Loans week July 10-16

A roundup of the latest syndicated loan market news.

The third largest facility in Australia Mining sector in 2015 year-to-date

Whitehaven Coal has completed a A$1.4 billion four-year debt package through joint bookrunner and mandated lead arrangers ANZ, Bank of Tokyo-Mitsubishi, National Australia Bank and Westpac. The financing is split into a A$800 million revolver, a A$200 million revolver and a A$400 million term loan.

Syndication saw Bank of China, Bank of Communications, Caterpillar Financial Australia, Credit Suisse, Deutsche Bank, Industrial & Commercial Bank of China, JP Morgan, Macquarie Bank, Societe Generale and Sumitomo Mitsui Banking Corp join as participants. Proceeds are to refinance an existing facility signed in February 2013.

This is the third largest facility in Australia mining sector so far this year, behind South32’s $1.5 billion financing and Karara Mining’s $1.5 billion deal.

Australia mining sector loan volume has dropped to $5 billion so far this year compared to $6.4 billion reached during the same period last year. Total Australia syndicated loan has reached $39 billion in 2015  year-to-date, down 51% year-on-year.

Real Estate: the second largest sector for China loan volume in 2015 year-to-date

Joy City Property has completed a $350 million three-year facility through joint mandated lead arrangers BNP Paribas, DBS, HSBC, Shanghai Pudong Development Bank, UBO and Wing Lung Bank on a club basis. Proceeds are for general corporate purposes.

Real Estate is the second largest sector for China loan volume so far this year with a total of $7.7 billion, an 11% drop from $8.7 billion reached in the same period last year.

The largest deal in the real estate sector so far this year is China Resources Land’s $1 billion four-year term loan signed on April 23 2015.

The largest China construction facility signed in 2015 year-to-date

Zhejiang Wenzhou Shenhai Express Way has obtained a Rmb9 billion ($1.4 billion) term loan through joint bookrunners and mandated lead arrangers Agricultural Bank of China and Bank of China. Syndication saw China Zheshang Bank come in as a lender. Proceeds are for capital expenditure.

This is the largest facility in China construction sector so far this year, followed by CCCI (AUS) Holding’s $1.1 billion fundraising and Yunnan Urban Construction Investment’s $1.1 billion debt.

The facility brings the total China construction sector loan volume to $5.5 billion so far this year, a 38% drop year-on-year.

 

 

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