Loan Week, October 6-12

A roundup of the latest syndicated loan market news.

Centro PropertiesÆ A$2.98 billion multi-tranche facility has been completed on a club basis. Mandated arrangers Royal Bank of Scotland took A$1.13 billion, ANZ Investment Bank and BNP Paribas provided A$750 million each and Commonwealth Bank of Australia held A$350 million.

The deal is split into five tranches - A$300 million two, three and four year loans, a A$150 million six month commercial bills facility and a A$1.93 billion equivalent two year foreign currency loan. Proceeds are for working capital purposes.

Snowy HydroÆs A$250 million three year fundraising has been signed via mandated arrangers ANZ Investment Bank and Westpac Banking Corp, committing A$125 million apiece. Proceeds are to refinance existing debt and to provide for working capital and general corporate requirements.


Ahli United BankÆs $500 million is progressing in syndication with banks expected to revert by today (Friday). The three year financing has received an overwhelming response and the facility is likely to be increased to $1 billion.

The arranger group consists of ABN Amro, BNP Paribas, Commerzbank, Lloyds TSB, Mizuho Corporate Bank, Bank of Tokyo-Mitsubishi UFJ, Barclays, BayernLB, Deutsche Bank, Fortis Bank, HSBC, Natexis Banques Populaires, Qatar National Bank, Raiffeisen Zentralbank Oesterreich, Sanpaolo IMI, Standard Chartered, SMBC and WestLB.

Proceeds will be used to refinance existing debt and signing is scheduled for later this month.


Citigroup has won the sole mandate for Dongfeng Yueda Kia AutomobileÆs $250 million financing. The five year financing comprises a $200 million term loan æAÆ and a $50 million renminbi equivalent term loan æBÆ. Proceeds will be used to fund the construction of a plant in China. A wider syndication will be launched shortly.

Hong Kong

Syndication of IFC DevelopmentÆs HK$10.3 billion financing is set to complete shortly. The six year facility has received a strong response and saw nine banks join in general syndication. Several others are said to be in the final stage of getting credit approvals. However, the facility size is unlikely to be increased.

Lenders are Agricultural Bank of China, Bank of East Asia, BBVA, Bangkok Bank, Mega International Bank of China, Liu Chong Hing Bank, Hua Nan Commercial Bank, Tai Fung Bank and Wing Lung Bank.

ABN Amro, Bank of China (Hong Kong), Bank of Tokyo-Mitsubishi UFJ, BayernLB, BNP Paribas, CCB International Finance, DBS Bank, Fortis Bank (Hong Kong), ICBC Asia, Mizuho Corporate Bank, Rabobank Nederland, Standard Chartered and SMBC are leading the deal.

Signing is targeted for the end of October.

Surface Mount TechnologyÆs HK$480 million facility has been completed on a club basis via nine banks. Proceeds are to refinance an existing loan that was signed in August 2003 and for working capital purposes.

The deal is split into HK$360 million and HK$120 million 5-1/2 yr term loans. The margin is 65bp over Libor for each tranche.

Mandated arrangers Bank of Tokyo-Mitsubishi UFJ (Hong Kong), DBS Bank and Hang Seng Bank provided HK$60 million each while BNP Paribas (Hong Kong), China Construction Bank (Hong Kong), Dah Sing Bank, ICBC Asia, Mizuho Corporate Bank (Hong Kong) and United Oversea Bank contributed HK$30 million apiece. Signing took place on October 5.

Swing Media Technology has successfully raised $30 million from the market via a three year term loan. ABN Amro and Oversea-Chinese Banking Corp are the mandated arrangers, committing $6 million each.

Six banks joined as lenders. They are Maybank committing $6 million, Bangkok Bank providing $4 million, RZB Austria pledging $3.5 million, ICBC lending $2 million, Southern Bank contributing $1.5 million and International Factors (Singapore) ending up with $1 million. Proceeds will be used for working capital purposes.

Bajaj HindusthanÆs $50 million five year financing is yet to reach financial close. Mandated arrangers ABN Amro and BNP Paribas have been joined by Bank of Tokyo-Mitsubishi UFJ, DBS Bank, Rabobank and Standard Chartered in syndication. The deadline for banks to respond is October 23.

BayernLB, DZ Bank and Natexis Banques Populaires have joined mandated arrangers BNP Paribas, Calyon, Mizuho Corporate Bank and Standard Chartered for Bharat PetroleumÆs $200 five year credit. Banks have until October 27 to revert. The roadshow will be held on Monday in Taipei.

Bangladesh Petroleum has successfully raised $250 million via sole mandated lead arranger and bookrunner Standard Chartered. The one year facility marked the borrowerÆs debut in the loan market and saw 19 banks join in syndication.

Lenders are Arab Investment, Bahrain Saudi Bank, Bank Al-Habib, Bank Muscat International, Bank Negara Indonesia (Hong Kong), BNP Paribas (Singapore), Calyon, Commercial Bank of Qatar, DZ Bank, Emirates Bank International, Habib Bank, ICICI Bank, Bahrain OBU, India Bank, MCB Bank, National Bank of Dubai, SG Asia, State Bank of India, Union National Bank and United Bank.

