Loans week May 1-7

A roundup of the latest syndicated loan market news.

China

Longfor Properties has signed a HK$4.6 billion term loan through joint mandated lead arrangers Bank of China, Bank of East Asia, China CITIC Bank, China Construction Bank, China Merchants Bank, HSBC, Industrial & Commercial Bank of China and Standard Chartered Bank on a club basis.

The deal is spilt into a HK$811 million four-year term loan and a HK$3.8 billion five-year term loan.

Proceeds are for general corporate purposes.

 

Hong Kong

CK Property Finance has completed a HK$40billion three-year term loan through joint mandated lead arrangers ANZ, BNP Paribas, Bank of America Merrill Lynch,  Bank of China, Bank of Tokyo Mitsubishi UFJ, Barclays Bank, China Construction Bank , Citi, Credit Agricole, DBS , Deutsche Bank, Hang Seng Bank, Goldman Sachs, HSBC, ING , Intesa Sanpaolo, JPMorgan, Lloyds Bank, Mizuho Bank, National Bank of Abu Dhabi, Natixis, OCBC, Santander, Scotiabank, Standard Chartered Bank, SMBC, UOB and Westpac.

The dual currency deal is split into a HK$22.4 billion term loan and a $2.3 billion term loan.

The guarantor is Cheung Kong Property Holdings.

Proceeds are for working capital purposes and to support a reorganization proposal for Cheung Kong (Holdings) Ltd, Hutchison Whampoa Ltd and Husky Energy Inc.

 

India

Alstom Bharat Forge Power has obtained a Rs10 billion 14-year term loan through sole bookrunner and mandated lead arranger IDBI Bank.

Final allocations saw the lead provide Rs3.3 billion while State Bank of India took Rs3 billion. Union Bank of India held Rs2 billion while Export-Import Bank of India contributed Rs1.8 billion.

Proceeds will be used to set up a manufacturing facility of sub critical and super critical turbine generator islands and components, with an installed capacity of 3000 MW in Gujarat, India.

 

Indonesia

Tirta Fresindo Jaya has secured a Rp911 billion seven-year team loan through joint bookrunners and mandated lead arrangers Bank Central Asia and Bank Mandiri.

Syndication saw OCBC and Indonesia Eximbank join as participants.

Proceeds are for general corporate purposes.

 

Singapore

Resorts World at Sentosa has inked a S$2.3 billion five year loan package through bookrunners Bank of Tokyo-Mitsubishi UFJ, DBS, HSBC, OCBC and Sumitomo Mitsui Banking Corp.

The deal consists of a S$1.8 billion term loan, a S$500 million revolving credit facility and a S$20 million bank guarantee facility.

Syndication saw Bank of China, CIMB Bank and Maybank come in as mandated lead arrangers while BNP Paribas, Bangkok Bank, Bank of East Asia, Credit Agricole, Hong Leong Group, Mizuho Bank, National Australia Bank, RHB Bank, Scotiabank and Standard Chartered Bank joined as arrangers. Industrial & Commercial Bank of China concluded the syndicate as lead manager.

Proceeds are for refinancing an existing facility signed on Feb 2011 and general corporate purposes.

 

Taiwan

Kwong Lung Enterprise has signed a NT$1.4 billion five-year debt package through bookrunners E Sun Commercial Bank and Taipei Fubon Commercial Bank.

The financing is split into a NT$900 million term loan and a NT$450 million revolver and was priced at 70bp over Taibor with a pre-tax interest-rate floor of 170bp.

Syndication saw Bank SinoPac, Chang Hwa Commercial Bank, Far Eastern International Bank and First Commercial Bank join in as mandated lead arrangers while Cota Commercial Bank, Hua Nan Commercial Bank, Shanghai Commercial & Savings Bank and Taiwan Cooperative Bank came in as lenders.

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

SinoPac Leasing has sealed a NT$6.3 billion five-year term loan through joint bookrunners and mandated lead arrangers First Commercial Bank, Mega International Commercial Bank, Taishin International Bank and Yuanta Commercial Bank.

Syndication saw Agricultural Bank of Taiwan, Bangkok Bank, Bank of China, Chang Hwa Commercial Bank, China Construction Bank, E Sun Commercial Bank, Far Eastern International Bank, Land Bank of Taiwan, Shanghai Commercial & Savings Bank, Taiwan Business Bank and Taiwan Cooperative Bank come in as participants.

Proceeds are for refinancing an existing facility signed in May 2010.

 

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