Loan Week, October 25-31

A roundup of the latest syndicated loan market news.

Australia

AquaSure Finance has sealed a A$2.9 billion loan package through joint bookrunners and mandated lead arrangers Bank of Nova Scotia, Bank of Tokyo-Mitsubishi UFJ, Commonwealth Bank of Australia, CACIB, HSBC, Mizuho, NAB, SMBC and Westpac.

The facility comprises two A$1.3 billion term loans and a A$400 million portion.

Syndication saw Sumitomo Mitsui Trust come in as participant.

Proceeds are to refinance a A$3.7 billion facility that was signed in September 2009.

China

Chongqing Yuguang Liangzhong Expressway has obtained a Rmb5.9 billion 25-year term loan through mandated lead arranger Agricultural Bank of China.

The facility pays a margin of 100% of the PBOC rate.

Final allocations saw the lead take Rmb2.9 billion while participant Industrial & Commercial Bank of China and China Citic Bank provided Rmb1.5 billion and Rmb1.4 billion respectively.

Proceeds are for the construction of the Yugang Expressway in Chongqing.

India

Arshiya has secured a Rs16.6 billion loan package through sole bookrunner and mandate lead arranger State Bank of India.

The financing comprises four term loan tranches and one annual revolving credit facility.

Syndication saw UCO Bank join in as lead arranger while Bank of Maharashtra, Central Bank of India, Dena Bank, ING Vysya Bank, Karur Vysya Bank, Lakshmi Vilas Bank, Oriental Bank of Commerce, Punjab National Bank, State Bank of Bikaner & Jaipur, State Bank of Hyderabad, State Bank of Patiala and Tamilnad Mercantile Bank joined in as participants.

Proceeds are for debt restructuring and working capital purposes.

New Zealand

DNZ Property Fund has secured a NZ$400 million revolver on a club basis through mandated lead arrangers ANZ, Bank of New Zealand, Commonwealth Bank of Australia and Westpac.

The facility is split into a NZ$200 million three-year tranche and a NZ$200 million five-year portion.

Proceeds are to extend and upsize existing facilities.

Philippines

Eagle Cement Corp has inked a 3 billion peso 10-year term loan through sole bookrunner and mandated lead arranger Standard Chartered.

Syndication saw Bank of Commerce, Development Bank of the Philippines, Metropolitan Bank and Trust, Philippine Bank of Communications, Security Bank Corp, UnionBank of the Philippines and United Coconut Planters Bank.

Proceeds are for capital expenditure purposes.

Singapore

Trafigura Beheer has obtained a $1.9 billion facility through bookrunners and mandated lead arrangers ANZ, Bank of China, CTBC Bank, DBS, ICBC, NAB, Standard Chartered and SMBC.

The debt package comprises a $1.8 billion one-year revolver and a $150 million three-year term loan.

Syndication saw Agricultural Bank of China, China Development Bank, Emirates NBD PJSC, OCBC, United Overseas Bank and Westpac join in as mandated lead arrangers while 23 other banks came in at a lower tier.

Proceeds are for refinancing and general corporate purposes.

Taiwan

AU Optronics has completed a NT$26.9 billion five-year term loan through joint bookrunners Bank of Taiwan, CTBC Bank, Cathay United Bank, First Commercial Bank, Land Bank of Taiwan, Mega International Commercial Bank, Taipei Fubon Commercial Bank, Taishin International Bank and Taiwan Cooperative Bank.

The facility is split into a NT$26.9 billion tranche and a NT$3 billion portion. The maximum drawdown cannot exceed NT$26.9 billion.

Agricultural Bank of Taiwan, Bank SinoPac, BankTaiwan Life Insurance, Chang Hwa Commercial Bank, E.Sun Commercial Bank, Hua Nan Commercial Bank, Taiwan Business Bank and Taiwan Shin Kong Commercial Bank completed the syndication as participants.

Proceeds are to repay existing debts.

Hung Hua Construction has sealed a NT$2.4 billion five-and-a-half-year loan package via sole bookrunner First Commercial Bank.

The financing includes a NT$778 million guarantee facility, a NT$830 million tranche and a NT$800 million term loan.

Agricultural Bank of Taiwan, Bank of Taiwan, Cosmos Bank Taiwan, Land Bank of Taiwan and Taichung Commercial Bank took part as participants.

Proceeds are for performance guarantees, advance payment guarantees and working capital purposes.

Yuan Chu International has signed a $30 million three-year term loan through sole bookrunner CTBC Bank.

The deal was upsized and increased from $25 million to $30 million.

Syndication saw Far Eastern International Bank, Ta Chong Bank, Taishin International Bank and Taiwan Shin Kong Commercial Bank join in as participants.

Proceeds are for share investment and debt repaying purposes.

Unimicron Technology has secured a NT$7 billion five-year term loan via sole bookrunner CTBC Bank.

The financing is underwritten by CTBC Bank.

Land Bank of Taiwan, Mega International Commercial Bank and Taiwan Cooperative Bank joined in as mandated lead arrangers during syndication while Agricultural bank of Taiwan, Chang Hwa Commercial Bank, China Development Industrial Bank, E.Sun Commercial Bank, Far Eastern International Bank, First Commercial Bank, Hua Nan Commercial Bank and Jih Sun International Bank joined in at lower tiers.

Proceeds are for debt repayment and working capital purposes.