Loan Week, November 25-December 1

A digest of the latest loan news.

Allco Finance Group's A$850 million three year revolver has been signed via a consortium of 11 banks. Mandated arrangers ABN Amro, Commonwealth Bank of Australia and Westpac lent A$200 million each, co-arranger St George Bank committed A$60 million while DBS Bank held A$51 million and BNP Paribas, JP Morgan, Oversea-Chinese Banking Corp, Mizuho Corporate Bank, Societe Generale and WestLB took A$44 million apiece.

The facility offers a margin of 80bp over the bank bill rate and a commitment fee of 40bp. Proceeds are for general corporate purposes.

Perpetual Trustees' A$185.5 million fundraising has been signed. A group of three banks are participating in the transaction. Sole mandated arranger Commonwealth Bank of Australia committed A$75.5 million and lenders Westpac contributed A$75 million and SMBC provided A$35 million. Proceeds will be used to support the acquisition of Telstra Dome from Seven Network and various other parties.

Hong Kong

BW Bulk's $250 million seven year financing has been signed via mandated arranger BNP Paribas and participant Oversea-Chinese Banking Corp. Proceeds are for general corporate purposes.

The $150 million three year revolver for IMC Holdings has been completed. BNP Paribas and HSBC are lead arranging the facility. Proceeds will be used for general corporate purposes.

The HK$4.2 billion financing for Shangri-la Asia Treasury has been upsized from HK$3 billion due to an enthusiastic response in syndication. The five year facility saw a total of 16 banks join in general syndication.

Mandated coordinating arrangers are Bank of China (Hong Kong) and DBS Bank providing HK$400 million each while eight others û HSBC, Standard Chartered (Hong Kong), BBVA, Bank of Communications (Hong Kong), Bank of East Asia, Bank of Tokyo-Mitsubishi UFJ, Scotiabank (Hong Kong) and Wing Lung Bank û joined with holds of HK$300 million apiece.

Arrangers are Malayan Banking and Nanyang Commercial Bank lending HK$200 million each. Senior managers are Bank of China (Singapore) and Fortis Bank (Hong Kong) taking $150 million apiece, and Hua Nan Commercial Bank (Hong Kong), Liu Chong Hing Bank and Tai Fung Bank pledging $100 million apiece.

The term/revolving credit facility offers a spread of 29bp over Hibor, leading to a top level all-in of 34.5bp. Proceeds will be used for working capital. Signing took place on Monday (November 27).

South Dignity Shipping and South Eternity Shipping's $909 million ship financing has been signed. BNP Paribas is lead arranging the 15 year facility. Deutsche Schiffsbank and Korea Development Bank joined as participants. Proceeds are to support the financing of vessels.

Tianjin Development's HK$2 billion five year term loan has been signed. A group of 20 banks are participating in the transaction. The financing is split into a HK$1.14 billion tranche and a HK$860 million revolver, each with a spread of 47bp over Hibor. Proceeds are to refinance existing debt and for working capital purposes.

Mandated arrangers Calyon, Hang Seng Bank, HSBC and Rabobank Nederland took HK$170 million apiece and Bank of China (Hong Kong), Bank of East Asia, Bank of Tokyo-Mitsubishi UFJ and Mizuho Corporate Bank held HK$160 million each. Arrangers Bank of China (Shanghai), China Construction Bank (Hong Kong), ICBC Asia and Nanyang Commercial Bank provided HK$83 million apiece. Managers BNP Paribas, Oversea-Chinese Banking Corp and Wing Lung Bank joined with tickets of HK$56 million each and Bank of Communications (Hong Kong), Dah Sing Bank (Shenzhen), Liu Chong Hing Bank, Maybank, Public Bank (Hong Kong) and Shanghai Pudong Development Bank ended up with HK$30 million apiece.


Cairn India has signed an $850 million five year term loan via mandated arrangers Barclays Capital, HBOS, International Finance Corp and Royal Bank of Scotland. Proceeds are for the development of certain oil and gas fields in India. ABN Amro, Citibank, Mizuho Corporate Bank, Societe Generale, Standard Chartered and SMBC joined as participants.

