Loan week, October 8-14

Australia

Charter Hall Direct Property Fund has secured a A$240 million dual-tranche facility on a club basis via mandated leads Commonwealth Bank of Australia, National Australia Bank and ING Bank.

The three-year transaction is split into a A$150 million term loan and a A$90 million revolver.

Proceeds are to refinance existing indebtedness.

China

A $305 million financing for Laiwu Steel Corp and Jinan Iron & Steel Corp was signed on October 13 via bookrunners Credit Agricole, HSBC (China) and Standard Chartered Bank (China). The deal was oversubscribed and upsized from $250 million.

Guaranteed by Shandong Iron & Steel Group, the three-year term loan features a margin of 275bp over Libor.

Final allocations saw the bookrunners commit $50 million each, while Agricultural Bank of China, Bank of China and Westpac joined in as mandated lead arrangers with $40 million apiece. Manager Industrial Bank gave $20 million while co-managers Wing Lung Bank and Hang Seng Bank (China) pledged $10 million and $5 million respectively.

Proceeds are to finance iron ore imports.

Hong Kong

Chinese Estates (The One) has successfully obtained a HK$4.2 billion fundraising via mandated coordinating arrangers Bank of China (Hong Kong), Bank of East Asia, BNP Paribas, Hang Seng Bank, Oversea-Chinese Banking Corp and Standard Chartered Bank (Hong Kong).

The three-year term loan is priced at 90bp over Hibor and is guaranteed by the parent Chinese Estates Holdings.

Final allocations saw Bank of China (Hong Kong) and Hang Seng Bank lend HK$1.0 billion each, while Bank of East Asia and Standard Chartered Bank (Hong Kong) gave $600 million apiece. BNP Paribas and Oversea-Chinese Banking Corp (Hong Kong) ended up with HK$500 million each.

Proceeds are for refinancing and general corporate purposes.

India

A $366 million US-equivalent dual-currency project financing for Adani Power has been inked via sole bookrunner and mandated lead arranger SBI Capital Markets.

The deal comprises a $250 million 6.5-year tranche and a Rs5.2 billion six-year guarantee facility.

For the US dollar tranche, Axis Bank and ICICI Bank gave $150 million and $100 million respectively, while ICICI Bank was also the sole lender for the rupee portion.

Proceeds are to finance a power project in Mundra, Gujarat, India.

Gujarat State Petroleum Corp’s Rs30.0 billion 10-year term loan was signed last week via sole bookrunner and mandated lead arranger SBI Capital Markets.

Final allocations saw participants Bank of Baroda contribute Rs3.5 billion, while Bank of Maharashtra, Canara Bank, Export-Import Bank of India, Syndicate Bank and Union Bank of India pledged Rs2.7 billion each. Allahabad Bank and UCO Bank gave Rs2.2 billion apiece, while Indian Bank, Indian Overseas Bank and Vijaya Bank lent Rs1.6 billion each. Bank of India and Punjab & Sind Bank took Rs1.4 billion apiece, while Dena Bank ended up with Rs810 million.

Proceeds are for capital expenditure purposes.

A Rs2.0 billion one-year term loan for Hinduja National Power Corp has been completed via sole bookrunner SBI Capital Markets.

Punjab National Bank was the sole provider for the facility.

Proceeds are for capital expenditure purposes.

Singapore

Wilmar International is in the market with a $1.7 billion-equivalent acquisition financing via mandated lead arrangers and bookrunners ANZ and HSBC.

The debt package consists of a $1.1 billion term loan and a A$600 million revolving credit, which is fully underwritten by ANZ and HSBC. Rabobank International has joined in as mandated lead arrangers.

Proceeds are to support the acquisition of Sucrogen and for working capital purposes.

Taiwan

Bin Chuan Enterprises obtained a NT$375 million five-year term loan in early October via coordinating arrangers and bookrunners China Development Industrial Bank, E.Sun Commercial Bank, Mega International Commercial Bank, Ta Chong Commercial Bank and Taipei Fubon Commercial Bank. The facility was upsized from NT$300 million.

Syndication saw the leads contribute NT$60 million each while senior managers First Commercial Bank and Taishin International Bank gave NT$38 million apiece.

Proceeds are for refinancing and working capital purposes.

A NT$500 million dual-tranche fundraising for Chailease Consumer Finance was completed on October 11 via mandated lead arrangers and bookrunners Agricultural Bank of Taiwan, First Commercial Bank, Industrial Bank of Taiwan and Land Bank of Taiwan.

The three-year debt package is split into a NT$500 million term loan and a NT$250 million note issuance facility. However, the total outstanding amount cannot exceed NT$500 million.

Bookrunners Industrial Bank of Taiwan and Land Bank of Taiwan took NT$93 million each, while Agricultural Bank of Taiwan and First Commercial Bank gave NT$92 million apiece. Co-arranger Shanghai Commercial & Saving Bank pledged NT$80 million and Taichung Commercial Bank contributed NT$50 million.

Proceeds are for working capital purposes.

Export-Import Bank of Korea’s $262 million three-year financing was sealed last week via sole bookrunner Taiwan Cooperative Bank. The deal was oversubscribed and upsized from $200 million.

The term loan is priced at 100bp over Libor with a commitment fee of 20bp.

Final allocations saw the bookrunner take $42 million, while Bank of Taiwan, Chang Hwa Commercial Bank, Hua Nan Commercial Bank and Mega International Commercial Bank came in as mandated lead arrangers with $30 million each. Arrangers Far Eastern International Bank committed $11 million, while First Commercial Bank, Land Bank of Taiwan, Sunny Bank, Ta Chong Bank, Taiwan Business Bank and Yuanta Commercial Bank contributed $10 million apiece. Participants United Bank Taiwan gave $8 million and Export-Import Bank of the Republic of China lent $6 million. Bank of Kaohsiung, Bank Sinopac and Sumitomo Trust & Banking ended up with $5 million apiece.

Proceeds are for working capital purposes.

Quintain Steel’s NT$358 million dual-tranche fundraising was signed on October 11 via bookrunners and mandated lead arrangers Chinatrust Commercial Bank, Jih Sun International Bank and Ta Chong Bank.

The transaction consists of a NT$290 million three-year term loan and a NT$68 million one-year guarantee facility. The former tranche is priced at 115bp over the six-month floating post office savings rate, while the guarantee facility offers an annual guarantee fee of 120bp.

Final allocations saw bookrunners Ta Chong Bank and Jih Sun International Bank give NT$90 million each, while Chinatrust Commercial Bank contributed NT$65 million. Participants Taiwan Business Bank committed NT$58 million and Bank of Kaohsiung ended up with NT$55 million.

Proceeds are for capital expenditure and working capital purposes.

Vietnam

A $70 million one-year term loan for Vietnam Joint Stock Commercial Bank for Industry & Trade – Vietinbank was signed in late September via sole bookrunner and mandated lead arranger Sumitomo Mitsui Banking Corp.

Syndication saw the sole lead lend $54 million, while lead arrangers Taipei Fubon Commercial Bank (Ho Chi Minh) gave $6 million. Chinatrust Commercial Bank (Ho Chi Minh) and First Commercial Bank (Ho Chi Minh) rounded out the group with $5 million each.

Proceeds are for general corporate purposes.