Corp (CITIC Group) has awarded the mandate for its $200 million five year facility to Bank of Tokyo-Mitsubishi UFJ, HSBC, ING Bank and Mizuho Corporate Bank. Sole bookrunner HSBC is the documentation and facility agent. Proceeds will be used for working capital. A wider syndication will be launched shortly.

The borrower last tapped the market when its subsidiary, CITIC Pacific raised HK$7.2 billion in April 2006. That facility featured a spread of 32bp over Libor and saw a total of 22 banks participating.

Market talk is that Xinyi Glass Holdings, ChinaÆs largest exporter of auto glass, is planning to raise Rmb600 million worth of loans. Proceeds will be used to increase production capacity and for working capital.


Hong Kong

Hongkong Land Treasury Services (Singapore) has mandated Bank of Tokyo-Mitsubishi UFJ, BNP Paribas, DBS Bank, HSBC, Standard Chartered and Mizuho Corporate Bank to arrange its S$800 million facility. Proceeds will be used for working capital. A wider syndication is expected to be launched by early next week.

Mandated coordinating arrangers Bank of China (Hong Kong), DBS Bank, HSBC and Standard Chartered are still syndicating Shangri-la Asia TreasuryÆs HK$3 billion revolving/term facility. The five year financing carries a spread of 29bp over Hibor and a top level all-in of 34.5bp. Shangri-la Asia is providing a guarantee. Proceeds will be used for working capital. Banks are expected to revert by today (Friday).

SIHL FinanceÆs HK$3 billion five year facility has reached financial close via mandated arrangers Bank of China (Hong Kong), BNP Paribas, Calyon, CCB International Finance, DBS Bank, Hang Seng Bank, HSBC and Sumitomo Mitsui Banking Corp. Shanghai Industrial Holding is providing a guarantee.

The financing is split equally into a term loan and revolver, both with a spread of 27bp over Hibor. Proceeds are to refinance existing debt and signing will take place shortly.

Sino-French Water DevelopmentÆs HK$1.5 billion facility has been upsized from HK$1.4 billion due to an overwhelming response from the market. The seven year facility saw 13 banks join in general syndication.

Mandated coordinating arrangers are ICBC/ICEC taking HK$460 million, Bank of China (Hong Kong) holding HK$280 million, Calyon pledging HK$230 million and BNP Paribas committing HK$100 million.

Arrangers are Tai Fung Bank absorbing HK$70 million, Fortis Bank lending HK$50 million and Bank of East Asia, Bank of Tokyo-Mitsubishi UFJ and Dah Sing Bank holding HK$40 million each. BayernLB, Bank of China (Macau) and Wing Lung Bank are providing HK$30 million apiece. Five others û BBVA, Citic Ka Wah Bank, KBC, Maybank and Natexis Banques Populaires û joined with holds of HK$20 million each.

Proceeds will be used to refinance a HK$1.2 billion loan signed in September 2001. Signing took place on November 8.


Indonesia

Syndication of Bank Negara IndonesiaÆs $150 million fundraising has yet to close with banks expected to revert by early next week. Thus far, the dual tranche facility has received commitments from several banks. A couple more are still processing credit approvals. Mandated arrangers are ABN Amro, Mizuho Corporate Bank and Standard Chartered.

The financing is split between a $50 million two year tranche that is priced at 45bp over Libor and a $100 million three year tranche that carries a margin of 60bp over Libor. Proceeds will be used for working capital.
nbPakistan

Warid Telecom (PVT)Æs $501 million eight year financing was signed on November 3. Mandated arrangers ABN Amro and Standard Chartered Bank contributed $250.5 million each. Proceeds are to finance the purchase of equipment.


Philippines

The $250 million five year facility for San Miguel Corp was signed on November 3. A total of 16 banks are participating in the transaction. Mandated arrangers DBS Bank and Standard Chartered took $25.75 million apiece, lead arrangers Citic Ka Wah Bank, Maybank, Mizuho Corporate Bank and Mega International Commercial Bank contributed $25 million each while Bank of Tokyo-Mitsubishi UFJ held $20 million. Co-arranger CIMB pledged $15 million, arrangers Bank of China, Cathay United Bank, NordLB and Taiwan Cooperative Bank (Offshore Banking branch) committed $10 million apiece and E. Sun Commercial Bank (Offshore Banking branch) joined with a ticket of $8.5 million. Lead managers Bank of Taiwan (Singapore), Chang Hwa Commercial Bank (Hong Kong) and Korea Exchange Bank (Hong Kong) ended up with $5 million each. Proceeds are for general corporate purposes.


