loan-week-november-27december-3

Loan week, November 27-December 3

A roundup of the latest syndicated loan market news.

Australia

A A$3.67 billion seven-year term loan for AquaSure Finance has been signed via mandated lead arrangers ANZ, Banco Bilbao Vizcaya Argentaria, Banco Espirito Santo, Banco Santander, Bank of Tokyo-Mitsubishi UFJ, BNP Paribas, Calyon, Commonwealth Bank of Australia, Dexia, HSBC, ICBC Asia, Intesa Sanpaolo, Macquarie Bank, Mizuho Corporate Bank, National Australia Bank, Sumitomo Mitsui Banking Corp and Westpac.

AustralianSuper, Bank of Ireland, Bank of Nova Scotia, BayernLB, Credit Industriel et Commercial, Development Bank of Singapore, GE Capital, Helaba Landesbank, IFM Alternative Fixed income Fund, ING Bank, Korea Exchange Bank, Mega International Commercial Bank, Natixis, Societe General, Taiwan Business Bank, United Overseas Bank and WestLB joined at lower levels.

The deal was initially split into a A$1.93 billion seven-year facility and a A$1.75 billion three-year term loan. The latter portion was then syndicated and included with the A$1.93 billion tranche to total A$3.67 billion.

Proceeds are to fund the construction of the Victorian Desalination plant project.

China

Shaanxi Yaobai Special Cement's Rmb330 million three-year term loan was completed last week via bookrunners Credit Suisse and Standard Chartered Bank.

Mandated lead arrangers Xi'an Commercial Bank committed Rmb140 million, while Credit Suisse and Standard Chartered took Rmb80 million and Rmb50 million respectively. Participants Dah Sing Bank and Hang Seng Bank committed Rmb30 million apiece.

Guaranteed by subsidiaries of West China Cement, the deal pays a spread of 110% of the three-year PBOC lending rate.

Proceeds are for working capital purposes.

India

Axis Bank's $80 million term loan was signed in mid-November via mandated lead arrangers Calyon, Commerzbank, ING Bank and Merrill Lynch on a club basis.

Syndication saw each lender take $20 million. Proceeds are for general corporate purposes.

Indiabulls Power's Rs51.66 billion 14-year term loan has been completed via sole mandated lead arranger and bookrunner SBI Capital Markets.

Final allocations saw participant Power Finance Corp lend Rs10 billion and State Bank of India took Rs9 billion. Rural Electrification Corp gave Rs7.6 billion, while Bank of India and Punjab National Bank each held Rs3.85 billion. UCO Bank committed Rs2.7 billion. Canara Bank, Central Bank of India, Life Insurance Corporation of India and Union Bank of India came in with Rs2.3 billion tickets. United Bank of India, Syndicate Bank, State Bank of Travancore and State Bank of Bikaner & Jaipur came in with holds of Rs1.95 billion, Rs1.55 billion, Rs1.15 billion and Rs810 million respectively.

The deal will be repaid in 40 quarterly installments following a grace period of four months.

Proceeds are to finance the set up of a 1,320MW thermal power plant at Amravati, Maharashtra, India.

Indonesia

A $275 million three-year term loan for Perusahaan Gas Negara (Persero) has been inked via original mandated lead arranger and sole bookrunner Standard Chartered Bank.

Bank Mandiri, Bank of China, Bank Panin, China Development Bank, CITIC Ka Wah Bank, Oversea-Chinese Banking Corp and Sumitomo Mitsui Banking Corp joined the deal as equal status mandated lead arrangers.

Participating as lead arrangers were Bank of Tokyo-Mitsubishi UFJ and Chinatrust Indonesia. Export-Import Bank of Indonesia, Export-Import Bank of the Republic of China, Intesa Sanpaolo and Qatar National Bank joined as arrangers, while Bank ICBC Indonesia, Bank Negara Indonesia and Mega International Commercial Bank were the lead managers.

The fully underwritten deal is priced at 310bp over Libor. Proceeds are for general corporate and refinancing purposes.

New Zealand

Kathmandu has successfully secured a NZ$125 million revolving credit from mandated lead arrangers ANZ, Bank of New Zealand and Commonwealth of Australia.

The leads each committed approximately NZ$42 million to the three-year club deal. Proceeds are to refinance existing debt facilities.

Singapore

A S$200 million three-year transferable bullet loan for Ascendas Frasers was signed on a club basis in late November via Bank of Tokyo-Mitsubishi UFJ, Chinatrust Commercial Bank, Maybank and Natixis.

The mandated lead arrangers contributed S$50 million apiece. Guaranteed by Ascendas and Frasers Centrepoint, the margin is 165bp over Sibor.

Proceeds are for capital expenditure purposes.

Semcorp Utilities' $150 million dual-currency transaction has been sealed as a club deal via HSBC, Mizuho Corporate Bank and Natixis.

The leads each committed $50 million to the four-year term loan and proceeds are for working capital purposes.

