Loan Week

Loan Week, November 25-December 1

A roundup of the latest syndicated loan market news.


Bright Food Group has obtained two separate facilities last week.

The A$260 million three-year refinancing facility was completed through sole bookrunner National Australia Bank.

The facility is split into a A$155 million term loan, an A$85 million and a A$20 million revolver.

Final allocations saw the bookrunner commit A$170 million and Westpac joined in as a mandated lead arranger with A$90 million.

The other $285 million three-year term loan was arranged through bookrunners and mandated lead arrangers ANZ and National Australia Bank.

Final allocations saw the leads take $38 million each while mandated lead arranger China Development Bank joined in with $80 million. Commonwealth Bank of Australia, Rabobank and Westpac gave $34 million each and SMBC ended up with $27 million.

Proceeds are for the acquisition of a 75% stake in Manassen Foods and capital expenditure purposes.



Hyundai Wia Automotive Engine (Shandong) has secured a $100 million four-year term loan as a club deal through mandated lead arrangers Mizuho Corporate Bank and SMBC.

Hyundai Wia Corp acted as the guarantor of the facility.

Proceeds are for capital expenditure purposes.

Shandong Chenming Group and Shouguang Meilun Paper completed a $90 million three-year loan on Wednesday (November 30) through sole bookrunner SMBC.

The facility, which features a two-year extension option, consists of a $60 million tranche and a $30 million portion. Shandong Chenming Group is also guaranteeing the facility.

Syndication saw Nordea Bank, Rabobank and Skandinaviska Enskilda Banken come in as mandated lead arrangers while First Commercial Bank and State Bank of India joined in as lead arrangers. Monte Dei Paschi Di Siena participated as an arranger.

Proceeds are for capital expenditure and working capital purposes.


Hong Kong

Beijing Enterprises Group (BVI) signed a HK$950 million club deal on Wednesday (November 30) through mandated lead arrangers Bank of East Asia, DBS and United Overseas Bank.

The three-year term loan is priced at 195bp over Hibor.

Proceeds are for general corporate purposes.

Hutchison Ports Finance has successfully obtained a HK$2.8 billion three-year financing on a club basis through mandated lead arrangers ANZ, Bank of China, Bank of Nova Scotia, Bank of Tokyo-Mitsubishi UFJ, CIBC, Mizuho Corporate Bankand SMBC.

The deal is guaranteed by Hutchison Port Holdings. Proceeds are for working capital purposes.

Parkson Retail Group has recently upsized its $250 million loan signed in November 2010 with an additional $150 million tranche signed on Tuesday (November 29) through bookrunners DBS, J.P. Morgan, Maybank, Natixis and Standard Chartered.

The upsized portion is split into a $100 million term loan and a HK$390 million facility. Both tranches will mature together with the original facility in November 2013.

Bank of East Asia and OCBC joined in as mandated lead arrangers while Nanyang Commercial Bank participated as a lead arranger. Bank Sinopac, Cathay United Bank, Chang Hwa Commercial Bank and Chinatrust Commercial Bank came in as arrangers.

Proceeds are for capital expenditure purposes.



SEW Krishnagar Baharampore Highways successfully completed a Rs6 billion 13.5-year term loan last week through sole bookrunner and mandated lead arranger SBI Capital Markets.

Sponsored by SEW Infrastructure and SEW Transportation Networks, the facility offers a margin of 225bp over floating State Bank of India base rate and will be repaid in 21 semi-annual installments.

Final allocations saw State Bank of India commit Rs1.5 billion while ICICI Bank and India Infrastructure Finance Co came in with Rs1 billion each. Union Bank of India provided Rs750 million while Indian Bank and Indian Overseas Bank ended up with Rs500 million each. Allahabad Bank, State Bank of Bikaner & Jaipur and State Bank of Mysore lent Rs250 million each.

Proceeds are to support the construction of a four-lane highway in India.

Tata Motors secured a $500 million dual-tranche term loan on Monday (November 28) through sole bookrunner and mandated lead arranger State Bank of India.

The deal consists of a $200 million five-year tranche priced at 235bp over Libor and a $300 million seven-year tranche with a margin of 254bp over Libor. The facility will be repaid in two annual instalments.

Syndication saw ANZ, Bank of Tokyo-Mitsubishi UFJ, Emirates NBD Bank, Export Development Canada, First Gulf Bank, Industrial Bank of Taiwan, Mizuho Corporate Bank, Morgan Stanley and National Bank of Abu Dhabi join in as lead arrangers.

Proceeds are for working capital expenditure purposes.

Lanco Infratech has successfully obtained a Rs600 million 14-year term loan through sole bookrunner and mandated lead arranger Yes Bank.

Sponsored by Lanco Group, the facility will be repaid in 55 quarterly instalments.

The lead, along with participant Canara bank contributed equally to the facility with Rs300 million each.

Proceeds are to support the development of a 5MW solar power plant in India.



Tecom Co concluded a NT$700 million three-year revolver on Tuesday (November 29) through joint bookrunners and mandated lead arrangers Chinatrust Commercial Bank and EnTie Commercial Bank.

The facility offers a margin of 185bp over the three-month or six-month secondary CP rate and a commitment fee of 15bp.

Final allocations saw the leads take NT$200 million each while participants Industrial Bank of Taiwan and Mega International Commercial Bank came in with NT$150 million each.

Proceeds are to refinance an NT$800 million loan facility signed in December 2006 and for working capital purposes.



Vietnam Development Bank has concluded a $270 million financing through mandated leads Bank of Tokyo-Mitsubishi UFJ, Citi, SMBC and Sumitomo Trust & Banking.

The 15-year term loan is guaranteed by the Ministry of Finance (Vietnam) and insured by Nippon Export & Investment Insurance (Nexi).

Final allocations saw Citi and SMBC commit $90 million each while Bank of Tokyo-Mitsubishi UFJ and Sumitomo Trust & Banking Corp pledged $45 million each. Citi acted as the coordinator for Nexi.

Proceeds are for the borrower to on-lend to the Hanoi-Hai Phong expressway project.

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