66 International Financing Review March 7 2020
4HEûLOANûOFFEREDûANûALL
INûPRICINGûOFûABOUTû
BPû
0ROCEEDSûWILLûRElNANCEûAû(+BNûFOUR
YEARûTERMûLOANûWHICHûWASûPARTûOFûAû
(+BNûCLUBûFACILITYûTHEûBORROWERûOBTAINEDû
INû*ANUARYûûFROMûûLENDERS
4HATûDEALûPAIDûANûINTERESTûMARGINûINûTHEû
LOWûS
(ONGû+ONG
LISTEDû+ERRYû0ROPERTIESû
DEVELOPSûREALûESTATEûPROJECTSûINû#HINAûANDû
(ONGû+ONG
INDIA
RELIANCE LOAN INTO SENIOR
Conglomerate RELIANCE INDUSTRIESûISûEXPECTEDû
TOûIMMINENTLYûLAUNCHûITSû5BNûDUAL
CURRENCYûlNANCINGûINTOûSENIORûSYNDICATION
4HEûlNANCINGûINCLUDESûAû53BNûLOANû
ANDûAû53M
EQUIVALENTûYEN
DENOMINATEDûPORTIONû4HEû53ûDOLLARûANDûYENû
TRANCHESûCARRYûTENORSûOFûûANDûlVEûYEARSû
RESPECTIVELY
2),ûHASûMANDATEDûûBANKSûONûTHEû53û
DOLLARûPIECEûnûANZ, Bank of America, Barclays,
BNP Paribas, Citigroup, DBS Bank, First Abu
Dhabi Bank, HSBC, Scotiabank, Standard
Chartered Bank, State Bank of IndiaûANDûUnited
Overseas Bank
Credit Agricole CIB, Mizuho Bank, MUFG ANDû
SMBCûAREûMANDATEDûONûTHEûYENûTRANCHE
!ROUNDû53BNûOFûTHEûNEWûLOANûWILLû
RElNANCEûTWOûEXISTINGûFACILITIESûnûAû
53Mû
YEARûCLUBûLOANûSIGNEDûINû
*ANUARYûûANDûAû53MûSYNDICATEDû
TRANCHEûOFûAûLARGERû53BNûlNANCINGû
COMPLETEDûINû-ARCHûTHATûYEAR
4HEûCLUBûLOANûCOMESûDUEûINû*ULYûTHISûYEARû
WHILEûTHEûSYNDICATEDûFACILITYûMATURESûONû
!PRILûû4HEûLATTERûOFFEREDûAûTOPûLEVELûALL
INûOFû
BPûBASEDûONûANûINTERESTûMARGINûOFûBPû
OVERû,IBORûANDûANûAVERAGEûLIFEûOFûûYEARS
4ENûBANKSûCOMMITTEDûTOûTHEûCLUBûLOANû
WHILEûAûTOTALûOFûûLENDERSûPARTICIPATEDûINû
THEû53MûSYNDICATEDûPORTIONûOFûTHEû
-ARCHûûBORROWING
,ASTû*UNEû2),ûCLOSEDûAû53BN
EQUIVALENTûPORTIONûOFûAûBROADERû53BNû
JUMBOûlNANCINGûWITHûûLENDERSûJOININGûINû
GENERALûSYNDICATIONû!û53MûPIECEûFORû
2ELIANCEû*IOû)NFOCOMMûWASûNOTûLAUNCHEDû
INTOûGENERALûSYNDICATION
4HEû53BNûPORTIONûCOMPRISEDûTWOû
FACILITIESûnûFACILITYûûHADûAû53MûTRANCHEû
ANDûAûcBNû53M ûPIECEûWHILEû
FACILITYûûHADûAû53MûPORTIONûANDû
cBNûTRANCHE
TVS UNIT MANDATES TRIO
TVS SUPPLY CHAIN SOLUTIONSûAûUNITûOFû
CONGLOMERATEû463û'ROUPûHASûMANDATEDû
THREEûBANKSûONûAû53MûFACILITY
Axis Bank, DBS Bank ANDûStandard Chartered
