› MACRONIX LAUNCHES REFINANCING
Taiwanese memory-chip maker MACRONIX
INTERNATIONAL has launched a NT$7bn five-
year refinancing.
Bank of Taiwan, Chang Hwa Commercial
Bank, Land Bank of Taiwan, Mega International
Commercial Bank and Taiwan Cooperative
Bank are the mandated lead arrangers
and bookrunners of the facility. Taiwan
Cooperative is the facility agent.
The facility comprises a NT$5bn term
loan tranche A, a NT$1bn term loan
tranche B and NT$1bn revolving credit
tranche C.
The interest margin ranges from 95bp to
150bp over Taibor, based on the borrower’s
pre-tax net profit margin. There is a pre-tax
interest rate floor set at 1.7%.
Banks are invited to join as participants
with NT$700m or more or NT$500m–
$699m for upfront fees of 21bp or 14bp,
respectively. The deadline for responses is
November 3.
The borrower’s land and factory serve as
security.
Funds are to refinance a NT$7.65bn three-
year loan signed in June 2015 and for capital
expenditure and working capital purposes.
BoT, Chang Hwa, LBoT, Mega and Taiwan
Cooperative were the MLABs on that loan,
which offered an interest margin of 100bp–
150bp over three-month Taibor, based on the
borrower’s pre-tax net profit margin.
› MAXCHIP BACK AFTER FOUR YEARS
MAXCHIP ELECTRONICS has returned for a
NT$4.7bn seven-year loan after a four-year
absence from the loan market.
Land Bank of Taiwan is the mandated lead
arranger and bookrunner on the facility,
comprising a NT$1bn term loan tranche
A, a NT$3.2bn term loan tranche B and a
NT$500m revolving credit tranche C.
The loan offers an interest margin of
120bp over Taibor, with a pre-tax interest
rate floor set at 1.7%.
Banks are invited to join as participants
with NT$300m or more for an upfront
fee of 7bp. The deadline for responses is
November 10.
Funds are to back the construction of a
plant in Hsinchu and to buy equipment.
The factory and the equipment will secure
the loan.
The borrower last tapped the loan
market for NT$610m five-year facility
in August 2013. LBoT led that loan, split
into a NT$240m tranche A, a NT$250m
tranche B and a NT$120m tranche C. That
loan offered a margin of 190bp over the
secondary CP rate.
The Taiwan-listed borrower makes
semiconductor integrated circuits and
related products.EQUITY CAPITAL MARKETS
› CHAILEASE SELLS GDR OF US$307MCHAILEASE HOLDING has raised US$307m from
an offering of global depositary receipts.
The Taiwanese leasing company sold
25m GDR, including a base deal of 22m
GDR and an upsize option of 3m GDR, at
US$12.28 each or at a discount of 7.1% to
the pre-deal spot.
The deal was marketed at a price range
of US$12.24–$12.54.
The books were multiple times
oversubscribed with participation from
international long-only investors and hedge
funds.
There is a 90-day lock-up period on the
company, chairman, certain directors and
shareholders.Chailease, a provider of machinery,
vehicle and aircraft financing, plans to use
the proceeds to invest in subsidiaries and to
repay bank loans.
UBS was the sole global coordinator and a
joint bookrunner with Mizuho.VIETNAM
SYNDICATED LOANS
› UNION SQUARE SEEKS US$450MShopping mall UNION SQUARE is in the
market for a five-year transferable term
loan of up to US$450m-equivalent through
coordinator Hang Seng Bank
The facility comprises an onshore
tranche A of up to US$50m-equivalent in
Vietnamese dong and an offshore tranche
B of up to US$400m-equivalent in either HK
or US dollars. The interest margin is 353bp
over Vnibor, Hibor and Libor, respectively.
Tranches A and B pay flat arrangement
fees of 170bp and 200bp, respectively.
Union Square, a high-end shopping mall
in Ho Chi Minh City, is the borrower on
tranche A. BVI-incorporated Ever Success
Capital Holdings is the borrower on tranche
B.
Funds are to back Union Square’s
renovation costs and admin expenses, as
well as for general corporate purposes.
The onshore portion is secured against
a mortgage over Union Square. The
onshore and offshore tranches share an
intercreditor arrangement.
Van Thinh Phat Group founders Truong
My Lan and husband Eric Chu Nap Kee are
providing personal guarantees.If your company has been singled out for praise by one of IFR Asia’s independent journalists,
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