International Financing Review Asia February 10 2018 33COUNTRY REPORT THAILANDfee, or as managers with US$10m–$19m for
a 10bp fee. The deadline for responses is
March 30.
In July 2011, TPK Universal Solutions,
a unit of TPK Holding, raised a US$200m
three-year loan. Citigroup led that loan,
which offered a margin of 80bp over Libor.
TPK Holding, a supplier to Apple,
operates in Taiwan and internationally.› TWO WIN TOP ROLE FOR ASEADVANCED SEMICONDUCTOR ENGINEERING has
named two banks for top roles on a
NT$90bn (US$3bn) five-year term loan
to back its merger with peer Siliconware
Precision Industries.
Bank of Taiwan and Mega International
Commercial Bank have been named facility
agents for the loan, which has already
received total commitments of NT$200bn
with syndication expected to close soon.
Coordinator Citigroup launched the loan
in late December, offering an interest
margin of 55bp over Taibor, with a pre-tax
interest rate floor set at 1.7%.
Mandated lead arrangers and
bookrunners committing NT$7bn or more
or NT$5bn–$6.9bn will get respective
upfront fees of 30bp or 25bp, while MLAs
with NT$3bn–$4.9bn will get a 20bp fee,
lead managers with NT$2bn–$2.9bn will
get a 15bp fee and managers with NT$1bn–
$1.9bn will get a 10bp fee.
Last November, China’s Anti-Monopoly
Bureau said it had approved the merger
conditionally, requiring both to operate
separately for the next 24 months.
ASE plans to create a new holding company,
ASE Industrial Holding, before the end of May
after ASE and SPIL shareholders vote on the
merger at a meeting scheduled for this month.
ASE Industrial will be the borrower on the
NT$90bn loan and ASE will be the guarantor.THAILAND
DEBT CAPITAL MARKETS
› FRASERS PROP PLANS RETURNFRASERS PROPERTY HOLDINGS THAILAND will sell
bonds of up to Bt5bn (US$159m) at end-
February on its market return after a
Bt2.5bn maiden issue late last year.
The Thai real-estate company is expected
to offer tenors of three, five and 10 years to
raise a targeted minimum of Bt3.2bn, with
a greenshoe option of Bt1.75bn.
Bookbuilding is expected to be carried
out in the week of February 19 withsettlement scheduled for month-end.
Bangkok Bank, Bank of Ayudhya and UOB
Thailand are joint lead managers and
underwriters.
Frasers Property is a unit of Singapore-
based property developer Frasers Property
(formerly Frasers Centrepoint), which is
ultimately under the control of Thai tycoon
Charoen Sirivadhanabhakdi’s TCC Group.
It sold seven-year bonds at 2.94% in
December.› MUANGTHAI READIES BT3BN ISSUEMUANGTHAI LEASING will offer bonds of up
to Bt3bn at maturities of three and four
years to institutional and high-net-worth
investors at the end of the month.
The Bt2.5bn three-year piece will pay
3.7%, while the Bt1.5bn four-year portion
pays 3.95%.
Investors can subscribe to the bonds on
February 23-27. The Thai auto-financing
company, which Tris rates BBB, will use the
proceeds for working capital and business
expansion.
Bangkok Bank, Krungthai Bank and Phatra
Securities are joint lead managers and
underwriters.› QUALITY HOUSES PLANS BT3BN PRINTThai property owner and developer QUALITY
HOUSES plans to raise up to Bt3bn from the
sale of three-year bonds later this month.
Preliminary price talk is at a spread range
of 55bp–59bp over Thai government bonds,
but this may change when bookbuilding
kicks off on February 20.
The issuer, with a A– Tris rating, is
targeting minimum proceeds of Bt2.5bn,
plus a Bt500m greenshoe.
Bangkok Bank, Krungthai Bank and UOB
Thailand are joint lead managers and
underwriters.
Proceeds are likely to refinance a Bt4bn
3.18% bond due on February 20.› KTC LIFTS DUAL-TRANCHER TO BT2.25BNKRUNGTHAI CARD priced dual-tranche bonds of
five and 10 years to raise Bt2.25bn, lifting
the issue size from an original Bt1.5bn.
The Bt1bn five-year piece will pay 2.35%
and the Bt1.25bn 10-year portion will pay
3.43% with respective spreads at 53bp and
88bp over Thai government bonds.
Institutional and high-net-worth
investors can subscribe to the notes on
February 13-15.
The Thai credit card services provider,
with a A+ Tris rating, will use the proceeds
for working capital and business expansion.
Krungthai Bank and UOB Thailand were
joint lead managers and underwriters.› SIAMGAS PLANS CGIF BONDSSIAMGAS AND PETROCHEMICALS plans to issue
up to Bt2bn of five-year bonds with
a partial guarantee from the Credit
Guarantee Investment Facility of the Asian
Development Bank.
Kasikornbank, Krungthai Bank and UOB
Thailand are joint lead managers and
underwriters on the issue.
The liquefied petroleum gas distributor’s
issue will be the first baht notes from a Thai
company to come with the CGIF wrap. There
were two baht-denominated CGIF-guaranteed
notes in the past but these were from foreign
issuers Noble Group and KNM Group.
Under the guarantee, the CGIF will
provide unconditional and irrevocable
guarantee for up to 85% of the principal
amount and of unpaid interest.
As a result of the wrap, the unsecured
bonds scored a A rating from Tris, one
notch above Siamgas’s corporate BBB.
The guarantee will improve Siamgas’s
credit profile in addition to cutting funding
costs and allowing it to extend its maturity
curve. Proceeds will be used for working
capital needs.VIETNAM
SYNDICATED LOANS
› SIX JOIN VIETINBANK FACILITYA US$100m term loan for VIETNAM JOINT
STOCK COMMERCIAL BANK FOR INDUSTRY AND
TRADE has seen six lenders join in general
syndication.
Mitsubishi UFJ Financial Group is sole
mandated lead arranger and bookrunner
on the loan, which has already received
commitments of over US$90m. More banks
are expected to join the loan, which will
close before the Lunar New Year.
The loan, which the borrower and the
MLAB signed on December 29, pays a top-
level all-in pricing of 135bp, based on an
interest margin of 115bp and a two-year
average life. Funds are for on-lending
purposes.
The borrower last raised a US$100m
three-year bullet loan in February 2017.
Deutsche Bank was the sole MLAB of
the facility, which attracted seven other
lenders. The loan offered a top-level all-in
of 170bp, based on an interest margin of
140bp over Libor.
VietinBank, one of the four largest state-
owned commercial banks in the country, is
rated B1/BB–/B+.1028_07 Country02.indd 33 09/02/2018 22:00:45