Loan week, November 26-December 2

A roundup of the latest syndicated loan market news.

Australia

Hope Downs Iron Ore
’s $600 million club loan was signed on November 26 via a consortium of four mandated lead arrangers.

The six-year facility consists of $140 million and $460 million term loans.

Final allocations saw the leads, ANZ, BNP Paribas, Commonwealth Bank of Australia and National Australia Bank, contribute equally to the deal.

Proceeds are for project financing purposes.

A A$30 million two-year revolver for Ryman Healthcare was concluded on a club basis on November 27 via mandated leads ANZ and Commonwealth Bank of Australia, which gave A$20 million and A$10 million respectively.

Proceeds are for general corporate purposes.

Bhutan


Dungsam Cement Corp has inked a $92 million-equivalent dual-tranche term loan via a consortium of nine banks.

The loan comprises a Rs2.0 billion 9.5-year tranche and a 2.1 billion Bhutan ngultrum (BTN) 13-year and four-month facility.

Final allocations saw Export-Import Bank of India, Punjab National Bank, State Bank of India and Union Bank of India participate in the Indian rupee tranche, while Bank of Bhutan, Bhutan National Bank, Druk PNB Bank, National Pension & Provident Fund and Royal Insurance Corp of Bhutan contributed to the Bhutan ngultrum portion.

Proceeds are to fund the expansion of a greenfield integrated cement project at Nganglam, Bhutan.

Hong Kong


Ecogreen Fine Chemicals Group’s $31 million three-year term loan has been signed as a club deal via mandated lead arrangers ANZ, Citic Bank International, KBC Bank (Hong Kong) and Standard Chartered Bank (Hong Kong).

The deal will be repaid in four equal semi-annual installments following an 18-month grace period.

Proceeds are for refinancing and working capital purposes.

Noble Group successfully secured a $2.5 billion-equivalent jumbo financing on December 1 via a consortium of 19 bookrunners. The facility, which is the largest syndicated facility for the borrower to date, was first launched at $1.5 billion and substantially oversubscribed by 70%.

The revolving credit comprises $943 million and €132 million 364-day tranches and a $1.4 billion three-year portion. The 364-day tranches offer a margin of 135bp over Libor or Euribor, while the three-year portion is priced at 195bp over Libor.

A total of 76 lenders contributed to the facility. The bookrunners were ABN Amro, ANZ, Bank of America Merrill Lynch, Commerzbank, Credit Agricole, DBS Bank, Goldman Sachs, HSBC, ING Bank, Intesa Sanpaolo, J.P. Morgan, Lloyds TSB Bank, Natixis, Rabobank, Royal Bank of Canada, Royal Bank of Scotland, Societe Generale, Standard Chartered Bank and United Overseas Bank.

Banco Bradesco, Banco do Brasil and UniCredit Bank joined in as mandated lead arrangers. In addition to the mandated lead arrangers, there were five lead arrangers, nine arrangers and 40 co-arrangers that participated in the deal.

Proceeds are to refinance a $645 million 364-day tranche signed in October 2009 and for general corporate purposes.

India


Bank of India’s $220 million bullet fundraising was completed last week via a consortium of seven mandated lead arrangers and bookrunners. The deal was oversubscribed and upsized from $200 million.

The three-year term loan is priced at 124bp over Libor.

Final allocations saw bookrunners ANZ, Bank of America Merrill Lynch, Citi, Credit Agricole, Mizuho Corporate Bank, Royal Bank of Scotland and United Overseas Bank take $25 million each, while co-arrangers Bank of Taiwan, Export-Import Bank of the Republic of China and Mega International Commercial Bank committed $10 million apiece. Lead managers Banca Monte dei Paschi di Siena, Land Bank of Taiwan and Maybank each ended up with $5 million.

Proceeds are for general corporate purposes.

Sole bookrunner and mandated lead SBI Capital Markets has secured a Rs2.0 billion 9.5-year term loan for C & C Towers.

Final allocations saw participants State Bank of India contribute Rs500 million and Punjab National Bank pledge Rs450 million. State Bank of Hyderabad and State Bank of Patiala gave Rs400 million each and Punjab & Sind Bank provided Rs250 million.

