Loan week, September 4-10

Australia

APT Pipelines' A$1.0 billion forward start facility was well received and increased from the original A$800 million sought by the borrower. The deal was completed on September 8 via mandated lead arrangers and bookrunners ANZ, Bank of China, Bank of Tokyo-Mitsubishi UFJ, BNP Paribas, Commonwealth Bank of Australia, Royal Bank of Scotland and Westpac.

The transaction is divided into two A$515 million financings of two and four years respectively. Additionally, each of the two facilities are further split into a A$298 million term loan and another A$217 million portion.

The leads each committed A$100 million, except for Bank of China which lent A$120 million. Arrangers Bank of Nova Scotia and Sumitomo Mitsui Banking Corp each took A$75 million. Lead managers DnB NOR Bank provided A$60 million, while Citi and Mizuho Corporate Bank committed A$50 million apiece.

The deal is guaranteed by the parent company, APA Group. Proceeds are to refinance existing indebtedness maturing in or before 2011.

China

A Rmb600 million 10-year term loan for Beijing Gao-an-tun Waste to Energy has been signed via a consortium of two Chinese banks and one international lender on a club basis.

Guaranteed by China Export & Credit Insurance Corp (Sinosure), mandated lead arranger Standard Chartered Bank contributed Rmb300 million, while China Merchants Bank and China Bohao Bank provided Rmb200 million and Rmb100 million respectively.

Together with Rmb290 million of equity, the proceeds will be used to take out a Rmb150 million nine-month bridge facility signed in January 2009 and to support the construction of a waste-to-energy plant in the Chaoyang District of Beijing.

Trina Solar secured an approximately $305 million dual-currency facility earlier this week from mandated lead arrangers Agricultural Bank of China and Bank of China, with three other domestic banks joining at lower levels.

The financing, which is denominated in US dollars and renminbi, will be used to support the East Campus capacity expansion project, for other capital expenditure purposes and to repay the borrower's existing debts coming due on June 30, 2011.

Hong Kong

Sole mandated lead arranger and bookrunner BNP Paribas won a mandate earlier this week to arrange a HK$500 million three-year term loan for Xinyu Hengdeli Holdings.

The fundraising features a margin of 215bp over Hibor and banks are welcome to participate in one of two levels. Mandated lead arrangers coming in with HK$80 million or above get 70bp, while lead managers joining with HK$50 million to HK$79 million take 50bp.

Proceeds are for general corporate purposes and potential lenders will have until October 2 to revert.

India

Axis Bank and State Bank of India have launched a Rs30.0 billion loan for Anrak Aluminum into syndication this week.

The 12-year deal is split into a Rs27.7 billion senior debt and a Rs2.3 billion junior portion.

Proceeds are to support the construction of a 1.5 million-tonne-capacity refinery and a 90MW captive power plant in Makavaripalem.

Bookrunners BNP Paribas and Standard Chartered Bank launched a $100 million one-year term loan for IDBI Bank into syndication on September 7.

Banks are welcome to join at three levels. Lenders contributing $15 million get the title of mandated lead arranger, banks providing $10 million to $14 million become lead arrangers, and a hold between $5 million and $9 million will earn the the bank the title of arranger.

The margin is 85bp over Libor and proceeds are for general corporate purposes.

Roadshows will take place in Taiwan on September 17 and in Singapore the following day.

Indian Railway Finance Corp has appointed ANZ, Bank of Tokyo-Mitsubishi UFJ, Deutsche Bank, Mizuho Corporate Bank, Standard Chartered Bank and Sumitomo Mitsui Banking Corp as mandated lead arrangers and bookrunners for a $400 million five-year term loan.

The transaction has been underwritten by the lenders and general syndication is unlikely to take place.

Proceeds are for general corporate purposes and closing is expected in a fortnight.

Jaypee Infratech's Rs30 billion debt is still in the market via joint bookrunners and mandated lead arrangers Axis Bank and State Bank of India.

The 12-year term loan was launched into the market in July and is expected to close in mid-October. Proceeds are to support a Rs60 billion Taj expressway project that connects Agra with Noida.

Jhabua Power's Rs21.8 billion 14-year financing is still ongoing in syndication via sole mandated lead arranger and bookrunner Axis Bank.

The term loan pays a spread based on each lender's Prime Lending Rate of around 11% to 12.5%. Upfront fees are in the range of 10bp to 25bp.

Proceeds are to finance the construction of a 600MW plant in Madhya Pradesh, India. 

A Rs2.5 billion 6.5-year loan for Tinplate Co of India has been sealed via sole mandated lead arranger and bookrunner State Bank of India.

Final allocations saw participants Allahabad Bank and State Bank of Hyderabad provided Rs1 billion apiece, while State Bank of Patiala gave Rs500 million. The lead did not participate in the lending.

Proceeds are to support the expansion of the company.

Panama

A $100 million two-year term loan for Banco Latinoamericano De Comercio Exterior has been signed via bookrunners China Development Bank and Mizuho Corporate Bank. Banco Balbao Vizcaya Argentaria and Shenzhen Development Bank have joined in as equal status lead arrangers.

Proceeds are for general corporate purposes.

Singapore

Toll (Asia)'s S$150 million dual-tranche facility was inked on September 7 via bookrunners DBS, Oversea-Chinese Banking Corp and United Overseas Bank. The leads were joined by mandated lead arranger Chinatrust Commercial Bank and arranger Mega International Commercial Bank.

The two-year debt package is split into a S$100 million term loan and a S$50 million revolving credit.

Proceeds are for general corporate purposes.