Loan Week, September 26-October 3

A roundup of the latest syndicated loan market news.

China

Beijing Huiyuan Food & Beverage has sealed a Rmb500 million one-year term loan through sole bookrunner and mandated lead arranger Bank of China.

The facility is priced at 90% of PRC rate.

Final allocations saw the lead provide Rmb498 million while Nanyang Commercial Bank lent Rmb2 million.

Proceeds are for working capital purposes.

Ford Automotive Finance (China) secured a Rmb2 billion three-year term loan on Monday (September 29) through bookrunners and mandated lead arrangers Credit Agricole CIB, DBS and Standard Chartered Bank.

Syndication saw Hang Seng Bank, Mizuho and SMBC come in as mandated lead arrangers while Dah Sing Bank, Hua Nan Commercial Bank, Intesa Sanpaolo and Taiwan Cooperative Bank came in as lead arrangers.

Proceeds are for working capital and general corporate purposes.

Unitrust Finance & Leasing has inked a Rmb3.3 billion three-year term loan through sole bookrunner and mandated lead arranger Bank of China.

The facility is priced at 95% of PRC rate.

Syndication saw Bank of Communications come in as mandated lead arranger while China Construction Bank Corp joined in as coordinating lead arranger. China Merchant Bank concluded the syndicate as participant.

Proceeds are for increasing working capital and general corporate purposes.

WH Group successfully secured a $1.5 billion five-year term loan on Tuesday (September 30) through joint bookrunners and mandated leads ANZ, Bank of China, BNP Paribas, Credit Agricole CIB, ING, Natixis, Rabobank, RBS and Standard Chartered Bank.

Syndication saw CTBC Bank and ICBC join in as mandated lead arrangers.

Proceeds are to refinance existing indebtedness.

Hong Kong

China Taiping Insurance Holdings has completed a HK$1.5 billion four-year term loan through sole bookrunner SMBC.

The facility is split into a HK$1 billion term and a HK$500 million revolver.

Syndication saw Agricultural bank of China come in as lead arranger while Chang Hwa Commercial Bank joined in as arranger. First Commercial Bank, Hua Han Commercial Bank and Wing Hang Bank concluded the syndication as managers.

Proceeds are for general corporate purpose.

India

Essar Power Hazira has completed a INR1.3 billion 11-year six-month term loan through sole bookrunner and mandated lead arranger State Bank of India.

Final allocations saw IDFC join in with INR490 million while Export-Import Bank of India came in with INR287 million. HDFC joined in with INR239 million while State Bank of Hyderabad and Bajaj Finance provided INR166 million and INR106 million, respectively.

Proceeds are for project financing purposes.

Philippines

FP Finance (2014) has completed a $200 million four-year facility on a club basis through mandated lead arrangers Bank of America Merrill Lynch, HSBC, Maybank, Mizuho and SMBC.

The guarantor of the financing is First Pacific.

Proceeds are for general corporate purposes.

Taiwan

Cheng Loong Corp has obtained a NT$6 billion five-year revolver through joint bookrunners First Commercial Bank, Taipei Fubon Commercial Bank and Taiwan Cooperative Commercial Bank.

The facility is priced at 62bp over Secondary CP rate with a pre-tax floor of 170bp.

Syndication saw Chang Hwa Commercial Bank, China Development Industrial Bank, Far East International Bank, Hua Nan Commercial Bank, Industrial Bank of Taiwan, Land Bank of Taiwan and Taishin International Bank joined in as arrangers while Agricultural Bank of Taiwan, E Sun Commercial Bank and Ta Chong Bank came in as managers.

Proceeds are to repay existing indebtedness and for working capital purposes.

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