42 International Financing Review Asia November 25 2017to hold 25.5% of Jakarta-listed parent
Trikomsel Oke’s fully diluted equity.
Watiga Trust will manage the shares.› MIDAS GETS EXTENSION NODMIDAS HOLDINGS has obtained consent from
holders for a one-year extension of its
US$30m 7% bonds due 2017.
The consent was received on November
22, a day before the bonds were due to
expire. The Singapore aluminum alloy
producer did not provide other details in a
statement to the Singapore Exchange.› PAC RADIANCE PLANS MEETINGPACIFIC RADIANCE will hold an informal
meeting on December 15 with holders
of its S$100m (US$74m) 4.3% bonds due
2018 to update them on the progress of its
restructuring exercise.
Holders are likely to be asked to accept
certain restructuring terms for the notes,
following an agreement between the
offshore marine-vessel owner and operator
and major lenders to suspend temporarily
certain debt obligations.
Pacific Radiance is also in discussions
for fresh funding, but it has not said if this
would be in the form of equity injections or
bank loans.
Thomson Reuters data shows that a
coupon payment is due on February 18,
while the notes are due to mature on
August 29 next year.
Despite receiving S$85m of Singapore
government-backed loans in June, Pacific
Radiance continued to suffer from the
protracted downturn in the oil-and-gas
industry. It reported a revenue decline of
9% year on year to US$17.2m for the third
quarter of 2017.
With the quieter winter season taking
hold, OCBC Research analysts say they
expect its results to be adversely affected in
the next two quarters, as well.
Earlier, the company also took a hit from
some US$11.4m in provisions over doubtful
receivables resulting from Swiber Holdings’
defaults in 2016.SOUTH KOREA
DEBT CAPITAL MARKETS
› KOREAN SOUTHERN POWER HIRESPower producer KOREAN SOUTHERN POWER, rated
Aa2/AA– (Moody’s/Fitch), has hired BNP
Paribas, Citigroup, HSBC and UBS to arrangeinvestor meetings in Asia, Europe and the
US from November 29.
An offering of US dollar 144A/Reg
S bonds, with short to intermediate
maturities, may follow, subject to market
conditions.
Kospo is one of six power generation
companies under the control of Korea
Electric Power Corp (Kepco).EQUITY CAPITAL MARKETS
› CHAIRMAN CUTS LOTTE SHOPPING STAKELotte Group chairman Shin Dong-bin sold
W214bn (US$196m) of LOTTE SHOPPING shares
through arranger and sole bookrunner
Nomura.
Shin sold more than 1m Lotte Shopping
shares at W214,000 each after the
market’s close last Monday, according to
a person familiar with the situation. The
price represented a discount of 7.96% to
the company’s closing last Monday of
W232,500.
After the sale, Shin’s stake in the retailer
is cut to 9.89% from 13.46%.
According to a statement from Lotte
Shopping, Shin will use the funds raised
to deal with legal action against him. The
sale will also help reduce the group’s cross-
shareholding among affiliates.
Shin and his family are facing charges
including bribery related to a political
scandal involving former President Park
Geun-hye.TAIWAN
SYNDICATED LOANS
› CASETEK SOUNDS OUT FOR US$300MCASETEK HOLDINGS is sounding out the market
after more than two years for a US$300m
loan for which the terms and details have
yet to be determined.
Banks are bidding for the mandate on
the loan.
The borrower last tapped the loan
market for a US$300m three-year term
facility in January 2015. ANZ and DBS Bank
were the mandated lead arrangers on that
loan, which offered all-in pricing of 136bp
to 138bp, based on an interest margin of
130bp over Libor.
The borrower, established in 2010
in the British Cayman Islands, makes
stamped, machined and fine-finished
metal products.› BANKS BID FOR WIND-FARM PFBanks are bidding for a NT$15bn (US$486m)
16-year project financing to back the
second stage of FORMOSA 1 OWF, Taiwan’s first
commercial-scale offshore wind plant.
BNP Paribas is coordinator on the
financing, with bids due before the end of
November.
The Stage 2 project is part of Taiwan’s
ambitious goal to install 3GW of offshore
wind-power capacity by 2025. It will build
30 additional wind turbines off the coast
of Taiwan with a 128MW total capacity by
2019 and follows Stage 1, during which two
turbines installed last October.
Last May, the first stage of the project
was funded with a NT$2.5bn five-year
club loan from Cathay United Bank, EnTie
Commercial Bank and BNP Paribas. That
loan offered an interest margin of 225bp
over three-month Taibor and an annual
guarantee fee of 120bp.› CHUN YU CLOSES NT$3BN MAIDENCHUN YU WORKS has closed a NT$3bn maiden
five-year loan, with First Commercial Bank
as original mandated lead arranger and
bookrunner.
The facility, increased from an initial
NT$2.5bn target, comprises a NT$1.2bn
term loan tranche A and a NT$1.8bn
revolving credit tranche B.
Bank of Taiwan and Chang Hwa Commercial
Bank came in for the same title as First
Commercial.
The loan offers an interest margin of
65bp over Taibor, with a pre-tax interest
rate floor set at 1.7%.
Banks were offered a top-level upfront
fee of 10bp. Funds are for refinancing and
working capital.
The borrower’s land and factory serve as
security, while the borrower’s chairman is
the guarantor.
For full allocations, see http://www.ifrasia.com.› ETERNAL MATERIALS BORROWS MOREChemicals maker ETERNAL MATERIALS has
increased its five-year loan to NT$4.2bn
from an initial NT$3.5bn target.
E Sun Commercial Bank, Hua Nan Commercial
Bank, Mega International Commercial Bank
and Taipei Fubon Commercial Bank were the
mandated lead arrangers and bookrunners.
E Sun was the facility agent.
The facility comprises a NT$2.7bn term
loan tranche A, a NT$1.5bn revolving
credit tranche B and a NT$1.5bn guarantee
tranche C. Tranches B and C cannot exceed
a combined NT$1.5bn.
Tranche A pays an interest margin of
63bp over the interest rate swap, while1019_07 Country02.indd 42 24/11/2017 21:55:23