Loan Week, November 22-28

A roundup of the latest syndicated loan market news.


Focus Media Holding has amended and extended a $1.5 billion loan signed in May 2013 through bookrunners and mandated leads Bank of America Merrill Lynch, Bank of Taiwan, China Development Bank, China Minsheng Banking Corp, Citi, Credit Suisse, DBS, Deutsche Bank, ICBC, Taishin International Bank and UBS.

Syndication saw BNP Paribas, Bank of East Asia, China Citic Bank International, China Development Industrial Bank, CTBC Bank, Hang Seng Bank, and Mega International Commercial Bank join in as mandated lead arrangers. Bank of East Asia, Hua Nan Commercial Bank, Hwa Tai Bank and Taiwan Cooperative Bank came in as participants.

Proceeds are to partially finance the $3.2 billion management buyout of Focus Media Holdings announced in August 2012.

Hitachi Construction Machinery Leasing (China) has obtained a Rmb1.3 billion three-year debt package through sole bookrunner SMBC.

The loan is split into a Rmb798 million tranche, a Rmb300 million portion and a Rmb250 million facility.

Syndication saw China Construction Bank and Industrial & Commercial Bank of China come in as mandated lead arrangers while Agricultural Bank of China, Bank of Communications and Shanghai Pudong Development Bank joined in as participants.

Proceeds are to amend an existing facility signed in April 2012.

Zhenjiang Chimei Chemicals has concluded a $265 million three-year term loan through bookrunners ANZ, Bank of Taiwan, CTBC Bank, Chang Hwa Commercial Bank, DBS, Mizuho and Taipei Fubon Commercial Bank.

The facility is underwritten.

Final allocations saw the leads contribute $30 million each, while mandated lead arrangers E.Sun Commercial Bank gave $20 million. Participant Export-Import Bank of the Republic of China came in with $15 million while Industrial Bank of Taiwan and OCBC rounded up the group with $10 million apiece.

Proceeds are for general corporate purposes.

Hong Kong

Max Dynamic Investments and Brilliant Crystal Enterprises have obtained a HK$4.6 billion facility through bookrunners and mandated lead arrangers DBS and Standard Chartered.

The debt package comprises a HK$1 billion five-year tranche, a HK$2.3 billion and a HK$1.2 billion 3.5-year portions.

Syndication saw ICBC, Bank of Nova Scotia and Fubon Financial Holding join in as mandated lead arrangers while First Commercial Bank and Taiwan Cooperative Bank came in as arrangers. Changhwa Commercial Bank, Hua Nan Commercial Bank, Shanghai Commercial Bank, Shanghai Commercial & Savings Bank and Bank SinoPac concluded the syndicate as senior managers.

Proceeds are to support the acquisition of Kingswood Ginza by Fortune REIT.

PB Vessels Holding has sealed a $130 million seven-year fundraising through sole bookrunner Nordea.

The deal is split into a $100 million term loan and a $30 million revolving credit.

Syndication saw SEB come in as the mandated lead arranger to round up the syndication.

Proceeds are to repay existing indebtedness.


Haridaspur Paradip Railway has signed a Rs10.9 billion 14-year and three-month term loan through sole bookrunner and mandate lead arranger State Bank of India.

The facility is priced at 100bp over bank’s base rate.

Final allocations saw participants State Bank of Hyderabad and Union Bank of India provide Rs1.7 billion each while Bank of Baroda, Central Bank of India, Punjab National Bank, UCO Bank and Vijaya Bank lent Rs1.3 billion. Dena Bank and United Bank of India contributed Rs550 million apiece to wrap up the syndication.

Proceeds are for the construction of an 82 km broad gauge single railway link between Haridaspur and Paradip stations in Odisha, India.

South Korea

Shinhan Bank has sealed a $100 million loans package through joint bookrunners Bank of Tokyo-Mitsubishi UFJ and Citi.

The facility is split evenly into a one-year tranche and a three-year portion.

Syndication saw China Construction Bank join in as mandated lead arranger.

Proceeds are to repay existing indebtedness and for general corporate purposes.

SK Global Chemical has inked a $200 million three-year loan-style floating rate note on a club basis through mandated lead arrangers Citi, Credit Agricole, DBS, Mizuho, Standard Chartered and UOB.

Proceeds are to refinance existing indebtedness and for general corporate purposes.


Hong-You Asset Management has signed a NT$1.9 billion term loan through sole bookrunner Taiwan Cooperative Bank.

The financing consists of a NT$1.1 billion tranche, a NT$200 million tranche and a NT$570 million portion, and is guaranteed by Prosperity Tieh Enterprise.

Final allocations saw the lead take NT$750 million while mandated lead arrangers First Commercial Bank and Land Bank of Taiwan provided NT$430 million each. Participant Mega International Commercial Bank joined in with NT$260 million.

Proceeds are for debt repaying, capital expenditure and working capital purposes.

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