MARKETûINû$ECEMBERûûWHENûITûRAISEDûAû
cBNû
YEARûLOANûARRANGEDûBYû-IZUHOû
ANDû3-"#
SINGAPORE
BOC AVIATION’S US$750m LOAN NABS
NINE
.INEûBANKSûHAVEûJOINEDûAû53MûlVE
YEARû
facility for aircraft operating leasing
company BOC AVIATION, which has been
increased from an original target size of
53M
Agricultural Bank of China Singapore, BNP
Paribas, Citigroup, DBS Bank, Development Bank
of Japan, HSBC, MUFG, OCBC, United Overseas
Bank and Westpac Banking Corp are the
original mandated lead arrangers and
bookrunners of the unsecured term loan.
Mandated lead arrangers are CaixaBank
and ICBC (Asia). Lead arrangers are Apple Bank
for Savings and Sumitomo Mitsui Trust Bank.
Arrangers are Hachijuni Bank, Iyo Bank, Shiga
Bank, Yamaguchi Bank and Gunma Bank.
MUFG and Westpac are the global
coordinators of the facility, which offered
TOP
LEVELûALL
INûPRICINGûOFûBPûBASEDûONûANû
INTERESTûMARGINûOFûBPûOVERû,IBOR
"/#û!VIATIONû)RELAND ûISûTHEûBORROWER û
WHILEû"/#û!VIATIONûISûTHEûGUARANTORû&UNDSû
were for general corporate purposes.
"/#û!VIATION ûAûUNITûOFû"ANKûOFû#HINA ûLASTû
RAISEDûAû53BNûUNSECUREDûREVOLVINGû
CREDITûFACILITYûINû/CTOBERû ûINCREASINGû
THEûTRANSACTIONûFROMûTHEû53BNûTARGETûSIZE
4HEûûDEALûISûSPLITûINTOûTWOûEQUALû
TRANCHESûWITHûTHREEûANDûlVE
YEARûTENORS û
which offered top-level all-in pricing of
BPûANDûBPûBASEDûONûMARGINSûOFûBPû
ANDûBP ûRESPECTIVELYû4HEûTRANSACTIONû
ALSOûHASûAûUTILISATIONûFEEûOFûBPûIFûTHEû
FACILITYûISûDRAWNûMOREûTHANû ûBPûFORû
nûANDûBPûFORûn
TAIWAN
MEI TA BACK FOR €220m LOANMEI TA INDUSTRIALûISûSEEKINGûAûõMûlVE
YEARû
loan, returning to the market after a three-
year absence.
Bank SinoPac and CTBC Bank are the
mandated lead arrangers and bookrunners
ONûTHEûFACILITY ûWHICHûCOMPRISESûAûõMû
Tranche A for capital expenditure and a
õMû4RANCHEû"ûFORûWORKINGûCAPITAL
The deal offers an interest margin below
BPûOVERû%URIBOR
The borrower last visited the loan market
INû.OVEMBERûûWITHûAûõMûlVE
YEARû
TERMûLOANû"ANKû3INO0ACûANDû#4"#ûALSOûLEDû
THATûDEAL ûWHICHûCOMPRISEDûAûõMû4RANCHEû
!ûFORûRElNANCINGûANDûANûõMû4RANCHEû"û
for working capital and capital expenditure.
4HATûDEALûOFFEREDûAûMARGINûOFûBPûOVERû
Euribor.
The borrower provides foundry and
MACHINEûSHOPûSERVICESûINû#HINA û)NDIAûANDû
Taiwan.VIETNAM
SOCO OBTAINS US$125m RBLLondon-headquartered oil and gas company
SOCO INTERNATIONALûHASûOBTAINEDûAû53Mû
lVE
YEARûRESERVE
BASEDûLENDINGûFACILITY
BNP Paribas, Credit Agricole and Standard
Chartered were the mandated lead arrangers
and underwriters of the club loan, which
PAYSûANûALL
INûPRICINGûOFûABOUTûMID
BPû
OVERû,IBORû!ûFURTHERû53MûISûAVAILABLEû
on an uncommitted accordion basis.
4HEû2",ûISûSECUREDûBYûTHEûCOMPANYSû
producing assets in Vietnam and will be
used for general corporate purposes,
including the funding of acquisitions in line
with its growth plan.
