Loan week, November 20-26

A roundup of the latest syndicated loan market news.


Murray Goulburn's A$535 million dual-tranche facility has been completed via a consortium of six mandated lead arrangers on a club basis.

The three-year debt package comprises a A$275 million revolving credit and a A$260 million 364-day facility.

Final allocations saw Westpac contribute A$160 million, while National Australia Bank and ANZ took A$150 million and A$100 million respectively. Bank of Tokyo-Mitsubishi UFJ and BNP Paribas each gave A$50 million. Commonwealth Bank of Australia rounded out the group with a A$25 million ticket.

Proceeds are to refinance outstanding debt facilities.


An Rs8.5 billion 12.5-year term loan for CSJ Infrastructures has been signed via sole mandated lead arranger and bookrunner SBI Capital Markets.

Participants Vijaya Bank committed Rs1.5 billion while Allahabad Bank, State Bank of Patiala and State Bank of Travancore pledged Rs1 billion each. Dena Bank and Bank of Baroda lent Rs850 million and Rs750 million respectively. Federal Bank, Punjab & Sind Bank, State Bank of Mysore and Tamilnad Mercantile Bank took Rs500 million apiece. Union Bank participated with a hold of Rs350 million.

The deal will be repaid by quarterly installments after a grace period of six months. Proceeds are to fund the development of an integrated commercial space.


Marga Sarana Jabar's Rp1.1 trillion 12.25-year project financing has been completed via bookrunners Bank Mandiri and Bank Nagara Indonesia.

Syndication saw Bank Rakyat Indonesia join in as a mandated arranger, while Bank Jabar Banten participated at a lower tier.

Proceeds are to support the development of a toll road project from Sentul Selatan to Simpang Yasmin, Bogor.


Delegateam's M$1.7 billion two-year fundraising has been completed on a club basis via mandated lead arrangers AmInvestment Bank and OCBC (Malaysia).

AmInvestment Bank pledged M$1 billion, while OCBC (Malaysia) joined in with M$700 million.

Proceeds are for acquisition and general corporate purposes.


A $150 million dual-tranche facility for LD Commodities Australia and Louis Dreyfus Commodities Asia was launched into syndication via mandated lead arrangers ANZ, BNP Paribas and HSBC.

The three-year transaction is split into a $100 million term loan and a $50 million revolver.

Priced at 220bp over Libor, banks are welcome to join at three levels. Mandated lead arrangers providing $30 million or above get 135bp, lead arrangers taking $20 million to $29 million earn 112.5bp, and arrangers contributing between $10 million and $19 million will end up with 90bp.

Syndication is slated to close by January 4. Proceeds are for general corporate purposes.

South Korea

GS (Cambodia) Development's $42 million term loan has been sealed by ANZ and Bank of Nova Scotia on a club basis.

The deal is guaranteed by GS Engineering & Construction Corp. Mandated lead arrangers ANZ provided $25 million and Bank of Nova Scotia pledged $17 million.

Proceeds are for refinancing and general corporate purposes.

Hyundai Motor Manufacturing Russia
's Eur180 million 10-year club loan has been inked via mandated lead arrangers ING Bank, Landesbank Baden-Wuerttemberg, Natixis and Societe Generale on a club basis.

The deal is guaranteed by Korea Export Insurance Corp and proceeds are to support the construction of a new overseas plant.

A $100 million club deal for Shinsegae has been completed via mandated lead arrangers DBS Bank and Standard Chartered Bank.

The leads each lent $50 million to the bullet term loan. Proceeds are for capital expenditure purposes.


Syndication of a NT$3.6 billion five-year guarantee facility for China Airlines was closed earlier this month via sole bookrunner Cathay United Bank. The facility was oversubscribed and upsized from NT$3 billion.

The loan consists of three annual repayments starting from year three with the guarantee facility offering an annual fee of 90bp.

Final allocations saw the sole lead contribute NT$1.1 billion, while participants Hua Nan Commercial Bank, Union Bank of Taiwan and Yuanta Commercial Bank took NT$500 million each. E.Sun Commercial Bank and Industrial Bank of Taiwan came in with NT$300 million apiece and Bank of Kaohsiung and Jih Sun International Bank joined in with NT$200 million each.

Proceeds are to guarantee the issuance of convertible bonds. Signing is slated for late November.

