Loan Week, July 7 - 14

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Indonesia

PT Federal International Finance’s $100 million dual tranche fundraising was signed on July 7. Mandated arrangers Nederlandse Financierings– Maatschappij voor Ontwikkelingslanden took $25 million and ABN AMRO Bank committed $9.5 million.

Lead manager Erste Bank contributed $15 million, Bank of Tokyo-Mitsubishi UFJ, Bayerische Hypo-und Vereinsbank (Singapore) and Standard Bank (Asia) provided $9.5 million apiece while managers State Bank of India (Singapore) absorbed $7 million and Bank of India (Singapore), BankMuscat International and Krung Thai Bank pledged $5 million each.

The facility comprises a $25 million five year term loan ‘A’ and a $75 million three year term loan ‘B’. Tranche ‘A’ carries a margin of 230bp over Libor while tranche ‘B’ pays 185bp over Libor.


Philippines

Smart Communications’ $50 million five year financing is likely to close on a club basis. SMBC and Standard Chartered are leading the deal. Proceeds will be used for general corporate purposes. The borrower last visited the market when it raised $70 million via a five year term facility in August 2005.


Taiwan

Syndication of Taiwan Kolin’s NT$3.5 billion dual tranche fundraising reached financial close today (Friday). Thus far, the facility has secured commitments from 13 banks. They are Chiao Tung Bank, China United Trust & Investment Corp, Chinese Bank, E.Sun Commercial Bank, Hwa Tai Bank, Shanghai Commercial & Savings Bank, Sunny Bank, Taiwan Business Bank, Central Trust of China, Agricultural Bank of Taiwan, Hua Nan Commercial Bank, Shin Kong Commercial Bank and Industrial Bank of Taiwan. Chang Hwa Commercial Bank is said to be in the final stage of gaining credit approval.

Sole mandated lead arranger Bank of Taiwan is running the books. The five year facility features a spread of 180bp leading to a top level all-in of 197.4bp over the 90-day primary market CP rate.

Market talk is that Optimax is sounding banks for a NT$2.5 billion financing. The facility is likely to close as a club said bankers close to the deal. A formal mandate will be awarded by the end of July.

ICBC and Hua Nan Commercial Bank have been verbally mandated to arrange Far Eastern Construction’s NT$4 billion multi-tranche facility.

The loan is split into NT$1 billion one year and two year tranches and a NT$2 billion three year tranche. Proceeds are for debt repayment and to guarantee the development of a shopping mall in Taipei. The deadline for banks to respond is by the end of July.

Bank of Taiwan, Land Bank of Taiwan, China Development Bank, Industrial Bank of Taiwan and Hsinchu International Bank have been mandated to arrange World Peace Industrial’s NT$2.5 billion three year revolving credit.


Thailand

Sole mandated lead arranger Standard Chartered has launched a $350 million seven year financing for Neptune Orient Lines (NOL) and APL (Bermuda) into senior syndication. The seven year facility features a margin of 41.5bp over Libor.

The deal is being marketed to banks on four tiers. Sub-underwriters taking $50 million or above receive an underwriting fee of 7.5bp and a participation fee of 15bp flat, leading to a top level all-in of 44.7bp over Libor. Lead arrangers providing $50 million or above receive an upfront fee of 22.5bp flat translating to a top level all-in of 44.7bp over Libor. Arrangers committing $35 million to $49 million earn 15bp for an all-in of 43.6bp over Libor while lead mangers contributing $20 million to $34 million get 10bp for an all-in of 42.9bp over Libor.

Neptune Orient Lines is acting as the guarantor which is partly owned by Temasek Holdings. The deadlines for sub-underwriting and general syndication are July 19 and August 2 respectively.

The ¥9.3 billion fundraising Siam Panich Leasing has been closed with six banks joined in general syndication. They are Bank of Taiwan, Cathay United Bank, Chang Wah Commercial Bank, First Commercial Bank, Hua Nan Commercial Bank and Norinchukin Bank. Standard Chartered, Bank of Tokyo-Mitsubishi UFJ and Mizuho Corporate Bank are leading the deal. The three year facility was pre-funded in early June by the three mandated lead arrangers.


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