Loan Week

Loan Week, September 9-15

A roundup of the latest syndicated loan market news.

Australia

Sole bookrunner and mandated lead arranger ANZ has completed a A$386 million project financing facility for Meridian Wind Macarthur.

The facility will convert into a A$211 million eight-year term loan and a A$175 million 18-year term loan after construction is completed in February 2013.

Syndication saw Bank of Tokyo-Mitsubishi UFJ, Credit Industrial et Commercial, Eksport Kredit Fonden and National Australia Bank join in at lower levels.

Proceeds are to support the development of a 420MW Macarthur Wind Farm located in Victoria.

Pacific Hydro has concluded a A$282 million three-year dual-tranche facility on a club basis through joint lead arrangers BOS International, Commonwealth Bank of Australia, DnB NOR Bank, National Australia Bank and Westpac.

The loan package is split into a A$262 million revolver and a A$20 million portion. Final allocations saw the leads commit equally to the facility.

Proceeds are to refinance an existing project.

 


India

Rural Electrification Corp signed a $300 million five-year transferable term loan last Friday (September 9) through bookrunners and mandated lead arrangers ANZ, Bank of Tokyo-Mitsubishi UFJ, Mizuho Corporate Bank and SMBC.

Syndication saw Export-Import Bank of the Republic of China join in as an arranger while Chang Hwa Commercial Bank came in as a lead manager.

Proceeds are for general corporate purposes.

 


Malaysia

Mas Kargo signed an $80 million 10-year term loan last Friday (September 9) as a club deal through mandated lead arrangers Affin Investment Bank and RHB Investment Bank.

The deal is guaranteed by Malaysian Airline System. Proceeds are for aircraft financing purposes.

 


Singapore

Louis Dreyfus Commodities Asia has concluded a $400 million multi-tranche facility through bookrunners ANZ, BNP Paribas and HSBC.

Guaranteed by the parent Louis Dreyfus Commodities, the transaction consists of a $241.5 million three-year term loan and a $103.5 million three-year revolver, as well as a $55 million five-year term loan tranche.

Syndication saw the bookrunners take $35.8 million each while Morgan Stanley, National Australia Bank and Westpac joined in as mandated lead arrangers with $30 million each. Lead arrangers Bank of East Asia, Commerzbank, Credit Industriel et Commercial, OCBC and Rabobank lent $20 million each, while arrangers Bank Mandiri contributed $15 million. Cathay United Bank, Chang Hwa Commercial Bank, Chinatrust Commercial Bank, DBS, Emirates NBD PJSC, Mega International Commercial Bank and State Bank of India gave $10 million each. Bank Negara Indonesia held $7.5 million while First Commercial Bank and Hua Nan Commercial Bank ended up with $5 million respectively.

Proceeds are for general corporate purposes.

 


South Korea

STX Pan Ocean successfully secured a $510 million 12-year fundraising last Friday (September 9) through a consortium of nine domestic and overseas lenders.

ABN Amro, BNP Paribas, China Development Bank, Credit Industrial et Commercial, Deutsche Bank, DnB NOR Bank, Export-Import Bank of Korea, ING and Standard Chartered provided the funding.

Proceeds are for ship financing purposes.

 


Taiwan

Boltun BVI Corp has secured a $24 million three-year financing through bookrunners and mandated lead arrangers Chinatrust Commercial Bank, E.Sun Commercial Bank, Mega International Commercial Bank and Taipei Fubon Commercial Bank.

The debt package consists of a $24 million standby letter of credit and a $24 million of term loan tranche, but the total amount drawn cannot exceed $24 million.

Chang Hwa Commercial Bank and Taiwan Cooperative Bank joined in as co-arrangers while Bank Sinopac, Hua Nan Commercial Bank, Land Bank of Taiwan, Taishin International Bank and Taiwan Business Bank came in at lower tiers.

The deal is guaranteed by Boltun Corp. Proceeds are for refinancing and working capital purposes of the Chinese subsidiary.

Kuo Hsing Poultry & Livestock Feeds has signed a NT$1 billion five-year multi-tranche financing through coordinating arrangers and bookrunners Bank of Taiwan, First Commercial Bank and Taiwan Cooperative Bank.

The deal is split into a NT$350 million term loan, a $20 million working capital facility and a NT$650 million revolver with a commitment fee of 15bp (while the sum of the latter two facilities cannot exceed NT$650 million).

Syndication saw Hua Nan Commercial Bank join in as a lead manager and Land Bank of Taiwan came in as a manager.

Proceeds are for capital expenditure and working capital purposes.

Mei Ta has obtained a five-year dual-tranche facility through bookrunners and mandated lead arrangers Bank Sinopac, Cathay United Bank and Taiwan Shin Kong Commercial Bank.

The fundraising comprises two term loans of $70 million and $80 million each, which are priced at 175bp over Libor. The loan is guaranteed by Mei Ta Industrial and will be repaid through 13 semi-annual installments after a two-year grace period.

E.Sun Commercial Bank, Taichung Commercial Bank, Ta Chong Bank and Yuanta Commercial Bank came in as participants.

Proceeds are for refinancing and equipment purchase purposes.

Sole bookrunner Taishin International Bank has completed a NT$2.2 billion financing for Mercuries & Associates.

Guaranteed by the chairman, the five-year revolver is priced at 80bp over the 90-day secondary CP rate with a commitment fee of 20bp.

Final allocations saw the sole bookrunner and joint arranger Chang Hwa Commercial Bank lend NT$300 million each while lead managers First Commercial Bank joined in as with NT$270 million. Agricultural Bank of Taiwan, Cathay United Bank, E.Sun Commercial Bank, Jih Sun International Bank, Taipei Fubon Commercial Bank, Taiwan Business Bank and Yuanta Commercial Bank came in with NT$150 million each while managers Land Bank of Taiwan and Shanghai Commercial  & Savings Bank rounded up the syndicate with $120 million each.

Proceeds are for debt repayment and working capital purposes.

Pan Asia Chemical Corp signed a NT$1.2 billion five-year fundraising in early September through sole bookrunner Taiwan Cooperative Bank.

The term loan is split into a NT$870 million tranche and a NT$330 million portion, which are priced at 90bp over the 90-day secondary CP rate with a commitment fee of 10bp.

Final allocations saw Taiwan Cooperative Bank contribute NT$450 million while Agricultural Bank of Taiwan, First Commercial Bank and Land Bank of Taiwan pledged NT$172 million each. Co-arrangers Chang Hwa Commercial Bank and Mega International Commercial Bank lent $117 million each.

Proceeds are for refinancing and working capital purposes.

Seedz Malls Properties has completed a NT$1.3 billion multi-tranche facility through sole bookrunner and mandated lead arranger Land Bank of Taiwan.

The deal consists of two NT$756 million and NT$100 million seven-year term loans, a NT$350 million five-year term loan and NT$60 million five-year revolver.

Syndication saw Agricultural Bank of Taiwan, Bank of Kaohsiung, Far Glory Life Insurance, First Commercial Bank, Hwatai Bank and Taichung Commercial Bank come in at lower tiers.

Proceeds are to repay debt, for capital expenditure and working capital purposes.

¬ Haymarket Media Limited. All rights reserved.

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