Loan week, October 24-30

A roundup of the latest syndicated loan market news.

The A$195 million fundraising for AlintaGas Networks has been completed on a club basis via mandated lead arrangers Bank of Tokyo-Mitsubishi UFJ, Oversea-Chinese Banking Corp, Royal Bank of Scotland and Westpac.

The debt package comprises a A$120 million three-year credit, a A$55 million three-year term loan and a A$20 million one-year revolver.

Allocations saw Westpac commit A$70 million, while Bank of Tokyo-Mitsubishi UFJ provided A$50 million. Oversea-Chinese Banking Corp and Royal Bank of Scotland came in with A$50 million and A$45 million respectively.

Proceeds are to refinance an existing debt facility.

A A$422.5 million extension facility for Fairfax Media was signed on October 29 via sole lead arranger and bookrunner Commonwealth Bank of Australia. The maturity of the original facility was extended by three years to April 2013 from April 2010.

The lead and participants ANZ, National Australia Bank and Westpac committed A$70.4 million apiece, while ABN AMRO, Bank of America, Cooperatieve Centrale Raiffeisen-Boerenleenbank and Toronto-Dominion Bank lent A$35.2 million each.

Leighton HoldingÆs A$520 million three-year revolver has been signed via mandated leads ANZ, Commonwealth Bank of Australia, and National Australia Bank.

Allocations saw the mandated leads as well as Bank of Tokyo-Mitsubishi UFJ and Sumitomo Mitsui Banking Corp provide A$75 million apiece. Lead managers Mega International Commercial Bank contributed A$30 million and Chinatrust Commercial Bank lent A$15 million.

The funds are to refinance existing debt and for working capital purposes.

SPG Investments' and SPG PropertiesÆ A$400 million dual-currency facility has been completed via sole mandated lead National Australia Bank.

The deal comprises a A$390 million revolver and a A$10 million guarantee facility, both with a tenor of three years.

Final allocations saw National Australia Bank commit A$275 million and Commonwealth Bank of Australia take A$125 million.

Proceeds are to refinance existing debt and for general corporate purposes.

Hong Kong

TCC International HoldingsÆ HK$500 million three-year club deal was signed on October 23 via a consortium of five banks.

Mandated lead arrangers Bank of Taiwan, Cathay United Bank, Chinatrust Commercial Bank, Mega International Commercial Bank and Taiwan Cooperative Bank each contributed HK$100 million.

Guaranteed by Hong Kong Cement Company and TCC International (Hong Kong), the term loan features a margin of 100bp over three- or six-month Hibor and has a commitment fee of 25bp.

The repayment schedule is four equal semi-annual installments after a grace period of 18 months. Proceeds are for general working capital and capital expenditure purposes.

A $200 million three-year term loan for Zoomlion Overseas Investment Management (H.K.) was sealed in mid-October via bookrunners DBS Bank and Standard Chartered Bank.

The bookrunners provided $25 million each. Equal-status mandated lead arranger DZ Bank (Hong Kong branch) came in with HK$40 million, while Fubon Bank (Hong Kong) lent HK$30 million. Intesa Sanpaolo (Hong Kong) gave HK$28 million, while Scotiabank (Hong Kong) and United Overseas Bank provided HK$26 million apiece.

The fundraising is priced at 90bp over Libor. Proceeds are to support the acquisition of Italian construction machinery manufacturer Compagnia Italiana Forme Acciaio.


Fajar Surya Wisesa (Fajar Paper)Æs $70 million five-year bullet loan was signed last week via mandated lead arrangers and bookrunners Standard Chartered Bank and United Overseas Bank. Bank Mandiri joined at a lower level.

Proceeds are to fund the construction of a paper plant with an annual production capacity of 300,000 tonnes.

Papua New Guinea

InterOil has secured a PGK150 million five-year revolving credit from Bank of South Pacific and Westpac.

Proceeds are to support the borrowerÆs wholesale and retail petroleum products distribution business in Papua New Guinea.

A $435 million five-year dual-tranche facility for Oil Search (PNG) was completed on October 23 via mandated lead arrangers ABN AMRO, ANZ, BNP Paribas, Calyon, Commonwealth Bank of Australia, Dexia, Fortis, ING, KBC Finance (Ireland), KBC Bank, Mizuho Corporate Bank, National Australia Bank, Natixis, Societe Generale, Sumitomo Mitsui Banking Corp, UBS and Westpac.

The revolver is to refinance an existing debt facility and to support the borrowerÆs equity funding for PNG LNG project development costs.


A $146 million four-year financing for UOL Development was signed earlier this month. Sole mandated lead arranger BNP Paribas provided $96 million and Great Eastern Life Assurance came in with $50 million.

The deal is guaranteed by UOL Group. Proceeds are to finance a proposed residential development project.


A NT$2 billion dual-currency debt package for Shyeh Sheng Fuat Steel & Iron Works has been completed via mandated leads Chang Hwa Commercial Bank, Chinatrust Commercial Bank, E. Sun Commercial Bank, Hua Nan Commercial Bank, Land Bank of Taiwan, Taiwan Business Bank, Taiwan Cooperative Bank and Taipei Fubon Commercial Bank.

The deal consists of a $50 million three-year letter of credit and a NT$2 billion three-year facility priced at 57.5bp over the 60- and 180-day secondary CP rates. The borrower may withdraw a maximum amount of NT$2 billion.

Allocations saw Hua Nan Commercial Bank take NT$235 million, while the other mandated lead arrangers committed NT$230 million apiece. Participant Yuanta Commercial Bank gave NT$155 million.

Proceeds are for working capital purposes.
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