International Financing Review Asia November 25 2017 37COUNTRY REPORT JAPAN(Moody’s/Fitch), has added US$50m to its
7.125% 2022s at 103.25, lifting the outstanding
total to US$300m.
The Indonesian company returned to the
international bond markets after receiving
over US$1.1bn in orders for its US$300m
five non-call three notes in July. The 144A/
Reg S notes were priced at 7.375%.
At the time of marketing, the company
said proceeds of the July issue would be
used to refinance debt, as well as to meet
general corporate needs.
The tap has initial ratings on par with
July’s issue, as well as those on the issuer.
The notes will be immediately fungible
on settlement.
Credit Suisse was sole bookrunner.SYNDICATED LOANS
› CENTRATAMA WORKS ON DEBUTTelecom tower company CENTRATAMA
TELEKOMUNIKASI INDONESIA is making its debut
in the syndicated loan markets with a
US$195m borrowing for refinancing and
capital-expenditure purposes.
CTBC Bank and Standard Chartered are the
mandated lead arrangers and bookrunners
on the five-year financing, split into
a US$150m term loan and a US$45m
revolving credit facility.
The financing pays interest margins of
350bp (onshore) and 325bp (offshore) over
Libor and has an average life of 3.7 years.
Banks are invited to join as MLAs with
US$25m or above to earn upfront fees
of 150bp for top-level all-ins of 390.54bp
(onshore) and 365.54bp (offshore), or as lead
arrangers with US$17.5m–$25m to earn
125bp for all-ins of 383.78 (onshore) and
358.78bp (offshore), or as arrangers with
US$10m–$17.5m to earn 100bp for all-ins of
377.02bp (onshore) and 352.02bp (offshore).
Bank presentations will be held in
Singapore on December 4, Taipei on
December 5 and Jakarta on December 7.
The deadline for responses is December 22.
Apart from Centratama, other borrowers
on the financing include subsidiaries
Centratama Menara Indonesia, Mac Sarana
Djaya, Network Quality Indonesia and
Fastel Sarana Indonesia.
Funds will refinance debt and also meet
capital-expenditure and general-corporate
needs, as well as fund permitted acquisitions.
South-East Asian private-equity firm
Northstar Group owns slightly over 40% of
Centratama.› MARTABE MINE REFI LURES NINEThe seven-year refinancing of an
acquisition loan, backing the purchase ofIndonesia’s Martabe mine last year, has
closed at US$514.82m with nine banks
joining in general syndication.
The size was reduced from an initial
US$560m, which the leads had prefunded,
as there was a repayment from a cash
sweep before the syndication closed.
Bank Mandiri, Maybank, Mitsubishi UFJ
Financial Group and Sumitomo Mitsui Banking
Corp were mandated lead arrangers,
bookrunners and underwriters on the
refinancing, first signed in July.
The loan paid a top-level all-ins of
398.02bp (offshore) and 448.02bp (onshore),
based on interest margins of 370bp
(offshore) and 470bp (onshore) over Libor
and an average life of 4.46 years, assuming
participating lenders joined by October.
Funds refinance a US$425m five-
year senior loan, as well as a US$130m
mezzanine debt facility, which financed
a consortium’s purchase of a 95% stake in
Agincourt Resources, manager and operator
of the mine.
MARLIN ENTERPRISE, the consortium
comprising London-based EMR Capital
Greenwich, US-based Farallon Capital
Management and two Indonesian investors,
acquired the mine for US$775m, including
assumed debt, plus US$130m if gold
prices average US$1,500 an ounce over a
continuous 12-month period before January
2019.
Martua Sitorus, co-founder of
agribusiness group Wilmar International,
and the families of Robert and Michael
Hartono are the Indonesian partners in the
consortium.
For full allocations, see http://www.ifrasia.com.JAPAN
DEBT CAPITAL MARKETS
› SANTANDER READIES SENIOR NON-PREFBANCO SANTANDER last week started sounding
out investors for an offering of senior non-
preferred Samurai bonds, with Mizuho and
Nomura as joint lead managers.
According to a securities registration
statement filed on November 15, the
Spanish bank plans to issue in maturities of
five years and one month, seven years, and
10 years.
The bank filed an amended securities
registration statement last Friday, showing
the tentatively set coupon ranges of 0.10%
to 1.10% for the five-year and one-month,
0.20% to 1.20% for the seven-year, and
0.50% to 1.50% for the 10-year. However,indicative price ranges are much narrower.
According to market sources, the
indicative price ranges at the start of the
sounding out were 35bp–45bp area over
yen offer-side swaps for the five-year
and one-month, or around 0.50%–0.60%;
45bp–55bp area over for the seven-year, or
around 0.65%–0.75%; and 65bp–75bp area
over for the 10-year, or around 0.94%–1.04%.
Marketing is expected to start officially
this week, with pricing likely in early
December.
The new issue will be a Spanish bank’s
first public trade of senior non-preferred
bonds in yen.SYNDICATED LOANS
› REIT RAISES REFINANCING BULLETDAIWA HOUSE REIT INVESTMENT CORP has raised a
¥16bn (US$142m) 10-year bullet term loan
and a ¥20bn one-year commitment line for
refinancing.
The Tokyo Stock Exchange-listed
company said it signed the term loan
on Tuesday with drawdown slated for
November 29.
The loan will pay a fixed interest rate,
which has yet to be determined.
Sumitomo Mitsui Banking Corp and Mitsubishi
UFJ Financial Group were the mandated lead
arrangers, while Bank of Kyoto, Chugoku
Bank, Development Bank of Japan, Iyo Bank,
Mizuho Bank, Nishi-Nippon City Bank, 77 Bank
and Sumitomo Mitsui Trust Bank joined in
syndication.
Funds will be used to refinance a five-
year term loan of the same size completed
in November 2012, paying a fixed interest
rate of 0.95649%
Meanwhile, the commitment line, to
be signed on November 30, will replace
a facility of the same size completed in
November 2016. SMTB and MUFG were the
MLAs, while Mizuho and SMBC joined in
syndication.
The borrower invests in logistics,
residential and retail properties and hotels,
mainly in the Tokyo, Nagoya and Osaka
metropolitan areas.EQUITY CAPITAL MARKETS
› BAIN CAPITAL EXITS SKYLARKBain Capital has raised ¥62bn (US$555m)
from the sale of its remaining stake in
Japanese restaurant group SKYLARK through
a block trade.
The private-equity firm sold 38.9m
Skylark shares, representing a 19.8% stake,
at the bottom of an indicative price range1019_07 Country02.indd 37 24/11/2017 21:55:22