Previously, the draft invitation listed
the arrangement fees as 240bp, 180bp
and 120bp for the respective commitment
levels.
The final terms state that repayments
will take place through six semi-annual
instalments after a six-month grace period:
5% (sixth, 12th, 18th, 24th and 30th
months) and 75% (36th month).
Funds are for refinancing existing debt
and purchasing leasing assets.
Guangzhou Finance Holdings, a unit
of the Guangzhou city government, will
continue to provide the letter of comfort.
Guangzhou Finance invests mainly in
financial service providers.
› WOLONG ELECTRIC STARTS WITH €150M
Shanghai-listed electric motor
manufacturer WOLONG ELECTRIC GROUP has
invited banks to join a maiden €150m
(US$169m) three-year term loan at three
commitment levels.
Standard Chartered Bank is the mandated
lead arranger and bookrunner of the deal,
which pays an interest margin of 180bp
over Euribor and has an average life of 2.75
years.
Banks have been asked to join as MLAs
with tickets of €30m or more for a top-
level all-in pricing of 210bp based on an
upfront fee of 82.5bp. Lead arrangers
committing €20m–€29m receive an
all-in pricing of 205.1bp through a fee
of 69bp, while arrangers with tickets of
€10m–€19m earn an all-in of 200bp based
on a 55bp fee.
Proceeds are for refinancing and working
capital purposes.
A site visit and bank presentation
have been scheduled for July 10 and
July 11 in Shang Yu, Zhejiang province.
Commitments are due by August 2.
Founded in 1984, Wolong Electric makes
high and low-voltage motors, lithium and
lead-acid batteries, heavy equipment and
transformers, and has factories in Asia,
Europe and North America.
› RIGHT LANE UNIT LAUNCHES LOAN
WELL FAITH MANAGEMENT, an entity that is
20%-owned by Right Lane, has launched a
US$135m four-year term loan.
CMB Wing Lung Bank is the sole mandated
lead arranger and bookrunner of the
financing, which pays an interest margin of
240bp over Libor and has an average life of
3.75 years.
Banks have been invited to join as MLAs
with tickets of US$40m or more for a
top-level all-in pricing of 260bp based on
an upfront fee of 75bp. Lead arrangers
committing US$25m–$35m earn an all-in
pricing of 250bp through a fee of 37.5bp
while arrangers with tickets of US$10m–
$20m receive an all-in of 245bp based on an
18.75bp fee.
Commitments are due by July 29.
Right Lane, a wholly owned investment
holding subsidiary of Chinese state-backed
and Hong Kong-listed Legend Holdings, is
providing a guarantee.
Funds are to refinance Well Faith’s
US$100m loan signed in February 2016 and
for developing and expanding a commercial
property in Qianhai, Shenzhen.
CMB Wing Lung also led the 2016 loan
and brought in Industrial & Commercial
Bank of China (Asia) and Bank of Shanghai
(Hong Kong), according to LPC data. The
four-year deal was also guaranteed by Right
Lane and was split between tranches of
US$20m and US$80m.
In March, Right Lane raised a US$399m-
equivalent three-year term loan from 11
banks. Bank of China, Credit Agricole CIB,
Natixis and Standard Chartered were the
MLABs. The top-level all-in pricing was
151.7bp or 146.7bp based on an interest
margin of 130bp over Libor or 125bp over
Euribor, respectively.
Other shareholders of Well Faith hold
stakes of 10% or less in the borrower. John
Zhao and Lin Tun, respectively chairman
and managing director of Legend-sponsored
private equity firm Hony Capital, are
among the directors of Well Faith.
Separately, Hony Capital and Boston-
based AEW Capital Management are also
in the market for a US$390m-equivalent
three-year onshore/offshore loan to back
their acquisition of Hopson International
Plaza, an office tower in Beijing. The office
tower serves as the security for the onshore
tranche and will be shared with lenders
on the offshore portion through an inter-
creditor agreement.
The deal has a two-year extension option
and pays an offshore margin of 230bp over
Libor.› NINGBO HUATAI SHENGFU GETS RMB3BNNINGBO HUATAI SHENGFU POLYMERIC MATERIAL has
raised a Rmb3.06bn seven-year loan.
Bank of Communications was the sole
mandated lead arranger and bookrunner of
the transaction, which attracted five banks
in general syndication.
The deal offers an interest margin of
110% of the PBoC rate for five years or
more, which is currently at 4.9%.
Funds are for capital expenditure
purposes.
Established in 2012, the borrower is
a chemicals manufacturer in Ningbo,
Zhejiang province.
For full allocations, see http://www.ifrasia.com.› RUNMAO PROPERTY RAISES RMB10BNProperty developer NANJING RUNMAO PROPERTY
has raised a Rmb10bn (US$1.46bn) six-year
real estate loan.
Bank of Communications was the mandated
lead arranger and bookrunner of the
transaction, which attracted four banks in
general syndication.
The deal offers an interest margin of
110% of the PBoC rate for five years or
more, which is currently at 4.9%.
Nanjing Runmao Property is a subsidiary
of Hong Kong-listed property developer
China Jinmao Holdings Group.
In June 2018, China Jinmao Holdings
raised a HK$8bn (US$1.02bn) borrowing.
Agricultural Bank of China Hong Kong
branch, Bank of China (Hong Kong), Bank
of Communications Hong Kong branch,
China Construction Bank Hong Kong
branch, Chong Hing Bank, Industrial &
Commercial Bank of China (Asia), MUFG
and Standard Chartered (Hong Kong) were
the MLABs on that deal, which offered
respective top-level all-in pricing of 165bp
and 185bp based on interest margins of
145bp and 165bp over Hibor for three and
five-year tranches.
For full allocations, see http://www.ifrasia.com.EQUITY CAPITAL MARKETS
› DOUYU MAY LAUNCH US IPO THIS WEEKTencent-backed game live-streaming
platform DOUYU INTERNATIONAL HOLDINGS is
considering launching its planned NYSE IPO
as early as this week after putting the deal
on hold in May, people with knowledge of
the transaction have said.
The company has filed for a US$500m
deal with the SEC but the size may change.
No final decision about the timing of the
launch has been made, said the people.
DouYu put the deal on hold in early
May after US President Donald Trump
threatened to impose higher tariffs on
China, leading to global market sell-offs.
There have been conciliatory moves
between the US and China since, helping to
soothe market sentiment.
A spokesman for DouYu said the
company “continues to work toward the
objective of completing its IPO”.
DouYu last week updated its prospectus
with first-quarter 2019 operating and
financial results.
According to the amended filing, average
total monthly active users (MAUs) reached
159.2 million, up 26% from 126.7 million in
the first quarter of 2018. Paying users grew
by 67% to 6 million from 3.6 million during
the same period.