The $1 billion yen-equivalent financing for ICICI Bank has been launched into both sub-underwriting and general syndication via a consortium of 13 banks. The arranger group consists of Bank of Tokyo-Mitsubishi UFJ, BayernLB, BNP Paribas, Calyon, Chinatrust Commercial Bank, Fortis Bank, HSBC, Lloyds TSB Bank, Mizuho Corporate Bank, Natexis Banques Populaires, Royal Bank of Scotland, Standard Chartered and SMBC.

The jumbo loan is split into a $350 million 364 day tranche æAÆ with a margin of 15bp, a $450 million two year tranche æBÆ that features a spread of 25bp and a $200 million tranche æCÆ that is priced at 35bp. Banks are being invited to join on three tiers. Lead arrangers providing $30 million receive 12bp, 20bp and 27bp on each tranche, translating to top level all-ins of 27bp, 35bp and 44bp respectively. Co-arrangers holding $20 million to $30 million get 11bp, 18bp and 24bp for all-ins of 26bp, 34bp and 43bp. Lead managers taking $5 million to $20 million earn 10bp, 16bp and 21bp for all-ins of 25bp, 33bp and 42bp.

All the mandated arrangers are running the books and Natexis Banques Populaires is both the facility and documentation agent. Proceeds will be used for general corporate purposes. Banks have until early December to revert and signing is targeted for late December.

Sub-underwriting for Tata SonsÆ $150 million financing has yet to close with banks expected to revert by December 11. Mandated arrangers Banc of America Securities, Barclays Capital and Standard Chartered have received commitments from Bank of Nova Scotia and Rabobank so far. Several other banks are said to be in the final stage of getting credit approvals.

The seven year facility carries a margin of 59bp over Libor. Proceeds will be used for working capital. General syndication will be launched in early January.


Germala Navigation, Kencana Navigation, Mutiara Navigation, Permata Navigation, Ratna Navigation and Sari Navigation have successfully raised $160 million via a 10 year term loan. BNP Paribas, DBS Bank, HSBC and ING Bank are the mandated arrangers. Proceeds are to support the purchase of vessels.

Hong Leong Bank has successfully raised $150 million from the market via a total of six banks. The 364 day facility will be used for general corporate purposes.

Joint mandated lead arrangers are BayernLB and Standard Chartered lending $75 million and $15 million respectively. Lead arrangers are Landesbank Baden-Wurttemberg (Singapore) providing $30 million and Raiffeisen Zentralbank Oesterreich (Singapore) pledging $20 million. Lead managers are American Express Bank and Uni Credito Italiano (Hong Kong) holding $5 million apiece.

Signing took place on November 24 in Malaysia.


Softbank Corp has awarded the mandate for its Ñ480 billion facility to Citigroup, Deutsche Bank, Mizuho Corporate Bank, Royal Bank of Scotland and Shinsei Bank. All the mandated lead arrangers are running the books. The ten year financing comprises a Ñ130 billion tranche ôAö that is priced at 140bp over Yen Libor and a Ñ350 billion tranche ôBö that offers a spread of 220bp over Yen Libor. The facility has an estimated average life of seven years. The borrowing entity is WBS Funding Company. A wider syndication is expected to be launched in January 2007.


Chemical Industries (Far East) has successfully raised S$40 million from the market via sole mandated arranger DBS Bank and lenders Bangkok Bank, KBC Bank (Singapore) and Maybank (Singapore). The five year facility will be used to refinance existing debt and to provide for working capital requirements.

Signing for Trafigura's $300 million financing was held on November 22 in Singapore. The 364 day facility saw a total of 21 banks join in syndication. Proceeds will be used for general corporate purposes. The revolving credit facility is guaranteed by Trafigura Derivatives and Trafigura.

Mandated lead arrangers are Standard Chartered and Barclays Capital pledging $21.6 million each while seven other mandated lead arrangers came in with commitments of $20 million apiece. They are Arab Banking Corp, Arab Petroleum Investments Corp, CIMB Bank, Commercial Bank of Qatar, Mizuho Corporate Bank, SMBC and United Overseas Bank.

