IFR International - 28.07.2018

,ASTû/CTOBER û#HINAû!IRCRAFTû,EASINGûRAISEDû
a US$425m 4.5-year pre-delivery payment
lNANCINGûVIAûUNITû#!,#û0$0ûû#HINAû
%VERBRIGHTû"ANKû(ONGû+ONGûBRANCHûANDû
)#"#û!SIA ûWEREûTHEû-,!"SûOFûTHATûFACILITY û
which offered a top-level all-in pricing of
BPûBASEDûONûAûMARGINûOFûBPûOVERû
,IBORûANDûANûBPûFEE

DONGSHAN PRECISION FUNDS
MULTEK BUY WITH US$176m LOAN

SUZHOU DONGSHAN PRECISION MANUFACTURING CO
LTDûHASûRAISEDûAû53MûlVE
YEARûTERMû
LOANûTOûlNANCEûITSû53MûACQUISITIONûOFû
3INGAPORE
BASEDû&LEXû,TDSûNON
53ûPRINTEDû
circuit board business.
China Minsheng Banking Corp underwrote
the facility and ended up with US$100m
through its Shanghai free trade zone
branch, while Bank of China committed a
combined US$75.5m via branches in Macau
and Seoul. BOC Macau branch is the facility
agent. The amortising facility offered an
ALL
INûPRICINGûOFûMOREûTHANûBPûOVERû,IBOR
The borrower is wholly owned special-
PURPOSEûVEHICLEû-ULTEKû'ROUPû(ONGû+ONG û
,TDû3HENZHEN
LISTEDû3UZHOUû$ONGSHANû
0RECISIONûCONTROLSûTHEû306ûVIAûITSûFULLYû
OWNEDûUNITû(ONGû+ONGû$ONGSHANû(OLDINGû
,TD
The Suzhou-based precision metal and
electronics product maker agreed in March
TOûBUYû.ASDAQ
LISTEDû&LEXSû-ULTEKûBUSINESS û
INCLUDINGûûlRMSûINû:HUHAI û(ONGû+ONG û
-AURITIUSûANDûTHEû"RITISHû6IRGINû)SLANDS
4HEûBORROWERSûSHARESûASûWELLûASûTHEû
shares and assets of the target companies
form part of the security for the loan.
3UZHOUû$ONGSHANûANDûITSûSUBSIDIARIESû(ONGû
+ONGû$ONGSHANû0RECISIONû5NIONû
/POELECTRONICû#Oû,TD û-
&LEXû#AYMANû
Islands Inc and Multi-Fineline Electronix
3INGAPOREû0TEû,TDûSERVEûASûGUARANTORS
4HEûPARENTûCOMPANYSûBIGGESTû
shareholder and chairman Yuan Yonggang,
another shareholder and company general
manager Yuan Yongfeng, and their spouses
also provided personal guarantees for the
loan.
The transaction was completed on
Thursday after gaining approvals from
shareholders and Chinese regulators.

INDUSTRIAL BANK FINANCIAL
CLOSES BULLET

INDUSTRIAL BANK FINANCIAL LEASING has closed a
2MBMû53M ûONE
YEARûTERMûLOANû
AFTERûlVEûBANKSûJOINEDûINûGENERALû
syndication.
E Sun Commercial Bank is the facility agent
and original mandated lead arranger and
bookrunner on the bullet transaction,
which had an initial target of Rmb500m.

The loan comprises a Rmb100m offshore

tranche, solely taken by E Sun, and a

2MBMûONSHOREûPORTIONûWHICHûWASû

syndicated. Both portions pay an interest

margin of 108.5% of the PBoC rate.

China Merchants Bank Beijing branch, East

West Bank (China), Hana Bank (China) and Land

Bank of Taiwan Tianjin branch joined the deal

ASû-,!"SûKorea Development Bank Qingdao

branch is a participant.

The loan offered top-level all-in pricing of

ûOFûTHEû0"O#ûRATEûVIAûAûTOP

LEVELû

PARTICIPATIONûFEEûOFûBPû4HEû0"O#ûRATEûFORû

ONE

YEARûLOANSûISû

Signing is slated for the end of this month

and the facility is expected to be drawn in

mid-August.

The deal follows a US$80m three-year

amortising term loan the borrower signed in

February. Bank SinoPac (China) and

Industrial Bank Beijing branch were the

-,!"SûOFûTHATûDEALûWHICHûPAIDûAûTOP

LEVELû

ALL

INûPRICINGûOFûBPûOVERû,IBORûBASEDû

ONûAûMARGINûOFûBPûFORûANûAVERAGEûLIFEûOFû

2.775 years.

The borrower is a fully owned unit of

Industrial Bank.

INDIA

RELIANCE INDUSTRIES MANDATES 17

Indian conglomerate RELIANCE INDUSTRIES has

mandated 17 banks on a US$2.7bn

RElNANCINGûWHICHûISûITSûSECONDûBORROWINGû

SINCEû$ECEMBER

The mandated lead arrangers and

bookrunners are ANZ, Bank of America Merrill

Lynch, Barclays, BNP Paribas, Citigroup, Credit

Agricole, DBS Bank, First Abu Dhabi Bank, HSBC,

MUFG, Mizuho Bank, Scotiabank, Societe

Generale, Standard Chartered, Sumitomo Mitsui

Banking Corp, UOB Bank and Westpac.