Singapore

Neumetal has successfully raised $150 million from the market via mandated lead arrangers ABN Amro, Standard Chartered and United Overseas Bank, with tickets of $50 million apiece. Proceeds are to finance the import of metal products. Signing was held on October 31.


South Korea

Pusan Bank has successfully raised $200 million from the market. The facility is split equally into one year and three year term loans with margins of 7bp and 14bp respectively.

Mandated arrangers BayernLB, Calyon, Commonwealth Bank of Australia, Standard Chartered Bank (Hong Kong), Sumitomo Mitsui Banking Corp and arrangers Dresdner Bank and Fortis Bank committed $15.2 million each while BBVA and Toronto-Dominion Bank took $2 million apiece. Proceeds are for general corporate purposes. The signing ceremony was held on November 2 in Seoul.

Taiwan

Mandated arranger Hua Nan Commercial Bank has received commitments from Bank of Taiwan, Calyon, Cathay United Bank, Chang Hwa Commercial Bank, First Commercial Bank, Industrial Bank of Taiwan, Land Bank of Taiwan, Mega International Commercial Bank, Shanghai Commercial & Savings Bank, Taipei Fubon Commercial Bank and Taiwan Cooperative Bank for Chi Mei CorpÆs NT$10 billion five year fundraising. The facility offers a margin of 44bp over the CP rate. Proceeds are to refinance an existing facility and to provide for working capital requirements.

Sub-underwriting for China Network SystemsÆ NT$28 billion financing is set to close via joint mandated lead arrangers Citigroup and Chinatrust Commercial Bank. Several banks are said to have joined as sub-underwriters. Proceeds will be used to support the leveraged buyout of China Network Systems by MBK Partners. General syndication is expected to be launched shortly.

Elitegroup Computer Systems signed a $100 million three year revolver on November 3 in Taipei. Mandated arrangers Mega International Commercial Bank took $40 million and First Commercial Bank, Shin Kong Commercial Bank and Taiwan Cooperative Bank held $20 million apiece. The deal carries a margin of 60bp over Libor. Proceeds are for working capital purposes.

Grand Prosper (Hong Kong) and Rich Universe InternationalÆs $60 million five year term loan has been upsized from $40 million due to an overwhelming response. Chinatrust Commercial Bank and Mega International Commercial Bank are lead arranging the facility. First Commercial Bank and Taipei International Commercial Bank joined as lenders in general syndication. Ever Splendor Enterprises (Hong Kong), Da Tong Ying, Uni-Home Tech and Uni-Splendor Corp are providing a guarantee.

Hsin Yung Enterprise has successfully raised NT$2 billion from the market via sole mandated arranger Hua Nan Commercial Bank. The seven year facility pays a margin of 25bp over the one-year post office time deposit rate. Hua Nan Commercial Bank committed NT$1.5 billion while participants Taiwan Business Bank took NT$180 million, Shanghai Commercial & Savings Bank pledged NT$150 million, Mega International Commercial Bank contributed NT$100 million and Sunny Bank ended up with NT$70 million. The president of the company is providing a guarantee and proceeds are to refinance existing debt.

The facility offers a spread of 53bp over Libor. Lead arrangers contributing $7 million or over get 9bp, arrangers taking $5 million to $6 million earn 7bp and managers providing $3 million to $4 million get 5bp. Proceeds will be used for working capital purposes and to refinance existing debt.

Mandated lead arrangers Mizuho Corporate Bank, KBC Bank and First Commercial Bank are yet to close syndication of Inventive InternationalÆs $150 million financing. Proceeds will be used to refinance an existing facility signed in August 2004 and for working capital purpose.

