70 International Financing Review September 8 2018Lenders were offered top-level all-in
pricing of 233.33bp via a participation fee of
100bp.
The borrower is BIOSTIME HEALTHY AUSTRALIA
INVESTMENT, an indirect unit of H&H.
Hong Kong-listed H&H, formerly Biostime
International Holdings, and other units are
guarantors of the senior secured term loan.
The facility will refinance a US$450m
three-year senior secured term loan signed
in April 2016 with 12 lenders, including
MLABs and underwriters Goldman Sachs
and Industrial & Commercial Bank of China.
That borrowing, which had a US$239.5m
tranche and a US$210.5m-equivalent
portion in Australian dollars, paid 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
revolver will be used for general corporate
purposes and working capital.
The US$450m loan from 2016 was used to
refinance a bridge loan of the same size that
backed Biostime’s A$1.39bn (US$1bn then)
acquisition of an 83% stake in Australian
vitamin maker Swisse Wellness.VANKE-LED GROUP CLOSES FINANCINGCHINA VANKE has closed a Rmb4.26bn-
equivalent (US$620m) loan to finance the
acquisition of shopping malls in China from
Singapore’s CapitaLand.
DBS Bank and Maybank were the mandated
lead arrangers, bookrunners and underwriters
of the three-year multi-currency borrowing,
which has a US$513.56m offshore tranche and
a Rmb764.82m onshore portion.
The offshore tranche comprises a
US$257m piece and a S$350.36m (US$256m)
portion.
The onshore tranche, which was drawn at
the end of May, was reduced from an
original size of Rmb781.8m as the borrower
did not need to raise as much as initially
planned. Proceeds from this tranche were
used for refinancing debt, some of which
was repaid during the syndication process.
China Merchants Bank participated in both
tranches, while China Minsheng Banking Corp
and Mega International Commercial Bank joined
the offshore portion.
The entire financing comes with an inter-
creditor agreement.
SWIFT ASTUTE is the borrower of the
offshore portion, which paid top-level all-in
pricing of 289bp based on an interest
margin of 275bp over Libor. The onshore
piece paid all-in pricing of around 115% of
the PBoC rate.
Proceeds of the offshore tranche back the
Vanke-led consortium’s proposed purchase
of 20 shopping malls with a total gross floor
area of about 950,000 square metres, located
in core areas in 19 cities in China.The members of the consortium include
Chogori Investment (Hong Kong), SCPG
Holdings and Triwater Asset Management
Holdings. The first two entities are a wholly
owned subsidiary and a commercial unit of
Vanke, respectively, while the third is a
subsidiary of Chinese private equity fund
Hopu Investment Management.
On January 5, SCPG Holdings said that it
had teamed up with Vanke and Triwater to
reach an agreement with CapitaLand Mall
Asia, a wholly owned subsidiary of
CapitaLand, to jointly acquire 100% equity and
undertake corresponding loans of 20 shopping
mall holding companies for Rmb8.365bn.HONG KONG
CNCB INVESTMENT INCREASES DEBUTCNCB (HONG KONG) INVESTMENT has increased its
debut three-year bullet loan to US$800m
following an overwhelming response from
20 lenders in general syndication.
Mandated lead arrangers and
bookrunners China Construction Bank (Asia),
HSBC, Industrial & Commercial Bank of China
(Asia) and Mizuho Bank launched the deal at
an initial size of US$500m in mid-July.
Mandated lead arrangers are China
Development Bank, Bank of China, China
Zheshang Bank, Industrial Bank and Shanghai
Pudong Development Bank. Lead arrangers are
Chong Hing Bank, Bank of East Asia, CTBC Bank,
CTBC Bank (Philippines), KDB Asia and Nanyang
Commercial Bank.
Arrangers are Bank Sinopac, KGI Bank, Tai
Fung Bank, Taishin International Bank, Chang
Hwa Commercial Bank, Taiwan Business Bank,
Taiwan Shin Kong Commercial Bank, Bank of
Shanghai, Taichung Commercial Bank and Bank
Negara Indonesia (Persero).
The loan offered top level all-in pricing of
180bp based on an interest margin of 165bp
over Libor and a participation fee of 45bp.
China Citic Bank holds a 99.05% stake in
the company, which provides money
lending and investment business services.TEXHONG INCREASES LOAN TO HK$1.6bnTEXHONG TEXTILE GROUP has increased its three-
year loan to HK$1.6bn (US$204m) from the
HK$1bn target.
SMBC was the mandated lead arranger
and bookrunner of the transaction, which
has an interest margin of 136bp over Libor
and an average life of 2.7 years.
SMBC was joined by lead arrangers
Agricultural Bank of China, First Abu Dhabi Bank,
State Bank of India and Bank of East Asia; and by
arrangers DBS Bank, Bank of Taiwan, East West
Bank, Shin Kong Commercial Bank and Taishin
International Bank.Lenders were offered top-level all-in pricing
of 165bp via a participation fee of 78.3bp.
Funds are for capital expenditure and
general corporate purposes.
The borrower obtained a HK$600m three-
year refinancing in April last year that
offered top-level all-in pricing of 180bp over
Hibor via a margin of 170bp over Hibor and
a 27bp upfront fee.INDIA
HINDALCO TAPS FOR ALERIS BUYHINDALCO INDUSTRIES, a unit of Indian
conglomerate Aditya Birla Group, is in
discussions with lenders for a US$2.3bn loan
to finance its US subsidiary’s proposed
acquisition of aluminium processor Aleris.
The company had a meeting with
representatives from more than 20 banks in
late August.
The loan is split into a US$1.5bn 15-month
bridge facility and an US$800m six-year
term loan with a five-year average life.
Mumbai-listed Hindalco said in late July
its US unit NOVELIS will buy Aleris for
US$2.6bn in what is the group’s biggest
acquisition in more than a decade. Hindalco
acquired aluminium re-rolling company
Novelis for US$5.9bn in 2007.
The Aleris purchase will give Novelis
a foothold in supplying the aerospace
industry, a presence in the construction
market in the US and additional
customers in the car industry. It will increase
the production capacity of Novelis – one of
the world’s biggest suppliers of aluminium
sheets for beverage cans and car parts – by
nearly a quarter to 4.4 million tonnes.
Novelis has been a frequent borrower in
bond and loan markets. In September, it
closed a US$1bn five-year revolving credit
facility that pays a margin of 150bp over Libor.
In April last year, Novelis tapped Asian
lenders for a US$1.8bn senior secured term
loan that paid top-level all-in pricing of
215bp based on a margin of 185bp and a
five-year average life.
Hindalco itself has not borrowed in the
international loan markets since October
2008, when it raised US$1bn through a five-
year amortising facility. That loan paid a
top-level all-in of 315bp based on a blended
margin of 280bp over Libor and an average life
of 3.95 years. Proceeds refinanced a US$3.1bn
18-month bridge loan Hindalco signed in
August 2007 to fund its acquisition of Novelis.POWER GRID SEEKS DEBUT SAMURAIState-owned POWER GRID CORP OF INDIA is
sounding the market for a US$200m-
equivalent 12-year door-to-door Samurai9 Loans 2250 p67-80.indd 70 07/09/2018 18:55:11