Reliance PetroleumÆs $2 billion project financing has been upsized from $1.5 billion following a blowout response in syndication. A total of 51 banks are participating in the deal.

Mandated lead arrangers are ABN Amro, Banc of America Securities Asia, BBVA, Bank of Tokyo-Mitsubishi UFJ, BNP Paribas, Calyon, Citigroup, DBS Bank, DZ Bank, HSBC, ICICI Bank, Mizuho Corporate Bank, Standard Chartered, State Bank of India and SMBC.

Senior lead arrangers are Banca Intesa, Bank of Baroda, BayernLB, China Construction Bank, Fortis Bank, HSH Nordbank, Hypovereinsbank, ICBC Asia, KBC Bank, KfW, Mashreqbank, Natexis Banques Populaires, NordLB, Royal Bank of Scotland, Union National Bank and WestLB.

Arab Banking Corp and Banca Monte dei Paschi di Siena joined as lead arrangers while 10 other banks û Arab Bank, Bank of Bahrain and Kuwait, Cathay United Bank, Chinatrust Commercial Bank, DnB Norbank, National Bank of Kuwait, Nedbank, Mega International Commercial Bank of China, Syndicate Bank and Taiwan Business Bank û joined as lead managers. Managers include Bank Sinopac, Bank of Kaohsiung, Dah Sing Bank, Sanpaolo IMI, SBI International, Sunny Bank and Shinkong Commercial Bank.

Proceeds will be used to support the development of a petrochemical complex and refinery project in India. Signing is scheduled for today (Friday).

Tata SteelÆs $750 million seven year term loan was signed on October 10. There are 15 banks providing the funds. ABN Amro, Calyon, Citigroup Global Markets (Singapore) and Standard Chartered Bank lent $94.75 million apiece, Bank of Tokyo-Mitsubishi UFJ, Export Development Canada, Maybank, Mizuho Corporate Bank and SMBC (Singapore) took $48.5 million each, Banca Intesa (Hong Kong) and Societe Generale (Hong Kong) held $25 million apiece, National Bank of Dubai committed $15 million while Banca Monte dei Paschi di Siena (Hong Kong), Deutsche Zentral-Genossenschaftsbank (Singapore) and Taiwan Cooperative Bank (Manila Offshore Branch) ended up with $5 million each.

Proceeds are for general corporate purposes. Tata Group is providing a guarantee.

UTI BankÆs $125 million one year credit was signed on Thursday (October 12) via mandated arrangers Banca Intesa, Barclays Capital, BNP Paribas, Citigroup, DBS Bank, Natexis Banques Populaires, RZB Austria, Standard Chartered, Lloyds TSB Bank and Oversea-Chinese Banking Corp. Proceeds are for general corporate purposes.


Mandated lead arrangers ABN Amro, Mizuho Corporate Bank and Standard Chartered have launched Bank Negara IndonesiaÆs $150 million financing into general syndication.

The dual tranche facility is split into a two year term loan æAÆ and a three year term loan æBÆ, featuring margins of 45bp and 60bp over Libor respectively. Banks are being invited to join on four levels. All mandated lead arrangers are running the books and Standard Chartered (Hong Kong) is the facility and documentation agent.
New Zealand

Genesis Power signed a NZ$675 million dual tranche financing on October 6. A total of four banks are participating in the deal. Sole mandated arranger Westpac committed NZ$225 million while ABN Amro, ANZ Investment Bank and Commonwealth Bank of Australia joined with tickets of NZ$150 million each.

The transaction consists of a NZ$400 million five year loan and a NZ$275 million three year revolver. Proceeds are to refinance existing debt.


Mizuho Corporate Bank and Taipei Fubon Commercial Bank have been mandated to arrange Green Compass MarineÆs $40 million five year revolver. The margin is 37.5bp over Libor.

Lead arrangers lending $10 million and above earn 7.5bp, co-arrangers providing $7 million to $9 million get 5bp and lead managers committing $4 million to $6 million receive 2.5bp.

Cathay United Bank, E.Sun Commercial Bank, First Commercial Bank, Hua Nan Commercial Bank and Taiwan Business Bank have launched MiTacÆs NT$1.2 billion five year term loan into general syndication. The deal offers a spread of 42bp over the CP rate. Proceeds are for working capital purposes.

Starbuck Electronics has mandated Bank of Taiwan, Chinatrust Commercial Bank, First Commercial Bank, Mega International Commercial Bank, Mizuho Corporate Bank, Taipei Fubon Commercial Bank and Taiwan Cooperative Bank to lead arrange its $280 million equivalent fundraising.

The deal consists of NT$7.7 billion and NT$245 million 15 year facilities and a $38 million 3-1/2 year term loan. Proceeds are to refinance existing debt and for working capital purposes.

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