China
Sole bookrunner Morgan Stanley Bank International (China) completed a Rmb1.0 billion three-year term loan last week for Citic Guoan Group, a major industrial subsidiary wholly-owned by Citic Group. The deal was heavily oversubscribed and upsized from Rmb500 million.
The loan is split into an Rmb820 million tranche and a Rmb200 million portion, which pay an interest rate equal to the PBOC base lending rate.
Syndication saw Bank of Chongqing, Bank of East Asia and China Merchants Bank come in as mandated lead arrangers, while First Sino Bank, Korea Development Bank, Postal Savings Bank of China and Public Bank joined in as lead arrangers.
Proceeds are for refinancing existing debt and general working capital purposes.
India
Adani Power’s Rs22.0 billion 12.5-year term loan has been secured via sole bookrunner and mandated lead arranger Axis Bank.
Final allocations saw the lead provide Rs4.1 billion, while participants Life Insurance Corp of India and Allahabad Bank contributed Rs4.0 billion and Rs3.7 billion respectively. State Bank of Hyderabad lent Rs2.7 billion, while UCO Bank came in with Rs2.4 billion. Bank of India, Dena Bank and Syndicate Bank gave Rs1.7 billion apiece.
Proceeds are to support the construction of direct transmission lines in Gujarat and Haryana, India.
A Rs12.4 billion 12-year term facility for Beta Wind Farm has been inked via sole mandated lead Axis Bank.
The lead and Canara Bank took Rs1.9 billion apiece, while participants Andhra Bank and Union Bank of India contributed Rs1.4 billion each. Bank of India, Dena Bank, Karnataka Bank, UCO Bank and United Bank of India gave Rs1.0 billion apiece. Tamilnad Mercantile Bank ended up with Rs800 million.
Proceeds are for the development of a 300MW wind energy plant in Tamilnadu.
A Rs20.6 billion dual-tranche loan for Essar Projects (India) was signed on October 29 via sole bookrunner and mandated lead arranger IDBI Bank.
The facility is split into Rs726 million and Rs13.3 billion revolvers, which are renewable after one year.
Syndication saw Central Bank of India, Corporation Bank, ING Vysya Bank, Lakshmi Vilas Bank and Union Bank of India join in as participants.
Proceeds are for working capital purposes.
IDBI Bank, acting through its DIFC branch, successfully secured a $125 million three-year term loan on November 1 via mandated lead arrangers and bookrunners Bank of Tokyo-Mitsubishi UFJ, BNP Paribas, Royal Bank of Scotland, Standard Chartered Bank and United Overseas Bank. The deal was oversubscribed to $145 million and upsized from $100 million.
Final allocations saw the leads lend $16 million each, while lead arrangers Bank of Taiwan (Singapore) and First Commercial Bank (Offshore Banking) contributed $10 million apiece. Bank Sinopac (Offshore Banking), Chang Hwa Commercial Bank (Offshore Banking), Export-Import Bank of the Republic of China, Hua Nan Commercial Bank (Offshore Banking) and Taiwan Business Bank (Offshore Banking) came in as arrangers with $5 million each.
Proceeds are for general corporate purposes.
Jindal India Thermal Power’s Rs23.7 billion secured term loan was completed on October 30 via sole bookrunner and mandated lead SBI Capital Markets. The 13.8-year facility is sponsored by Jindal Photo and Jindal Poly Films.
In general syndication, State Bank of India pledged Rs4.3 billion, while Union Bank of India contributed Rs3.4 billion. Bank of India and Life Insurance Corp of India lent Rs2.5 billion and Rs2.2 billion respectively, while Andhra Bank and Bank of Baroda held Rs1.7 billion apiece. Punjab National Bank took Rs1.5 billion and Corporation Bank committed Rs1.3 billion. Axis Bank, Dena Bank, Punjab & Sind Bank, State Bank of Bikaner & Jaipur, State Bank of Patiala and United Bank of India rounded out the syndicate with Rs850 million each.
