Loan Week, September 27-October 3

A roundup of the latest syndicated loan market news.

China

Soho China has secured a $964 million-equivalent four-year term loan through bookrunners and mandated lead arrangers Bank of Communications, DBS, Hang Seng Bank, HSBC, Standard Chartered and Wing Lung Bank.

The debt package comprises a $415 million tranche priced at 320bp over Libor and a HK$4.3 billion portion priced at 320bp over Hibor.

Syndication saw China Citic Bank Corp join as mandated lead arranger while Tai Fung Bank came in as lead arranger. Bank of East Asia, Barclays, Deutsche Bank and Wing Hang Bank concluded the syndicate as arrangers.

Proceeds are to refinance existing indebtedness.

Hong Kong

City Choice has inked a $375 million 3.5-year facility on a club basis through mandated lead arrangers Bank of China, Bank of East Asia, DBS, Hang Seng Bank and HSBC.

The debt package is split into a $300 million term loan and a HK$585 million revolver.

Proceeds are for working capital purposes.

India

Bhushan Steel has sealed a Rs10.8 billion 10-year term loan through sole bookrunner State Bank of India.

The single tranche facility will be repaid by 32 quarterly installments.

Final allocations saw participant Industrial Finance Corp of India lend Rs3 billion while Canara Bank and  State Bank of Hyderabad contributed Rs2 billion apiece. Andhra Bank and State Bank of Travancore both provided Rs1.5 billion while State Bank of Bikaner & Jaipur rounded up the syndication with Rs750 million.

Proceeds are for working capital purposes.

Indonesia

Royal Industries Indonesia has obtained a $290 million facility through bookrunners and mandated lead arrangers DBS and Indonesia Eximbank.

The facility is split into a $205 million three-year credit facility, a $60 million five-year and a $25 million three-year term loans.

Syndication saw Bank Internasional Indonesia and First Gulf Bank join in as mandated leads while Siemens Financial Services came in as lead arranger. PT Bank Commonwealth and Bank Danamon Indonesia concluded the syndicate as arrangers.

Proceeds are for working capital and refinancing purposes.

New Zealand

Trade Me Group has closed a NZ$166 million three-year revolving credit through sole bookrunner Commonwealth Bank of Australia.

Syndication saw Westpac come in as a participant.

Proceeds are for refinancing purposes.

Wellington Electricity Distribution Network has completed a NZ$335 million three-year revolver through bookrunners and mandated lead arrangers ANZ and Commonwealth Bank of Australia.

The debt package comprises a NZ$150 million tranche and a NZ$185 million portion.

Syndication saw ING and Westpac join in as participants.

Proceeds are to refinance existing indebtedness.

Singapore

Wii Pte has secured a $2.1 billion loan package through joint bookrunners Bank of Tokyo-Mitsubishi UFJ, CIMB, Commonwealth Bank of Australia, DBS, HSBC and UOB.

The facility consists of a $371 million three-year term loan and a $1.7 billion five-year portion.

Syndication saw Bank of China, NAB and SMBC join in as mandated lead arrangers while ABN Amro, Bank of Communications and Westpac came in as lead arrangers. Aozora Bank, Bank of the Philippines Islands, Hang Seng Bank, Hua Nan Commercial Bank, Land Bank of Taiwan and Metrobank joined as arrangers while Agricultural Bank of China, Bank of East Asia, E.Sun Commercial Bank, First Commercial Bank, Industrial & Commercial Bank of China, JA Mitsui Leasing, Mega International Commercial Bank, National Bank of Kuwait, Sumitomo Mitsui Trust Bank and Taiwan Cooperative Bank came in as arrangers. Banco de Oro and Habib Bank came in as participants to tie up the syndication.

Proceeds are for debt repayment, working capital and general corporate purposes.

South Korea

Kexim has concluded a $500 million five-year financing through sole bookrunner and mandated lead arranger Mizuho.

Syndication saw Export-Import Bank of the Republic of China, Mega International Commercial Bank, Norinchukin Bank, Taiwan Cooperative Bank and Yamaguchi Bank join in as participants.

Proceeds are for general corporate purposes.

Taiwan

Chipbond Technology has secured a NT$4 billion five-year facility via sole bookrunner Taipei Fubon Commercial Bank.

The deal is evenly split into a term loan and a revolver.

Final allocations saw the lead take NT$500 million while mandated lead arrangers Chang Hwa Commercial Bank, E.Sun Commercial Bank, First Commercial Bank, Land Bank of Taiwan, Mega International Commercial Bank, Taishin International Bank and Taiwan Cooperative Bank pledged NT$340 million each. Arranger Hua Nan Commercial Bank lent NT$240 million while participant Far Eastern International Bank holds NT$200 million. Bank of Taiwan, Shanghai Commercial & Savings Bank and Ta Chong Bank came in with NT$160 million each while Industrial Bank of Taiwan and Taiwan Business Bank participate with NT$100 million apiece.

Proceeds are to repay existing indebtedness.

E One Moli Energy completed a NT$1.0 billion five-year loan package on Friday (27 September) through joint bookrunners CTBC Bank and Mega International Commercial Bank.

The facility is split into a NT$875 million term loan and a NT$150 million revolving portion, and is guaranteed by China Synthetic Rubber.

Final allocations saw CTBC Bank and Mega International Commercial  Bank contribute NT$450 million and NT$340 million respectively, while participant First Commercial Bank joined in with NT$150 million. E.Sun Commercial Bank rounded up the syndication with NT$85 million.

Proceeds are to refinance an existing loan facility signed in April 2009 and working capital purposes.

Rih Ding Water Enterprise has obtained a NT$3.9 billion 15-year deal through sole bookrunner Mega International Commercial Bank.

The financing includes a NT$3.5 billion term loan and a NT$380 million guarantee facility, and Radium Life Tech was the guarantor of this deal.

Syndication saw the lead give NT$1.6 billion while participants Agricultural Bank of Taiwan, Bank of Kaohsiung, Shanghai Commercial & Savings Bank, Taichung Commercial Bank and Taiwan Business Bank provided NT$400 million each. Bank of Panhsin came in with NT$300 million.

Proceeds are for capital expenditure purposes.

Thailand

Bangchak Petroleum has inked a $200 million five-year term loan through sole bookrunner Mizuho.

Syndication saw OCBC come in as mandated lead arranger while Bank of the Philippines Islands, DZ Bank, Maybank and National Bank of Kuwait joined in as participants.

Proceeds are for general corporate purposes.

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