Loan week, September 23-29

A roundup of the latest syndicated loan market news.

Australia

Bain Capital Abacus Acquisition’s A$580 million five-year multi-tranche facility was launched into the market on September 28. The loan package consists of A$212 million and A$318 million term loans, and a A$50 million working capital facility.

The loan is underwritten by joint bookrunners and mandated leads Deutsche Bank, HSBC, Morgan Stanley, National Australia Bank, Nomura, UBS and Westpac. ANZ, BOS International (Australia), Credit Agricole, Macquarie and Natixis joined in as joint mandated lead arrangers.

Proceeds are to support the leveraged buyout of MYOB by Bain Capital Partners.

Brisbane Airport Corp’s A$500 million four-year revolver was signed on September 29 on a club basis through joint mandated lead arrangers Bank of Tokyo-Mitsubishi UFJ, Commonwealth Bank of Australia, Mizuho Corporate Bank and National Australia Bank.

Final allocations saw Commonwealth Bank of Australia and National Australia Bank commit A$150 million each, while Bank of Tokyo-Mitsubishi UFJ and Mizuho Corporate Bank lent A$100 million each.

Proceeds are for refinancing and capital expenditure purposes.

Sole bookrunner and mandated lead National Australia Bank sealed a A$135 million three-year facility on September 28 for Emerald Grain.

Syndication saw ANZ, Commonwealth Bank of Australia, HSBC, Sumitomo Mitsui Banking Corp and Westpac join in as participants.

Proceeds are for general corporate purposes.

Origin Energy’s A$500 million five-year revolver has been completed on a club basis via joint mandated leads ANZ and Commonwealth Bank of Australia, who contributed equally to the facility.

Proceeds are for general corporate purposes.

China

UniTrust Finance & Leasing Corp has successfully completed two facilities on September 21 and September 26.

The first loan was a Rmb1.2 billion facility led by sole bookrunner and mandated lead arranger China Development Bank. Syndication saw China Construction Bank and Agricultural Bank of China come in as participants. The second one was a Rmb2 billion facility led by sole bookrunner and mandated lead arranger Bank of China. Agricultural Bank of China, Bank of Communications and Industrial & Commercial Bank of China joined in as participants.

Proceeds for both facilities are for general corporate purposes.

Hong Kong

Shui On Centre obtained a HK$2.5 billion financing on September 27 via bookrunners and mandated lead arrangers Bank of China (Hong Kong) and Standard Chartered Bank (Hong Kong).

Guaranteed by Shui On, Shui On Holdings, Shui On Investment and Star Focus Investments, the three-year transferable secured term loan is priced at 245bp over Hibor.

Final allocations saw the leads take HK$450 million each, while Fubon Bank (Hong Kong) joined in as a lead arranger with HK$270 million. Industrial & Commercial Bank of China (Asia) committed HK$230 million and Chong Hing Bank lent HK$200 million. Arrangers Cathay United Bank held HK$140 million, while Bank of Taiwan, Bank Sinopac, Cathay Bank, E Sun Commercial Bank, First Commercial Bank, Shanghai Commercial Bank, Wing Hang Bank and Yuanta Commercial Bank ended up with HK$95 million each.

Proceeds are to refinance an existing HK$2.2 billion facility signed in 2007 and for general corporate purposes.

India

A Rs2.8 billion 13-year four-month facility for Alex Astral Power was successfully closed on September 26 via sole bookrunner and mandated lead arranger SBI Capital Markets.

The term loan offers a margin of 325bp over the SBI base rate and will be repaid in 48 quarterly installments after a six-month grace period.

Bank of Baroda, Indian Overseas Bank, State Bank of Bikaner and Jaipur, State Bank of India and State Bank of Patiala also joined the syndicate.

Proceeds are for project financing purposes.

Kanti Bijlee Utpadan Nigam’s Rs23.4 billion 15-year term loan was successfully signed on September 27 via sole bookrunner and mandated lead arranger SBI Capital Markets.

The facility offers a margin of 245bp over the SBI base rate and will be repaid in 44 quarterly installments after a 14-month grace period.

Syndication saw Canara Bank, India Infrastructure Finance, State Bank of India and United Bank of India join in as participants.

Proceeds are to finance the capital expenditure of the Stage II Muzaffarpur Thermal Power Project (MTPS).

Jaiprakash Associates' Rs13.1 billion 8.5-year term loan was signed on September 23 through sole bookrunner Axis Bank.

The facility will be repaid in 30 quarterly instalments after a 1.5-year grace period.

Final allocations saw the lead bank commit Rs1.0 billion, while participant Punjab National Bank pledged Rs5.0 billion. Corporation Bank lent Rs1.6 billion and Allahabad Bank gave Rs1.5 billion. Dena Bank, South Indian Bank, State Bank of Bikaner & Jaipur and State Bank of Mysore provided Rs1.0 billion each.

Proceeds are for project financing purposes.

