COUNTRY REPORT JAPANin Taipei on January 24 and Singapore on
January 25.
Funds will be used for general corporate
purposes.
In September 2016, CSUL last raised
a US$60m four-year loan, according to
Thomson Reuters LPC data. Credit Suisse
was the MLAB on that financing, which
attracted five other lenders.
The borrower is the financing arm of
privately owned Tiara Marga Trakindo. The
parent, founded in 1970, is an authorised
dealer in Indonesia of heavy-equipment
products, including Caterpillar, Iveco,
Mercedes-Benz and Michelin. Trakindo has
customers in the mining, construction,
forestry, agricultural, energy and industrial
sectors.
JAPAN
DEBT CAPITAL MARKETS
› MITSUI FUDOSAN RAISES DOLLARS
Japanese real-estate developer MITSUI FUDOSAN
on Tuesday priced US$300m of five-year
2.95% senior unsecured notes at 99.848 to
yield 2.983%.
This was equivalent to Treasuries plus
62.5bp, inside initial price thoughts of
Treasuries plus 85bp area.
Citigroup , Bank of America Merrill Lynch ,
Morgan Stanley and Nomura were joint lead
managers on the 144A/Reg S offering.
The bonds are expected to be rated A2/A
(Moody’s/S&P).
SYNDICATED LOANS
› ADNOC SIGNS US$3BN LOAN
ABU DHABI NATIONAL OIL (ADNOC) signed a five-
year loan of US$3bn on Monday with Japan
Bank for International Cooperation and three
commercial banks, the Japanese export
credit agency said on Tuesday.
JBIC provided US$2.1bn, while the
remainder came from HSBC , Mizuho Bank
and Sumitomo Mitsui Banking Corp.
The loan is intended to help Japanese
companies secure oil supplies from Abu
Dhabi, as it will generally be used as a form
of advance payment to ADNOC for crude oil
sales to Japanese oil entities.
It marks the fifth facility for the state-
owned oil company where the JBIC has
participated since 2007.› BAIN REFINANCES LBO LOANBain Capital obtained a ¥57.2bn (US$517m)
seven-year facility on December 22 to
refinance a leveraged buyout loan used to
buy Japanese hotel and spa operator OOEDO-
ONSEN HOLDINGS , as well as other assets.
The new facility is split into a ¥55.7bn
term loan and a ¥1.5bn revolving credit.
Sumitomo Mitsui Banking Corp was the
mandated lead arranger, while existing
lenders Mie Bank , Nippon Life Insurance and
Tokyo Star Bank renewed their exposure.
Funds, drawn via special purpose vehicle
Bcj-30, will also be used for acquisitions of
other hotel and spa assets.
The US private-equity firm bought Ooedo-
Onsen for about ¥50bn in March 2015.
SMBC arranged a loan of about ¥30bn to
back the LBO.
Ooedo-Onsen is best known for its spa on
the man-made island of Odaiba in Tokyo Bay.› SAMTY HIRES FOR FUNDRAISINGSAMTY RESIDENTIAL INVESTMENT CORP said it had
mandated Bank of Fukuoka and Sumitomo
Mitsui Banking Corp to arrange two bullet
term loans of a combined ¥17.9bn.
The Tokyo Stock Exchange-listed REIT is
expected to sign on January 30 a ¥15.4bn
loan for real-estate acquisitions. The facility
comprises ¥3.2bn 3.5-year, ¥5.35bn four-
year, ¥5.35bn 4.5-year and ¥1.5bn seven-year
tranches. Funds will be drawn on February 1.
In addition, it will sign on January 29
a ¥2.5bn five-year bullet term loan for
refinancing. Drawdown is slated for January
31.
In July 2016, it obtained a ¥11.2bn loanto acquire real estate, also through the
same two banks.
Samty, established in March 2015, invests
in residential assets in Japanese cities.LAOS
SYNDICATED LOANS
› BCEL LAUNCHES US$100M LOANState-owned BANQUE POUR LE COMMERCE EXTERIEUR
LAO has launched a US$100m four-year term
financing on its debut in the offshore loan
markets.
Cathay United Bank is the mandated lead
arranger and bookrunner on the financing,
which offers an interest margin of 400bp
over Libor and has an average life of 3.1 years.
MLAs with US$15m or above earn a
top-level all-in pricing of 413bp via a
participation fee of 35bp, while lead
arrangers with US$10m–$14m receive an
all-in of 408bp via a 20bp fee and arrangers
with US$5m–$9m obtain an all-in of 405bp
via a 12bp fee. The all-in pricing includes
the early-bird fee, which is 5bp for banks
that commit on or before February 9.
The deadline for responses is March 9.
The guarantor is Bank of the Lao PDR,
the central bank of the Lao People’s
Democratic Republic.
Established in 1975, BCEL’s shareholders
include the Ministry of Finance of Laos
(70%) and Compagnie Financière de la BRED
(10%), which is a wholly owned subsidiary
of France’s Groupe BPCE, of which Natixis
is also a part.
In addition to BCEL’s borrowing, Cathay
United is also arranging US dollar loans
for two Laotian borrowers – a hydropower
plant and another bank.
In December 2015, Cathay United and First
Commercial Bank arranged the US$158m
four-year debut term loan for the Bank of the
Lao PDR. That deal offered a top-level all-in
pricing of 448.23bp based on a margin of
435bp over Libor and a 3.4-year average life.ARE YOUR COLLEAGUES AS
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