LOANS ASIA-PACIFICremaining life of 10 years. Eight other
Japanese banks joined the deal in general
syndication.
IRFC and NTPC are rated Baa2/BBB–/BBB–
-OODYS30&ITCH
IRFC is returning to the loan markets after
more than two years. In November 2015, it
raised US$400m in three-year money to
RElNANCEûAûlVE
YEARûLOANûITûHADûCLOSEDûINû
.OVEMBERûû-IZUHO û-5&'ûANDû3-"#û
WEREûTHEû-,!"S
HONG KONG
H&H REFI HITS LIMITED SYNDICATION(ONGû+ONG
LISTEDûPAEDIATRICûNUTRITIONALû
products maker HEALTH AND HAPPINESS
INTERNATIONAL HOLDINGS, formerly known as
Biostime International Holdings, has
LAUNCHEDûAû53M
EQUIVALENTûTHREE
YEARû
RElNANCINGûINTOûLIMITEDûSYNDICATION
Goldman Sachs is the mandated lead
arranger and bookrunner of the facility,
WHICHûCOMPRISESûAû53M
EQUIVALENTû
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
TOûBPûOVERû,IBOR""39ûTIEDûTOû((Sû
RATINGSûFROMû-OODYSûANDû30û4HEûINITIALû
margin is 200bp.
-,!SûCOMMITTINGû53MûORûMOREûWILLû
RECEIVEûALL
INûPRICINGûOFûBPûWITHûAû
participation fee of 100bp, while lead
arrangers joining with US$50m–$74m
EARNûALL
INûPRICINGûOFûBPûWITHûANû
85bp fee. Arrangers joining with US$25m–
MûEARNûALL
INûPRICINGûOFûBPûWITHûAû
70bp fee.
The borrower is BIOSTIME HEALTHY AUSTRALIA
INVESTMENT ûANûINDIRECTûUNITûOFû((û((û
and other units are guarantors of the senior
secured term loan.
4HEûFACILITYûWILLûRElNANCEûAû53Mû
three-year senior secured term loan that the
BORROWERûSIGNEDûINû!PRILûûWITHûû
LENDERS ûINCLUDINGû-,!"SûANDûUNDERWRITERSû
'OLDMANû3ACHSûANDû)NDUSTRIALûû
#OMMERCIALû"ANKûOFû#HINAû4HEûû
BORROWINGûCOMPRISEDûAû53MûTRANCHEû
and a US$210.5m-equivalent portion in
Australian dollars and paid a top-level all-in
PRICINGûOFûBPûBASEDûONûAûMARGINûOFûBPû
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.
4HEû53MûLOANûWASûUSEDûTOûRElNANCEû
a bridge loan of the same size, which backed
"IOSTIMESû!BNû53BNûTHEN û
ACQUISITIONûOFûANûûSTAKEûINû!USTRALIANû
vitamin maker Swisse Wellness.
FIRST PACIFIC RETURNS WITH LOANFIRST PACIFIC is returning to the loan market
FORûAû53MûSIX
YEARûLOAN ûFORûTHEûlRSTû
time in three years.
Mizuho Bank is the mandated lead arranger
and bookrunner of the transaction, which
offers an interest margin of 120bp over
,IBORûANDûHASûANûAVERAGEûLIFEûOFûûYEARS
,EADûARRANGERSûCOMMITTINGû53MûORû
MOREûWILLûRECEIVEûALL
INûPRICINGûOFûBPû
with a participation fee of 50bp, while
arrangers joining with US$15m–$29m earn
ALL
INûPRICINGûOFûBPûWITHûAûBPûFEE
The borrower is a special-purpose vehicle
OWNEDûBYû&IRSTû0ACIlC ûWHICHûISûALSOû
providing a guarantee.
&IRSTû0ACIlCûLASTûTAPPEDûTHEûLOANûMARKETû
VIAûITSûUNITû&0û&INANCEûWITHûAû53Mû
three-year club in November 2015.
(ONGû+ONG
LISTEDû&IRSTû0ACIlCûHASûBUSINESSû
interests in South-East Asia in telecoms,
infrastructure, food products and natural
resources.TEXHONG BACK WITH HK$1bn LOANTEXHONG TEXTILE GROUP is returning to the loan
MARKETûFORûAû(+BNû53M ûTHREE
YEARû
loan after raising a smaller deal last year.
Sumitomo Mitsui Banking Corp is the
mandated lead arranger and bookrunner of
the transaction, which offers an interest
MARGINûOFûBPûOVERû,IBORûANDûHASûANû
average life of 2.7 years.