Indonesia

Charoen Pokphand Indonesia’s $250 million-equivalent facility was signed on September 26 via mandated lead arrangers and bookrunners Bank Central Asia, Bank Mandiri, Citi and DBS Bank.

The financing is split into two five-year term loans of $60 million and Rp360 billion each, as well as two three-year revolvers of $90 million and Rp540 billion.

Final allocations saw the leads take $31 million each, while Sumitomo Mitsui Banking Corp joined in as a mandated lead arranger with $30 million. Lead arrangers Bank ICBC Indonesia took $20 million and ANZ Panin Bank and Bank Mizuho Indonesia pledged $17 million each. Bank Rabobank International Indonesia lent $12 million, while arrangers Bank Commonwealth committed $9 million. Cathay United Bank, Chang Hwa Commercial Bank and Mega International Commercial Bank rounded out the syndicate with $7 million apiece.

Proceeds are for refinancing, capital expenditure and working capital purposes.

Macau

VML US Finance has successfully signed a $3.7 billion senior secured loan via a consortium of 14 global coordinators and bookrunners.

The five-year deal, which is guaranteed by Venetian Macau and other subsidiaries, consists of a $3.2 billion term loan and a $500 million revolving credit.

Global coordinators and bookrunners were BNP Paribas, Bank of America Merrill Lynch, Bank of China, Barclays Capital, Citi, Commerzbank, Credit Agricole, Credit Suisse, Goldman Sachs, ING Bank, ICBC, Sumitomo Mitsui Banking Corp, UBS and United Overseas Bank.

Banco Nacional Ultramarino, Bank of Nova Scotia, DBS Bank, Oversea-Chinese Banking Corp and Wing Lung Bank joined as lead arrangers.

Arrangers were Banco Comercial Portugues and China Construction Bank, while Aozora Bank, Cathay United Bank, Far Eastern International Bank and Tai Fung Bank came in as senior managers. Bank of East Asia, Bank of Kaohsiung, Bank Sinopac, Chang Hwa Commercial Bank, First Commercial Bank, Industrial Bank of Taiwan, Shanghai Commercial & Savings Bank, Taishin International Bank, Taiwan Business Bank and Taiwan Shin Kong Commercial Bank joined in as managers.

Proceeds are to refinance $2.5 billion of project financing signed in May 2006 and a $1.75 billion deal signed in May 2010, as well as to fund the development of the Venetian Macau casino.

Malaysia

Digi Telecommunications’ M$1.4 billion dual-tranche facility was signed on September 23 through sole bookrunner OCBC Bank (Malaysia).

The facility splits into a M$1.0 billion five-year term loan and a M$400 million three-year revolver.

Syndication saw AmBank, CIMB Bank, Hong Leong Bank and United Overseas Bank (Malaysia) come in as joint mandated lead arrangers.

Proceeds are for general corporate purposes.

Singapore

Asia Mobile Holding’s S$1.48 billion-equivalent multi-tranche financing was signed as a club deal on September 23 via a consortium of nine mandated lead arrangers.

The five-year financing consists of three term loans of $165 million, S$720 million and S$170 million each, as well as two revolving credit facilities of $83 million and S$190 million respectively.

Syndication saw Bank of Tokyo-Mitsubishi UFJ, CIMB Group Holdings, Credit Agricole, DBS Bank, Maybank, Oversea-Chinese Banking Corp, Standard Chartered Bank, Sumitomo Mitsui Banking Corp and United Overseas Bank join in as mandated lead arrangers.

Proceeds are to refinance existing loans, and for general corporate funding and working capital requirements.

Taiwan

AUO Sunpower, a joint venture between AU Optronics Corp and SunPower Corp, secured a $300 million five-year loan on September 23 via a consortium of eight bookrunners and mandated lead arrangers.

Guaranteed by AU Optronics Corp and SunPower Corp, the five-year facility is priced at 195bp over Libor with a commitment fee of 20bp.

Among the leads, Cathay United Bank committed $35 million, while Bank Sinopac, Bank of Taiwan, Credit Agricole, DBS Bank, First Commercial Bank, Standard Chartered Bank and Taiwan Cooperative Bank pledged $30 million each. Taishin International Bank joined in as a mandated lead arranger with $25 million, while Chinatrust Commercial Bank and Mega International Commercial Bank ended up with $15 million each.

Proceeds are for capital expenditures and refinancing of short-term debt, as well as for general corporate funding requirements.

Quaser Machine Tools’ NT$800 million deal was sealed on September 27 via sole bookrunner and mandated lead arranger Land Bank of Taiwan.

The facility is split into a NT$350 million seven-year amortising term loan and a NT$450 million five-year bullet loan, which offers a margin of 73bp over the average savings rate of the banks.

Chang Hwa Commercial Bank and E Sun Commercial Bank joined in as co-arrangers, while Agricultural Bank of Taiwan came in as a manager. Cathay United Bank, Hua Nan Commercial Bank and Taiwan Cooperative Bank participated at lower tiers.

Proceeds are for refinancing and working capital purposes.

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