LOANS ASIA-PACIFICGREENTOWN SIGNS US$800m LOANProperty developer GREENTOWN CHINA HOLDINGS
has signed a US$800m-equivalent three-year
syndicated loan.
The unsecured loan, which can be drawn
in HK or US dollars, will be mainly used to
RElNANCEû'REENTOWNSûEXISTINGûOFFSHOREû
debt.
The deal pays a margin of 256.5bp over
Hibor/Libor and has an average life of 2.7
years.
4HEûlNANCINGûRECEIVEDûSTRONGûSUPPORTû
from the market and was increased from
the launch amount of US$630m.
HSBC led the loan as mandated lead
arranger and bookrunner.
China Merchant Bank, China Construction
Bank, Bank of East Asia, Bank of Communications
Co, Dah Sing Bank, Fubon Bank, Industrial Bank
Co, ICBC, Mega International Commercial Bank,
Nanyang Commercial Bank, Ping An Bank,
Shanghai Pudong Development Bank and China
Minsheng Banking were mandated lead
arrangers.
Bank of Shanghai, China Everbright Bank, Luso
International Bank and Wing Lung Bank were
lead arrangers.
Greentown is one of China’s major
property developers, with a primary focus
on Hangzhou city and Zhejiang province.
HONG KONG
PACIFIC BASIN RAISES US$325m(ONGû+ONG
LISTEDû0ACIlCû"ASINû3HIPPINGûHASû
raised a US$325m seven-year secured
revolving credit facility, according to the
company’s announcement and sources.
BNP Paribas and HSBC were the mandated
lead arrangers and bookrunners of the
borrowing, which offers a margin of 150bp
over Libor.
Mandated lead arrangers are Credit Agricole
and SEB. Lead arranger is Iyo Bank, while
arrangers are DNB Bank, Shinsei Bank and
Societe Generale.
PB VESSELS HOLDING, a British Virgin Islands-
BASEDûWHOLLYûOWNEDûSUBSIDIARYûOFû0ACIlCû
Basin, is the borrower.
4HEûFACILITYûWILLûRElNANCEûSEVERALûOFû
0ACIlCû"ASINSûEXISTINGûCREDITûFACILITIESûANDû
raises fresh capital for previously
unencumbered vessels.
The security package comprises 50 dry
BULKûVESSELSûOWNEDûBYû0ACIlCû"ASIN ûûOFû
WHICHûWEREûSUBJECTûTOûEXISTINGûMORTGAGES
0ACIlCû"ASINû3HIPPINGûISûONEûOFûTHEû
world’s leading owners and operators of
MODERNû(ANDYSIZEûANDû3UPRAMAXûDRYûBULKû
vessels. It currently operates around 230 dry
bulk ships of which 108 are owned and the
rest chartered.
UA FINANCE TRIPLES LOANUNITED ASIA FINANCE has nearly tripled a
multi-tranche loan to HK$4.72bn-
equivalent following commitments from
18 banks in general syndication.
Mizuho Bank, Standard Chartered and Taipei
Fubon Commercial Bank were the mandated
lead arrangers and bookrunners of the
LATESTûlNANCING ûWHICHûCOMPRISESûAû
HK$2.25bn four-year Tranche A, a
HK$2.25bn three-year Tranche B and
a US$28m four-year Tranche C. The US
dollar portion is only available to Japanese
banks.
Mandated lead arrangers are ICBC Macau,
Bank of East Asia, OCBC Wing Hang, China
Construction Bank (Asia) and First Abu Dhabi
Bank. Lead arrangers are Bank of China,
Chong Hing Bank, Fubon Bank Hong Kong,
Industrial and Commercial Bank of China (Asia),
Mega International Commercial Bank and Wing
Lung Bank. Arrangers are E. Sun Commercial
Bank, KGI Bank, Shin Kong Commercial Bank
and Sumitomo Mitsui Trust Bank. Senior
managers are GMO Aozora Net Bank, Hyakugo
Bank and Tokyo Star Bank.
