Loan Week, July 7 - 14

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A round up of the latest syndicated loan market news.

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China

The $425 million renminbi equivalent loan for AU Optronics (Suzhou) and AU Optronics (Xiamen) has been allocated. A total of 21 banks joined in syndication.

Coordinating arrangers are China Construction Bank and Agricultural Bank of China taking $55 million and $50 million respectively. Bank of China is committing $45 million while Bank of Communications and Industrial Bank are providing $22.5 million each. Seven other coordinating arrangers – ABN Amro, Bank of Tokyo-Mitsubishi UFJ, HSBC, Standard Chartered, BayernLB, China Merchants Bank, and Industrial & Commercial Bank of China are contributing US$20 million apiece. United Overseas Bank ended up with US$18 million and joined as an equal status arranger.

Joining as co-arrangers are OCBC, China Citic Bank and Hang Seng Bank with commitments of $15 million, $14 million and $10 million each while two others – Bangkok Bank and First Sino Bank – joined with tickets of $11 million apiece.

Senior managers are Wing Hang Bank holding $4.5 million while Korea Development Bank and Shenzhen Development Bank came in with holds of $3.25 million each. Signing will take place shortly.

Market talk is that China Southern Airlines is in the market to fund its recent purchase of 50 new Airbus A320 aircraft worth HK$25.8 billion.

Allocations for COSCO Container Lines’ $466.5 million shipping loan have been finalised. The original mandated arrangers ING Bank and Societe Generale took $40.96 million each while three others – Bank of China (Hong Kong), Bank of Tokyo-Mitsubishi UFJ and BNP Paribas – joined with commitments of $39.96 million apiece.

Ten other banks joined as equal status mandated arrangers including CCB International Finance with a hold of $28.97 million and seven others – Bank of Nova Scotia (Asia), Credit Industriel et Commercial (Singapore), DnB NOR Bank (Singapore), HSH Nordbank (Singapore), Industrial & Commercial Bank of China, KfW Bankengruppe and Mizuho Corporate Bank – pledging $27.97 million each. Banca Intesa and Oversea-Chinese Banking Corp also came in with commitments of $19.98 million apiece.

Proceeds will be used to finance 60% of the contract price of eight new container vessels. Signing took place last Friday (July 7).

Export-Import Bank of China (Chexim) has successfully raised $500 million from the market. A total of 12 banks joined in the fundraising. Mandated arrangers are Bank of Tokyo-Mitsubishi UFJ and China Merchants Bank lending $75 million each, Calyon, ING Bank and Standard Chartered taking $6.25 million each and Mizuho Corporate Bank providing $40 million.

Joining as arrangers are Banca Intesa (Shanghai) and Deutsche Bank (Shanghai) with commitments of $25 million each. Co-arranger Bank of Montreal (Beijing) ended up with $15 million while two other managers – Shenzhen Development Bank and Svenska Handelsbanken – committed $10 million apiece.

Calyon, ING Bank and Standard Chartered are running the books. The facility offers a spread of 35bp over Hibor translating to a top level all-in of 40bp over Hibor.

Sole mandated lead arranger Royal Bank of Scotland has launched Weiqiao Textile’s $210 million term facility into general syndication. The three year financing offers a top level all-in of 145bp over Libor. Banks are being invited to join as lead arrangers, arrangers and senior managers.

Proceeds will be used to refinance a $100 million facility signed in October 2004. That facility was priced at 130bp translating to a top level all-in of 157bp over Libor. Bank responses are due by July 28.

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