ASIA-PACIFIC
CHINA
SPIC EXTENDS BRIDGE MATURITYSTATE POWER INVESTMENT CORP has secured
approval from all lenders to extend the
MATURITYûOFûAû53MûONE
YEARûBRIDGEû
loan, winning itself more time to work on a
BONDûISSUEûTOûRElNANCEûTHEûLOAN
The state-owned power producer clubbed
the facility with six banks in November
û4HEûLOANûHELPEDûTOûFUNDûITSû2BNû
(US$2.25bn) acquisition of a licence to
operate the São Simão hydropower plant in
Brazil.
4HEûBORROWERûOFûTHEû53MûBRIDGEûISûAû
SUBSIDIARYûCALLEDû30)#û'REENû%NERGYû4HEûSIXû
lenders in the deal are: Agricultural Bank of
China, Bank of China (Hong Kong), Banco
Santander, Credit Agricole, HSBC and Standard
Chartered.
The banks agreed last month to extend
the due date of the loan by less than two
months, from early November to end-
$ECEMBERûTHISûYEARû4HATûWILLûGIVEû30)#û
extra time to capture the right window to
issue the senior notes, part of which are
INTENDEDûTOûRElNANCEûTHEûBRIDGEûFACILITY
30)# ûRATEDû!!n!û-OODYS30&ITCH û
has hired banks for a proposed offering of
US dollar senior notes. JP Morgan, Bank of
!MERICAû-ERRILLû,YNCH û"O#û)NTERNATIONALû
ANDû)#"#ûAREûJOINTûGLOBALûCOORDINATORSûASû
well as joint bookrunners and joint lead
MANAGERSûWITHû"O#OMû)NTERNATIONAL
30)# ûONEûOFûTHEûlVEûLARGESTûSTATE
OWNEDû
ELECTRICITYûPRODUCERSûINû#HINA ûRESULTEDûFROMû
THEûMERGERûOFû#HINAû0OWERû)NVESTMENTû#ORPû
ANDû3TATEû.UCLEARû0OWERû4ECHNOLOGYû#ORPûINû
HONG KONG
PRICING OUT FOR HUAFA CLUB!û(+BNû53M ûTHREE
YEARûCLUBûTERMû
loan for Zhuhai Huafa Group is offering an
INTERESTûMARGINûOFûBPûOVERû(IBORûANDûANû
UPFRONTûFEEûOFûBP
Semi-annual unequal repayments will
STARTûAFTERûAûSIX
MONTHûGRACEûPERIODûû
SIXTHûANDûTHûMONTH ûûTH ûTHûANDû
THûMONTHS ûANDûûTHûMONTH
4HATûTRANSLATESûINTOûANûAVERAGEûLIFEûOFûû
YEARSûANDûMEANSûANûALL
INûPRICINGûOFûBPû
over Hibor.
Hang Seng Bank is helping to coordinate
the deal.
The borrower is HONG KONG HUAFA
INVESTMENT HOLDINGS, while its onshore parent
is the guarantor.
Zhuhai Huafa Group, which is fully
owned by the Zhuhai city government, has
businesses spanning urban infrastructure,
REALûESTATE ûlNANCIALûANDûINDUSTRIALû
investment, and trade.MINMETALS LAND OBTAINS HK$3.5bnHong Kong-listed MINMETALS LAND has self-
ARRANGEDûAû(+BNû53M ûFOUR
YEARû
club loan.
The mandated lead arrangers were Bank of
China Singapore branch, Bank of East Asia, China
Everbright Bank, Dah Sing Bank, DBS Bank, Hang
Seng Bank, Industrial & Commercial Bank of
China, Nanyang Commercial Bank, Shanghai
Pudong Development Bank and CMB Wing Lung
Bank. BOC is the facility agent.
Minmetals Land is the guarantor, while its
unit ONFEM FINANCE is the borrower.
)Nû*UNEû û/.&%-û&INANCEûSIGNEDûAû
(+BNûFOUR
YEARûSYNDICATEDûTERMûLOANû
Wing Lung was the MLAB of that facility,
WHICHûPAYSûAûMARGINûOFûBPûOVERû(IBORû
ANDûOFFEREDûTOP
LEVELûALL
INûPRICINGûOFûBP
Minmetals Land is the real estate arm of
#HINAû-INMETALSû#ORPû)TûHASûPROPERTYû
PROJECTSûTHROUGHOUTû#HINAûANDû(ONGû+ONGINDIA
TATA MOTORS MANDATES NINE FOR
US$1bnTATA MOTORS has mandated nine banks for a
53BNûlNANCING ûNINEûMONTHSûAFTERû
COMPLETINGûAûaMûLOAN
ANZ, Axis Bank, BNP Paribas, Credit Agricole
CIB, Citigroup, DBS Bank, First Abu Dhabi Bank,
Mizuho Bank and Standard Chartered are the
mandated lead arrangers and bookrunners
of the new-money deal, which is said to have
a tenor of around six years.*AGUARû,ANDû2OVER ûAûUNITûOFû4ATAû-OTORS û
is the borrower of the facility, which is
expected to be launched into general
syndication soon.