The deal was launched into syndication
at an initial size of HK$1.6bn-equivalent in
mid-April, offering top-level all-in pricing
of 220bp based on an interest margin of
190bp over Hibor/Libor and an average life
of three years.
0ROCEEDSûAREûFORûRElNANCINGûANDû
working capital.
Pricing on the new loan is marginally
tighter than that on a HK$850m
FOUR
YEARûlNANCINGû5!û&INANCEûRAISEDû
in February. Taipei Fubon Commercial
Bank and Taishin International Bank were
the MLABs on that dual-tranche facility,
which offered top-level all-in pricing of
222.9bp based on an interest margin of
200bp over Hibor and a blended average
life of 3.5 years.INDIA
YES BANK MAKES QUICK RETURNYES BANK is returning to the loan market for a
US$400m three-year loan, only a few days
after closing a smaller facility.
BayernLB, Commerzbank, CTBC Bank, First
Abu Dhabi Bank, Korea Development Bank, State
Bank of India, United Overseas Bank and Westpac
Banking Corp are the mandated lead
ARRANGERSûANDûBOOKRUNNERSûOFûTHEûlNANCING û
which pays an interest margin of 95bp over
Libor and has an average life of 2.67 years.
Lenders receive top-level all-in pricing of
114.48bp and the MLA title for commitments of
US$30m or more based on a participation fee of
52bp, an all-in of 112.60bp and the lead
arranger title for tickets of US$20m–$29m via a
47bp fee, or an all-in of 109.61bp and the
arranger title for US$10m–$19m via a 39bp fee.
.OTûSURPRISINGLY ûTHEûPRICINGûISûRICHERûTHANû
Yes Bank paid on a US$300m three-year
loan, which closed a few days back after a
SIX
MONTHûSYNDICATIONû-,!"Sû(3"# û
Standard Chartered and Westpac had
launched the deal offering top-level all-in
pricing of 105bp based on an interest
margin of 80bp. Five banks joined in general
syndication, which was launched in January.
The borrower, rated Baa3 by Moody’s, is
India’s fourth-largest private sector bank in
TERMSûOFûASSETSûANDûTHEûSIXTHûMOSTûPROlTABLEû
bank in the country.INDONESIA
PLN LAUNCHES DOLLAR DEBUTState-owned electric utility company PERUSAHAAN
LISTRIK NEGARA has launched a debut foreign
currency corporate loan of up to US$2bn with
seven banks in the arranger group.GLOBAL LOANS BOOKRUNNERS – FULLY
SYNDICATED VOLUME
BOOKRUNNERS: 1/1/2018–30/6/2018
Managing No of Total Share
bank or group issues US$(m) (%)
1 BAML 702 222,226.78 9.8
2 JP Morgan 618 218,757.33 9.6
3 Citigroup 376 141,754.22 6.2
4 Wells Fargo 477 138,814.54 6.1
5 MUFG 595 95,374.91 4.2
6 Mizuho 382 86,776.64 3.8
7 Barclays 289 82,094.93 3.6
8 Goldman Sachs 234 75,829.67 3.3
9 BNP Paribas 244 72,108.88 3.2
10 Deutsche Bank 255 68,929.17 3.0
Total 4,195 2,276,654.19
Proportional credit
Source: Thomson Reuters SDC code: R1GLOBAL LOANS BOOKRUNNERS – FULLY
SYNDICATED VOLUME (EX US)
BOOKRUNNERS: 1/1/2018–30/6/2018
Managing No of Total Share
bank or group issues US$(m) (%)
1 Mizuho 279 56,029.52 7.2
2 Sumitomo Mitsui Finl 354 41,683.12 5.4
3 MUFG 437 40,006.77 5.2
4 Bank of China 180 36,216.20 4.7
5 BNP Paribas 137 34,847.23 4.5
6 JP Morgan 59 34,128.64 4.4
7 Citigroup 87 29,049.45 3.7
8 HSBC 125 27,283.19 3.5
9 Credit Agricole 125 27,234.53 3.5
10 RBC 78 22,932.37 3.0
Total 2,136 775,240.34
Proportional credit
Source: Thomson Reuters SDC code: R4