Loan week, September 12-18

A roundup of the latest syndicated loan market news.

A A$625 million dual-tranche fundraising for Mirvac Funds Finance was signed on September 15 via sole mandated lead and bookrunner Westpac. The loan is split equally into two year and three year revolvers.

Final allocations saw Westpac provide A$250 million. Coming in as participants were ING Bank, ANZ and Royal Bank of Scotland, committing A$150 million, A$125 million and A$100 million respectively.

Proceeds are to refinance an existing debt facility.

Hong Kong

Syndication of a HK$23.4 billion multi-tranche financing for HKT is still ongoing and is well over-subscribed. Banks involved in the deal are Bank of China (Hong Kong), BNP Paribas, BayernLB, Calyon, DBS, HSBC, ICBC Asia and Royal Bank of Scotland.

The debt package comprises a HK$7.8 billion three-year revolving credit, and two HK$7.8 billion term loans with tenors of three and five years respectively.

Guaranteed by HKT Holdings, the margins for the three- and five-year loans are 155bp and 175bp over Hibor respectively. The commitment fee is 35bp.

Proceeds are to refinance an existing debt facility. The transaction will close imminently.

PrimeCreditÆs HK$285 million two-year credit has been sealed on a club basis via mandated arrangers Chang Hwa Commercial Bank, DBS Bank and United Overseas Bank.

The bullet deal features a one-year put option. The funds are for general corporate requirements.

A HK$2.2 billion three-year debt package for Shanghai Industrial Holdings was launched into syndication on September 17 via mandated leads Bank of China (Hong Kong), Bank of Tokyo-Mitsubishi UFJ, BNP Paribas, Calyon, CCB International Finance, HSBC, ICBC Asia and Sumitomo-Mitsui Banking Corp. With the exception of Bank of China (Hong Kong), all the banks are also acting as bookrunners

The bullet term loan pays a spread of 89bp over Hibor.

Banks are invited to join at two levels û arrangers joining with HK$150 million or above get a management fee of 108bp for an all-in of 125bp and co-arrangers committing HK$70 million to HK$140 million receive 93bp for an all-in of 120bp. Syndication is slated to close on October 6.

The funds are to support the borrowerÆs purchase of a toll road project, Hunn Hang Expressway, and the Four Seasons Hotel in Shanghai from its parent company Shanghai Industrial Investment (Holdings).


A $100 million yen-equivalent three-year facility for Industrial Development Bank of India (IDBI) has been launched into general syndication via original mandated leads BNP Paribas and Intesa Sanpaolo. BNP Paribas is the sole bookrunner.

The deal pays a spread of 105bp over yen Libor.

Senior syndication saw KommunalKredit International Bank and RZB Bank joining in as equal status-arrangers. The mandated lead arranger title was offered for commitments of $15 million or above for an upfront fee of 75bp and an all-in of 130bp.

In general syndication, banks have been invited on two tiers. Lead arrangers contributing between $10 million and $14 million get 60bp for an all-in of 125bp, while arrangers lending between $5 million and $9 million gain 45bp for an all-in of 120bp.

Roadshows were held in Taiwan and Singapore on September 4 and 5 respectively. Syndication is scheduled to close at the end of the month.

The funds are for general corporate purposes.

Jaiprakash AssociatesÆ $60 million 5.25-year financing is in syndication via mandated arrangers Bank of Baroda, Deutsche Bank, State Bank of India and UCO Bank.

The mandated leads are syndicating the $40 million greenshoe option to the market.

Proceeds are for capital expenditure requirements.


A $92 million two-year and nine-month debt package for PT Astra Sedaya Finance was completed on September 15 via bookrunners Bank of Tokyo-Mitsubishi UFJ, Chinatrust Commercial Bank, Mizuho Corporate Bank and Sumitomo Mitsui Banking Corp. The deal was upsized from $80 million due to a good response from the market.

The amortising loan features a margin of 160bp and 170bp over Libor for offshore and onshore lenders respectively.

Allocations saw the bookrunners committing $20 million apiece. Coming in as arrangers were Export-Import Bank of the Republic of China with a hold of $5 million while Bank of China provided $4 million and Mega International Commercial Bank took $3 million.

The funds are for working capital purposes.

New Zealand

Syndication of Te Runanga o Ngai TahuÆs NZ$200 million three-year term loan has been closed via sole mandated arranger and bookrunner Bank of New Zealand.

Final allocations saw the bookrunner holding NZ$75 million and Commonwealth Bank of Australia took on the same amount as lead arranger. ANZ contributed NZ$50 million as a manager.

Signing is expected to take place in a few weeksÆ time. Proceeds are for general corporate purposes.


Wilmar TradingÆs $380 million one-year fundraising was signed last week as a club deal via mandated leads Bank of Tokyo-Mitsubishi UFJ, Mizuho Corporate Bank, Standard Chartered Bank and Sumitomo-Mitsui Banking Corp.

The loan features a one-year extension option. Proceeds are for working capital purposes.


A NT$600 million three-year guarantee facility for Achem Technology Corp has been sealed via mandated arrangers and bookrunners Industrial Bank of Taiwan and Taiwan Cooperative Bank.

A commitment fee of 10bp is applicable if usage is less than 80% of the facility amount sixth months from closing.

Final allocations saw the bookrunners provide NT$120 million apiece. Coming in as participants were Chang Hwa Commercial Bank, Mega International Commercial Bank, Shanghai Commercial & Savings Bank and Taiwan Shin Kong Commercial Bank with contributions of NT$90 million each.

Proceeds are for debt repayment purposes.

TPO Displays CorpÆs NT$5.1 billion five-year dual-tranche facility has been upsized from NT$5 billion and signed via mandated lead arrangers and bookrunners Cathay United Bank, Chinatrust Commercial Bank, EnTie Commercial Bank and Mega International Commercial Bank.

The leads each committed NT$800 million, while senior lead arrangers Bank SinoPac and Ta Chong Bank joined with NT$500 million apiece. Participants Jih Sun International Bank and Taiwan Business Bank contributed NT$300 million each, while Chang Hwa Commercial Bank and Taishin International Bank provided NT$150 million apiece.

The fundraising is split into NT$2.1 billion and NT$3 billion term loans. Secured by factory and machinery, the loan is priced at 150bp over the 90-day secondary CP rate and has a commitment fee of 10bp.

Proceeds are for capital expenditure and working capital purposes.

A $32 million three-year term loan for Youngrich Investments, Citra Investments, and Ace Profit International was completed in early September by bookrunners Far Eastern International Bank, Mega International Commercial Bank and Taishin International Bank.

The leads lent $5.25 million apiece, while lead manager Jih Sun International Bank gave $3.95 million. Manager Shanghai Commercial & Savings Bank and Hua Nan Commercial Bank provided $3.3 million and $3 million respectively, while Bank of East Asia, Bank of Kaohsiung and Taichung Commercial Bank each took $2 million.

The financing features a spread of 150bp over Libor. Proceeds are to refinance an existing bridge loan.
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