72 International Financing Review September 8 2018Acero Junction has been renamed JSW
Steel USA Ohio Inc, which is the borrower
on the loan. Assets of JSW Ohio will form
the security on the loan, while JSW Steel is
the guarantor.
JSW Steel’s most recent borrowing in the
offshore loan markets was in March, when it
obtained US$140m and ¥11bn (US$104m) credit
facilities from Japan Bank for International
Cooperation and commercial banks.
JSW Steel is an integrated steel company
with an installed steel-making capacity of 18
MTPA. It is part of the US$13bn JSW Group,
which is engaged in steel, energy,
infrastructure, cement, ventures and sports.
Japan’s JFE Steel Corp owns a 15% stake in
JSW Steel.AUROBINDO BACKS US BUY WITH LOANAUROBINDO PHARMA is backing its up to US$1bn
acquisition of the dermatology and oral
solids units of Novartis-owned Sandoz Inc
with a fully committed debt facility.
An upfront purchase price of US$900m
could be increased by up to US$100m
through performance-based earn outs.
The acquisition, which is expected to
close in 2019, would make Aurobindo the
second largest generic player in the US by
number of prescriptions.
The loan would mark a rare foray into the
loan market for Aurobindo.
In July 2016, the company lined up a
US$1bn-US$1.2bn bridge loan from MUFG to
support its ultimately unsuccessful bid to
acquire a Teva drug in the US.INDONESIA
FIF BACK FOR US$200m FACILITYFEDERAL INTERNATIONAL FINANCE has launched a
US$200m three-year loan into general
syndication, returning to the loan markets
after more than a year.
Cathay United Bank, DBS Bank, HSBC, Mizuho,
MUFG, OCBC, SMBC and Taipei Fubon
Commercial Bank are the mandated lead
arrangers and bookrunners of the facility,
which carries an unspecified greenshoe.
The borrowing pays interest margins of
80bp (offshore) and 90bp (onshore) over
Libor. The average life is 1.625 years.
Banks are being invited to join as lead
arrangers with tickets of US$20m or more
for upfront fees of 35bp, translating to a top-
level all-in pricing of 101.5bp (offshore) and
111.5bp (onshore). Arrangers committing
US$10m–$19m receive 30bp in fees for all-
ins of 98.5bp (offshore) and 108.5bp
(onshore), while lead managers committing
US$5m–$9m receive 25bp in fees for all-ins
of 95.4bp (offshore) and 105.4bp (onshore).Funds are for general corporate purposes.
FIF raised a US$200m two-year club loan
in March last year.
The borrower, a provider of motorcycle
financing services, is a unit of Astra
International.TAIWAN
FORMOSA SOUNDS FOR US$1.5bn REFIConglomerate Formosa Plastics Group is
sounding out the market for a loan of about
US$1.5bn.
The company is expected to send out a
request for proposals to relationship banks
in one or two weeks.
Funds are to refinance the same-sized five-
year loan that backed the capital
expenditure requirements of a steel mill
project in Vietnam in February 2015. Bank
of Taiwan, MUFG, DBS Bank, Mega
International Commercial Bank and Taipei
Fubon Commercial Bank were the MLABs on
that deal, which paid a margin of 135bp
over Libor and a top-level fee of 24bp.
FORMOSA GROUP (CAYMAN), a special-purpose
vehicle of Formosa Plastics, is expected to be
the borrower on the latest deal. A site visit
to Vietnam was held late last week.
Formosa Plastics last tapped the loan
market via unit Formosa Ha Tinh (Cayman)
for two deals totalling US$3.38bn in May
and August 2016.
Bank of Taiwan, DBS, Hua Nan
Commercial Bank, Mega International
Commercial Bank and Taipei Fubon were
the MLABs of a US$2.1bn seven-year
financing, while Bank of China (Hong Kong),
Mizuho Bank and Sumitomo Mitsui Banking
Corp were the MLABs on a US$1.28bn five-
year loan.
The US$2.1bn loan offered an interest
margin of 158bp over Libor. The borrower
would pay any excess interest rate beyond a
35bp difference between TAIFX and Libor.
The US$1.28bn loan offered a margin of
140bp over Libor.ROTAM IN MARKET WITH US$100m REFIROTAM CROPSCIENCES is seeking a US$100m
three-year refinancing.
Mega International Commercial Bank and
Taiwan Cooperative Bank are the mandated
lead arrangers and bookrunners of the deal,
which offers an interest margin ranging
from 230bp to 260bp over Libor based on
the borrower’s pre-tax net profit. The
borrower will pay any excess interest rate
beyond a 30bp difference between TAIFX
and Libor.
Banks are being invited to receive the
MLAB title via a 70bp upfront fee forcommitments of US$16m–$20m, the co-
arranger title via a 55bp fee for
US$12m–$15m, or the manager title via a
45bp fee for US$6m–$11m.
There is a 12bp early-bird fee for banks
that commit by September 28. Final
commitments are due on October 5.
Taiwan-listed parent company Rotam
Global AgroSciences and Rotam
Agrochemical are the guarantors.
Funds are to refinance a US$120m three-
year loan signed in October 2016, as well as
for working capital.
Mega also led the 2016 deal, which offered
a margin of 250bp over three or six-month
Libor. The borrower would pay any excess
interest rate beyond a 30bp difference
between TAIFX3 and Libor.
Rotam Global makes crop protection
products and plant nutrients.EUROPE/MIDDLE
EAST/AFRICAFRANCE
NEXITY SIGNS €2.3bn REFIResidential and commercial real estate
developer NEXITY has signed a €2.3bn
syndicated corporate credit facility to
replace an existing €1.14bn financing that
was due to mature in December.
The five-year financing comprises a
€500m cash credit line and a €1.8bn
guarantee line.
Credit Agricole CIB coordinated the
financing and is facility agent.
Banque Europeenne du Credit Mutuel, Caisse
Regionale de Credit Agricole Mutuel de Paris et
d’Ile de France, Arkea Banque, Natixis-CEGC,
Socfim-BPCE and Societe Generale also
participated.
The previous financing, which was
provided by the same bank group,
comprised a €300m cash line and an €840m
guarantee line. The increased financing
amount will be used to support strategic
Nexity’s growth plans.GERMANY
MPT’S JV GETS €655m LOANA joint venture of US-listed real estate
investment trust MEDICAL PROPERTIES TRUST and
wealth manager PRIMONIAL GROUP that was set
up to own a portfolio of MPT’s German
hospitals is being backed with a €655m
seven-year secured loan.9 Loans 2250 p67-80.indd 72 07/09/2018 18:55:11