Proceeds are to fund the development of the Mohali bus terminal complex.

A Rs1.6 billion 10-year term loan for Maxim Infrastructure & Real Estate was completed last week via sole bookrunner and mandated lead arranger SBI Capital Markets.

Syndication saw Bank of India, Dena Bank, Federal Bank, Indian Overseas Bank, North Eastern Development Finance Corp (NEDFi) and United Bank of India join in as participants.

Proceeds are to fund the construction of five stars hotels at Guwahati and Shillong, India.

National Thermal Power Corp
signed a facility agreement for a $300 million seven-year loan via Bank of Tokyo-Mitsubishi UFJ on November 30.

Proceeds are for capital expenditure purposes. Syndication is expected to follow shortly.

Indonesia

Astra International’s $366 million dual-currency revolver was signed on November 29 via a consortium of 16 mandated lead arrangers.

The three-year debt package comprises a $200 million tranche and an Rp1.5 trillion portion, which are priced at 140bp over Sibor or Jibor respectively.

Mandated lead arrangers ANZ, Bank of Tokyo-Mitsubishi UFJ, BNP Paribas, Bank Central Asia, Bank Danamon Indonesia, Bank Mandiri, Citi, DBS Bank, HSBC, Mizuho Corporate Bank, Natixis, Oversea-Chinese Banking Corp, Rabobank, Standard Chartered Bank, Sumitomo Mitsui Banking Corp and United Overseas Bank participated in the fundraising.

Proceeds are for general corporate purposes.

New Zealand


A NZ$225 million dual-tranche club deal for Highbrook Development has been sealed.

The facility is divided into a NZ$75 million three-year tranche and a NZ$150 million five-year portion.

Final allocations saw mandated leads ANZ, Bank of New Zealand and Commonwealth Bank of Australia commit NZ$75 million apiece.

Proceeds are to refinance existing indebtedness.

Singapore

Acradia Energy’s $275 million revolving credit was signed on November 25 via bookrunners BNP Paribas, Credit Agricole, ING Bank, Rabobank International, Societe Generale (Singapore) and Standard Chartered Bank. The facility was oversubscribed and upsized from $180 million.

The 364-day revolving credit offers a margin of 210bp over Libor and is guaranteed by Farahead Holdings and Farahead Investments.

The leads contributed $30 million each, while ABN Amro and Bank of China (Singapore) came in as mandated lead arrangers with $20 million each. FBN Bank (UK), Natixis, Qatar National Bank (Singapore) and RZB-Austria (Singapore) lent $10 million apiece, while arrangers Emirates NBD PJSC (Singapore), Mega International Commercial Bank (Singapore) and United Overseas Bank rounded out the syndicate with $5 million each.

Proceeds are for working capital purposes.

HSBC Institutional Trust Services (Singapore), as the trustee of Frasers Centrepoint Trust, has successfully obtained a S$264 million five-year term loan via mandated lead arrangers DBS Bank, Oversea-Chinese Banking Corp and Standard Chartered Bank.

Proceeds are for refinancing and general corporate purposes.

One Raffles Quay
’s S$900 million five-year transferable term loan was signed on November 25 on a club basis via mandated lead arrangers ANZ, Citibank (Singapore), DBS Bank, HSBC, Standard Chartered Bank and United Overseas Bank.

Proceeds are for refinancing and general corporate purposes.

Taiwan

A $10 million club deal for Dragonstate Technology was signed on November 29 via Chinatrust Commercial Bank and Taipei Fubon Commercial Bank.

The two-year revolver is priced at 175bp over Libor. Proceeds are for working capital requirements.

Froch Enterprise’s NT$3.0 billion seven-year debt facility has been sealed via bookrunners E Sun Commercial Bank and Land Bank of Taiwan.

Secured by land and buildings, the facility is split into a NT$1.5 billion term loan and a NT$1.5 billion dual-currency revolving credit that is available in new Taiwan dollars and US dollars.

Syndication saw Land Bank of Taiwan, E Sun Commercial Bank and Chang Hwa Commercial Bank commit NT$1.0 billion, NT$550 million and NT$450 million respectively, while Hua Nan Commercial Bank, Taichung Commercial Bank, Taiwan Cooperative Bank and Yuanta Commercial Bank took NT$250 million apiece.