Proceeds are to support a thermal power plant project in the State of Orissa, India.
A $1.4 billion equivalent multi-tranche facility for Petronet LNG was signed last week via sole bookrunner and mandated lead SBI Capital Markets.
The loan comprises a Rs13.0 billion 6.5-year term loan, a Rs17.0 billion 10-year portion, and $397 million, $200 million, $145 million and $30 million one-year revolvers.
Allahabad Bank, Bajaj Allianz Life Insurance, Bank of Baroda, Canara Bank, Indian Overseas Bank, Jammu & Kashmir Bank, Oriental Bank of Commerce, State Bank of Hyderabad, State Bank of Patiala, State Bank of Travancore and Syndicate Bank joined in as participants.
Proceeds are for refinancing and general corporate purposes.
Power Finance Corp’s ¥20.3 billion ($240 million) six-year transferable term loan was signed on October 28 via bookrunners and mandated lead arrangers Bank of Tokyo-Mitsubishi UFJ, Mizuho Corporate Bank and Sumitomo Mitsui Banking Corp. The deal was prefunded last September.
Syndication saw the bookrunners contribute ¥5.1 billion each, while arranger Mega International Commercial Bank (Labuan) committed ¥804 million. Bank of Taiwan (Offshore Banking), Chinatrust Commercial Bank, Export-Import Bank of the Republic of China, Hua Nan Commercial Bank (Offshore Banking) and Taiwan Cooperative Bank (Offshore Banking) pledged ¥652 million each, while Chang Hwa Commercial Bank (Singapore) gave ¥390 million. Bank of Kaohsiung (Offshore Banking) and Taiwan Business Bank (Offshore Banking) ended up with ¥313 million apiece.
Proceeds are for capital expenditure requirements.
Indonesia
A $66 million dual-tranche facility for Delta Dunia Sandang Tekstil was sealed on November 1 via sole bookrunner and mandated lead arranger Standard Chartered Bank.
Guaranteed by Delta Dunia Textile, the financing consists of a $44 million five-year term loan and a $22 million three-year revolving credit, which are priced at 450bp over Libor. There is also a two-year extension option for the revolving tranche.
Bank Permata came in as a mandated lead arranger, while Bank Danamon Indonesia, Bank SBI Indonesia and State Bank of India (Singapore) participated as lead arrangers. Bank of China and Bank ICBC Indonesia joined in as arrangers.
Proceeds are for capital expenditure and working capital purposes.
Fajar Surya Wisesa has secured a $120 million club facility via mandated lead arrangers HSBC, Bank UOB Buana and Oversea-Chinese Banking Corp.
Proceeds are for repaying senior notes that are due in 2011 and for general corporate purposes.
Philippines
ABS-CBN Corp obtained a Ps10 billion term loan last week via sole bookrunner and lead arranger BPI Capital Corp.
The seven-year bullet transaction is priced at 65bp over the seven-year PDST-F benchmark for the fixed rate portion of the loan and over the three-month PDST-F benchmark for the floating rate portion.
The oversubscribed transaction saw participation from Bank of the Philippine Islands, Banco de Oro, Security Bank, Insular Life Assurance, Allied Bank and AlliedBank Savings, Philippine National Bank and PNB Life Insurance.
Proceeds are for capital expenditure purposes.
Singapore
A S$750 million five-year Murabaha facility for Parkway Holdings was inked last week via mandated lead arrangers DBS Bank, Maybank, Oversea-Chinese Banking Corp, Standard Chartered Bank and United Overseas Bank.
The club facility is divided into a S$500 million term loan and a S$250 million revolver. The mandated leads contributed S$150 million apiece.
Proceeds are for refinancing and general corporate purposes.
Taiwan
Taiwan Maritime Transportation’s subsidiaries, D Whale Corp and E Whale Corp, have each secured a $92 million seven-year term loan via mandated leads Chinatrust Commercial Bank and Mega International Commercial Bank.
