Loan Week

Loan Week, October 7-13

A roundup of the latest syndicated loan market news.

Hong Kong

Tingyi-Asahi Beverages Holding’s $250 million three-year term loan has been sealed through bookrunners and mandated lead arrangers Bank of Tokyo-Mitsubishi UFJ, Mizuho Corporate Bank and SMBC.

Final allocations saw the leads commit $80 million each, while Chiba Bank joined in as a lead arranger with $10 million.

Proceeds are for general corporate purposes.

 


India

Jhajjar Power signed a Rs9.3 billion 11 year term loan last week through sole bookrunner and mandated lead arranger IDBI Bank.

Syndication saw Bank of Baroda, Bank of India, Dena Bank, Oriental Bank of Commerce, PTC India Financial Services, State Bank of Mysore, State Bank of Patiala, State Bank of Travancore and United Bank of India come in as participants.

Proceeds are to refinance existing debt facilities.

Khagaria Purnea Highway Project’s Rs6.2 billion-equivalent facility has been signed through sole bookrunner SBI Capital Markets.

The financing consists of a Rs4.3 billion 15-year term loan, a $36.4 million eight-year tranche and a Rs300 million subordinated debt.

Syndication saw ICICI Bank, India Infrastructure Finance, Indian Overseas Bank, L&T Infrastructure Finance, Oriental Bank of Commerce and State Bank of Bikaner & Jaipur join in at lower tiers.

Proceeds are to support a two-lane road project in the state of Bihar, India.

Raebareilly Allahabad Highway has completed a Rs2.3 billion 14.5-year dual-tranche term loan through sole bookrunner SBI Capital Markets.

Sponsored by VIL and Vijai Constructions, the facility is split into a Rs2.2 billion senior term loan and a Rs100 million subordinated debt with a commitment fee of 120bp.

Syndication saw India Infrastructure Finance, Punjab National Bank, Reliance Capital, State Bank of Bikaner & Jaipur and State Bank of India come in as participants.

Proceeds are to finance a two-lane road project in the state of Uttar Pradesh, India.

 


Pakistan

Pakistan Mobile Communications’ PKR4.7 billion Islamic facility has been completed through sole bookrunner Standard Chartered.

The five-year deal is priced at 265bp over Kibor.

Syndication saw United Bank join in as a lead arranger while Al-Baraka Islamic Bank, Askari Bank, HSBC and Meezan Bank committed at lower tiers.

Proceeds are for capital expenditure purposes.

 


Philippines

Petron Corp’s $480 million fundraising was signed in late September through a consortium of nine banks.

The five-year term loan is priced at 235bp over Libor.

Bookrunners Bank of Tokyo-Mitsubishi UFJ and Mizuho Corporate Bank took $70 million each, while HSBC, Maybank and Standard Chartered committed $60 million each. DBS and SMBC held $50 million each, while Chinatrust Commercial Bank and United Overseas Bank joined in as mandated lead arrangers with $30 million each.

Proceeds are for capital expenditure purposes.

 


Singapore

Trafigura Beheer and its Singapore-subsidiary Trafigura successfully secured an $875 million dual-tranche facility through bookrunners and original mandated lead arrangers ANZ, DBS, National Australia Bank, OCBC, Standard Chartered and SMBC.

The transaction is split into a 364-day revolving credit with two 364-day extension options which can be exercised at the end of year 1 and year 2, and a three-year term loan.

Agricultural Bank of China, Commonwealth Bank of Australia, ICBC, United Overseas Bank and Westpac joined in as mandated lead arrangers while Bank of Tokyo-Mitsubishi UFJ came in as a lead arranger. Banca UBAE, Bank of East Asia, Bank Mandiri, Chinatrust Commercial Bank, Hwatai Bank, KBC Bank, Union de Banques Arabes et Francaises and Zenith Bank participated as arrangers.

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

 


South Korea

Hana Bank signed a ¥15 billion transferable term loan facility through mandated lead arrangers Bank of Tokyo-Mitsubishi UFJ, Mizuho Corporate Bank and SMBC.

The deal comprises a ¥10 billion one-year tranche and a ¥5 billion two-year portion.

Proceeds are for general corporate purposes.

Shinhan Bank’s $120 million dual-tranche facility has been signed through mandated lead arrangers OCBC, SMBC and Wells Fargo.

The deal consists of a $90 million one-year tranche and a $30 million three-year portion.

Proceeds are for working capital purposes.

 


Taiwan

Everlight Chemical Industrial Corp’s NT$1.2 billion fundraising was signed last week (October 5) through sole bookrunner Chinatrust Commercial Bank.

The five-year revolving credit is priced at 60bp over the 90-, 120- or 180-day secondary CP rate with a pretax interest rate floor of 1.5% and a commitment fee of 15bp.

Final allocations saw the sole bookrunner take NT$240 million, while Bank of Taiwan, First Commercial Bank, Hua Nan Commercial Bank, Mega International Commercial Bank, Taipei Fubon Commercial Bank and Taiwan Cooperative Bank came in as coordinating arrangers with NT$160 million each.

Proceeds are for refinancing and working capital purposes.

Sun Shine Textile Enterprise successfully obtained a NT$1.1 billion loan last week through sole bookrunner and mandated lead Land Bank of Taiwan.

The deal is split into an NT$800 million seven-year term loan and a NT$300 million five-year revolver, which are priced at 51bp over the one-year average savings rate of the banks with an interest rate floor of 1.8%.

Syndication saw the sole lead take NT$400 million while participant Agricultural Bank of Taiwan commit NT$154 million. Bank of Kaohsiung and Taiwan Cooperative Bank contributed NT$117 million each while Bank of Taiwan, Chang Hwa Commercial Bank, Hua Nan Commercial Bank and Taichung Commercial Bank rounded up with syndicate with NT$78 million each.

Proceeds are for refinancing and working capital purposes.

Syndication of a $38.5 million five-year revolver for Ta Chen (BVI) Holding has been closed through sole bookrunner Industrial Bank of Taiwan.

Guaranteed by Ta Chen Stainless Pipe, the deal features a spread of 135bp over Libor.

Syndication saw Bank of Taiwan, Land Bank of Taiwan and Taiwan Cooperative Bank join in as mandated lead arrangers while Chang Hwa Commercial Bank, First Commercial Bank, Hua Nan Commercial Bank, Mega International Commercial Bank and Taishin International Bank came in as participants.

Proceeds are for refinancing and working capital purposes. Signing is slated for end of October.

Wuxi Long Chen Paper and Zhejiang Long Chen Paper have secured a $130 million five-year term loan through bookrunners First Commercial Bank, Land Bank of Taiwan, Taipei Fubon Commercial Bank and Taishin International Bank.

The deal, which offers a margin of 145bp over Libor, is split equally into two tranches borrowed through the two borrowers respectively.

Syndication saw the bookrunners First Commercial Bank commit $40 million while Taishin International Bank contribute $25 million. Land Bank of Taiwan and Taipei Fubon Commercial Bank lent $20 million each, while lead manager Taiwan Business Bank held $10 million. Managers Hua Nan Commercial Bank, Taichung Commercial Bank and Taiwan Cooperative Bank ended up with $5 million each.

Proceeds are for working capital purposes.

¬ Haymarket Media Limited. All rights reserved.

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