AREûTHEûMANDATEDûLEADûARRANGERSûANDû
BOOKRUNNERSûONûTHEûDEALûWHICHûCOMPRISESûAû
53MûlVE
YEARûTERMûLOANûANDûAû53Mû
TWO
YEARûREVOLVINGûCREDITûFACILITY
4HEûlNANCINGûHASûANûAVERAGEûLIFEûOFûû
YEARSûANDûISûEXPECTEDûTOûBEûLAUNCHEDûINTOû
LIMITEDûSYNDICATION
0ROCEEDSûRAISEDûWILLûRElNANCEûANû
INCREASEDû53M
EQUIVALENTûLOANûSIGNEDû
INû*UNEû
4HATûDEALûWASûINITIALLYûSPLITûINTOûAû
53M
EQUIVALENTûlVE
YEARûTERMûLOANû
&ACILITYû! ûANDûAû53M
EQUIVALENTûTHREE
YEARûREVOLVINGûCREDITûFACILITYû&ACILITYû" û
PAYINGûMARGINSûOFûBPûANDûBPûOVERû
,IBORûRESPECTIVELYû)TûOFFEREDûTOP
LEVELûALL
INû
PRICINGûOFûBPûBASEDûONûAûBLENDEDûMARGINû
OFûBPûOVERû,IBOR
7ITHûTHEûGREENSHOEûBEINGûEXERCISEDû
&ACILITYû!ûWASûINCREASEDûTOû53MûANDû
&ACILITYû"ûTOûaMû53M
463û3UPPLYû#HAINû3OLUTIONSûFORMERLYû
KNOWNûASû463û,OGISTICSû3ERVICESûISûANû
INTEGRATEDûLOGISTICSûSOLUTIONSûPROVIDERûWITHûAû
PRESENCEûACROSSûûCOUNTRIESûANDûOFlCESûINû
ûCOUNTRIESûINCLUDINGû)NDIAûTHEû5+ûTHEû
53û%UROPEû!USTRALIAûANDû#HINA
TATA AUTOCOMP UNIT WRAPS REFI
4ATAû!UTO#OMPû3YSTEMSû3WEDISHûSUBSIDIARYû
HASûCLOSEDûSYNDICATIONûFORûAûRElNANCINGûOFû
AROUNDû53M
EQUIVALENT
CTBC Bank, Standard Chartered Bank ANDûState
Bank of India WEREûTHEûMANDATEDûLEADû
ARRANGERSûANDûBOOKRUNNERSûOFûTHEûBORROWINGû
Mandated lead arrangers are Axis UK and SBI
Mauritius. Arranger is Taishin International Bank.
4HEûlNANCINGûCOMPRISESûAû53M
EQUIVALENTûTERMûLOANû&ACILITYû! ûANDûAû
õMû53M ûREVOLVINGûCREDITûFACILITYû
&ACILITYû" û/NLYû&ACILITYû!ûWASûSYNDICATED
RYHPEZ HOLDING (SWEDEN ûAûWHOLLYûOWNEDû
SUBSIDIARYûOFû4!#/ûISûTHEûBORROWERûWHILEû
THEûPARENTûISûTHEûGUARANTOR
0ROCEEDSûWILLûBEûUSEDûTOûRElNANCEûTHEû
BORROWERSûEXISTINGûDEBT
4HEûDEALûWHICHûISûAVAILABLEûINû53ûDOLLARSû
ORûEUROSûPAIDûAûTOP
LEVELûALL
INûPRICINGûOFû
BPûBASEDûONûANûINTERESTûMARGINûOFû
BPûOVERû,IBOR%URIBORûANDûAûREMAININGû
AVERAGEûLIFEûOFûûYEARS
)Nû$ECEMBERûû4!#/ûACQUIREDû4ITAN8û
%NGINEû#OOLINGû(OLDINGû!"ûAû%UROPEANû
AUTOûCOMPONENTSûCOMPANYûVIAû2YHPEZ
4!#/ûRAISEDûAû53M
EQUIVALENTûLOANû
TOûBACKûTHEûACQUISITIONûOFû4ITAN8ûINû!PRILûû
4HEûDEALûCOMPRISESûAû53M
EQUIVALENTû
4RANCHEû!ûAû53M
EQUIVALENTû4RANCHEû"û
