International Financing Review Asia April 4 2020 43COUNTRY REPORT SINGAPORESYNDICATED LOANS
› LOUIS DREYFUS SOUNDS OUT BANKSLOUIS DREYFUS COMMODITIES ASIA is in discussions
with relationship banks for its annual
refinancing.
The borrower has a US$500m three-year
revolving credit facility due in September.
ABN AMRO, HSBC, OCBC Bank and
Societe Generale were the mandated lead
arrangers and bookrunners of the 2017
financing, which attracted 24 other lenders
in general syndication.
The facility, which comes with a
guarantee from parent Louis Dreyfus
Company BV, paid a top-level all-in pricing
of 152bp based on an interest margin of
95bp over Libor.
Banks receive a 10bp utilisation fee if less
than a third of the facility is drawn, 20bp if
33%–66% is drawn, and 40bp if more than
two-thirds is drawn.
Louis Dreyfus was last in the syndicated
loan market in August 2019, when it signed
a US$650m sustainability-linked loan that
attracted 26 lenders in general syndication.
That deal was a renewal of its previous
three-year US$534m Asia revolver that is
used for investments, refinancing, capital
expenditure, working capital and general
corporate purposes.
ABN AMRO, DBS, HSBC, OCBC Bank
and United Overseas Bank were the joint
lead arrangers and bookrunners of the
transaction, which pays an initial margin
of 90bp over Libor, plus utilisation fees of
10bp for drawings of under a third, 20bp
for drawings of 33%–66%, and 40bp for
drawings of over two thirds.
ABN AMRO and DBS acted as
sustainability coordinators.
Netherlands-headquartered Louis Dreyfus
is a commodities trading and processing
company with businesses in grains,
oilseeds, sugar, coffee, cotton, juice, rice
and logistics.› KEPPEL REITS RAISE US$126M LOANTwo real estate investment trusts of Keppel
have obtained a combined US$125.6m-
equivalent in term loans, according stock
exchange filings on March 27.
Keppel DC REIT, Keppel’s data centre
unit, has closed a €50m (US$56m) five-year
term facility, returning to the loan markets
for the second time this month.
Wholly owned subsidiary KEPPEL DC REIT
FIN is the borrower of the latest loan, while
Perpetual Asia, as the trustee of Keppel DC
REIT, is the guarantor.
Separately, RBC INVESTOR SERVICES TRUST
SINGAPORE, trustee of Keppel REIT, raised a
S$100m (US$70m) term loan.Under the terms and conditions of the
facility agreements, Keppel DC REIT Fin
and RBC Investor Services would have
to pre-pay any outstanding loans if their
respective REIT managers Keppel DC REIT
Management and Keppel REIT Management
ceased to be subsidiaries of Keppel.
A pre-payment event would cause cross
defaults of other borrowings under Keppel
DC REIT group, which are approximately
S$1.21bn as of March 27.
The other borrowings of the Keppel REIT
group that would be affected by a cross
default are around S$2.16bn.
On March 13, Keppel DC REIT Fin
obtained a €50m five-year revolving credit
facility.
Keppel DC REIT is the first pure-play
data centre REIT listed in Asia. Its portfolio
comprises 17 data centres located in eight
countries in Asia Pacific and Europe with
an aggregate lettable area of approximately
1.4 million square feet, according to the
company website.
Keppel REIT’s portfolio comprises
interests in nine office assets in the
business districts of Singapore, Sydney,
Melbourne, Brisbane, Perth and Seoul.› LYS ENERGY SIGNS S$14M GREEN LOANSingapore-based solar power producer LYS
ENERGY GROUP has obtained a S$14m greenloan from United Overseas Bank, the company
said last Wednesday.
The proceeds will be used to finance its
solar portfolio in Singapore, a company
spokesperson said.
The bilateral loan is under UOB’s Green
Infrastructure Framework.
LYS has developed over 50MW of solar
photovoltaic systems for commercial
and industrial projects and customers.
It has a pipeline of more than 500MWp
in Singapore and across South-East
Asia.Top bookrunners of all Singapore dollar bonds
1/1/20 – 31/3/20
Amount
Name Issues S$(m) %
1 DBS 15 2,020.8 48.7
2 OCBC 7 700.0 16.9
3 UOB 6 650.0 15.7
4 Standard Chartered 3 283.3 6.8
5 Maybank 2 233.3 5.6
6 HSBC 1 150.0 3.6
7 Credit Suisse 2 112.5 2.7
Total 18 4,150.0
*Market volume
Proportional credit
Source: Refinitiv data SDC Code: AS12Top bookrunners of all Singapore dollar bonds
(non-domestic)
1/1/20 – 31/3/20
Amount
Name Issues S$(m) %
1 OCBC 1 175.0 28.0
2 HSBC 1 150.0 24.0
3* DBS 2 112.5 18.0
3* Credit Suisse 2 112.5 18.0
5 UOB 1 75.0 12.0
Total 4 625.0
*Market volume
Proportional credit
Source: Refinitiv data SDC Code: AS14Top bookrunners of all Singapore dollar
bonds (domestic)
1/1/20 – 31/3/20
Amount
Name Issues S$(m) %
1 DBS 13 1,908.3 54.1
2 UOB 5 575.0 16.3
3 OCBC 6 525.0 14.9
4 Standard Chartered 3 283.3 8.0
5 Maybank 2 233.3 6.6
Total 14 3,525.0
*Market volume
Proportional credit
Source: Refinitiv data SDC Code: AS15Top bookrunners of Singapore syndicated loans
1/1/20 – 31/3/20
Amount
Name Deals US$(m) %
1 DBS 3 390.0 41.2
2* UOB 1 234.1 24.7
2* Standard Chartered 1 234.1 24.7
4* Maybank 1 44.5 4.7
4* Bank of China 1 44.5 4.7
Total 3 947.3
* Based on market of syndication and market total
Proportional credit
Source: Refinitiv data SDC Code: S16bSingapore global equity and equity-related
1/1/20 – 31/3/20
Amount
Name Issues US$(m) %
1 Credit Suisse 2 155.3 19.3
2 UBS 2 138.0 17.2
3 DBS 2 128.3 16.0
4 UOB 3 99.2 12.3
5 HSBC 1 95.3 11.9
6* OCBC 1 42.6 5.3
6* CICC 1 42.6 5.3
6* CIMB Group 1 42.6 5.3
9* Lego Sec 1 8.1 1.0
9* First Fidelity Capital (Intl) 1 8.1 1.0
Total 12 804.2Source: Refinitiv dataB&RXQWU\LQGG