IFR - 07.07.2018

ANZ, Bank of China Hong Kong, Citigroup,
Mizuho Bank, OCBC, SMBC and United Overseas
Bank are the mandated lead arrangers and
bookrunners.
The leads have fully underwritten and
pre-funded the dual-tranche loan, which
COMPRISESûAû53BNûlVE
YEARûAMORTISINGû
term loan Tranche A and a US$300m three-
year revolving credit facility Tranche B.
The borrowing also comes with a
greenshoe option of up to US$500m.
Tranche A pays an interest margin of
92.32bp (offshore) or 102.32bp (onshore)
over Libor and has an average life of 4.18
years, while Tranche B pays 75bp (offshore)
or 85bp (onshore) and has an average life of
2.83 years.
Lenders can join as lead arrangers for
US$50m and above, as arrangers for tickets
of US$30m–$49m, or as lead managers for
US$10m–$29m.
For lenders solely participating in Tranche
A, lead arrangers receive 65bp in
participation fees for a top-level all-in of
107.87bp (offshore) or 117.87bp (onshore),
while arrangers are offered 50bp for an all-in
of 104.28bp (offshore) or 114.28bp (onshore).
Lead managers receive 45bp in fees for an
all-in of 103.09bp (offshore) or 113.09bp
(onshore).
Tranche B offers participation fees of
52.5bp, 47.5bp and 42.5bp respectively for
the three ticket levels.
For participation in both tranches, lead
arrangers receive blended top-level all-in
pricing of 105.8bp (offshore) or 115.8bp
(onshore), while arrangers earn a blended
all-in of 102.47bp (offshore) or 112.47bp
(onshore) and lead managers are offered a
blended all-in of 101.19bp (offshore) or
111.19bp (onshore).
Proceeds raised will be used for capital
EXPENDITUREûANDûGENERALûCORPORATEû
purposes.
0,.ûISûAûFREQUENTûBORROWERûINûTHEûBONDû
markets and a sponsor/offtaker on project

lNANCINGSûINû)NDONESIAû)Nû.OVEMBERû04û

Cirebon Energi Prasarana raised a

53BNûlNANCINGûFORûTHEûCONSTRUCTIONûOFû

the Cirebon 2 power plant in West Java

PROVINCEû0,.ûHASûENTEREDûINTOûAû

YEARû

power purchase agreement with the project

company.

In May, the Indonesian power utility,

rated Baa2/BB/BBB, raised US$2bn from a

two-part bond issue – US$1bn from 5.45% 10-

year notes at 99.619 to yield 5.5% and

US$1bn from 6.15% 30-year notes at 99.323

to yield 6.2%.

JAPAN

TNS TO REFINANCE PRAXAIR BRIDGE

TAIYO NIPPON SANSO CORPûPLANSûTOûRElNANCEû

bridge loans backing its €5bn (US$5.9bn)

ACQUISITIONûOFû0RAXAIRSû%UROPEANûBUSINESSESû

WITHûLOANSûBONDSûANDûHYBRIDûlNANCINGS

The industrial gas company does not plan

to raise equity as it wants to avoid diluting

shareholders.

4AIYOû.IPPONû3ANSOûHASûAGREEDûTOûBUYûAû

PARTûOFû0RAXAIRSûINDUSTRIALûGASESûBUSINESSESû

in Europe with cash on hand and bridge

loans.

The European businesses to be sold

include Belgium, Denmark, France,

'ERMANYû)RELANDû)TALYûTHEû.ETHERLANDSû

.ORWAYû0ORTUGALû3PAINû3WEDENûANDû

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employees.

The deal helps bring Munich-based Linde

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BASEDû0RAXAIRûONEû

step closer to securing the US$83bn all-share

merger that will create a global leader in gas

distribution, with revenues of almost

US$29bn and 88,000 staff.

4HEûACQUISITIONûISûEXPECTEDûTOûCOMPLETEûINû

the second half of 2018, depending on the

PLANNEDû0RAXAIR

,INDEûMERGERûGOINGû

through.

