COUNTRY REPORT TAIWAN€10m-equivalent will earn fees of 30bp
and 80bp for the one-year and two-year
tranches, respectively.
Funds are for refinancing.
Last August, Turk Eximbank signed a
US$640m-equivalent one-year syndicated
loan. Mizuho Bank was the coordinator of
that loan, which offered 90bp over Euribor
for euro drawings and 100bp over Libor for
US dollar drawings.
The state-owned borrower, also known as
Turkiye Ihracat Kredi Bankasi, is rated Ba2/
BB+ (Moody’s/Fitch).
› POU CHEN READIES PRIVATISATION
POU CHEN, the world’s biggest footwear
maker, has launched a NT$28.5bn
(US$977m) loan to back its privatisation
of Chinese sportswear retailer Pou Sheng
International Holdings. (See News.)
Bank of Taiwan, Bank Sinopac, CTBC
Bank, Mizuho Bank, MUFG, SMBC and Taipei
Fubon Commercial Bank are mandated
lead arrangers and bookrunners on the
facility, split into a NT$11.5bn term loan
tranche A and a NT$17bn revolving credit
tranche B.
The loan offers an interest margin of
50bp over Taibor, with a pre-tax interest
rate floor set at 1.7%.
Co-arrangers with NT$5bn and more will
receive a top-level upfront fee of 12.5bp,
while participants with NT$3.5bn–$4.9bn
will get a 10bp fee. The deadline for
commitments is April 13.
On January 21, Hong Kong-listed Pou
Sheng said in a stock exchange filing that it
had received a proposal from Taiwan-listed
parent Pou Chen to be taken private in a
deal valuing the company at HK$10.9bn
(US$1.4bn).
Pou Sheng shareholder Yue Yuen
Industrial Holdings agreed to sell its 62.41%
stake for HK$6.8bn, or at a cancellation
price of HK$2.03 per share.
Pou Chen owns 49.99% of Yue Yuen
Industrial, while Tsai Chi-jui, one of
Pou Chen’s founders, owns 7%. The deal
requires approval from Pou Sheng’s
independent shareholders, owning 37.2%
in total.
The transaction is subject to
shareholders’ approval and the fulfilment
or waiver of all the conditions on or before
May 30 2018.
Citigroup is the financial adviser to Pou
Chen.
In April 2013, Pou Chen raised a
NT$10bn five-year term loan. ANZ, Bank
of Taiwan, CTBC, Mizuho Bank, Standard
Chartered and Taipei Fubon Commercial
Bank were the MLABs on that loan, which
offered a margin of 61bp over the 90 or
180-day secondary CP rate, with a pre-tax
interest-rate floor set at 1.5%.› CHENG LOONG BACK FOR MORECHENG LOONG is returning to the loan
market after one year for a NT$6bn five-
year financing, with Hua Nan Commercial
Bank as sole mandated lead arranger and
bookrunner.
The loan offers an interest margin of
60bp over Taibor, with a pre-tax interest
rate floor set at 1.7%.
Banks can join as MLAs with
NT$900m or more for an upfront fee
of 10bp, or as managers with NT$600m–
$899m for an 8bp fee, or as participants
with NT$300m–$599m for a 5bp fee.
The deadline for responses is March
31.
Funds are for working capital and
refinancing of a NT$6bn five-year
loan signed in September 2014. First
Commercial Bank, Taiwan Cooperative
Bank and Taipei Fubon Commercial Bank
were the MLABs on the loan, which offered
a margin of 62bp over the secondary CP
rate, with a pre-tax interest rate floor of
1.7%.
The borrower last tapped the market
with a NT$2.4bn three-year senior loan
in March 2017, with Credit Agricole as
MLAB.
The company is a leading maker
of industrial paper and corrugated
containers.ARE YOUR COLLEAGUES AS
WELL-INFORMED AS YOU?
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