launched into limited syndication via
Cathay United Bank and CTBC Bank.
The two banks have equally underwritten
the facility, comprising a US$240m term
loan and a US$15m revolving credit. The
all-in pricing is in the high 300s, while the
debt represents leverage of around 4x–5x.
A site visit will be held in Hong Kong on
March 27. The deadline for responses is late
April.
Affinity agreed in early January to buy
the stake in Hong Kong-headquartered
Trimco for US$520m from Partners Group.
Partners had purchased the Trimco stake
in 2012 from another private-equity firm
Navis Capital Partners. At the time, it had
obtained a US$55m senior loan from four
Taiwanese banks.
CTBC was the sole facility and security
agent, mandated lead arranger and
bookrunner. Ta Chong Bank, Taipei Fubon
Commercial Bank and Taishin International
Bank joined in July to share the MLA title.
The five-year amortising term loan, with
an average life of about three to 3.5 years,
paid a margin of 450bp over Libor.
Trimco, founded in Hong Kong, serves
garment makers in China, India and South-
East Asia.
› GOSHAWK SEEKS US$300M FACILITY
Dublin-based aircraft-leasing company
GOSHAWK AVIATION has launched a US$300m
unsecured five-year term loan.
Agricultural Bank of China, Hong Kong
branch, is the mandated lead arranger and
bookrunner on the loan, which offers an
interest margin of 160bp over Libor.
Lenders get a top-level all-in pricing of
168.5bp and the lead arranger title for
US$40m or more, via a participation fee of
42.5bp, an all-in of 167bp and the arranger
title for US$30m–$39m, via a fee of 35bp,
an all-in of 165.5bp and the senior manager
title for US$20m–$29m, via a 27.5bp fee,
and an all-in of 164bp and the manager title
for US$19m or below, via 20bp.
The borrowers are Dionysus Aviation
Designated Activity and Maguey Dutch
Aviation. Goshawk Aviation is guaranteeing
the loan.
Funds are for general corporate
purposes.
Last December, the borrower raised a
US$100m five-year Schuldscheindarlehen
via Commerzbank and BNP Paribas.
Lenders were offered spreads of 160bp–
180bp on the five-year financing.
Goshawk manages a fleet of 114 aircraft
on lease to 41 airlines in 29 countries, with
a total fleet value of US$5.5bn. Established
in November 2013, the company counts
Hong Kong’s Chow Tai Fook Enterprises
and NWS Holdings as equal shareholders.
› SHANGRI-LA LOAN HITS SYNDICATIONHotel operator SHANGRI-LA ASIA has launched a
US$150m five-year bullet loan into limited
syndication, with MUFG as the coordinator.
The loan offers an interest margin of
80bp over Libor.
Lenders are being offered a top-level
all-in pricing of 90bp and the mandated
lead arranger title for US$30m or more,
via a participation fee of 50bp, an all-in
pricing of 87bp and the lead arranger title
for US$20m–$29m, via a fee of 35bp, and
an all-in of 85bp and the arranger title for
US$10m–$19m, via 25bp. The deadline for
commitments is April 11.
Funds are for refinancing purposes.
The borrower is Shangri-La Asia Treasury,
a wholly owned subsidiary of Shangri-La
Asia. Shangri-La Treasury raised a US$110m
four-year senior loan in September 2016.
MUFG was also the MLAB on that loan,
which attracted two other lenders.
The parent, an investment holding
company, owns and operates hotels and
associated properties in China, Singapore,
Malaysia and other countries.› CTFE SIGNS US$1.3BN FACILITYCHOW TAI FOOK ENTERPRISES signed a US$1.3bn-
equivalent five-year term loan last Monday
with six mandated lead arrangers and
bookrunners.
Bank of Taiwan, Bank of East Asia, Mega
International Commercial Bank, Shanghai
Pudong Development Bank, Tai Fung Bank and
Taipei Fubon Commercial Bank are the six
MLABs on the loan, comprising a US$1.02bn
piece and a HK$2.185bn portion. SPDB was
the coordinator.
The loan carries an interest margin
of 120bp over Hibor or Libor. In general
syndication, lenders were offered a top-
level all-in pricing of 138.55bp via a 77bp
participation fee. In senior syndication,
MLABs were offered a top-level all-in pricing
of 150bp or 145bp via a management fee
of 88bp and underwriting fees of 44bp or
22bp, respectively.
Funds are for working capital purposes.
For full allocations, see http://www.ifrasia.com.› HKBN SEEKS A&E FOR BULLETHKBN is seeking an amendment and
extension for a HK$4.1bn five-year bullet
loan signed in November 2016. (See News.)
BNP Paribas is the coordinator on the
exercise, which involves a reduction in the
loan’s interest margin and a lengthening of
its tenor.
The new margin is tied to a leverage
grid: 325bp for a total net leverage of
greater than 5.5x; 275bp for leverage of5.01x–5.5x; 220bp for 4.51x–5.00x; 170bp
for 4.01x–4.50x; 120bp for 3.51x–4.00x;
105bp for 2.51x–3.50x and 95bp for 2.5x or
below.
The company had net leverage of 3.38x
as of August 31 2017.
The new maturity date is five years from
the day all lenders receive approvals for
renewal of commitments.
Lenders are being offered a 30bp fee
for the A&E exercise. A bank meeting was
planned in Hong Kong last Friday.
The original facility had 25 lenders,
including mandated lead arrangers and
bookrunners BNP Paribas Hong Kong,
Citigroup, Credit Agricole and JP Morgan
Hong Kong, when it closed syndication in
2016.
That facility, split into a HK$3.9bn term
loan and a HK$200m revolving credit,
offered a top level all-in pricing of 148bp
via an interest margin of 135bp over Libor
and a 65bp upfront fee. Wholly owned
HKBN subsidiaries Hong Kong Broadband
Network and HKBN Group were the
borrowers.
HKBN provides broadband and mobile
telephony services in Hong Kong.› NWD OPTS FOR GREEN LOANHong Kong-listed NEW WORLD DEVELOPMENT
has signed an amendment to a HK$3.6bn
financing with six banks, making the
borrowing the first green loan under the
developer’s green finance framework
launched last Wednesday.
The lenders are ANZ, Bank of China (Hong
Kong), Credit Agricole, Hang Seng Bank, HSBC
and Sumitomo Mitsui Trust Bank, Hong Kong
branch.
The loan was originally signed in March
2016 with the first five banks. SMTB joined
the financing subsequently, via a secondary
market transaction, with Credit Agricole.
The amendment requires the loan’s
use of proceeds to adhere to a slew of
conditions under the company’s green
finance framework. The terms of the
loan, including the interest margin and
the final maturity of March 2021, remain
unchanged.
The facility finances the redevelopment
of a commercial real-estate project at King’s
Road in Hong Kong’s North Point district.
Construction has started and is slated for
completion by the end of 2019.
The building has received various
certificates, including the WELL Building
Standard pre-certification and BEAM Plus
New Building Version 1.2, a pre-requisite
for the loan to be defined as green.
While the entire loan qualifies as a green
financing, only a partial drawdown has
taken place.