COUNTRY REPORT TAIWANTAIWAN
SYNDICATED LOANS
› ADCB INCREASES LOAN TO US$590M
ABU DHABI COMMERCIAL BANK has increased a
dual-tranche loan to US$590m from an
initial US$400m target after attracting 16
banks in general syndication.
Mizuho Bank was the initial mandated
lead arranger and bookrunner of the
facility, while Bank of China and Industrial and
Commercial Bank of China Dubai joined with
the same title.
The loan is split into a US$250m three-
year tranche A and a US$340m five-year
tranche B, paying interest margins of 63bp
and 95bp over Libor respectively. Only the
five-year tranche was syndicated.
Lenders were offered a top-level all-in
pricing of 105.35bp based on a marketed
remaining life of 4.83 years.
In November 2016, ADCB, which is rated
A/A+ (S&P/Fitch), raised a US$600m three-
year senior unsecured term loan. Wells
Fargo was the MLAB on that deal, which
offered a top-level all-in pricing of 115.4bp
via a margin of 95bp and a 59bp upfront
fee.
For full allocations, see http://www.ifrasia.com.
› ZHEN DING TECHNOLOGY SIGNS LOAN
Taiwanese printed circuit board maker
ZHEN DING TECHNOLOGY HOLDING has signed a
US$300m three-year loan.
Citibank Taipei, CTBC Bank, Mega
International Commercial Bank and Taipei Fubon
Commercial Bank were the mandated lead
arrangers and bookrunners of the loan,
which has a two-year extension option
and pays an interest margin of 100bp over
Libor. The borrower will pay any excess
interest rate beyond a 40bp difference
between Libor and TAIFX.
Banks were offered a top-level upfront
fee of 12bp. Signing was last Wednesday.
Funds are to refinance a US$300m
three-year facility Zhen Ding signed in
December 2016. That deal offered a margin
of 115bp over Libor. The borrower would
pay any excess interest rate beyond a 40bp
difference between Libor and TAIFX.
For full allocations, see http://www.ifrasia.com.
› NEO SOLAR LAUNCHES NT$11BN LOAN
Solar cell maker NEO SOLAR POWER has
launched a NT$11bn (US$357m) three-year
loan, returning to the loan market after
two years.
First Commercial Bank is the mandated
lead arranger and bookrunner of the deal,
which comprises a NT$8bn term loan
tranche A and a NT$3bn revolving credit
tranche B.
The deal offers a margin of 180bp over
Taibor, with a pre-tax interest rate floor set
at 2.4%.
Banks are being invited to join as MLAs
for commitments of NT$1.1bn or more for
an upfront fee of 25bp, as co-arrangers with
NT$660m–$1bn tickets for a 15bp fee, or as
managers with NT$330m–$659m tickets for
a 8bp fee.
Funds are for refinancing purposes.
Taiwan-listed Neo Solar last tapped
the market with a US$123.6m three-year
letter of credit in August 2016. ING Bank
Taipei branch was the sole mandated lead
arranger and bookrunner of that deal,
which offered a quarterly fee ranging from
125bp to 150bp tied to the borrower’s pre-
tax net profit margin.› GLORIA MATERIAL SOUNDS MARKETGLORIA MATERIAL TECHNOLOGY is sounding the
market for a loan of NT$4bn.
Banks are bidding for the mandate for
the deal, the terms of which are yet to be
determined.
Funds are for working capital purposes.
Gloria Material Technology last tapped
the market in September 2015 for a
NT$4bn five-year loan. Bank of Taiwan,
Hua Nan Commercial Bank, Mega
International Commercial Bank and
Taiwan Cooperative bank were the MLABs
on that deal, which offered an interest
margin of 38bp over the one-year post
office saving rate.
Gloria Material Technology manufactures
and sells alloy steel and valve-parts
worldwide.› SANYANG MOTOR CLOSES NT$6BN REFICar and motorcycle parts manufacturer
SANYANG MOTOR has closed its NT$6bn five-
year term loan.
Land Bank of Taiwan was the sole
mandated lead arranger and bookrunner of
the deal, which comprised a NT3.6bn term
loan tranche A and a NT$2.4bn revolving
credit tranche B.
The deal offers an interest margin of
100bp over Taibor, with a pre-tax interest
rate floor set at 1.7%.
Banks were offered a top-level upfront
fee of 12bp.
The bulk of the proceeds will refinance
a NT$6bn three-year facility the borrower
obtained in December 2015, while the
remainder will go towards working capital.
LBoT also led that deal, which offered amargin of 122.2bp over Taibor.
For full allocations, see http://www.ifrasia.com.› CHAILEASE FINANCE RAISES LOANCHAILEASE FINANCE has raised a NT$4.8bn
three-year loan, less than a year after
signing a slightly smaller facility.
Bank of Taiwan and Mega International
Commercial Bank were the mandated
lead arrangers and bookrunners of the
transaction, which was increased from a
NT$4bn target.
The deal is equally split into a NT$2.4bn
revolver tranche A and a NT$2.4bn
guarantee tranche B.
Tranche A pays an interest margin of
70bp over Taibor, with a pre-tax interest
rate floor set at 1.7%, while tranche B offers
an annual guarantee fee of 60bp.
Funds are for working capital purposes.
The signing is slated for September 26.
The borrower last raised a NT$4bn three-
year loan in October 2017. Chang Hwa
Commercial Bank, Hua Nan Commercial
Bank, Land Bank of Taiwan, Yuanta
Commercial Bank and Taiwan Cooperative
Bank were the MLABs on that deal, which
comprised a NT$1bn revolving credit
tranche A and a NT$3bn guarantee tranche
B. Tranche A offered an interest margin of
85bp over Taibor, with a pre-tax interest
rate floor set at 1.7%, while tranche B
offered an annual guarantee fee of 70bp.
Chailease Finance offers leasing,
factoring, corporate direct loans and
offshore financing services in China, South-
East Asia and North America.
For full allocations, see http://www.ifrasia.com.› BAO FENG AM INCREASES LOAN TO NT$4BNBAO FENG ASSET MANAGEMENT has increased a
seven-year loan to NT$4.025bn from an
initial NT$3.5bn target.
Hua Nan Commercial Bank was the
original mandated lead arranger and
bookrunner of the deal, while CTBC Bank
and Taipei Fubon Commercial Bank came in
with the same title.
The deal comprises a NT$2.5bn tranche
A, a NT$1.245bn tranche B, a NT$1.245bn
guarantee tranche C and a NT$280m
tranche D. Tranches B and C cannot exceed
a combined NT$1.245bn.
The interest margins on tranches A, B
and D range from 85bp to 90bp over three-
month Taibor, with a pre-tax interest rate
floor set at 1.7%. Tranche C offers an annual
guarantee fee of 80bp.
Banks were offered a top-level upfront
fee of 10bp. Signing was on September 10.
The borrower’s land and buildings serve
as security, and the chairman is providing a
guarantee.