China Metal Products' NT$1.2 billion fundraising was upsized from NT$1 billion and sealed on November 25 via coordinating arrangers Bank Sinopac and Taishin International Bank.

The three-year term loan is priced at 120bp over the secondary CP rate with a minimum interest rate of 2.3% and a commitment fee of 25bp.

Final allocations saw bookrunners Taishin International Bank and Bank Sinopac take NT$600 million and NT$300 million respectively. Participants Ta Chong Bank gave NT$200 million and Bank of Taiwan ended up with NT$100 million.

Proceeds are for refinancing purposes.

Ocean Dragon Maritime
and Ocean Phoenix Maritime have successfully secured a ¥4.4 billion financing via mandated lead arrangers Chinatrust Commercial Bank, Citi, Mega International Commercial Bank, Shanghai Commercial & Savings Bank and Taipei Fubon Commercial Bank on a club basis.

Guaranteed by Ta Tong Marine, the seven-year dual-currency debt is split equally into two term loans with a spread of 200bp over three-month Libor.

Final allocations saw Citi take ¥500 million, while Chinatrust Commercial Bank, Mega International Commercial Bank, Shanghai Commercial & Savings Bank and Taipei Fubon Commercial Bank held $5 million apiece.

Proceeds are for capital expenditure purposes.

Oriental Petrochemical's NT$4.2 billion financing was signed on November 23 via bookrunners Chinatrust Commercial Bank and Mega International Commercial Bank. The facility was oversubscribed and upsized from NT$3.5 billion.

Secured by land, factory and machinery, the five-year debt package is split into a NT$3 billion term loan and a NT$1.2 billion revolving credit priced at 120bp over the 90-day or 180-day secondary CP rate. It features an after-tax minimum interest rate of 1.8% the first year after signing and a commitment fee of 10bp.

Final allocations saw the bookrunners contribute NT$500 million each, while mandated lead arrangers Bank Sinopac pledged NT$400 million. China Development Industrial Bank took NT$300 million and DBS Bank held NT$250 million. Bank of Taiwan, Chang Hwa Commercial Bank, First Commercial Bank, Hua Nan Commercial Bank and Taiwan Cooperative Commercial Bank lent NT$200 million each, while Industrial Bank of Taiwan and Jih Sun International Bank gave NT$150 million apiece.

Co-arrangers E.Sun Commercial Bank committed NT$200 million, while Agricultural Bank of Taiwan came in with NT$150 million. Bank of Kaohsiung, Shanghai Commercial & Savings Bank, Taichung Commercial Bank, Taiwan Business Bank, Taiwan Shin Kong Commercial Bank and Yuanta Commercial Bank joined in with NT$100 million each.

Proceeds are for refinancing and working capital purposes.

Sunland Real Estate's NT$1 billion multi-tranche three-year financing completed in August 2007 was amended last week via sole bookrunner Chinatrust Commercial Bank.

The original facility comprises three term loans of NT$333 million, NT$143 million and NT$550 million respectively. The tenor of these tranches has been extended to June 2011, while the margin has been increased from 145bp to 150bp over the 180-day secondary CP rate.

To finance extra costs incurred in a property project, an add-on tranche of NT$400 million was introduced. Guaranteed by the chairman of the company, the tranche is priced at 200bp over the 180-day secondary CP rate.

Final allocations saw the sole lead give NT$570 million, while participants Bank of Panhsin and Taiwan Business Bank came in with NT$428 million each.

Proceeds are for the development of a property project in Sindian of Taipei County in Taiwan.


Electricity of Vietnam's (EVN) $342 million Asian Development Bank-backed financing is in the market via mandated lead arrangers Bank of Tokyo-Mitsubishi UFJ, BNP Paribas, Calyon, Mizuho Corporate Bank, Natixis, Oversea-Chinese Banking Corp and Societe Generale.

Natixis, together with documentation agent BNP Paribas, are acting as coordinating arrangers for the 13 year term loan. Proceeds are for general corporate purposes.

Mandated lead arrangers BNP Paribas and Natixis have been appointed to arrange a $300 million transaction for wholly state-owned Vietnam Posts & Telecommunication (VNPT), the largest telecommunication operator in Vietnam.

The term loan features a door-to-door tenor of five years and an average life of three years. The leads are currently finalising the syndication strategy and proceeds are for network development purposes.

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