margins are 40bp, 45bp and 50bp over one-
month Tibor.
Aozora Bank, Bank of Fukuoka, Mie Bank,
Resona Bank and Sumitomo Mitsui Banking Corp
joined in syndication.
Drawdown is slated for October 25.
The borrower changed its name from SIA
REIT on June 1.
EQUITY CAPITAL MARKETS
› STEELMAKER SELLS ¥28BN SUMCO BLOCK
NIPPON STEEL AND SUMITOMO METAL has sold a
block of 16.1m shares in Japanese silicon
wafer manufacturer Sumco for ¥28bn
(US$250m), according to the term-sheet.
The shares were priced at ¥1,733 each, or
a 2.5% discount to the October 11 close, off
an indicative range of ¥1,729–¥1,746.
The book was around 5x covered with
around 70 lines, according to a source
close to the sale. The top 20 investors took
80% of the shares. Buyers mostly came
from Asia and the US, with some existing
shareholders participating.
Bank of America Merrill Lynch was the sole
bookrunner.
› CSIF IPO TO RAISE ¥18.1BN
The listing of CANADIAN SOLAR INFRASTRUCTURE
FUND on the Tokyo Stock Exchange could
raise up to ¥18.1bn, according to the deal
term-sheet.
The fund will list 177,800 units at a
price range of ¥98,000–¥102,000 and
an indicative yield of 6.75%–7.02%. The
domestic offering constitutes 72.8% of
the offer and the international portion
accounts for the rest.
The sponsor of the listing is Canadian
Solar Projects KK, a subsidiary of solar
power company Canadian Solar. Canadian
Solar Projects KK will take 14.3% of the total
offering.
Proceeds will be used to acquire
solar energy projects and repay debt.
Bookbuilding runs on October 13–19.
Macquarie and Mizuho are advising on the
listing.
MALAYSIA
DEBT CAPITAL MARKETS
› GENTING ON THE ROLL AGAIN
Gaming and resorts company GENTING last
Tuesday tapped its 4.25% senior unsecured
bonds due January 24 2027 for a further
US$500m, bringing the total outstanding to
US$1.5bn.
The reopening priced at 103.002 to yield
3.861%. This was equivalent to Treasuries
plus 150bp, having tightened from initial
guidance of 175bp area.
The existing notes were bid at Treasuries
plus 147bp when the tap was announced,
but slipped to 150bp by the time final
guidance was announced, meaning that
the reopening priced flat to the secondary
level. The bonds had tightened dramatically
since they priced at Treasuries plus 198bp
in January.
Orders were over US$3.25bn when final
guidance was announced, and settled at
over US$2.1bn from 118 accounts.
Asia bought 89% of the Reg S bonds
and European investors 11%. In terms of
investor types, a combined 85% were asset
managers and fund managers, 12% were
banks, a total of 2% were insurers and
sovereign wealth funds and 1% were private
banks.
GOHL Capital is the issuer, Genting
Overseas Holdings is the guarantor and
Genting is the keepwell deed provider.
The Reg S notes are expected to be rated
Baa1/A– (Moody’s/Fitch), on par with the
guarantor.
Citigroup was global coordinator, as well
as joint bookrunner with JP Morgan and
SMBC Nikko.› SOUTHERN POWER PRICES SUKUKSOUTHERN POWER GENERATION has priced
a project sukuk with a size totalling
M$3.665bn (US$870m) and comprising 28
tranches.
A M$90m 4.5-year priced at par to yield
4.70%; a M$100m 5.0-year at 4.73%; a
M$100m 5.50-year at 4.76%; a M$100m 6.0-
year at 4.79%; a M$110m 6.5-year at 4.82%;
a M$110m 7.0-year at 4.85%; a M$115m
7.5-year at 4.88%; a M$115m 8.0-year at
4.91%; M$115m 8.5-year at 4.94%; M$120m
9.0-year at 4.97%; M$120m 9.5-year at
5.00%; M$125m 10.0-year at 5.02%; M$125m
10.5-year at 5.04%; M$130m 11.0-year at
5.06%; M$145m 11.5-year at 5.09%; M$145m
12.0-year at 5.13%; M$150m 12.5-year at
5.17%; M$155m 13.0-year at 5.21%; M$155m
13.5-year at 5.25%; M$160m 14.0-year at
5.29%; M$160m 14.5-year at 5.33%; M$165m
15.0-year at 5.37%; M$170m 15.5-year at
5.41%; M$140m 16.0-year at 5.45%; M$135m
16.5-year at 5.49%; M$135m 17.0-year at
5.53%; M$135m 17.5-year at 5.57%; M$140m
18.0-year at 5.61%.
The tranches of 4.5 to 9.5 years priced
10bp inside the initial guidance ranges.
The 10-year tranche priced 11bp inside,
the 10.5-year priced 12bp inside, and allother tranches priced 13bp inside their
ranges.
Marc has assigned the issue a preliminary
rating of AA. The sukuk is structured under
wakalah bi al-istithmar principles.
Sponsors Tenaga Nasional and SIPP
founded the company, holding respective
stakes of 51% and 49%, to develop a gas
turbine electricity-generating facility
in Pasir Gudang, Johor, Malaysia. In
September 2016, the issuer signed a 21-year
power-purchase agreement with TNB.
CIMB was principal adviser. It was also
joint lead arranger with Maybank.
The notes are expected to be issued in
the week of October 30.SYNDICATED LOANS
› FOUR SEASONS OUT FOR M$700MFOUR SEASONS HOTELS AND RESORTS is seeking
a M$700m (US$166m) five-year loan to
construct a new multi-billion ringgit project
in Kuala Lumpur.
Standard Chartered is the sole mandated
lead arranger and bookrunner on the
amortising facility, which has been
launched into senior syndication.
Property developer Venus Assets is the
borrower of the financing, which will be
launched into general syndication at a later
stage.
In December, Four Seasons and Venus
Assets announced plans for the Four
Seasons Hotel Kuala Lumpur, which is
set to open in early 2018. Located in the
heart of the city centre, the hotel is part
of a 65-storey mixed-used tower, which
will include 242 private residences, 27
serviced apartments, a 209-key hotel and
a five-floor 300,000-square feet luxury
retail podium.EQUITY CAPITAL MARKETS
› TOP PRICE FOR TENAGA SALEAn undisclosed institution has sold
M$489.3m (US$116.1m) of TENAGA NASIONAL
shares at the top of a M$13.90–$13.98
range, according to a person with
knowledge of the transaction.
The final price was at a 1.55% discount
to the pre-deal close of M$14.20 on Bursa
Malaysia.
The institution sold 35m shares, or 0.6%
of the issued capital.
Books were multiple times covered with
participation from 20 investors of which
88% were local. The top four investors were
allocated 72% of the deal.
CIMB was the sole bookrunner.