Lead arrangers are Emirates Bank International and National Australia Bank (Singapore) taking $160 million each and ICICI Bank (Singapore) and RHB Bank committing $12.5 million apiece. Arrangers are Bank of Taiwan (Singapore), Doha Bank, National Bank of Pakistan and Qatar National Bank (London) absorbing $10 million each. Lead managers are Chinatrust Commercial Bank, Korea Development Bank and Persia International Bank taking $5 million each and Hua Nan Commercial Bank lending $4.8 million.

South Korea

Goodsign Securitization Speciality's W$25 billion loan-style floating rate note has been signed. Standard Chartered First Bank (Korea) is the sole mandated arranger. The three year financing carries a margin of 87bp over the CD rate, with an average life of 2 years. SK Petrochemical is sponsoring the deal. Proceeds are for trade finance and general corporate purposes.


Cite Publishing and Home Media's NT$3 billion dual tranche facility has been signed. A total of eight banks are providing the funds. Proceeds are for working capital purposes and to refinance existing debt.

The facility is split into a NT$3 billion 6.5 year and a NT$2.7 billion 5.5 year portion, with spreads of 170bp over the CP rate. Mandated arrangers Calyon, DBS Bank, SMBC and United Overseas Bank (Taipei) took NT$500 million apiece, arrangers Bank SinoPac provided NT$360 million and Bank of Nova Scotia held NT$320 million. Co-arrangers Shanghai Commercial & Savings Bank pledged NT$180 million and Bank of Panhsin ended up with NT$140 million.

Eliter International Corp signed a NT$2.2 billion multi-tranche credit on November 29. The facility is split into NT$1.35 billion, NT$510 million and NT$340 million term loans, and offers a margin of 220bp over the average savings deposit rate. Proceeds are to support the construction of Tian Yue International Hotel.

Mandated arranger Land Bank of Taiwan held NT$540 million. A total of seven banks joined in syndication as lenders and they are: Chang Hwa Commercial Bank providing NT$400 million, Agricultural Bank of China taking NT$370 million, Central Trust of China, Hwa Tai Bank and Taiwan Business Bank contributing NT$180 million each and Fuhwa Bank and Taiwan Cooperative Bank taking NT$170 million apiece.

Hong Ya Holding has signed a $30 million five year revolver. Hong Ya Technology Corp is providing a guarantee. Mandated arrangers Bank SinoPac, Ta Chong bank, E Sun Commercial bank and HSBC (Taipei) lent $7.5 million apiece while lenders Hua Nan Commercial Bank provided $4 million and Fuhwa Bank held $3 million. Proceeds are for working capital purposes.

Inventive InternationalÆs $100 million fundraising has been completed via mandated lead arrangers First Commercial Bank, KBC Bank and Mizuho Corporate Bank. The five year facility has received an overwhelming response in general syndication. Nine banks joined with commitments totaling over $80 million. They are Bank of Taiwan, Bank of Tokyo-Mitsubishi UFJ, Mega International Commercial Bank, Chang Hwa Commercial Bank, Hua Nan Commercial Bank, Chiba Bank, Ta Chong Commercial Bank and Bank of Overseas Chinese.

The revolving credit facility features a margin of 69.5bp over Libor and a greenshoe of up to $150 million. Proceeds will be used to refinance an existing facility signed in August 2004. Signing is slated for early December.

Taiwell AluminiumÆs NT$1.4 billion seven year term loan has been signed via mandated arrangers Chinatrust Commercial Bank and Mega International Commercial Bank. The lead banks held tickets of NT$300 million each. Participants Land Bank of Taiwan contributed NT$280 million, Hua Nan Commercial Bank took NT$250 million, Chang Hua Commercial Bank held NT$170 million and Central Trust of China ended up with NT$100 million.

The transaction carries a margin of 50bp over the one-year post office savings rate. Proceeds are for working capital purposes.

Tecom CoÆs NT$800 million five year facility has been closed and allocated. Mandated arrangers ABN Amro (Taipei) and Mega International Commercial Bank pledged NT$250 million each while participants Industrial Bank of Taiwan and Shanghai Commercial & Saving Bank joined with tickets of NT$150 million apiece. The signing ceremony is expected to be held in mid-December.
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