Loan Week, September 6-12

A roundup of the latest syndicated loan market news.

China

Dalian Boyuan and Global Glitter have obtained a $259 million-equivalent three-year term loan through sole bookrunner Standard Chartered.

The debt package comprises a Rmb34 million tranche and a $253 million portion.

Final allocations saw Standard Chartered as the sole lender for the Rmb tranche and $44 million for the USD-denominated tranche while mandated lead Aareal Bank committed $127 million. China Citic Bank International pledged $43 million while Mega International Commercial Bank lent $40 million.

Proceeds are for refinancing and future acquisitions.

Yancon Cathay Coal Chemicals and Yancon Cathay Acetyl Coal Chemicals have inked a Rmb400 million three-year term loan on a club basis through mandated lead arrangers Standard Chartered and United Overseas Bank.

The facility is guaranteed by Yankuang Group Corp.

Final allocations saw the arrangers provide Rmb200 million apiece.

Proceeds are to refinance existing indebtedness.

India

Kobra West Power has sealed a Rs2.5 billion 14-year financing through sole bookrunner and mandated lead arranger Axis Bank.

The facility is fully-underwritten by the lead.

Syndication saw Aditya Birla Finance, Allahabad Bank, Andhra Bank, Bank of India, Bank of Maharashtra, Central Bank of India, Corporation Bank, Dena Bank, IndusInd Bank, Life Insurance Corp of India, State Bank of Hyderabad, State Bank of Patiala, State Bank of Travancore, Syndicate Bank, UCO Bank, Union Bank of India and United Bank of India join in as participants.

Proceeds are to set up a 2x600MW power plant.

Utkal Alumina International has secured a Rs5 billion eight-year term loan through joint bookrunners and mandated lead arrangers Axis Bank and State Bank of India.

The secured loan will be repaid by 32 quarterly instalments.

Final allocations saw State Bank of India take Rs3 billion while Axis Bank provided Rs1 billion. Participant Canara Bank concluded the syndication with Rs1 billion.

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

Videocon Industries has signed a Rs19.1 billion ten-year term loan through joint bookrunners IDBI Bank and State Bank of India.

Syndication saw Allahabad Bank, Andhra Bank, Bank of Baroda, Canara Bank, Central Bank of India, Corporation Bank, Dena Bank, ICICI Bank, IDBI Bank, Indian Overseas Bank, Life Insurance Corporation of India, Punjab National Bank, State Bank of Bikaner & Jaipur, State Bank of Hyderabad, State Bank of Mysore, State Bank of Patiala, State Bank of Travancore, Syndicate Bank, UCO Bank, Union Bank of India, United Bank of India and Vijaya Bank come in as participants.

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

Singapore

Soilbuild Business Space REIT has obtained a S$285 million loan package through mandated lead arrangers Citi, DBS, HSBC, OCBC and United Overseas Bank on a club basis.

The financing comprises two S$95 million term loans, a $90 million tranche and a S$5 million portion.

Proceeds are for debt repayment, property acquisition and capital expenditure purposes.

Taiwan

Asia Optical and Asia Optical International have concluded a $50 million three-year revolving credit through sole bookrunner CTBC Bank.

The loan size was upsized from $42 million to $50 million.

Final allocations saw the lead take $9 million, while participant Mega International Commercial Bank came in with $6 million. Bank of Taiwan, Industrial Bank of Taiwan, Ta Chong Bank and Taiwan Cooperative Bank contributed $5 million individually, while Chang Hwa Commercial Bank, E.Sun Commercial Bank, First Commercial Bank, Taishin International Bank and Yuanta Commercial Bank round up the group with $3 million each.

Proceeds are for refinancing and working capital purposes.

CoAsia Microelectronics and CoAsia Mircoelectronics Corp (Hong Kong) have closed a $26 million one-year revolver through joint bookrunners Chang Hwa Commercial Bank, Ta Chong Bank and Taiwan Cooperative Bank.

The facility is priced at 125bp over Libor.

Final allocations saw the leads pledge $6 million each, while Bank SinoPac, Far Eastern International Bank, First Commercial Bank and Yuanta Commercial Bank participated with $2 million apiece.

Proceeds are for general corporate purposes.

Prince Housing & Development has closed a NT$3 billion five-year loan package through sole bookrunner Bank of Taiwan.

The financing comprises a NT$2.5 billion guarantee facility and a NT$500 million commercial paper portion.

Final allocations saw the lead hold NT$1.5 billion, while participants Agricultural Bank of Taiwan and International Bills Finance Corp provided NT$1 billion and NT$500 million respectively.

Proceeds are for working capital purposes.

United States

Olam Holdings Partnership has obtained a $400 million revolver through bookrunners and mandated lead arrangers Credit Suisse, HSBC, ING, JP Morgan, KSB, Natixis, RBS and Standard Chartered.

The facility is guaranteed by Olam International.

Syndication saw KDB (Ireland) join in as participant.

Proceeds are for working capital purposes.

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