Loan Week

Loan Week, November 9-15

A roundup of the latest syndicated loan market news.

Australia


Evolution Mining has secured a A$200 million three-year credit facility through sole underwriter and mandated lead arranger Macquarie Bank.

Syndication saw ANZ join in as mandated lead arranger.

Proceeds are to refinance a A$32 million facility under Edna May and for short-term working capital requirements.

Trans Pacific Shipping 1 and Trans Pacific Shipping 2 have obtained two separate ¥16 billion term loan through JBIC and mandated lead arrangers Bank of Tokyo-Mitsubishi UFJ, SMBC and Mizuho.

The facilities are split into a ¥11.2 billion bilateral facility solely provided by JBIC and a ¥4.8 billion portion.

Final allocations saw Bank of Tokyo-Mitsubishi UFJ provided ¥2.4 billion while SMBC and Mizuho lent ¥1.2 billion each.

Proceeds are to support the liquid natural gas carriers built by Mitsubishi Heavy Industries, which will be used for Chubu Electric Power’s LNG project.

Macquarie Bank has obtained a $250 million three-year term loan through bookrunner and mandated lead arrangers Bank of Taiwan, Chinatrust Commercial Bank and Mega International Commercial Bank.

Margin is 200bp over Libor.

Final allocations saw Chinatrust Commercial Bank pledge $45 million while Bank of Taiwan and Mega International Commercial Bank provided $30 million each. Taishin International Bank joined in with $25 million as mandated lead arranger while Cosmos Bank, Shanghai Commercial and Savings Bank, Taipei Fubon Commercial Bank and Taiwan Business Bank came in with $15 million each as lead arrangers. Chang Hwa Commercial Bank, Hua Nan Commercial Bank and Land Bank of Taiwan committed $10 million each while Bank of Kaohsiung, Cathay United Bank, Sunny Bank, Taiwan Cooperative Bank, Taiwan Shin Kong Commercial Bank and United Taiwan Bank ended up with $5 million each.

Proceeds are for general corporate purposes.

 

China


China Resources Power Holdings have obtained a $117 million- equivalent three-year term loan through sole bookrunner and mandated lead arranger Mizuho. The facility was prefunded in July by Mizuho and mandated lead arranger Bank of China.

The debt package is split into a HK$830 million tranche and a $5 million portion.

Syndication saw Chiba Bank and NTT Finance Asia join in as arrangers.

Proceeds are for general corporate purposes.

Fufeng Group has inked a $150 million three-year term loan through bookrunner and mandated lead arrangers Deutsche Bank and Standard Chartered.

The guaranteed facility is priced at 400bp over Libor.

Final allocations saw Deutsche Bank commit $35 million while Standard Chartered provided $25 million. Lead arrangers EnTie Commercial Bank lent $17 million while PingAn Commercial Bank pledged $15 million. Arrangers Cathay United Bank, Hang Seng Bank, Land Bank of Taiwan and Mega International Commercial Bank joined in with $10 million each. Bank of Panhsin, Taichung Commercial Bank and Hua Nan Commercial Bank came in with $5 million each while Chailease Finance ended up with $4 million.

Proceeds are to refinance an existing Rmb1 billion five-year convertible bond maturing in April 2013.

Yanggu Xiangguang Copper has secured a $248 million two-year term loan through sole bookrunner and mandated lead arranger BNP Paribas.

Final allocations saw the lead provide $30 million while China Everbright Bank joined in with $40 million as mandated lead arranger. Deutsche Bank came in with $30 million while lead arranger SMBC lent $25 million. Arrangers Bank of Nanjing, Bank of Taiwan and Chang Hwa Commercial Bank committed $15 million each while Dah Sing Bank contributed $12 million. Cathay United Bank, First Commercial Bank, Hua Nan Commercial Bank, Korea Development Bank, Land Bank of Taiwan and Taiwan Cooperative Bank provided $10 million each while Chinatrust Commercial Bank ended up with $6 million.

Proceeds are for pre-financing contracts with Trafigura Trading (Shanghai), a subsidiary of Trafigura Beheer.

 

Hong Kong


Rotam Agrochemical, Rotam Agrochem International and Rotam CropSciences, Rotam Enterprises have inked a $60 million three-year revolving credit through bookrunner and mandated lead arrangers Mega International Commercial Bank and Taiwan Cooperative Commercial Bank.

Guaranteed by Rotam Global AgroSciences, margin is 200bp over three- or six-month Libor.

Final allocations saw the leads contribute $14 million each while Chang Hwa Commercial Bank joined in with $10 million as co-arranger. E.Sun Commercial Bank, First Commercial Bank, Hua Nan Commercial Bank, Taishin International Commercial Bank and Yuanta Commercial Bank ended up with $5 million each as participants.

Proceeds are to refinance existing indebtedness and strengthen mid-term working capital.

 

New Zealand


Open Country Dairy has completed a NZ$129 million one-year financing through sole bookrunner and mandated lead arranger Bank of New Zealand.

The facility is split into a NZ$70 million revolver, a NZ$55 million term loan and a NZ$4 million revolver.

Final allocations saw the lead pledge NZ$73 million while ANZ joined in with NZ$56 million as participant.

Proceeds are to refinance existing indebtedness.

 

Singapore


SB (Northspring) Investment has inked a S$90 million two-year term loan on a club-basis through mandated lead arrangers OCBC and UOB.

Proceeds are for land acquisition and working capital purposes.

 

Taiwan


China Metal Products has concluded a NT$1 billion five-year term loan through sole bookrunner and mandated lead arranger Chinatrust Commercial Bank.

The guaranteed facility is priced at 120bp over three- or six-month Libor.

Final allocations saw the lead contribute NT$350 million while Taishin International Bank joined in with NT$250 million as coordinating arranger. Chang Hwa Commercial Bank came in with NT$200 million while managers Bank of Taiwan and Shin Kong Commercial Bank ended up with NT$100 million each.

Proceeds are to refinance an existing NT$800 million facility signed in 2010 and working capital purposes.

Nan Liu Enterprise has obtained a $52 million-equivalent financing through bookrunners and mandated lead arrangers Chang Hwa Commercial Bank, Chinatrust Commercial Bank, Mega International Commercial Bank and Taishin International Bank.

The debt package comprises of a NT$800 million three-year term loan, a $8 million five-year term loan and a $17 million three-year revolver. Margin is 150bp over Taiwanese Secondary CP for the NT$ tranche while pricing is 200bp over Libor for the USD portion.

Syndication saw E.Sun Commercial Bank and First Commercial Bank join in as coordinating arranger while China Development Industrial Bank, DBS, Hua Nan Commercial Bank and Shanghai Commercial and Savings Bank came in as participants.

Proceeds are for refinancing and capital expenditure purposes.

 

Thailand


Gulf JP UT has secured a Bt22 billion financing on a club-basis through mandated lead arrangers Bangkok Bank, Bank of Tokyo-Mitsubishi UFJ, Kasikornbank, Land & Houses Retail Bank, Siam Commercial Bank and SMBC.

The facility is split into a Bt17 billion 23-year term loan, a Bt1.3 billion 10-year term loan, a Bt2.2 billion revolver and a Bt815 million performance bond.

Final allocations saw Kasikornbank provide Bt6.5 billion while Bangkok Bank pledged Bt5 billion. Bank of Tokyo-Mitsubishi UFJ and SMBC committed Bt3.3 billion each while Siam Commercial Bank lent Bt2.8 billion. Land & Houses Retail Bank ended up with Bt1.2 billion.

Proceeds are to build and operate a natural gas-fired combined cycle power plant in Ayutthaya, Thailand.

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