ANDûAû53M
EQUIVALENTû4RANCHEû#
4HEûINTERESTûMARGINSûAREûBPûBPû
ANDûBPûOVERû,IBORûRESPECTIVELYûONûTHEû
THREEûTRANCHESû4HEûBLENDEDûAVERAGEûLIFEûISû
ûYEARS
2YHPEZûHOLDSûûOFûTHEûSHARESûINû
4ITAN8û(OLDINGû3WEDEN û!"ûWHICHûISûTHEû
HOLDINGûCOMPANYûOFû4ITAN8û#OOLING
4!#/ûISûAûWHOLLYûOWNEDûSUBSIDIARYû
OFû4ATAû'ROUPûANDûTHEûmAGSHIPûENTITYû
for the auto components business of the
GROUP
JAPAN
NORITSU TAPS FOR DJ EQUIPMENT
NORITSU KOKIûISûRAISINGûAûõMûNON
RECOURSEû
LOANûTOûBACKûITSûACQUISITIONûOFûAûMAKERûOFû
SYSTEMSûFORûDISCûJOCKEYSûINû9OKOHAMA
Noritsu’s special purpose company will be
THEûBORROWERûONûTHEûLOANûWHICHûWILLû
RElNANCEûEXISTINGûDEBTûATûTHEûTARGETû!LPHAû
4HETA
.ORITSUûISûBUYINGû!LPHAû4HETAû
FORMERLYûKNOWNûASû0IONEERû$*ûFORûcBNû
53M
#OMPLETIONûOFûTHEûACQUISITIONûISûEXPECTEDû
INû!PRIL
53ûPRIVATEûEQUITYûFUNDû++2ûANDû*APANESEû
electronics giant Pioneer currently own
ûANDûûSTAKESûINû!LPHAû4HETAû
RESPECTIVELY
++2ûBOUGHTûTHEûMAJORITYûSTAKEûINû0IONEERû
$*ûINû-ARCHûûFROMû0IONEERûFORûcBNû)Tû
RAISEDûAûcBNûlNANCINGûTOûBACKûTHEû
LEVERAGEDûBUYOUT
PHILIPPINES
PETRON GETS NINJA DEBUT
/ILûRElNERûPETRONûISûMAKINGûITSûDEBUTûINûTHEû
*APANESEûLOANûMARKETûWITHûAû53M
EQUIVALENTûlVE
YEARû.INJAûBORROWING
Mizuho BankûMUFGûANDûSMBC are the
MANDATEDûLEADûARRANGERSûANDûBOOKRUNNERSû
OFûTHEûLOANûWHICHûCARRIESûANûUNSPECIlEDû
GREENSHOEûOPTION
.INJAûLOANSûnûDEALSûSYNDICATEDûINû*APANûFORû
OVERSEASûBORROWERSûnûCANûBEûDENOMINATEDûINû
ANYûCURRENCYûANDûINCLUDEû3AMURAIûLOANSû
WHICHûAREûDISTRIBUTEDûINûTHEûCOUNTRYûANDû
DENOMINATEDûONLYûINûYEN
0ETRONSûLOANûISûAVAILABLEûINûBOTHû53û
DOLLARSûANDûYENûANDûPAYSûINTERESTûMARGINSûOFû
BPûOVERû,IBORûANDûBPûOVERûYENû,IBORû
RESPECTIVELYû4HEûDEALûHASûANûAVERAGEûLIFEûOFû
ûYEARS
&UNDSûAREûFORûRElNANCING
0ETRONûAûUNITûOFû0HILIPPINEûCONGLOMERATEû
3ANû-IGUELûRAISEDû53MûTHROUGHûAû
SOUGHT
AFTERûlVE
YEARûTERMûLOANûINû!PRILûLASTû
YEARûTHATûATTRACTEDûûBANKSûINûGENERALû
SYNDICATION
)TûOFFEREDûAûTOP
LEVELûALL
INûPRICINGûOFû
BPûBASEDûONûAûMARGINûOFûBPûOVERû,IBORû
ANDûHASûANûAVERAGEûLIFEûOFûûYEARS
9 IFR Loans 2323 p 63 - 76 .indd 66 06 / 03 / 2020 19 : 19 : 50