HONG KONG
SYNDICATED LOANS
› H&H REFI HITS LIMITED SYNDICATION
Hong Kong-listed paediatric nutritional
products maker HEALTH AND HAPPINESS
INTERNATIONAL HOLDINGS, formerly known
as Biostime International Holdings, has
launched a US$350m-equivalent three-year
refinancing into limited syndication.
Goldman Sachs is mandated lead arranger
and bookrunner of the facility, a US$300m-
equivalent term loan and a US$50m-
equivalent revolving credit facility.
The overall facility is available in US and
Australian dollars. The interest margins
range from 150bp to 225bp over Libor/BBSY
tied to H&H’s ratings from Moody’s and
S&P. The initial margin is 200bp.
MLAs committing US$75m or more will
receive an all-in pricing of 233.33bp via
a participation fee of 100bp, while lead
arrangers joining with US$50m–$74m earn
an all-in pricing of 228.33bp via a 85bp fee.
Arrangers joining with US$25m–$49m earn
an all-in pricing of 223.33bp via a 70bp fee.
The borrower is BIOSTIME HEALTHY AUSTRALIA
INVESTMENT, an indirect unit of H&H.
H&H and other units are guarantors of
the senior secured term loan.
The facility will refinance a US$450m
three-year senior secured term loan
the borrower signed in April 2016
with 12 lenders, including MLABs and
underwriters Goldman Sachs and Industrial
& Commercial Bank of China. The 2016
borrowing comprised a US$239.5m tranche
and a US$210.5m-equivalent portion in
Australian dollars and paid a top-level all-in
pricing of 465bp based on a margin of
375bp for an average life of 2.5 years.
Proceeds from the US$50m senior
secured multi-currency revolver will be
used for general corporate purposes and
working capital. The US$450m loan was
used to refinance a bridge loan of the same
size, which backed Biostime’s A$1.39bn
(US$1bn then) acquisition of an 83% stake in
Australian vitamin maker Swisse Wellness.
› FIRST PACIFIC RETURNS WITH LOAN
FIRST PACIFIC is returning to the loan market
for a US$200m six-year loan after a nearly
three-year absence.
Mizuho Bank is the mandated lead
arranger and bookrunner of the
transaction, which offers an interest
margin of 120bp over Libor and has an
average life of 4.83 years.
Lead arrangers committing US$30m
or more will receive an all-in pricing of
130.35bp via a participation fee of 50bp,
while arrangers joining with US$15m–
$29m earn an all-in pricing of 127.25bp via
a 35bp fee.
The borrower is a special-purpose vehicle
owned by First Pacific, which is also
providing a guarantee.
First Pacific last tapped the loan market
via its unit FP Finance with a US$320m
three-year club in November 2015. Bank
of America Merrill Lynch, BNP Paribas, BPI
Capital, China Banking Corp, HSBC, Mizuho
Bank, National Australia Bank, Sumitomo
Mitsui Banking Corp and Sumitomo Mitsui
Trust Bank were the lenders to that facility.
Hong Kong-listed First Pacific has
business interests in South-East Asia in
telecoms, infrastructure, food products and
natural resources.› GOSHAWK AVIATION INCREASES LOANGoshawk Aviation, the aircraft leasing
company owned by Hong Kong’s Chow Tai
Fook conglomerate, has increased its five-
year term loan to US$430m after six banks
joined in general syndication.
Dublin-based Goshawk Aviation,
which counts Chow Tai Fook Enterprises
and affiliate NWS Holdings as equal
shareholders, launched the deal in March
an an initial size of US$300m.
Sole mandated lead arranger and
bookrunner Agricultural Bank of China Hong
Kong branch then signed and pre-funded
the facility at US$300m on May 30.
By the end of June, SG Asset, First
Commercial Bank, Hua Nan Commercial Bank
and Taiwan Business Bank joined to close the
deal at US$300m. More recently, Royal Bank
of Canada and Chong Hing Bank came in to
increase the loan size to US$430m.
The bullet deal offered a top-level all-in
pricing of 168.5bp based on an interest
margin of 160bp over Libor.
The borrowers are DIONYSUS AVIATION and
MAGUEY DUTCH AVIATION. The guarantor is
Goshawk Aviation. Funds are for general
corporate purposes.
For full allocations, see http://www.ifrasia.com.› TEXHONG BACK WITH HK$1BN LOANTEXHONG TEXTILE GROUP is returning to the loan
market for a HK$1bn (US$127m) three-year
loan after it raised a smaller borrowing
amount last year.
Sumitomo Mitsui Banking Corp is the
mandated lead arranger and bookrunner
of the transaction, which offers an interest
margin of 136bp over Libor and has an
average life of 2.7 years.
Lead arrangers committing HK$200m ormore will receive an all-in pricing of 165bp
via a participation fee of 78.3bp, while
arrangers joining with HK$100m–$199m earn
an all-in pricing of 161bp via a 67.5bp fee.
A site visit and bank meeting are expected
to be held in Jiangsu province’s Xuzhou
city or in Shanghai from July 30 to July 31.
Commitments are due on August 17.
The funds are for capital expenditure and
general corporate purposes.
The borrower obtained a HK$600m
three-year refinancing in April last year.
Chiyu Banking Corp was the MLAB of that
financing, which offered a top-level all-in
pricing of 180bp over Hibor via a margin of
170bp over Hibor and a 27bp upfront fee.
Founded in 1997, Texhong has operations
in mainland China, Vietnam and Macao.› UNIVERSAL MEDICAL UPSIZES LOANGENERTEC UNIVERSAL MEDICAL GROUP has increased
a dual-currency loan to US$618.5m-
equivalent after nine banks joined in
general syndication.
Agricultural Bank of China Hong Kong branch,
China Construction Bank (Asia), Chong Hing
Bank, Shanghai Pudong Development Bank Hong
Kong branch and Bank of CommunicationsHong
Kong branch are the mandated lead
arrangers and bookrunners.
The bullet transaction now has a
HK$1.911bn tranche and a US$375m
portion. The original target was US$350m-
equivalent when the deal was launched in
May.
Lenders were offered a top-level all-in
pricing of 180bp based on an interest
margin of 150bp over Libor/Hibor and a
90bp participation fee.
Signing is slated for the end of this
month. Funds are for general capital
requirements.
The Hong Kong-listed borrower was
known until earlier this month as Universal
Medical Financial & Technical Advisory
Services. Its wholly owned subsidiary China
Universal Leasing served as the guarantor
in the transaction.
The latest deal follows a maiden
offshore loan signed in December, which
was doubled to US$600m following
commitments from 17 banks in general
syndication. CCB (Asia), CTBC and Shanghai
Pudong Development Bank were the MLABs
of the three-year bullet facility, which paid
a top-level all-in pricing of 190bp based a
margin of 160bp over Hibor/Libor.
The borrower provides financial and
management services to hospitals in China.
Its largest ultimate shareholder, with a
37.7% stake, is China General Technology
(Group) Holding, which is owned by China’s
central government.
For full allocations, see http://www.ifrasia.com.