4HEû-,!"SûûAREûEXPECTEDûTOûLAUNCHûITûINTOû

general syndication around mid-August.

Roadshows are slated for September.

The facility will comprise three tranches,

two of which have amortising repayments.

0ROCEEDSûWILLûRElNANCEûPORTIONSûOFûLOANSû

Reliance signed in 2012, 2014 and 2015.

The leads on the latest loan were also the

SENIORû-,!"SûONûAû53BNûlNANCINGû2),û

SIGNEDûINû$ECEMBERû4HATûFACILITYûCOMPRISESû

a 2.5-year loan of US$815m and €150m

53M    û&ACILITYû    ûFORû2),ûANDûSEPARATEû

US$1bn 4.75-year (Facility 2) and US$500m



YEARû&ACILITYû    ûPORTIONSûFORûITSû2ELIANCEû

Jio Infocomm unit.

2),Sû53ûDOLLARûANDûEUROûTRANCHESûPAIDûTOP

LEVELûALL

INûPRICINGûOFûBPûANDûBPûBASEDû

ONûINTERESTûMARGINSûOFûBPûANDûBPûOVERû

,IBORûANDû%URIBORûRESPECTIVELYû*IOSû&ACILITYû

ûANDû&ACILITYûûOFFEREDûTOP

LEVELûALL

INû

pricing of 105bp and 110bp based on

MARGINSûOFûBPûANDûBPûOVERû,IBORû

RESPECTIVELYû&ACILITIESûûûANDûûHADû

REMAININGûAVERAGEûLIVESûOFûûûANDû

5.42 years, respectively.

Meanwhile, Jio is also in the market for a

cBNû53M    ûSEVEN

YEARû3AMURAIû

bullet term loan, which pays top-level all-in

PRICINGûOFûBPûBASEDûONûAûMARGINûOFûBPû

OVERû4IBORûANDûHASûAûGUARANTEEûFROMû2),

HDFC TO LAUNCH US$750m LOAN

Mortgage lender HOUSING DEVELOPMENT FINANCE

CORP LTD is expected to launch its US$750m

lVE

YEARûLOANûSHORTLY

ANZ, Barclays, Citigroup, DBS Bank, First Abu

Dhabi Bank, HSBC, Mizuho Bank, MUFG and

Sumitomo Mitsui Banking Corp are the

mandated lead arrangers and bookrunners

of the bullet loan. United Overseas Bank joined

the deal, which has been pre-funded by the

NINEûLEADSûINûSENIORûSYNDICATIONûASû-,!"

Bank presentations are scheduled for the

WEEKûOFû!UGUSTûûINû3INGAPOREûANDû4AIPEI

($&#SûLASTûVISITûTOûTHEûINTERNATIONALûLOANû

MARKETûWASûINû*ULYûûFORûAû53MûlVE

YEARûTERMûLOANûWITHûûBANKSûOFûWHICHûû

joined in general syndication. Citigroup,

$"3û3TATEû"ANKûOFû)NDIAûANDû3-"#ûWEREûTHEû

-,!"SûONûTHEûDEALûWHICHûPAIDûTOP

LEVELû

ALL

INûPRICINGûOFûBPûBASEDûONûANûINTERESTû

MARGINûOFûBPûOVERû,IBORûANDûANûAVERAGEû

remaining life of 4.82 years.

IRFC LAUNCHES 10-YEAR SAMURAI

State-owned INDIAN RAILWAY FINANCE CORP has

launched its US$250m-equivalent 10-year

Samurai loan into general syndication.

Mandated lead arrangers and

bookrunners Mizuho Bank, MUFG and

Sumitomo Mitsui Banking Corp pre-funded

cBNû53M   ûONû-ARCHû

The bullet loan has a remaining life of 9.5

years, assuming lenders participating in

general syndication are transferred in by

September 28. It pays an interest margin of

BPûOVERûYENû,IBOR

Banks are invited to join as lead arrangers

with tickets of ¥2bn or above for

participation fees of 190bp translating into

top-level all-in pricing of 100bp. Arrangers

committing ¥1.0bn–¥1.9bn earn fees of

142.5bp for 95bp all in.

4HEûDEADLINEûFORûRESPONSESûISû!UGUSTûû

with signing targeted in the week of

3EPTEMBERûû4HEûPROCEEDSûWILLûlNANCEûTHEû

COMPANYSûACQUISITIONûOFûROLLINGûSTOCK

4HEûPRICINGûONû)2&#SûLOANûISûTIGHTERûTHANû

THATûONûAûcBNû

YEARû3AMURAIûLOANûFORû

Indian state-owned NTPC, which closed in

EARLYû!PRILû-IZUHOû-5&'ûANDû3-"#ûWEREû

THEû-,!"SûOFûTHATûLOANûWHICHûPAIDûTOP

LEVELû

all-in pricing of 105bp based on a margin of

95bp over Tibor and a weighted average