Taiwan

Far Eastern Department Stores and its subsidiaries Bai Ding Investment, Bai Yang Investment and Feds Asia Pacific Development have secured a NT$4 billion debt facility via coordinating arrangers First Commercial Bank, Hua Nan Commercial Bank, Land Bank of Taiwan, Taipei Fubon Commercial Bank, Taiwan Cooperative Commercial Bank and Yuanta Commercial Bank.

The three-year revolving credit offers a spread of 63bp over the secondary CP rate with a minimum interest rate of 1.58%. A commitment fee kicks in if less than 45% of the facility is utilised.

Final allocations saw Hua Nan Commercial Bank take NT$700 million and Land Bank of Taiwan and Taiwan Cooperative Commercial Bank lend NT$550 million each. First Commercial Bank, Taipei Fubon Commercial Bank and Yuanta Commercial Bank held NT$500 million apiece. Participants Bank of Taiwan and Ta Chong Bank came in with NT$260 million each, while Bank of Kaohsiung rounded off the syndicate with NT$180 million.

Proceeds are to refinance a NT$2.6 billion revolving credit signed in November 2006 and for working capital purposes.

Greencompass Marine SA (GMS), the Panamanian subsidiary of Evergreen Marine Corp (Taiwan), recently concluded a $95 million financing via sole bookrunner Land Bank of Taiwan. The facility was oversubscribed and upsized from $80 million.

The five-year revolver features a pricing of 85bp over one-, two-, three- or six-month Libor.

Final allocations saw the sole lead commit $30 million, while joint arrangers Bank Sinopac, E.Sun Commercial Bank and Jih Sun International Bank took $15 million each. Participants Chang Hwa Commercial Bank and Yuanta Commercial Bank came in with $10 million apiece.

Proceeds are for working capital purposes.

A NT$700 million transaction for HannStar Board Corp has been signed on a club basis via mandated leads Bank Sinopac, Chinatrust Commercial Bank, Far Eastern International Bank, Hua Nan Commercial Bank, Taishin International Bank and Taiwan Cooperative Commercial Bank.

The three-year debt package comprises a NT$500 million term-loan and a NT$200 million revolving credit priced at 80bp over the secondary CP rate.

Final allocations saw mandated leads Bank Sinopac and Far Eastern International Bank lend NT$118 million each, while Chinatrust Commercial Bank, Hua Nan Commercial Bank, Taishin International Bank and Taiwan Cooperative Commercial Bank joined in with NT$116 million apiece.

Proceeds are to refinance an NT$800 million loan signed in December 2007 and for working capital purposes.

Jih Sun International Leasing & Finance's NT$2.4 billion fundraising was completed on November 27 via bookrunners Mega International Commercial Bank, Taiwan Business Bank and Taiwan Shin Kong Commercial Bank. The loan was oversubscribed by 45% to NT$2.9 billion and upsized from NT$2 billion.

Guaranteed by the chairman of Jih Sun Group and Jih Sun International Leasing & Finance, the three-year revolver is priced at 200bp over the secondary CP rate, with a commitment fee of 25bp.

Final allocations saw bookrunners Taiwan Business Bank and Taiwan Shin Kong Commercial Bank pledge NT$700 million each, while Mega International Commercial Bank gave NT$300 million. Hua Nan Commercial Bank, Land Bank of Taiwan and Taishin International Bank joined as mandated lead arrangers with holds of NT$180 million each, while participants Agricultural Bank of Taiwan and Industrial Bank of Taiwan ended up with NT$110 million and NT$50 million respectively.

Proceeds are to refinance an existing debt facility signed in 2007.

Taiwan PCB Techvest's NT$1.2 billion five-year financing was sealed on November 30 via bookrunners Industrial Bank of Taiwan, Mega International Commercial Bank and Yuanta Commercial Bank.

Secured by accounts receivables, the debt package comprises an NT$840 million term loan and a NT$360 million revolving credit priced at 50bp over the two-year post office interest rate, with an interest rate floor of 2.05% after tax.

Final allocations saw bookrunners Industrial Bank of Taiwan and Mega International Commercial Bank join with NT$175 million each, while Yuanta Commercial Bank took NT$160 million. Mandated lead arrangers Agricultural Bank of Taiwan, DBS Bank, Shanghai Commercial & Savings Bank and Taiwan Business Bank pledged NT$120 million apiece, and Bank of Taiwan, Taichung Commercial Bank and Ta Chong Bank ended up with NT$70 million each.

Proceeds are to refinance a multi-tranche facility signed in August 2007 and for working capital purposes.

An NT$870 million dual-tranche financing for Tung Feng Construction has been inked via sole bookunner Land Bank of Taiwan.

The transaction is split into two five-year term loans of NT$750 million and NT$120 million respectively. The tranches are priced at 140bp over the one-year average savings rate of Bank of Taiwan, Chang Hwa Commercial Bank, First Commercial Bank, Hua Nan Commercial Bank, Land Bank of Taiwan and Taiwan Cooperative Commercial Bank.

Final allocations saw the lead take NT$470 million, while Taichung Commercial Bank pledged NT$300 million and Chang Hwa Commercial Bank took NT$100 million to join as participants.

Proceeds are for debt repayment purposes. 

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