4ATAû-OTORSûCLOSEDûTHEûaMûLOANûINû
*ANUARYûWITHûûLENDERSûJOININGûINû
syndication.
The loan, which was denominated in
sterling to match revenues from Jaguar Land
2OVER ûCOMPRISESûAûaMûDUAL
TRANCHEû
Facility A and a £225m Facility B. Facility A is
SPLITûINTOûTWOûAMORTISINGûPORTIONSûnûONEû
MATURINGûINû*ULYûûANDûTHEûOTHERûINû*ULYû
û&ACILITYû"ûHASûAûBULLETûREPAYMENTûDUEû
INû*ULYûû,ENDERSûWEREûOFFEREDûTOP
LEVELû
ALL
INûPRICINGûOFûBPûBASEDûONûAûBLENDEDû
INTERESTûMARGINûOFûBPûANDûAûBLENDEDû
REMAININGûAVERAGEûLIFEûOFûûYEARS
Separately, Tata Motors in June mandated
TWOûBANKSûONûAû53MûSEVEN
YEARûBULLETû
loan to fund a proposed bond buyback. ANZ
ANDû#ITIGROUPûHAVEûEQUALLYûUNDERWRITTENû
the loan and are also leads on the buyback
FORû53MûOFûAû53MûTWO
PARTûBONDû
ISSUEûFROMû/CTOBERûû4HEûBONDûISSUEûHASû
Aû53Mû
YEARûTRANCHEûWITHûAûCOUPONû
OFûûANDûAû
YEARûPORTIONûPAYINGû
TATA P OWER LAUNCHES US$245m REFITATA POWERûHASûLAUNCHEDûITSû53MûTHREE
YEARûRElNANCINGûINTOûGENERALûSYNDICATION
ANZ, Bank of America Merrill Lynch, DBS Bank,
ICBC (Asia) and SMBC are the mandated lead
ARRANGERSûANDûBOOKRUNNERSûOFûTHEûlNANCING û
which has been pre-funded.
4HEûDEALûPAYSûANûINTERESTûMARGINûOFûBPû
OVERû,IBORûANDûHASûANûAVERAGEûLIFEûOFûû
years.
Banks receive a top-level all-in pricing of
BPûANDûTHEû-,!ûTITLEûFORûCOMMITMENTSû
OFû53MûANDûABOVEûVIAûAûPARTICIPATIONûFEEû
OFûBP ûALL
INûPRICINGûOFûBPûANDûTHEû
LEADûARRANGERûTITLEûFORûTICKETSûOFû53Mn
MûVIAûAûFEEûOFûBP ûANDûANûALL
INûOFû
BPûANDûTHEûARRANGERûTITLEûFORû53Mn
MûVIAûAûBPûFEE
Khopoli Investments, a fully owned
investment holding company of Tata Power,
ISûTHEûBORROWERûOFûTHEûlNANCINGû4ATAû0OWERû
is the guarantor.
&UNDSûAREûTOûRElNANCEûTHEûOUTSTANDINGû
AMOUNTûFROMûAû53MûTHREE
YEARûLOANû
COMPLETEDûINû$ECEMBERûû)TûPAIDûAûTOP
LEVELûALL
INûPRICINGûOFûBPûBASEDûONûAû
MARGINûOFûBPûOVERû,IBORûANDûAûBPûFEE
Tata Power last tapped the loan market
via its subsidiary Bhira Investments with a
53MûlVE
YEARûLOANû)TûOFFEREDûAûTOP
LEVELû
ALL
INûPRICINGûOFûBPûBASEDûONûAûMARGINûOFû
BPûOVERû,IBORûANDûAûBPûFEE
+HOPOLIû)NVESTMENTSûHOLDSû4ATAû0OWERSû
INVESTMENTSûINû#ENNERGIûnûAûJOINTûVENTUREû
BETWEENû4ATAû0OWERûANDû%XXAROû2ESOURCESûnûASIA-PACIFIC LOANS BOOKRUNNERS – FULLY
SYNDICATED VOLUME (INCLUDING JAPAN)
BOOKRUNNERS: 1/1/2018 TO DATE
Managing No of Total Share
bank or group issues US$(m) (%)
1 Mizuho 415 70,902.09 16.5
2 MUFG 654 52,272.07 12.2
3 Sumitomo Mitsui Finl 487 49,078.88 11.4
4 Bank of China 221 40,765.97 9.5
5 ANZ 80 18,811.45 4.4
6 HSBC 68 12,894.64 3.0
7 Standard Chartered 72 11,130.74 2.6
8 Credit Agricole 35 9,955.75 2.3
9 ICBC 23 7,823.09 1.8
10 DBS Group 53 6,945.94 1.6
Total 2,397 429,796.79
Proportional credit
Source: Refinitiv SDC code: S3a