-IZUHOû3ECURITIESûWASûTHEûlNANCIALû

ADVISERûTOû4AIYOû.IPPONû3ANSOûWHILEû#REDITû

3UISSEû3ECURITIESûADVISEDû0RAXAIR

4AIYOû.IPPONû3ANSOûLASTûVISITEDûTHEû

syndicated loan market in March when it

RAISEDûAûcBNû53M   ûlVE

YEARûTERMûLOANû

arranged by MUFG.

JOGMEC MAKES QUICK RETURN

JAPAN OIL GAS & METALS NATIONAL CORP is seeking

a one-year bullet term loan of ¥30.992bn

(US$281m), three months after the state-

backed company signed a similar

borrowing.

The interest rate on the government-

guaranteed loan will be determined through

a conventional auction with pricing bids due

on July 20. Mizuho Bank is the agent.

Drawdown is slated for August 10.

Proceeds will be for operating funds.

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syndicated loan market and last raised a

¥393.536bn one-year term loan in April at a

zero interest rate. That loan attracted heavy

oversubscription of up to ¥2.527trn from

lenders, such as regional banks.

EUROPE/MIDDLE

EAST/AFRICA

CZECH REPUBLIC

PPF CLOSES €3.025bn ACQN LOAN

Financial investment group PPF has closed

syndication of a €3.025bn loan backing its

€2.8bn acquisition of the Central and

%ASTERNû%UROPEANûASSETSûOFû.ORWEGIANû

telecommunications business Telenor and

PROVIDEDûPERMANENTûlNANCINGûFORûTHEû

EXPANDEDûGROUP

4HEûlNANCINGûWHICHûISûFORû00&û!RENAûû

BV, is the largest loan syndication in the

Central and Eastern European region since

2011.

The multicurrency loan comprises a

€1.04bn-equivalent Term Loan A tranche, a

€1.785bn-equivalent Term Loan B tranche

and a €200m revolving credit facility.

4HEûlNANCINGûCLOSEDûOVERSUBSCRIBEDû

FROMûEXISTINGûRELATIONSHIPûBANKSûANDûNEWû

lenders.

BNP Paribas Fortis,Credit Agricole CIB, Ceska

sporitelna, HSBC, Societe Generale and

UniCredit Bank Czech Republic andSlovakia

were global coordinators and mandated

lead arrangers on the transaction.

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Erste, HSBC, Societe Generale and

UniCredit acted as underwriters and active

bookrunners.

Bank of China, Citigroup, Commerzbank,

Credit Suisse, ICBC, ING, PKO and Raiffeisen

Bank were mandated lead arrangers.

Societe Generale is facility agent while

Komercni Banka is security agent.

".0û0ARIBASûANDû3OCIETEû'ENERALEûWEREû

lNANCIALûADVISERSûTOû00&û7HITEûû#ASEûANDû

+0-'ûADVISEDû00&ûWHILEû!LLENûû/VERYû

advised the global coordinators.

PPF Arena 1 BV will have a corporate

STYLEûlNANCINGûSTRUCTUREûTOûSUPPORTûTHEû

acquisition of Telenor’s assets in Hungary,

Bulgaria, Serbia and Montenegro (Telenor

#%% ûANDûSERVEûASûTHEûPERMANENTûlNANCINGû

platform for technology, media and

telecom activities within the PPF Group

INCLUDINGû/û#ZECHû2EPUBLICû#%4).ûANDû

Telenor CEE.

ASIA-PACIFIC LOANS BOOKRUNNERS – FULLY
SYNDICATED VOLUME (INCLUDING JAPAN)
BOOKRUNNERS: 1/1/2018–30/6/2018

Managing No of Total Share
bank or group issues US$(m) (%)

1 Mizuho 250 46,880.68 17.0
2 Sumitomo Mitsui Finl 311 32,637.84 11.9
3 Bank of China 168 31,830.86 11.6
4 MUFG 405 30,915.61 11.2
5 ANZ 49 11,222.45 4.1
6 HSBC 41 8,697.53 3.2
7 Standard Chartered 35 6,923.32 2.5
8 Citic 5 4,976.48 1.8
9 ICBC 13 4,572.01 1.7
10 Citigroup 19 4,500.21 1.6
Total 1,483 274,992.00
Proportional credit
Source: Thomson Reuters SDC code: S3a