Loan Week

Loan Week, September 30-October 6

A roundup of the latest syndicated loan market news.

Hong Kong

Future Develop’s HK$5 billion fundraising was signed last Friday (September 30) through a consortium of eight mandated lead arrangers.

The transferable multi-tranche facility, which consists of two term loans and a revolving credit, is priced at 122bp over Hibor. The deal is guaranteed by Lifestyle International Holdings, Excellent Empire International and its group companies.

Syndication saw mandated leads Bank of China (Hong Kong) commit HK$1.4 billion while Mizuho Corporate Bank contributed HK$800 million. Credit Agricole and SMBC took HK$600 million each BNP Paribas (Hong Kong) and OCBC (Hong Kong) held HK$500 million each. Standard Chartered (Hong Kong) pledged HK$390 million while Bank of Tokyo-Mitsubishi UFJ ended up with HK$260 million.

Proceeds are to refinance existing debt facilities and for general working capital purposes.

GZI Reit’s HK$2.5 billion term facility was signed as a club deal last week through a consortium of nine mandated lead arrangers. The facility was borrowed through its special purpose vehicles Full Estates Investment, Keen Ocean, Metrogold Development, Mong King and Partat Investment.

The transferrable secured three-year financing offers a margin of 190bp over Hibor and is guaranteed by GZI Reit (Holdings) 2005 and GZI Real Estate Investment Trust.

Final allocations saw Standard Chartered commit HK$312 million while Bank of China and HSBC contributed HK$310 million each. DBS, Shanghai Pudong Development Bank and Wing Lung Bank came in with HK$300 million each. Bank of East Asia and Nanyang Commercial Bank lent HK$260 million each while Maybank ended up with HK$150 million.

Proceeds are for refinancing existing indebtedness, financing future acquisitions and general working capital purposes.



Amtek India’s Rs11 billion eight-year, three-month term loan was signed last Wednesday (September 28) through sole bookrunner and mandated lead AXIS Bank.

Final allocations saw the lead lend Rs4.5 billion while participants Bank of India and Oriental Bank of Commerce pledged Rs2 billion each. South Indian Bank and Syndicated Bank provided Rs1 billion each while Karnataka Bank rounded up the syndicate with Rs500 million.

Proceeds are to repay existing debt.

Sole bookrunner and mandated lead arranger AXIS Bank sealed a Rs15.9 billion-equivalent 10-year term loan last Wednesday (September 28) for Bhushan Steel.

The loan consists of a Rs10.3 billion tranche and a $125 million portion.

Syndication saw Bank of India, ICICI Bank, Indian Bank, Indian Overseas Bank, Oriental Bank of Commerce, Punjab National Bank and State Bank of Mysore join in as participants.

Proceeds are for project financing purposes.

ICICI Bank successfully completed a €115 million three-year term loan on a club basis last week.

Final allocations saw Credit Agricole and Pohjola Bank commit €30 million each, while Commerzbank and Natixis contribute €20 million each. DZ Bank came in with €15 million.

Proceeds are for general corporate purposes.

Jindal Steel & Power (Mauritius)’s $475 million dual-tranche facility was sealed last week through bookrunners and mandated lead arrangers ANZ, Bank of Tokyo-Mitsubishi UFJ, Barclays, Citi, Credit Agricole, DBS, J.P. Morgan, Mizuho Corporate Bank, Royal Bank of Scotland and Standard Chartered.

The dual-tranche facility, which was prefunded earlier in June, is priced at 225bp over Libor. Jindal Steel & Power is the guarantor for the deal.

Westpac came in as a lead arranger while Bank Muscat, Chinatrust Commercial Bank, Mega International Commercial Bank, Taiwan Cooperative Bank and United Taiwan Bank joined in as arrangers. Chang Hwa Commercial Bank, Hua Nan Commercial Bank, Oman International Bank and Taiwan Business Bank came in as lead managers.

Proceeds are to take out an existing bridge facility signed last year and for capital expenditure purposes.



Tower Bersama Infrastructure secured a $200 million six-year facility last week through mandated lead arrangers ANZ, Bank of Tokyo-Mitsubishi UFJ, BNP Paribas, Credit Agricole, DBS, OCBC, Standard Bank and United Overseas Bank.

Proceeds are for general corporate purposes.



Sole bookrunner and mandated lead arranger Credit Agricole sealed a ¥4.5 billion two-year term facility on September 28 for Yanase.

Syndication saw Bank of Taiwan join in as a participant.

Proceeds are for general corporate purposes.



Lippo Malls Indonesia Retail Trust has obtained a S$200 million club deal through mandated lead arrangers CIMB, Credit Suisse, Standard Chartered and UBS.

Secured by seven retail spaces and malls, the bullet loan comprises a S$150 million 2.5-year term loan tranche and a S$50 million three-year portion which offers a margin of 400bp over S$ SOR.

Proceeds are to refinance existing facility, finance future acquisition and for working capital purposes.


South Korea

Busan Bank’s ¥10 billion facility was signed as a club through a consortium of four mandated lead arrangers last Friday (September 30).

The two-year transferable term loan is priced at 90bp over JPY Libor.

Syndication saw Bank of America, Credit Agricole, Standard Chartered (Hong Kong) and Wells Fargo contribute equally to the deal.

Proceeds are for general corporate purposes.



AUO Crystal Corp successfully secured an NT$8 billion financing on Tuesday (October 4) through bookrunners Bank of Taiwan, First Commercial Bank and Land Bank of Taiwan.

The five-year facility is priced at 42.5bp over the 90-day primary CP rate with a commitment fee of 15bp.

Final allocations saw the three bookrunners take NT$2 billion each while Taishin International Bank joined in as a mandated lead arranger with NT$950 million. Manager E.Sun Commercial Bank contributed NT$700 million and participant Bank Sinopac pledged NT$350 million.

Proceeds are for capital expenditure purposes.

Sole bookrunner Mega International Commercial Bank completed a $100 million facility for Cayman Ton Yi Industrial Holdings last week.

The deal features a margin of 75bp over two-, three- or six-month Libor which was oversubscribed and upsized from $80 million.

Final allocations saw the sole lead take $20 million while mandated lead arrangers Chang Hwa Commercial Bank, Hua Nan Commercial Bank and Land Bank of Taiwan contributed $14 million each. Managers Bangkok Bank, First Commercial Bank and Ta Chong Bank lent $9 million each while Export-Import Bank of the Republic of China and E.Sun Commercial Bank joined in with $7 million and $4 million respectively.

Proceeds are for working capital purposes.

World Peace Industrial Group’s NT$3.6 billion three-year dual-tranche facility has been completed through bookrunners and mandated lead arrangers First Commercial Bank, Mega International Commercial Bank and Taiwan Cooperative Bank.

The facility is available in both NT dollars and US dollars, and features a spread of 60bp over secondary CP rate or Libor respectively with a commitment fee of 15bp.

Syndication saw Taiwan Cooperative Bank take NT$1.2 billion while First Commercial Bank and Mega International Commercial Bank contributed NT$600 million each. Participant Ta Chong Bank took NT$450 million while Chang Hwa Commercial Bank gave NT$300 million. E.Sun Commercial Bank and Jih Sun International Bank ended up with NT$200 million each.

Proceeds are to refinance an existing NT$2.6 billion facility signed in 2008 and for working capital purposes.

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