The five year facility offers a margin of 69.5bp over Libor and is being marketed on three tiers. Lead arrangers holding $10 million or above get 15bp over Libor, translating to an all-in of 72.5bp. Arrangers taking $7 million to $9 million receive 9bp for an all-in of 71.3bp while senior managers committing $4 million to $6 million earn 6bp for an all-in of 70.7bp.

Mandated arrangers Land Bank of Taiwan and Ta Chong Commercial Bank have closed syndication of Jei Yang Construction and Long Da ConstructionÆs NT$3.35 billion five year dual tranche facility, that is split into a NT$1.94 billion loan and a NT$1.42 billion five year portion. Land Bank of Taiwan and Ta Chong Commercial Bank committed NT$1.68 billion apiece. Proceeds will be used to support the purchase of land and construction. The signing ceremony will take place shortly.

Mandarina Crown HotelÆs NT$11.6 billion dual tranche fundraising has been launched into general syndication via mandated arrangers First Commercial Bank, Mega International Commercial Bank and Taiwan Cooperative Bank. The facility is split into a NT$6.3 billion 15 year facility and a NT$5.3 billion four year term loan, offering margins of 94bp and 89bp over Taiwan Cooperative BankÆs one-year time deposit rate respectively. Proceeds are for working capital purposes.

Mandated arranger Bank of Taiwan has launched a NT$1 billion five year dual tranche fundraising for Powertip Technology Corp into syndication. The financing is split into a NT$600 term loan and a NT$400 revolver, both offering a margin of 55bp over Bank of TaiwanÆs one year time deposit rate. Proceeds are for general corporate purposes.

Mandated arrangers Taipei Fubon Commercial Bank and Taiwan Cooperative Bank have launched Prosperity Tieh EnterpriseÆs NT$4.8 billion dual tranche credit into general syndication. The financing is split into a NT$3.4 billion six year portion and a NT$1.4 billion seven year term loan, with margins of 83.5bp and 93.5bp over the two month post office time deposit rate respectively. Proceeds will be used to refinance existing debt and for working capital purposes.

Ta Chen Stainless Pipe Company signed a NT$4.2 billion credit facility on November 9. The facility was upsized from NT$2.2 billion due to an enthusiastic response. A total of 19 banks are participating in the transaction.

The facility is split into four portions, NT$3.02 million and NT$300 million five year revolvers and NT$765 million and NT$115 million seven year term loans that carry a margin of 13.5bp over the CP rate.

Mandated arrangers Chang Hwa Commercial Bank and Hua Nan Commercial Bank took NT$405 million apiece and Mega International Commercial Bank held NT$400 million. Joining as participants are China Development Industrial Bank and Taiwan Cooperative Bank committing NT$400 million apiece, Fuhwa Bank, Land Bank of Taiwan, Sunny Bank and Taipei Fubon Commercial Bank pledging NT$240 million each, Bank of East Asia holding NT$200 million, Central Trust of China providing NT$160 million while Chinfon Commercial Bank, Chinese Bank, Industrial Bank of Taiwan, Shin Kong Commercial Bank joined with tickets of NT$125 million apiece. China Bills Finance Corp, International Bills Finance Corp and Mega Bills Financial Corp contributed NT$100 million each and Bank of Panhsin ended up with NT$70 million.

Tecom CoÆs NT$800 million financing has been launched into general syndication via mandated arrangers ABN Amro and Mega International Commercial Bank. The five year facility carries a spread of 52bp over the CP rate. Proceeds are to refinance existing debt.

Tsung Ying ConstructionÆs NT$2.83 billion dual tranche financing has been launched into general syndication via sole mandated arranger Land Bank of Taiwan. The facility is split into NT$1.27 billion and NT$1.56 billion four year term loans. Proceeds are for general corporate purposes.

Yieh Mau CorpÆs NT$1.56 billion four year dual tranche fundraising has completed syndication. Mandated arrangers Land Bank of Taiwan and Taiwan Business Bank provided NT$738 million apiece and participant Agricultural Bank of Taiwan took NT$443 million. The financing is split into NT$960 million and NT$600 million term loans. Proceeds are to support the purchase of land and for construction purposes. Signing will be held shortly.
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