The loans are priced at 210bp over three-month Libor.
Chang Hwa Commercial Bank, First Commercial Bank, Land Bank of Taiwan, Shanghai Commercial & Savings Bank and Ta Chong Bank came in as arrangers while China Development Industrial Bank, Industrial Bank of Taiwan, Sunny Bank, Taichung Commercial Bank, Taishin International Bank, Taiwan Business Bank and Yuanta Commercial Bank were co-arrangers. Cathay United Bank, Export-Import Bank of the Republic of China, Taiwan Cooperative Bank and Taiwan Shin Kong Commercial Bank rounded out the syndicate as participants.
Proceeds are to support its ship financing.
A NT$2.8 billion 12-year construction financing for Hong Pan Development was sealed last week via sole bookrunner Taiwan Cooperative Bank.
The term loan features a spread of 194bp over the one-year post office savings rate initially, which will be scaled back to 174bp over the same rate when construction is completed.
Final allocations saw Agricultural Bank of Taiwan and Taiwan Cooperative Bank contribute NT$1.0 billion each, while Ta Chong Bank and Land Bank of Taiwan committed NT$500 million and NT$300 million respectively.
Proceeds are to support a construction project.
Lin Garden’s NT$1.8 billion seven-year term loan has been signed via lead arrangers Bank Sinopac, First Commercial Bank and Taiwan Cooperative Bank.
The loan is split into NT$1.3 billion and NT$500 million tranches, which offer a margin of 150bp over the secondary CP rate.
Final allocations saw Taiwan Cooperative Bank take NT$620 million, while Bank Sinopac and First Commercial Bank pledged NT$360 million apiece. Bank of Panhsin and Taipei Fubon Commercial Bank lent NT$180 million each and Shanghai Commercial & Savings Bank held NT$100 million.
Proceeds are to support the construction of a hotel in Taichung.
Siliconware Precision Industries obtained a $312 million-equivalent five-year facility last week via nine lead arrangers.
The facility comprises a $150 million term loan and a NT$5.0 billion revolving credit, which are priced at 55bp over three-month Libor and at 50bp over the secondary CP rate respectively. There is an interest rate floor of 1.5% for the first six months.
The lead arrangers were Bank of Taiwan, Cathay United Bank, Chinatrust Commercial Bank, HSBC, Hua Nan Commercial Bank, Mega International Commercial Bank, Mizuho Corporate Bank, Taipei Fubon Commercial Bank and Taiwan Cooperative Bank. Chang Hwa Commercial Bank and Taiwan Business Bank joined in at lower tiers.
Proceeds are for capital expenditure and working capital purposes.
Vietnam
A $91 million two-year term loan for Bank for Investment & Development of Vietnam (Vietindebank) was signed last week via sole bookrunner Standard Chartered Bank.
The two-year financing is priced at 200bp over Libor.
Original mandated lead arrangers Mizuho Corporate Bank (Hanoi), Standard Chartered Bank and United Overseas Bank, together with Bank of Tokyo-Mitsubishi UFJ (Hanoi), which joined in as a mandated lead arranger, lent $20 million each. Lead arrangers Taipei Fubon Commercial Bank (Ho Chi Minh) contributed $6 million and Bank Mandiri (Singapore) provided $5 million.
Proceeds are for general funding purposes.
Vietnam Electricity Group – EVN’s $137 million term loan has been completed via sole bookrunner and mandated lead arranger Credit Agricole.
The five-year transaction offers a margin of 290bp over Libor.
The sole lead and lead arranger Bangkok Bank committed $30 million each while Bank of Tokyo-Mitsubishi UFJ took $21 million. Oversea-Chinese Banking Corp and United Overseas Bank held $20 million apiece, while Hua Nan Commercial Bank and Taipei Fubon Commercial Bank came in with $10 million and $6 million respectively.
Proceeds are for capital expenditure, general corporate and working capital purposes.
