ASIA-PACIFIC
AUSTRALIA
CNOOC SEEKS REFI FOR LNG PROJECTChina National Offshore Oil Corp has asked
BANKSûTOûPROPOSEûPRICINGûFORûAû53MûlVE
YEARûRElNANCINGûOFûAûLOANûSIGNEDûINûûFORûAû
LIQUElEDûNATURALûGASûPROJECTûINû!USTRALIA
CNOOC CURTIS FUNDING NO. 2 is the borrower,
while CNOOC is providing a guarantee for
the proposed bullet term loan.
The loan is expected to be completed as a
self-arranged club and will have an
availability period of one year.
0ROCEEDSûRElNANCEûAû53BNûLOANûSIGNEDû
in October 2016 for the Curtis LNG project
in Queensland.
4HATûlNANCINGûPAIDûANûALL
INûOFûABOUTûBPû
based on an interest margin of more than 80bp
over Libor for a three-year tenor. It has the same
borrower and guarantor, and attracted nine
LENDERSû0ROCEEDSûFROMûTHATûLOANûRElNANCEDûAû
US$3bn facility signed in September 2013 that
funded CNOOC’s investment in the project.
The Curtis LNG plant began operating in
- Royal Dutch Shell and CNOOC each
own 50% in train one of the plant, while
Shell and Tokyo Gas own 97.5% and 2.5%,
respectively, of train two.
CNOOC is rated A1/A+ (Moody’s/S&P).
CHINA
CHINA LESSO LAUNCHES US$900m LOANHong Kong-listed home building materials
manufacturer China Lesso Group Holdings
has launched a US$900m-equivalent four-
year term loan and revolving credit facility.
China Construction Bank (Asia), Citigroup,
CTBC Bank, DBS Bank, Hang Seng Bank, HSBC,
Industrial & Commercial Bank of China (Asia),
SMBC and Taipei Fubon Commercial Bank are
the mandated lead arrangers and
bookrunners of the bullet transaction.
The deal, which is available in US and
Hong Kong dollars, pays an interest margin
of 160bp over Libor or Hibor.
MLAs with commitments of US$50m and
above earn top-level all-in pricing of 170bp
via a participation fee of 40bp, while lead
arrangers coming in for US$25m–$49m
receive all-in pricing of 167.5bp via a 30bp
fee. Arrangers joining with US$10m–$24m
receive all-in pricing of 165bp via a 20bp fee.
CHINA LESSO FINANCE, a unit of China Lesso
Group Holdings, is the borrower, while the
parent company is providing a guarantee.
China Lesso chairman Wong Luen Hei and
his family must together own at least 51% of
China Lesso throughout the term of the
loan. They currently own about 68% of the
company.
China Lesso’s previous loan was a
US$600m 3.5-year bullet facility from 25
banks in August 2016. The top level all-in
pricing was 200bp based on an interest
margin of 185bp over Libor.HANGZHOU ZHENGCAI SEEKSHANGZHOU ZHENGCAI HOLDING GROUP ûTHEûmAGSHIPû
investment holding subsidiary of a Chinese
aluminium producer, is seeking a three-year
pre-payment facility.
Societe Generale is the coordinator of the
facility, which will be syndicated on a best-
efforts basis.
Banks have been invited to join with
tickets of US$30m or more for the mandated
lead arranger title, US$20m–$29m for the
lead arranger title and US$10m–$19m for
the arranger title.
SG will provide a cornerstone
commitment of US$50m and fund the deal
at the end of August along with banks that
are able to join in time.
Additional banks that commit later will
join the facility through an accordion
tranche.
Xiaoyi Xing’an Chemical will produce and
supply the alumina, which is the underlying
commodity for the pre-payment facility.
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#HINA ûAûWHOLLYûOWNEDûUNITûOFû4RAlGURAû
Group.
The borrower is a subsidiary of Hangzhou
Jinjiang Group, which produces alumina
and aluminium, and chemicals.
Hangzhou Zhengcai is also the
intermediate holding company through
which the Dou family holds a 55.6% stake in
SGX-listed waste-to-energy plant operator
China Jinjiang Environment Holding.CJEH is seeking a waiver from lenders of a
US$216m-equivalent loan signed in June
2018 for a proposed share sale. Banks are
still processing the waiver request.
The Dou family, comprising Dou
Zhenggang, his wife Wei Xuefeng and
daughter Jennifer Wei, agreed to sell
a 29.8% shareholding in CJEH to two
companies controlled by Zhejiang
Provincial Energy Group for Rmb1.63bn
(US$237m).
The sale is expected to be completed by
September 10 and ZPEG, a unit of the State-
owned Assets Supervision and
Administration Commission of Zhejiang
Province, will become the biggest
shareholder in CJEH.
The share sale would lead to a change of
control event as per the 2018 facility
agreement, which requires Dou and his wife
to either own at least 45% combined or have
control of the company or majority voting
power.JA SOLAR MARKETS TERM LOANBeijing-headquartered photovoltaic
products manufacturer JA Solar is in the
market with a US$100m three-year senior
secured term loan.
Credit Suisse Singapore branch and UBS Hong
Kong branch are the mandated lead arrangers
and bookrunners of the loan, which carries
a US$100m greenshoe option and has an
average life of around two years.
JA SOLAR INTERNATIONAL is the borrower,
while onshore parent company JA Solar,
along with certain of its offshore sales
subsidiaries, and the borrower’s existing
and future material subsidiaries, are the
guarantors.
Offshore account receivables form the
security. It is also expected that the facility
WILLûBENElTûFROMûSECURITYûOVERûTHEûSHARESûIN û
and assets of, the borrower and the offshore
guarantors, with a collateral coverage of no
less than 1.0 times.
Banks have been invited to join with
tickets of US$25m or more for all-in pricing
of mid-300s.
The company manufactures silicon
wafers, cells, modules and photovoltaic
power stations.CDB FINANCIAL LEASING UPS LOANCHINA DEVELOPMENT BANK FINANCIAL LEASING has
increased a dual-tranche loan to US$400m
from a US$300m target after attracting nine
banks in general syndication.
China Merchants Bank, MUFG and Standard
Chartered were the mandated lead arrangers
and bookrunners of the facility, which
comprises a US$175m three-year Tranche A
and a US$225m one-year Tranche B.ASIA-PACIFIC LOANS BOOKRUNNERS – FULLY
SYNDICATED VOLUME (INCLUDING JAPAN)
BOOKRUNNERS: 1/1/2019 TO DATE
Managing No of Total Share
bank or group issues US$(m) (%)
1 Mizuho 275 55,126.15 18.0
2 MUFG 427 37,914.83 12.4
3 Sumitomo Mitsui Finl 309 31,355.49 10.3
4 Bank of China 137 19,102.16 6.2
5 Bank of Communications 58 12,662.16 4.1
6 HSBC 53 9,753.12 3.2
7 ANZ 46 8,277.95 2.7
8 Standard Chartered 47 7,641.14 2.5
9 Agricultural Bank of China 21 6,969.87 2.3
10 United Overseas Bank 21 5,094.76 1.7
Total 1,605 305,896.23
Proportional credit
Source: Refinitiv SDC code: S3a