Proceeds are for refinancing a NT$2.5 billion loan signed in August 2009 and for working capital purposes.

Sole bookrunner Taipei Fubon Commercial Bank has completed a $20 million three-year term loan for Rotam Agrochemical.

The loan features a spread of 300bp over Libor. China Development Industrial Bank, Entie Commercial Bank and Mega International Commercial Bank joined in as mandated lead arrangers.

Proceeds are for general corporate purposes.

A NT$1.8 billion dual-tranche term loan for Tyntek Corp and Alpha Plus Epi was inked last week via joint bookrunners Bank of Taiwan and First Commercial Bank.

The five-year amortising loan is divided into a NT$1.0 billion tranche and an NT$800 million portion which are priced at 70bp over the 90-day secondary CP rate with an interest rate of 1.5%.

Final allocations saw the bookrunners hold NT$341 million each, while mandated lead arrangers Land Bank of Taiwan and Mega International Commercial Bank gave NT$250 million apiece. Participants Hua Nan Commercial Bank, Taiwan Cooperative Bank and Chang Hwa Commercial Bank lent NT$225 million, NT$195 million and NT$119 million respectively. Taipei Fubon Commercial Bank rounded out the syndicate with NT$79 million.

Proceeds are for capital expenditure and working capital purposes.

Sole mandated lead Lank Bank of Taiwan has sealed a NT$600 million equivalent five-year revolving credit for Usun Technology and its subsidiaries Shanghai Usun Technology, Usun (Foshan) Technology and Usun Materials Science (Shanghai).

First Commercial Bank, Taipei Fubon Commercial Bank and Taiwan Cooperative Bank joined in as participants.

Proceeds are for working capital purposes.

Uni-President Southeast Asia Holdings $80 million five-year revolving credit facility was signed on November 29 via mandated lead arrangers HSBC, Hua Nan Commercial Bank, Mega International Commercial Bank and Taipei Fubon Commzercial Bank. The deal was upsized from $60 million.

Syndication saw Chang Hwa Commercial Bank, First Commercial Bank, Land Bank of Taiwan, Mizuho Corporate Bank and Taiwan Cooperative Bank join in at lower tiers.

Proceeds are for working capital requirements.

Wintek secured a NT$6.5 billion term loan and a $180 million revolver via a consortium of 23 banks last week.

The five-year term loan is priced between 60bp and 68bp over the 90-day secondary CP rate based on the borrower’s net margin. The one-year revolver, which can be extended to a maximum tenor of five years, features a margin of 85bp over two-month Libor.

The bookrunners were Agricultural Bank of Taiwan, Bank of Taiwan, E Sun Commercial Bank, First Commercial Bank, Industrial Bank of Taiwan, Land Bank of Taiwan, Taichung Commercial Bank, Taipei Fubon Commercial Bank, Taishin International Bank, Taiwan Business Bank and Yuanta Commercial Bank. Bank of Kaohsiung, Bank of Panshin, BankTaiwan Life Insurance, Cathay United Bank, China Development Industrial Bank, DBS Bank, EnTie Commercial Bank, Far Eastern International Bank, Hua Nan Commercial Bank, Mega International Commercial Bank, Shanghai Commercial & Savings Bank and Ta Chong Bank came in as participants.

Proceeds are for repaying existing debt and working capital purposes.

Yonyu Plastics’ NT$1.0 billion five-year revolver has been concluded via jointed bookrunners ANZ, Chang Hwa Commercial Bank, Chinatrust Commercial Bank, E Sun Commercial Bank, First Commercial Bank, HSBC, Hua Nan Commercial Bank, Industrial Bank of Taiwan, Mega International Commercial Bank, Taipei Fubon Commercial Bank and Taishin International Bank.

The revolver offers a spread of 33bp over the one-year post office savings rate with a 15bp commitment fee.

Shanghai Commercial & Savings Bank and Mizuho Corporate Bank joined in as participants.

Proceeds are for refinancing existing indebtedness and working capital purposes.

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