2020-04-04 IFR Magazine

International Financing Review April 4 2020 77

LOANS ASIA-PACIFIC

SINOPHARM LEASING UNIT LIFTS LOAN

SINOPHARM HOLDING (CHINA) FINANCE LEASING has

INCREASEDûAûTHREE

YEARûDUAL

CURRENCYûTERMû

LOANûTOû53MûAFTERûATTRACTINGûûBANKSû

INûGENERALûSYNDICATION

ANZ, BNP Paribas and Mizuho BankûWEREûTHEû

MANDATEDûLEADûARRANGERSûANDûBOOKRUNNERSû

OFûTHEûlNANCINGûWHICHûWASûINCREASEDûFROMû

Aû53MûTARGET

Mandated lead arrangers are Ping An Bank, China

Guangfa Bank, CMB Wing Lung Bank, Industrial

Bank and Oversea-Chinese Banking Corp. Lead

arrangers are Tai Fung Bank, Chong Hing Bank and

KDB Asia. Arrangers are Bank of Nanjing, Shanghai

Rural Commercial Bank and Bank of Panhsin.

"ANKSûWEREûOFFEREDûTOP

LEVELûALL

INûPRICINGû

OFûBPûBASEDûONûANûINTERESTûMARGINûOFû

BPûOVERû(IBORûORû,IBORûANDûANûUPFRONTû

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0ROCEEDSûWILLûBEûUSEDûFORûGENERALû

CORPORATEûPURPOSES

0RICINGûONûTHEûLATESTûBORROWINGûISû

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YEARûFACILITYûTHEûCOMPANYûCOMPLETEDûLASTû

!UGUSTû3TANDARDû#HARTEREDûWASûTHEûSOLEû

-,!"ûOFûTHATûlNANCINGûWHICHûOFFEREDûTOP

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INûPRICINGûOFûBPûBASEDûONûAû

MARGINûOFûBPûOVERû(IBORûORû,IBORûANDûANû

AVERAGEûLIFEûOFûûYEARS

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FREEûTRADEûZONEûASûAûWHOLLYûOWNEDûSUBSIDIARYû

OFû3INOPHARMû'ROUPûTOûFOCUSûONûlNANCIALû

LEASINGûANDûFACTORING

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PHARMACEUTICALûlRMûISûINûTURNûAûUNITûOFû

STATE

OWNEDû#HINAû.ATIONALû0HARMACEUTICALû

'ROUP

ENN CLOSES US$200m LOAN

ENN Ecological Holdings has closed a

53MûTHREE

YEARûTERMûLOANûAFTERû

ATTRACTINGûûLENDERSûINûGENERALûSYNDICATION

Standard Chartered WASûTHEûSOLEûMANDATEDû

lead arranger and bookrunner of the bullet

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LEVELûALL

INû

PRICINGûOFûBPûBASEDûONûANûINTERESTû

MARGINûOFûBPûOVERû,IBORûANDûAûBPû

MANAGEMENTûFEE

Mandated lead arrangers are Bank of

Communications, China Citic Bank International,

Luso International Bank and State Bank of India.

Lead arrangers are BNP Paribas, Korea

Development Bank, Nanyang Commercial Bank,

SMBC, Westpac and Mizuho. Arranger is East

West Bank.

XINNENG (HONG KONG) ENERGY INVESTMENT is the

BORROWERûWHILEû%..û%COLOGICALû(OLDINGSûISû

THEûGUARANTOR

&UNDSûAREûFORûGENERALûCORPORATEûPURPOSES

3HANGHAI

LISTEDû%..û%COLOGICALûWHICHûISû

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TO

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HONG KONG

ECOGREEN RETURNS WITH GREEN LOAN

(ONGû+ONG

LISTEDûlNEûCHEMICALSûMAKERû

ECOGREEN INTERNATIONAL GROUP is back in the

MARKETûWITHûAû53Mû

YEARûGREENûLOAN

China Construction Bank (Asia), Hang Seng

Bank and Standard Chartered Bank are the

MANDATEDûLEADûARRANGERSûBOOKRUNNERSûANDû

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,IBORûANDûHASûANûAVERAGEûLIFEûOFûûYEARS

