ASIA-PACIFIC
AUSTRALIA
BOCO ROCK CLOSES A$210m REFIBOCO ROCK WIND FARM has closed a A$210m
53M ûlVE
YEARûRElNANCINGûWITHûSIXû
banks via MUFG.
The Japanese lender acted as sole
mandated lead arranger, underwriter,
bookrunner and facility agent on the loan
ANDûSYNDICATEDûITûTOûlVEûOTHERûBANKSû)Tû
ended up with A$40m.
Commonwealth Bank of Australia, Industrial
and Commercial Bank of China, ING and Societe
Generale joined with A$35m apiece, while
National Australia Bank came in for A$30m.
The loan is said to pay pricing of around
BPûOVERû""39 ûWHICHûISûSIGNIlCANTLYûLOWERû
THANûTHATûONûAû!MûLOANûITûRElNANCES
According to Thomson Reuters LPC data,
Boco Rock Wind Farm raised A$265m
THROUGHûAûlVE
YEARûPROJECTûlNANCINGûINû*UNEû
2013 after Thai power producer Electricity
'ENERATINGû0UBLICû#Oû%'#/ ûACQUIREDûTHEû
PROJECTûINûWHATûWASûITSûlRSTûWINDûINVESTMENTû
in Australia.
Five lenders funded the project’s
construction. The interest margin on that
loan started at 230bp over BBSY during
construction before stepping up to around
240bp during operations.
Boco Rock Wind Farm, which has been
OPERATIONALûSINCEû ûISûSITUATEDûINû.EWû
South Wales state and its 67 turbines
generate up to 113MW of renewable energy.
CLP Holdings’ EnergyAustralia, previously
called TRUEnergy, is the offtaker under a 15-
year agreement.CHINA
CDH BORROWS FOR SIRTEX BUYAlternative asset fund manager CDH
INVESTMENTS is raising US$700m through a
DUAL
TRANCHEûLOANûTOûlNANCEûITSûACQUISITIONû
of Australian liver cancer treatment
SPECIALISTû3IRTEXû-EDICAL
Bank of China Macau branch has
underwritten the loan, which is split into a
53MûlVE
YEARûTERMûLOANûANDûAû
US$400m 18-month bridge. The borrowing
ISûEXPECTEDûTOûBEûLAUNCHEDûINTOûSYNDICATIONû
INûTHEûNEXTûFEWûWEEKS
In mid-June, Beijing-based CDH and its
partner, China Grand Pharmaceutical and
Healthcare Holdings, emerged as the winner
FORû3IRTEXûWITHûAû!BNû53BN ûOFFER û
trumping a rival bid from US-based Varian
Medical Systems.
CDH will ultimately own 51%, while CGP
will own the remainder.
The transaction awaits approval from the
Committee on Foreign Investment in the
United States. It won the nod from
Australia’s Foreign Investment Review
Board on Tuesday.
Hong Kong-listed CGP announced a rights
issue on Wednesday of up to HK$2.88bn
(US$367m) to pay for the acquisition. The
balance consideration for the acquisition
WILLûBEûFUNDEDûBYûEXISTINGûCASH
Australia has proven an attractive destination
for Chinese investment in the healthcare sector,
with A$5.5bn in deals agreed since 2015, Reuters
reported on Tuesday.GEELY DRAWS STRONG RESPONSEA €3.07bn (US$3.57bn) bank loan for ZHEJIANG
GEELY HOLDING GROUP’s purchase of a stake in
Swedish vehicle maker Volvo has met a
strong response, with 14 banks joining in
senior syndication.
BNP Paribas and China Citic Bank were the
mandated lead arrangers, bookrunners,
underwriters and global coordinators, while
".0ûWASûALSOûTHEûFACILITYûAGENT
/RIGINALûLENDERSûAREûBNP Paribas, China Citic
Bank Hangzhou branch, Export-Import Bank of
China Zhejiang branch, Ping An Bank Shanghai
Free Trade Zone branch, Industrial and
Commercial Bank of China Luxembourg branch,
Bank of China Stockholm branch, Bank of China
Luxembourg branch, China Everbright Bank Hong
Kong branch, ANZ, ING Belgium, Nordea Bank,
SEB, Societe Generale Hong Kong branch, China
Merchants Bank New York branch, China
Minsheng Banking Corp Hangzhou branch,
Shanghai Pudong Development Bank London
branch and MUFG Hong Kong branch.
Proceeds funded Geely’s purchase of an
8.2% stake in Volvo from activist investor
Cevian Capital.
4HEûlNANCINGûCOMPRISESûAûõBNûlVE
year bullet term loan and a €950m 12-month
bridge that offered top level all-in pricing of
185bp and 130bp over Euribor respectively.
4HEûLOANûISûTHEûBIGGESTû-!ûlNANCINGûINû
THEûlRSTûHALFûOFûûFORûANûOUTBOUNDû
acquisition from China. Increased
government regulatory scrutiny on capital
OUTmOWSûHASûDENTEDû-!ûlNANCINGSûFROMûTHEû
mainland, which totalled US$3.75bn in the
lRSTûHALFûOFû ûûLOWERûTHANûTHEû
US$5.92bn raised in the same period last year.
Geely’s subsidiary, Geely Sweden Industry
Investment, will hold the stake.TOTAL NUMBER AND VOLUME OF SIGNED SYNDICATED CREDITS BY COUNTRY
1/1/2018–30/6/2018
No of Volume No of Volume No of Volume
Country issues US$(m) Country issues US$(m) Country issues US$(m)Saudi Arabia 6 23,740.3
United Arab Emirates 8 4,485.4
Qatar 3 4,025.0
South Africa 9 1,943.4
Israel 3 1,919.4
Ghana 1 1,500.0
Oman 1 300.0
Africa/Middle East 31 37,913.50
Japan 1,013 124,555.8
Hong Kong 89 47,323.0
Australia 86 45,556.8
China 193 44,510.1
Singapore 36 23,412.4
Taiwan 76 18,408.6
India 83 13,833.3
Malaysia 10 9,736.2
Indonesia 23 5,511.0
New Zealand 9 2,384.0Vietnam 4 2,234.0
Thailand 3 630.7
Kazakhstan 2 425.0
Cambodia 1 100.0
Asia-Pacific 1,628 338,620.90
United States 2,089 1,502,100.1
Canada 246 116,478.7
Brazil 7 16,887.7
Mexico 28 11,866.1
Argentina 4 1,505.0
Chile 3 1,252.7
Panama 3 430.5
Americas 2,380 1,650,520.80
United Kingdom 101 94,838.0
France 93 76,955.4
Germany 66 55,133.9
Spain 80 42,138.5
Italy 38 27,685.5Netherlands 26 27,259.2
Switzerland 14 19,466.2
Turkey 18 13,183.9
Luxembourg 9 10,477.1
Denmark 7 10,330.2
Norway 16 8,225.0
Belgium 12 7,333.5
Poland 5 5,344.2
Sweden 11 4,894.5
Portugal 4 4,154.1
Russian Federation 8 3,162.8
Austria 7 2,066.7
Finland 9 1,682.5
Ukraine 2 865.0
Ireland 1 60.9
Europe 527 415,257.10
Total 4,566 2,442,312.3
Source: Thomson Reuters