Loan week, October 15-21

Australia

QR National successfully secured a A$3.0 billion debt package in early October on a club basis via a consortium of 11 mandated lead arrangers.

The revolver is split into a A$1.4 billion three-year tranche and a A$1.6 billion five-year portion.

Final allocations saw Bank of America Merrill Lynch, Bank of Tokyo-Mitsubishi UFJ, Commonwealth Bank of Australia and National Australia Bank contribute A$355 million each, while Westpac lent A$330 million. ANZ, BOS International Australia, Mizuho Corporate Bank and Sumitomo Mitsui Banking Corp gave A$250 million each, while Credit Suisse and Goldman Sachs ended up with A$125 million apiece.

Proceeds are to refinance QR National's existing debt, for general corporate purposes and to pay all necessary costs of the loan facility and IPO.

China

Nanjing Iron & Steel Group International Trade and Nanjing Iron & Steel have obtained an $85 million dual-tranche loan via sole bookrunner Credit Agricole.

The three-year term loan comprises a $25 million tranche and a $60 million portion, which are priced at 260bp and 160bp over Libor respectively.

Final allocations saw the lead and mandated lead arranger Commonwealth Bank of Australia give $20 million each, while Bank of China and Westpac came in as mandated lead arrangers with $15 million apiece. Arranger Metropolitan Bank (China) provided $10 million, while senior manager Shanghai Commercial Bank contributed $5 million.

Proceeds are to finance iron ore imports.

Phoenix Real Estate Fund Waigaoqiao Holdings and Shanghai Phoenix Waigaoqiao Warehousing have obtained a $108 million dual-tranche facility via bookrunners ANZ and Credit Agricole.

The term loan consists of an $88 million term facility and a $20 million portion, which will be repaid in quarterly repayments.

Citic Bank International came in as a mandated lead arranger with a hold of $36 million.

Proceeds are to refinance existing debt facilities.

A subsidiary of TCL Corp successfully secured a $1.3 billion financing on October 20 via joint lead arrangers China Development Bank and Export-Import Bank of China.

China Construction Bank, Industrial and Commercial Bank of China and Shenzhen Development Bank joined in at lower tiers. Proceeds are to finance its TFT-LCD production line.

India

A Rs5.7 billion 11-year term loan for Essar Oil was signed on October 13 via sole bookrunner and mandated lead arranger SBI Capital Markets.

Sponsored by Essar Energy, the loan will be repaid in 30 quarterly instalments.

Final allocations saw participant State Bank of India commit Rs2.2 billion, while Indian Overseas Bank and Axis Bank gave Rs2.0 billion and Rs1.5 billion respectively.

Proceeds are for project finance purposes.