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LEVELûALL

INûPRICINGûOFûBPûVIAûAû

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INûOFûBPû

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4HEûBORROWERSûWHOLLYûOWNEDûSUBSIDIARIESû

nû%CO'REENû&INEû#HEMICALSû%CO'REENû&INEû

#HEMICALSû-ANUFACTURINGû%CO'REENû&INEû

#HEMICALSû'ROUPû$OINGCOMû)NTERNATIONALû

ANDû8IAMENû$OINGCOMû#HEMICALûnûWILLû

Australasia Inc seeks waivers

„ ASIA-PACIFIC Borrowers take steps to counter coronavirus threat

Corporate borrowers in Australia and New

Zealand across a broad range of industries are

wasting no time in shoring up liquidity to help

their businesses survive the economic shock of

the coronavirus pandemic.

While new-money loans are limited, with a

number of mergers and acquisitions cancelled or

on hold, lenders in recent weeks have been busy

arranging refinancings, maturity extensions and

short-term funding for existing clients.

Outdoor retailer KATHMANDU HOLDINGS,

outdoor advertising firm OOH!MEDIA, travel agent

WEBJET and satellite communications provider

SPEEDCAST INTERNATIONAL are among several

companies that have won temporary waivers or

amendments to their financial covenants.

Webjet, Kathmandu and oOh!Media have also

raised loans or embarked on equity fundraisings

to boost their liquidity, while Speedcast, which

counts the cruise industry as an important client,

is seeking bridge financing as it fights for its

survival.

SCENTRE GROUP, the owner and operator of

Westfields shopping malls in Australia and New

Zealand, obtained two-year unsecured bank

loans, raising its available liquidity to A$3.1bn

from about A$1.8bn at the end of last year.

Telecommunications company SPARK NEW

ZEALAND, international student placement

and testing group IDP EDUCATION and fertility

treatment provider MONASH IVF GROUP are among

those seeking working capital facilities.

Spark completed two bilateral loans totalling

NZ$150m and extended a NZ$200m standby

facility by one year last week. IDP Education’s

existing lenders are providing a A$50m loan and

the company has also launched a A$175m equity

fundraising, while Monash IVF is in discussions

with lenders for obtaining additional funding.

WORLEY, which provides project and asset

services to companies in the energy, chemicals

and resources sectors, extended its debt

maturity for 12 months.

Africa-focused mineral sands producer BASE

RESOURCES has fully drawn a US$75m revolver,

while gold producer SARACEN MINERAL HOLDINGS is

in talks with banks about a potential drawdown

of its A$45m revolver in the event of an imposed

curtailment or temporary shutdown of operations.

VIRGIN AUSTRALIA HOLDINGS has requested a

government loan of around A$1.4bn as part of a

broader industry support package to prepare for

a prolonged crisis. The negotiations are ongoing

and may or may not include conversion to equity

in certain circumstances, Australia’s second

largest carrier said in a filing on March 31.

Virgin Australia follows the nation’s flagship

carrier Qantas Airways, which completed a

A$1.05bn secured loan from banks, and Air New

Zealand, which obtained a two-year standby

loan of up to NZ$900m from the government

in March.

In recent weeks, gold mining company

RESOLUTE MINING and diversified manufacturing

and distribution company PRO-PAC PACKAGING

have completed refinancings of US$300m and

A$95m respectively. Construction materials

company BORAL said it plans to repay its US

private placements with a syndicated loan after

earlier drawing down on its loan for another

bond repayment.

The actions by these borrowers come amid

a sharp slump in lending so far this year. Loan

volumes in Australia plummeted 46% year-on-

year to US$9.5bn in the first quarter of 2020,

the lowest quarterly tally in a decade, according

to Refinitiv LPC data. New Zealand also suffered

a 32% year-on-year decline in the first quarter

to US$1.86bn. Both markets recorded no M&A

loans during the period.

Mariko Ishikawa

9 IFR Loans 2327 p 75 - XX.indd 77 03 / 04 / 2020 19 : 26 : 35