INDIA
NAYARA ENERGY BAGS STRUCTURED
FACILITY
/ILûRElNERûNAYARA ENERGY, formerly known as
Essar Oil Ltd, has obtained a US$750m
structured facility.
Deutsche Bank ISûTHEûSOLEûlNANCIERûOFûTHEû
transaction, which is split equally into two
TRANCHESû4HEûlNANCING ûWHICHûWASûSIGNEDû
in July, is said to pay an interest margin of
325bp over Libor.
The loan is tied to the delivery of gasoil to
"0û3INGAPOREû0TEûANDû4RAlGURAû0TEûOVERûAû
four-year period. Separate commercial
contracts and prepayment agreements
between Nayara and the two buyers also
serve as security.
Nayara is a privately held downstream oil
company based in Mumbai. Russian oil
major Rosneft Oil Co OJSC and a consortium
LEDûBYû4RAlGURAûANDû2USSIA
BASEDû5#0û
Investment Group acquired Essar Oil in
August 2017 and subsequently rebranded it
in April 2018.
JAPAN
HOKKAIDO ELECTRIC SEEKS ¥80bn
HYBRID
HOKKAIDO ELECTRIC POWER is seeking a ¥80bn
(US$737m) 30-year subordinated loan.
Mizuho Bank is the arranger of the loan,
which can be repaid after seven years.
The interest margin will step up by 100bp
after August 2026. The initial margin is
undisclosed.
Signing is slated for August 27 with
funding to follow a couple of days later.
Rating and Investment Information has
assigned a BBB+ preliminary rating to the
loan with 50% equity treatment.
The Sapporo-based utility company last
tapped the syndicated loan market in March
2017 when it raised a ¥30bn three-year
revolving credit arranged by Mizuho,
(OKKAIDOû"ANKûANDû.ORTHû0ACIlCû"ANK
JAPAN DISPLAY TO EXTEND COMMITMENT
LINE
JAPAN DISPLAY is set to extend the maturity of
a ¥107bn one-year commitment line to
December 30 from August 7.
Mizuho Bank and SMBC were the arrangers,
while Sumitomo Mitsui Trust Bank came in as
co-arranger.
The facility carries a guarantee from the
Innovation Network Corp of Japan, a state-
backed fund and the borrower’s top
shareholder.
&UNDS ûWHICHûWILLûBEûUSEDûFORûWORKINGû
CAPITAL ûAREûEXPECTEDûTOûBEûRElNANCEDûWITHûAû
new loan without INCJ’s guarantee and
preferred shares.
In August 2018 the liquid-crystal display
maker renewed the ¥107bn one-year facility
with the same three banks.JOGMEC SECURES ZERO-INTEREST AGAINJAPAN OIL GAS & METALS NATIONAL CORP signed a
¥30.992bn one-year bullet term loan
following a heavy oversubscription.
The government-guaranteed loan was
priced at a zero interest rate through
conventional auctions.
SMBC is the agent and proceeds will be for
operating funds.
JOGMEC, which visits the loan market
multiple times a year, last raised a
¥544.65bn one-year bullet term loan in April
with a similar structure and zero interest
rate.TRIO BACK MEDIPAL SHARE BUYBACKMEDIPAL HOLDINGS, the Tokyo Stock Exchange-
listed pharmaceuticals company, is raising a
¥25bn six-month bridge loan to back a
planned ¥28bn share buyback, the Tokyo
Stock Exchange-listed pharmaceuticals
COMPANYûSAIDûINûAûlLINGûONû4HURSDAY
Mizuho Bank, MUFG and Resona Bank are
funding ¥11bn, ¥11bn and ¥3bn,
respectively.
Medipal on Thursday launched a ¥2,251
per share offer, which ends on August 29.
Takeda Pharmaceutical, Medipal’s top
shareholder, has agreed to sell its 5.12%
stake in the company.MALAYSIA
BATTERSEA SEEKS £600m REFISpecial purpose company BATTERSEA PHASE 3
HOLDING is seeking a £600m three-year term
LOANûTOûRElNANCEûAûSIMILARûLOANûFROMûû
that backed the development of the third
phase of London’s Battersea Power Station
project.
CIMB Bank, DBS Bank, OCBC Bank, Maybank,
RHB Bank and Standard Chartered are the
LENDERSûONûTHEûSELF
ARRANGEDûlNANCING û
which will close as a club. The facility is
expected to be signed around the end of
August.
4HEûNEWûLOANûRElNANCESûAûaMûlVE
year loan that was part of a bigger £1.35bn
lNANCINGûFROMû/CTOBERûûFORûTHEû
development of Phases 2 and 3 of the
Battersea Power Station property project.
CIMB, Maybank and StanChart were the
mandated lead arrangers, bookrunners andjoint-coordinators of the previous deal,
which attracted four others in syndication
and paid an interest margin of 225bp over
Libor.
)Nû&EBRUARY û0ERMODALANû.ASIONALûANDû
%MPLOYEESû0ROVIDENTû&UNDûOFû-ALAYSIAû
raised a £1.58bn three-year multi-tranche
lNANCINGûTHATûBACKEDûTHEûACQUISITIONûOFû
commercial assets in Phase 2 of the
development.
CIMB, DBS, Maybank, OCBC and
StanChart were the lenders on that club
deal. Maybank was the sole coordinator,
while OCBC was the facility agent.
The Battersea Power Station building,
comprising seven phases, accounts for about
six acres of the overall 42-acre regeneration
site. SP Setia and Sime Darby Property hold a
40% stake each in the power station
development, with the remaining 20% held
BYû%0&
The completion of Phases 2 and 3 of the
project, initially scheduled for 2020, has
been delayed and is now expected sometime
in 2021 because of the project’s complexity
as well as Brexit, according to local media.
Sime Darby is a Malaysia-based
multinational conglomerate involved in
sectors such as property, autos, industrial
equipment, energy, utilities and healthcare.
SP Setia, a Malaysian property developer
founded in 1974, has a presence in Vietnam,
Singapore, Australia, China and Indonesia.
%0&ûISû-ALAYSIASûLARGESTûPENSIONûFUNDYTL SEEKS BRIDGE FOR LAFARGEHOLCIM
BUYConglomerate YTL is seeking a M$1.84bn
(US$440m) two-year bridge loan to back its
purchase of a 51% stake in Lafarge Malaysia.
Maybank is the sole mandated lead
arranger, bookrunner and underwriter of
THEûlNANCING ûWHICHûHASûBEENûLAUNCHEDûINTOû
limited syndication.
YTL subsidiary YTL Cement agreed to
acquire LafargeHolcim’s entire 51% stake in
Lafarge Malaysia for US$396m, or M$3.75
per share, according to a company press
release on May 2. The price represents a 43%
premium over the 90 days of trading prior to
the announcement.
Lafarge Malaysia operates three
integrated cement and two grinding plants.
Additionally, LafargeHolcim has signed an
agreement with YTL Cement Singapore for
the sale of its entire 91% shareholding in
Holcim Singapore for an undisclosed
amount, the press release said.
Also on May 9, LafargeHolcim announced
the divestment of its entire 85.7% stake in its
Philippine unit Holcim Philippines to
conglomerate San Miguel Corp. DBS Bank,
-IZUHOû"ANK û-5&' û3TANDARDû#HARTEREDû
and SMBC provided a US$2bn 18-month