Loan Week

Loan Week, November 23-29

A roundup of the latest syndicated loan market news.

Hong Kong


New Regent Asia has completed a HK$1.5 billion four-year financing through mandated lead arrangers Bank of China, DBS, HSBC and Hang Seng Bank.

The financing consists of a HK$585 million term loan and a HK$936 million term loan.

Proceeds are to support construction costs.

Shimao Property Holdings has sealed a $670 million dual-currency facility through mandated lead arrangers Bank of East Asia, HSBC, Hang Seng Bank, SMBC and Standard Chartered.

The three-year facility is split into a $610 million tranche and a HK$468 million tranche.

Final allocations saw HSBC, Hang Seng, Standard Chartered and SMBC commit $300 million, $150 million, $100 million and $60 million respectively while Bank of East Asia was the sole provider for the Hong Kong dollar tranche.

Proceeds are for refinancing and fixed asset investment purposes.

 

India


Electrosteel Steels has closed a Rs19.5 billion nine-year and seven-month term loan through mandated lead arranger State Bank of India.

Sponsored by Electrosteel Casting, the facility will be repaid by 34 quarterly payments.

Syndication saw eight other banks come in as participants.

Proceeds are for the development of a 2.5 million tonnes per annum greenfield integrated steel project.

Rural Electrification Corp has secured a $250 million three-year debt facility through bookrunners State Bank of India and SMBC.

The facility is split into a $150 million tranche and a $100 million tranche.

Final allocations saw State Bank of India take $100 million while SMBC provided $50 million. Mandated lead arrangers KDB and Scotiabank committed $40 million and $30 million respectively while arrangers Sumitomo Mitsui Trust, Tokyo Star Bank and Bank of East Asia lent $10 million, $9 million and $7 million respectively. Bank of Taiwan rounded up the syndicate with $4 million.

Proceeds are for onlending to the electricity boards.

 

Japan


Jamshedpur Continuous Annealing & Processing, a joint venture between Tata Steel and Nippon Steel & Sumitomo Metal Corp, has signed a $135 million 10-year term loan through mandated lead arrangers JBIC and Mizuho.

The debt is split into an $81 million JBIC portion and a $54 million commercial portion.

Proceeds are for working capital purposes.

 

Singapore


Cambridge Industrial Trust and Cambridge Industrial Trust Management have concluded a S$150 million financing through mandated lead arrangers HSBC, Hong Leong Group Singapore, National Australia Bank and RBS.

The debt package consists of a S$100 million five-month revolver and a S$50 million one-year and six-month term loan.

Proceeds are for general corporate purposes.

Haier (Singapore) Management Holdings has obtained a $500 million one-year and two-month underwritten bridge facility through bookrunners and mandated lead arrangers ANZ, Bank of America Merrill Lynch, RBS and Westpac.

Final allocations saw ANZ contribute $200 million while the other three leads took $85 million each. Mandated lead arranger DBS joined in with $45 million.

Proceeds are to support the acquisition of Fisher & Paykel.

 

Taiwan


Continental Carbon has sealed a $40 million three-year financing through sole bookrunner Taipei Fubon Commercial Bank.

Guaranteed by China Synthetic Rubber Corp, the facility is split evenly into a term loan and a revolver.

Final allocations saw the bookrunner and mandated lead arrangers Chinatrust Commercial Bank, First Commercial Bank and Mega International Commercial bank lend $10 million each.

Proceeds are for refinancing and working capital purposes.

Elite Material has obtained a NT$1.5 billion five-year financing through bookrunners Taipei Fubon Commercial Bank and Taishin International Bank.

The oversubscribed deal consists of a NT$450 million term loan, a NT$600 million term loan and a NT$450 million revolving facility.

Final allocations saw the bookrunners provide NT$200 million each while mandated lead arrangers Bank of Taiwan, Chang Hwa Commercial Bank, Chinatrust Commercial Bank, Hua Nan Commercial Bank, Ta Chong Bank and Yuanta Commercial Bank provided NT$150 million each. Participants Far Eastern International Bank and First Commercial Bank lent NT$100 million each.

Proceeds are for refinancing and working capital purposes.

Business International Corp, Giant Finance Inc and Tsang Yow Industrial have secured a $40 million five-year dual-currency financing through sole bookrunner Land Bank of Taiwan.

The debt package is split into a NT$750 million term loan, a NT$250 million revolving credit and a $6 million term loan.

Syndication saw eight other banks come in as participants.

Proceeds are to repay existing debt and for working capital purposes.

Wintek Corp has concluded a $149 million one-year revolving facility through sole bookrunner and mandated lead arranger Bank of Taiwan.

Syndication saw 11 banks join in as participants.

Proceeds are for working capital purposes.

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