Taiwan and Mega International Commercial
Bank are the mandated lead arrangers
and bookrunners on the loan, which has
received total commitments of US$295m
in general syndication. CTBC is the facility
agent.
The loan pays an interest margin of
120bp over Libor. Banks were offered
a top-level all-in pricing of 138bp, via a
participation fee of 90bp.
Funds are for general corporate purposes.
Signing is slated for early November.
On September 29, Yes Bank signed a
separate ¥16.5bn (US$146m) one-year
Samurai loan, increased from the initial
¥5bn target after heavy oversubscription.
Mitsubishi UFJ Financial Group was
the sole MLAB, while Bank of India,
Commerzbank and Shinsei Bank came in
as lead arrangers. Chugoku Bank, Hyakugo
Bank and Hachijuni Bank joined as
arrangers. The interest margin is 50bp over
yen Libor. Banks received a top-level all-in
of 55bp via a fee of 5bp.
The borrower, rated Baa3 (Moody’s), is
India’s fifth-largest private bank. It had an
asset base of US$34bn as of June 30.
For full allocations, see http://www.ifrasia.com.
EQUITY CAPITAL MARKETS
› ACME SOLAR PREMARKETING IPO
Renewable energy company ACME SOLAR
HOLDINGS has started premarketing a Rs22bn
(US$339m) IPO and aims for a launch at the
end of the year at the earliest, according to
a person with knowledge of the plans.
“We will launch the IPO in February, if
we miss the year-end window,” the person
said.
The company initially considered an
infrastructure investment trust (InvIT)
listing, but the weak showings of the
listed IRB InvIT Fund and India Grid Trust
prompted it to go for a regular IPO.
Acme posted a net profit of Rs7.18m for
the financial year to March 31, versus a loss
of Rs24.5m in fiscal 2016.
Citigroup, Deutsche Bank and ICICI Securities
are the bookrunners.
› MAHINDRA LOGISTICS IPO AT TOP
MAHINDRA LOGISTICS is targeting IPO proceeds
of Rs8.3bn after pricing the shares at the
top of the Rs425–Rs429 range, according to
a person with knowledge of the matter.
Books closed last Thursday and data on
the National Stock Exchange shows the IPO
was 7.9 times covered. The institutional
books were 15.60 times, high-net-worth
individual tranche 2.07 times and retail 6.1
times covered.
Shareholders Mahindra and Mahindra,
Normandy Holdings and Kedaara Capital
Alternative sold 19.3m shares, or a 27.49%
stake, in the IPO.
Mahindra Logistics provides
warehousing, transport, logistics and
freight forwarding services.
Axis Capital and Kotak were the
bookrunners.
› MMFS HIRES FOR SHARES SALE
MAHINDRA AND MAHINDRA FINANCIAL SERVICES has
hired Citigroup, ICICI Securities, JM Financial,
Kotak and Nomura to manage a qualified
institutional placement of up to Rs10bn,
two persons with knowledge of the
transaction have said.
The placement is likely before March 31.
The MMFS board has approved the
issuance of 24m shares to qualified
institutional investors. At the current
price, the placement will fetch a total of
Rs10bn. The board has also approved the
issuance of 25m shares on a preferential
basis to controlling shareholder Mahindra
& Mahindra.
› CCP HIRES FOR RS10BN IPO
Agrochemical company CRYSTAL CROP
PROTECTION has hired Axis, HSBC, ICICI
Securities and Nomura for its Rs10bn IPO
targeted for early next year, according to
two persons with knowledge of the move.
The IPO is likely to involve a mix of
primary and secondary shares. Members
of the Agarwal family, the owners of the
company, and Everstone Capital will be
selling shares in the IPO.
The shares will be listed on BSE and the
National Stock Exchange.
INDONESIA
DEBT CAPITAL MARKETS
› REIT DUO SEEKS TRUSTEE CONSENT
FIRST REIT and LIPPO MALLS INDONESIA RETAIL TRUST
are seeking consent from investors in
separate solicitations for changes to their
bond trustee.
Both Singapore-listed REITs, with
Indonesia’s Lippo Karawaci as a majority
owner, are asking holders of their
respective bonds to approve the change of
Perpetual (Asia) as the new bond trustee in
place of HSBC Institutional Trust Services
(Singapore).
Chandra Asri returns offshore
Bonds Indonesian petrochemical producer slashes yield on new offering
CHANDRA ASRI PETROCHEMICAL, rated Ba3/B+/
BB–, returned to the offshore bond market
after seven years to pay less than half the
yield it forked out in 2010.
The Indonesian petrochemical producer on
Monday drew final orders in excess of US$2.2bn
from 189 accounts for US$300m of seven non-
call four US dollar senior unsecured notes. The
notes attracted what is seen as a huge number
of accounts in view of the issue size.
The 144A/Reg S notes, carrying a coupon
of 4.95%, were priced at 99.126 to yield 5.1%,
well inside initial guidance of 5.5% area.
Given the rarity of offerings from high-yield
petrochemical credits in Asia, leads looked
to Indonesian industrial high-yield bonds
for price comparisons, with similarly rated
Cikarang Listrindo’s 2026 notes and Pakuwon
Jati’s 2024s both seen at around 4.7%.
Back in 2010, Chandra Asri had priced
US$230m of five-year non-call three
amortising senior bonds at 97.942 with a
coupon of 12.875% to yield 13.5% to the
longest average life point.
An amortising structure was initially
considered for the latest issue, but investor
feedback prompted Chandra Asri to proceed
with the seven-year non-call four notes.
Of the notes, 60% went to Asia, 28% went
to EMEA, and 12% went to US.
In terms of investor types, a combined 72%
were fund managers and asset managers,
15% were private banks, a total of 9% were
pension funds, insurers and corporations,
and the remaining 4% were banks and other
investors.
The notes have expected ratings of Ba3/
B+/BB–, similar to those on the issuer.
Styrindo Mono Indonesia and Petrokimia
Butadiene Indonesia are subsidiary
guarantors on the notes.
The petrochemical producer plans to use
proceeds to fund capital expenditure.
Citigroup, DBS Bank and HSBC were
joint global coordinators, as well as joint
bookrunners with Deutsche Bank and Mandiri
Securities.
The bonds were quoted slightly wider on
Tuesday morning, yielding around 5.15%.
CAROL CHAN, DANIEL STANTON