Loan week, October 22-28

Australia

Sydney Airport Finance successfully secured a A$1.1 billion multi-tranche refinancing in mid-October on a club basis via a consortium of eight mandated lead arrangers.

Guaranteed by Sydney Airport Corp, the revolving credit is split into a A$362 million three-year portion, a A$36 million four-year tranche, a A$438 million facility and a A$227 million seven-year loan. The margins for the tranches are 200bp, 210bp, 230bp and 250bp over the BBSW respectively.

Final allocations saw mandated leads Commonwealth Bank of Australia take A$162 million, while Credit Agricole lent A$150 million. Westpac contributed A$145 million and Bank of America Merrill Lynch, BNP Paribas and Royal Bank of Scotland held A$135 million each. J.P. Morgan and Natixis ended up with A$100 million apiece.

Proceeds are to refinance a A$776 million facility signed in November 2008 and MTN notes expiring in 2014.

Hong Kong

Frasers Property (China)’s HK$1.0 billion term loan was sealed on October 22 as a club deal via coordinating arrangers Citic Bank International, DBS Bank, HSBC, Oversea-Chinese Banking Corp (Hong Kong), Standard Chartered Bank  (Hong Kong) and United Overseas Bank.

The three-year term loan is priced at 240bp over Hibor.

Final allocations saw the leads contribute equally to the financing.

Proceeds are to refinance a HK$500 million three-year term loan signed in 2007 and for general working capital purposes.

A $1.5 billion revolving credit for Noble Group has been launched into syndication via a consortium of 19 lenders.

The revolver consists of a $500 million 364-day tranche and a $1.0 billion three-year portion which are priced at 135bp and 195bp over Libor respectively.

The mandated lead arrangers include ABN Amro, ANZ, Bank of America Merrill Lynch, Commerzbank, Credit Agricole, DBS Bank, Goldman Sachs, HSBC, ING Bank, Intesa Sanpaolo, J.P. Morgan, Lloyds Bank, Natixis, Royal Bank of Canada, Royal Bank of Scotland, Societe Generale, Standard Chartered Bank, United Overseas Bank and Rabobank.

Proceeds are to replace a $645 million loan maturing by the end of this year.  The refinancing is targeted to be signed in mid-November.

Shanghai Industrial Holdings is in the market with a HK$5.2 billion dual-tranche financing via bookrunners BNP, Bank of China and HSBC.

The term loan is split equally into a three-year tranche and a five-year portion which offer a margin of 103bp and 117bp over Hibor respectively.

Eight banks have come in as mandated lead arrangers -- Agricultural Bank of China, Bank of East Asia, Bank of Tokyo-Mitsubishi UFJ, Hang Seng Bank, ICBC (Macau), Mizuho Corporate Bank, Sumitomo Mitsui Banking Corp and United Overseas Bank.

Proceeds are to refinance a HK$2.2 billion loan signed in October 2008 and a HK$3.0 billion facility signed in November 2006. Closing is slated by the end of November.

India

A Rs3.7 billion dual-tranche facility for City View Bangalore Properties was signed on October 21 via sole bookrunner and mandated lead arranger SBI Capital Markets.

The term loan is split into a Rs900 million 3.5-year tranche and a Rs2.8 billion 12-year portion that will be repaid in two and 34 quarterly installments respectively.

Final allocations saw participants State Bank of India commit Rs1.4 billion, while Axis Bank contributed Rs1.0 billion. IndusInd Bank, Indian Bank and State Bank of Mysore gave Rs600 million, Rs550 million and Rs150 million respectively.

Proceeds are to part finance a hospitality project in Bangalore, India.

Himadri Chemicals and Industries’ $34 million dual-tranche facility has been inked via sole bookrunner Yes Bank and sole contributor DEG.

The term loan features a $24 million 10-year facility and a $10 million 9.5-year tranche, and will be repaid in 32 quarterly installments following grace periods of two years and 1.5 years respectively.

Proceeds are for expansion purposes.

Sole bookrunner and mandated lead IDBI Bank has secured a Rs1.2 billion nine-year term loan for NuPower Renewables.

The facility will be repaid in 36 quarterly installments following a nine-month grace period.

Final allocations saw the lead pledge Rs700 million, while participant Punjab National Bank gave Rs485 million.

Proceeds are for acquisition and project finance purposes.

Indonesia

Bumitama Gunajaya Agro successfully obtained a $135 million five-year term loan last on October 21 via bookrunners and mandated lead arrangers DBS Bank and HSBC.

The loan is guaranteed by Hati Prima Agro, Karya Bakti Agro Sejahtera, Masuba Citra Mandiri, Rohul Sawit Industri and Windu Nabatindo Lestari.

Syndication saw DBS Bank take $40 million, while HSBC lent $30 million. Bank Permata gave $25 million, while Bank Ekonomi Raharja and Bank Rabobank International Indonesia held $20 million apiece.

Proceeds are for refinancing purposes.

Philippines

Manila Water’s $150 million 10-year term loan was concluded on October 21 via lead arrangers ING Bank (Tokyo).

The loan is under the Overseas Untied Loan Insurance program of Nippon Export and Investment Insurance (NEXI).

Bank of Tokyo-Mitsubishi UFJ, Mizuho Corporate Bank and Sumitomo Mitsui Banking Corp participated at lower tiers.

Proceeds are for capital expenditure purposes.

Singapore

Syndication of Overseas Union Enterprise’s $450 million three-year term loan, which was prefunded in late September, was closed on October 22 via sole bookrunner and original mandated lead arranger Standard Chartered Bank. 

The bullet term loan is priced at 230bp over SOR. There is also a S$300 million senior secured bond issue. Mandarin Orchard Hotel and Mandarin Gallery have been pledged as security.

Final allocations saw the sole bookrunner contribute $75 million, while senior mandated lead arranger Maybank (Singapore) contributed $150 million. Mandated lead arrangers Sumitomo Mitsui Banking Corp (Singapore) pledged $100 million and Natixis (Singapore) lent $80 million. Bank of East Asia (Singapore) came in as a lead arranger with a hold of $45 million.

Proceeds are to finance the acquisition of DBS Tower 1 and DBS Tower 2 in Singapore.

Sim Lian (Bishan)’s S$378 million dual-tranche term loan has been sealed via sole bookrunner and mandated lead arranger Oversea-Chinese Banking Corp.

The facility comprises a S$248 million 4.3-year tranche and a $130 million 1.75-year portion.

Syndication saw HSBC and United Overseas Bank join in as participants.