4HEûBORROWERûISû3/#/û6IETNAM
Listed on the London Stock Exchange,
3/#/û)NTERNATIONALûHASûlELDûDEVELOPMENTû
and production interests in Vietnam.EUROPE/MIDDLE
EAST/AFRICAANGOLA
SONANGOL LOAN SET FOR LAUNCHState-owned oil company SONANGOL is set to
LAUNCHûAû53BNûLOAN ûCOORDINATEDûBYû
Standard Chartered Bank.
The company is expected to offer banks
TICKETSûOFû53MûFORûTHEûLOANûANDûTHEûDEALû
WILLûPRICEûATûBETWEENûBPûANDûBPûOVERû
Libor.
“They are not quite ready to come out
with the term sheet but they are telling us
THEYûWILLûOFFERûTICKETSûOFû53Mû
ûITûWILLûBEû
a chunky size,” the banker said. “That sort of
PRICINGûDOESNTûGROWûONûTREESû)ûTHINKûITûWILLû
be oversubscribed and they will end up
TAKINGûMOREû;THANû53BN=v
4HISûWILLûBEûTHEûlRSTûLOANûFORû3ONANGOLûINû
over two years, after the company was
effectively shut out of the market while it
struggled with heavy debt loads triggered by
THEûFALLûINûOILûPRICESûINûûANDûALLEGATIONSû
of waste and corruption.
An increase in oil prices and the election
of president Joao Lourenco in Septemberû
ûREPLACINGû*OSEûDOSû3ANTOSûWHOûHADû
BEENû!NGOLASûPRESIDENTûSINCEûû
ûHAVEû
encouraged the company to return to the
loan market.
h)ûDONTûTHINKûTHEREûISûAûPROBLEMûWITHûTHEû
credit any more but there might be some
compliance issues which light the deal up,”
the banker said.
The loan was discussed at a bank meeting
ONû3EPTEMBERûûWHEREûTHEûCOMPANYû
PRESENTEDûITSûLATESTûlNANCIALûRESULTS
3ONANGOLûnûHISTORICALLYûAûFREQUENTûVISITORû
TOûTHEûSYNDICATEDûLOANûMARKETûnûLASTûCLOSEDûAû
DEALûINû&EBRUARYûûWHENûITûCOMPLETEDûAû
53BNûlVE
YEARûLOANûTHATûLAUNCHEDûINTOû
SENIORûSYNDICATIONûINû!UGUSTûû4HATûDEALû
WASûARRANGEDûBYû3TANDARDû#HARTERED û.ATIXISû
and Standard Bank.EGYPT
TELECOM EGYPT NETS US$500mTELECOM EGYPTûHASûSIGNEDûAû53MûlVE
YEARû
syndicated loan.
First Abu Dhabi Bank and Mashreqbank were
joint bookrunners and mandated lead
ARRANGERSûOFûTHEûFACILITY ûWHICHûWASûû
times subscribed.
Arab Bank, Union National Bank, National
Bank of Kuwait and Arab Banking Corp joined as
mandated lead arrangers. Ahli United Bank
and Industrial & Commercial Bank of China were
lead arrangers with Al Ahli Bank of Kuwait,
Attijariwafa Bank, ICICI Bank, Bank of Jordan
and BMCE Bank as arrangers.
FAB was also the facility agent and
Mashreqbank was the designated account
bank.
Proceeds will be used to support capital
and operational expenditure and to
RElNANCEûANûEXISTINGûSHORT
TERMûFACILITY
“The aim of the facility is to convert our
short-term US dollar overdrafts into longer-
term loans to enable the company to repay
INSTALLMENTSûINûLINEûWITHûITSûCASHmOWû
generation,” said managing director and
chief executive Ahmed El Beheiry. “The
FACILITYûWILLûALSOûENSUREûTHEûmEXIBILITYûTOû
lNANCEû4ELECOMû%GYPTSûWORKINGûCAPITALû
NEEDSûASûWELLûASûTOûINVESTûINûITSû'û
infrastructure.”
The loan was originally lined up in May
when Telecom Egypt also agreed an up to
53MûRENEWABLEû
MONTHûSHORT
TERMû
credit facility provided by Abu Dhabi
Islamic Bank and African Bank for Import
and Export, as well as a four-year vendor
lNANCEûAGREEMENTûWITHû(UAWEIûWITHûAûLIMITû
OFû53MûANDûAûGRACEûPERIODûOFûû
months.
4ELECOMû%GYPTûISûûSTATE
OWNED ûWITHû
the remainder of its shares listed on the
Egyptian and London stock exchanges.