Loan Week

Loan Week, September 7-13

A roundup of the latest syndicated loan market news.

China


China Huiyuan Juice Group has secured a $93 million three-year term loan through sole bookrunner Bank of Taiwan.

The financing is priced at 350bp over three- or six-month Libor.

Final allocations saw the sole lead take $38 million while Bank of China joined in as a mandated lead arranger with $30 million. Participants EnTie Commercial Bank committed $20 million while Deutsche Bank ended up with $5 million.

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

Yantai Wanhua Polyurethanes has signed a $50 million three-year term loan through sole bookrunner and mandated lead arranger SMBC.

Syndication saw Chinatrust Commercial Bank, Dah Sing Bank (China) and Mega International Commercial Bank join in as participants.

Proceeds are for working capital and equipment purchase purposes.

 

Hong Kong


HKR International has completed a HK$5 billion three-year facility through mandated lead arrangers and bookrunners Bank of China, Bank of East Asia, DBS, Hang Seng Bank, UOB and Standard Chartered.

Syndication saw Bank of Tokyo-Mitsubishi UFJ, Chong Hing Bank, Mizuho, Shanghai Commercial Bank and SMBC join in as lead arrangers while Tai Fung Bank came in as an arranger.

Proceeds are to refinance an existing HK$2.5 billion facility signed in September 2007.

 

India


Bharat Business Channel has inked a Rs10 billion six-and-a-half-year term loan through sole bookrunner and mandated lead arranger ICICI Bank.

Final allocations saw the lead contribute Rs300million while participants Canara Bank pledged Rs200 million. Dena Bank, Jammu & Kashmir Bank, Oriental Bank of Commerce and Syndicate Bank joined in with Rs100 million each while Bank of India and Karur Vysya Bank ended up with Rs50 million each.

Proceeds are for general corporate purposes.

Diamond Power Infrastructure has secured a Rs3.4 billion nine-year term loan on a club basis through mandated lead arrangers Axis Bank, Bank of India, Corporation Bank, Dena Bank, Export-Import Bank of India and State Bank of Mysore.

Final allocations saw Bank of India and Corporate Bank provide Rs800 million each while Export-Import Bank of India lent Rs700 million. Dena Bank and State Bank of India pledged Rs500 million each while Axis Bank rounded up the syndicate with Rs100 million.

Proceeds are to support the Rs4.9 billion project for the development and construction of a 9.6MW Wind farm along with the equipment for the wind farm located in Village Vadadala, Taluka Savli, Gujarat, India.

Indian Oil Corp has secured a $300 million five-year term loan through underwriters and mandated lead arrangers Bank of Tokyo-Mitsubishi UFJ, Mizuho, State Bank of India and SMBC.

The facility was prefunded by the underwriters and priced at 195bp over Libor.

Final allocations saw the leads commit $45 million each while lead arrangers Sumitomo Mitsui Trust Bank and Union National Bank PJSC provided $15 million each. Arranger Tokyo Star Bank came in with $13 million while Aozora Bank, Bank of Taiwan, Chinatrust Commercial Bank, DZ Bank, E.Sun Commercial Bank, First Commercial Bank and Taiwan Cooperative Bank pledged $10 million each. Lead Manager Qatar National Bank rounded up the syndicate with $8 million.

Proceeds are for capital expenditure purposes.

HPCL- Mittal Energy has obtained a Rs87 billion one-year revolver through lead bank State Bank of India.

Syndication saw Allahad Bank, Bank of Baroda, Bank of India, Bank of Maharashtra, Canara Bank, DBS, Standard Chartered, State Bank of Bikaner and Jaipur, Union Bank of India and Vijaya Bank join in as participants.

Proceeds are for project financing purposes.

 

New Zealand


Auckland Council has obtained a NZ$1 billion revolver through sole bookrunner and mandated lead arranger Bank of New Zealand.

The facility is split into a NZ$350 million one-year tranche, a NZ$350 million two-year portion, a NZ$200 million tranche and a NZ$100 million portion maturing in three years and one year, respectively.

Final allocations saw the lead commit NZ$225 million while participants ANZ, ASB Bank and Westpac joined in with NZ$200 million each. HSBC came in with NZ$100 million while Citi ended up with NZ$75 million.

Proceeds are to refinance an existing NZ$600 million facility signed in December 2010.

 

Malaysia


Aeropod has successfully sealed a M$380 million seven-year term loan on a club-basis through mandated lead arrangers RHB Bank and Hong Leong Bank.

Proceeds are for property development purposes.

 

Taiwan


AGV Products Corp is expected to sign a NT$1.8 billion dual-tranche financing next week through sole bookrunner Bank of Taiwan.

The five-year fundraising is split into a NT$1.2 billion term loan and a NT$600 million revolver which are priced at 130bp over the one-year time deposit savings rate of Bank of Taiwan with a minimum interest rate of 2.4% after tax.

Syndication saw Agricultural Bank of Taiwan and Taiwan Cooperative Bank join in as mandated lead arrangers while Cathay United Bank, Chang Hwa Commercial Bank, E.Sun Commercial Bank, Hua Nan Commercial Bank, Land Bank of Taiwan, Mega International Commercial Bank, Ta Chong Bank and Taiwan Business Bank came in as participants.

Proceeds are to refinance an existing NT$1.8 billion facility signed in 2009.

Taiwan Land Development Corp has obtained a NT$5.3 billion five-year dual-tranche facility through bookrunners and mandated lead arrangers Mega International Commercial Bank, Taiwan Business Bank and Taiwan Cooperative Bank.

The debt package comprises a NT$4.8 billion term loan and a NT$500 million revolving credit which are priced at 175.5bp and 145bp over the two-year post office savings rate.

Final allocations saw Mega International Commercial Bank take NT$700 million while Taiwan Cooperative Bank and Taiwan Business Bank lent NT$650 million and NT$600 million, respectively. Managers Agricultural Bank of Taiwan, Bank Sinopac, Cathay United Bank and Taichung Commercial Bank committed NT$400 million each. Participants Chang Hwa Commercial Bank and Taipei Fubon Commercial Bank contributed NT$300 million each while Bank of Taiwan, EnTie Commercial Bank, First Commercial Bank and Hua Nan Commercial Bank pledged NT$200 million each. Chinatrust Commercial Bank came in with NT$150 million while Bank of Panhsin and Hwatai Bank ended up with NT$100 million each.

Proceeds are for refinancing and working capital purposes.

Yeong Guan Energy Technology Group, Yeong Chen Asia Pacific and Shin Shang Trade have signed a $50 million five-year facility through sole bookrunner Land Bank of Taiwan.

The deal is split equally into a term loan and a revolving credit which are priced at 180bp over three-, four- and six-month Libor, respectively.

Syndication saw Bank Sinopac, Cathay United Bank, Chang Hwa Commercial Bank, Chinatrust Commercial Bank, Mega International Commercial Bank, Taiwan Shin Kong Commercial Bank and Taiwan Cooperative Bank join in as managers.

Proceeds are for refinancing and working capital purposes.

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