,EADûARRANGERSûCOMMITTINGû(+MûORû
MOREûWILLûRECEIVEûALL
INûPRICINGûOFûBPû
WITHûAûPARTICIPATIONûFEEûOFûBP ûWHILEû
ARRANGERSûJOININGûWITHû(+MnMû
EARNûALL
INûPRICINGûOFûBPûWITHûAûBPû
fee.
A site visit and bank meeting are expected
TOûBEûHELDûINû*IANGSUûPROVINCESû8UZHOUûCITYû
ORûINû3HANGHAIûFROMû*ULYûûTOû*ULYûû
Commitments are due on August 17.
The funds are for capital expenditure and
general corporate purposes.
4HEûBORROWERûOBTAINEDûAû(+MûTHREE
YEARûRElNANCINGûINû!PRILûLASTûYEARû#HIYUû
"ANKINGû#ORPûWASûTHEû-,!"ûOFûTHATû
lNANCING ûWHICHûOFFEREDûTOP
LEVELûALL
INû
pricing of 180bp over Hibor via a margin of
170bp over Hibor and a 27bp upfront fee.
Founded in 1997, Texhong has operations
INûMAINLANDû#HINA û6IETNAMûANDû-ACAOINDONESIA
INDOMOBIL INCREASES LOAN TO US$275mPT INDOMOBIL FINANCE INDONESIA has increased
its three-year amortising loan to US$275m
from the US$100m target after attracting
eight banks in general syndication.ANZ, CIMB Bank, CTBC Bank, DBS Bank, OCBC
Bank and Sumitomo Mitsui Banking Corp were
the mandated lead arrangers, bookrunners
and underwriters of the borrowing.
The deal pays top-level all-in pricing of
BPûONSHORE ûANDûBPûOFFSHORE û
based on interest margins of 110bp
ONSHORE ûANDûBPûOFFSHORE ûOVERû,IBORû)Tû
HASûANûAVERAGEûLIFEûOFûûYEARSû
)NDOMOBILû&INANCESûLASTûVISITûTOûTHEûLOANû
market was in January last year for a
53MûNEW
MONEYûlNANCINGûTHATûWASû
increased from US$100m. CTBC, Mizuho
"ANK û/#"#ûANDû3-"#ûWEREûTHEû-,!"SûOFû
the three-year amortising facility, which
ATTRACTEDûûOTHERûLENDERS
4HATûlNANCINGûPAIDûTOP
LEVELûALL
INûPRICINGû
of 205.8bp (onshore) and 185.8bp (offshore)
based on margins of 175bp (onshore) and
BPûOFFSHORE ûOVERû,IBORûANDûANûAVERAGEû
LIFEûOFûûYEARS
The borrower, controlled by the
)NDOMOBILû'ROUP ûPROVIDESûMOTORûVEHICLEû
ANDûHEAVY
DUTYûEQUIPMENTûlNANCINGû
services.
Participants are Maybank, Taiwan
Cooperative Bank, First Commercial Bank, Korea
Development Bank, Apple Bank for Savings, Bank
of Taiwan, Bank SBI Indonesia and Taishin
International Bank.DELTA MERLIN LOAN CLOSES WITH NINEA US$215m term loan for Indonesian textile
manufacturer DELTA MERLIN DUNIA TEXTILE has
closed with nine banks joining in general
syndication.
BNP Paribas, ING Bank, Maybank and
Standard Chartered were the mandated lead
arrangers and bookrunners of the
transaction, which was reduced from a
US$250m target and will be signed soon.
The deal paid top-level all-in pricing of
520.77bp (onshore) or 495.77bp (offshore)
based on interest margins of 490bp
ONSHORE ûANDûBPûOFFSHORE ûOVERû,IBOR
Funds are for working capital and to
RElNANCEûAû53MûLOANûSIGNEDûINû
3EPTEMBERûû!.: û".0û0ARIBAS û$EUTSCHEû
Bank, Indonesia Exim, StanChart and
Sumitomo Mitsui Banking Corp were the
-,!"SûOFûTHATûDEAL ûWHICHûCOMPRISEDûAûlVE
year term loan Tranche A and a three-year
term loan Tranche B. The respective margins
FORû4RANCHESû!ûANDû"ûWEREûBPûANDûBPû
OVERû,IBOR ûANDûTHEûTOP
LEVELûFEESûWEREûBP
Mandated lead arrangers and
bookrunners are Standard Chartered, BNP
Paribas, ING Bank and Maybank. Union Bank of
India is a mandated lead arranger.
,EADûARRANGERSûAREûTaiwan Cooperative Bank,
Indonesia Eximbank, Aozora Bank and Shinhan
Bank. Arrangers are NEC Capital, J Trust Bank,
Bank of Panhsin and Shanghai Commercial &
Savings Bank.