IFR International - 03.11.2018

(Axel Boer) #1

ASIA-PACIFIC


AUSTRALIA


QANTAS INCREASES ASSET-BACKED LOAN

QANTAS AIRWAYSûSIGNEDûAû!Mû53M û

YEARûASSET
BACKEDûLOAN ûAFTERûTHEûFACILITYû
WASûINCREASEDûFROMûTHEû!MûTARGETû
BECAUSEûOFûANûOVERSUBSCRIPTION
BNP Paribas, National Australia Bank and
Standard Chartered were the mandated lead
ARRANGERSûANDûBOOKRUNNERSûOFûTHEûlNANCING û
WHICHûATTRACTEDûAûDOZENûLENDERSûINûGENERALû
SYNDICATIONûANDûWASûSEVENûTIMESû
OVERSUBSCRIBED
-ANDATEDûLEADûARRANGERSûAREûAgricultural
Bank of China, ANZ, Bank of China, Citigroup,
Commerzbank, Commonwealth Bank of Australia,
Credit Agricole CIB, Industrial & Commercial
Bank of China, MUFG and OCBCû,EADûARRANGERû
is Bank of Taiwan and arranger is E. Sun
Commercial Bank.
4HEûDEALûISûSECUREDûOVERûAûPOOLûOFûlXEDû
ASSETS ûINCLUDINGûAIRCRAFTûENGINES ûANDûPAYSû
INTERESTûMARGINSûTIEDûTOûTHEûLOAN
TO
VALUEû
RATIOSû4HISûGIVESûTHEûBORROWERûMOREû
mEXIBILITYûWHENEVERûCOLLATERALûISûADDEDûORû
REMOVED ûLEADINGûTOûPRICINGûANDORûCOLLATERALû
ADJUSTMENTS
4HEûINTERESTûMARGINSûAREûBP ûBPû
ANDûBPûOVERû""39ûFORû,46ûRATIOSûOFûn
 ûnûANDûLESSûTHANû û
RESPECTIVELY
&UNDSûAREûFORûCORPORATEûlNANCINGûANDû
GENERALûCORPORATEûPURPOSES
4HEûBORROWINGûMARKSûTHEûSECONDûLOANûFORû
1ANTASûUNDERûTHEûlNANCINGûPROGRAMMEûITû
SETûUPûINû/CTOBERû ûANDûALSOûTHEûSECONDû
THISûYEARû"OTHûLOANSûMETûWITHûSTRONGû
RECEPTIONûFROMûTHEûMARKET
".0ûWASûTHEûSOLEûSTRUCTURINGûBANKûOFûTHEû
BORROWERSû!MûEIGHT
YEARûLOANûLASTû


/CTOBERûWHICHûATTRACTEDûûOTHERûlNANCIALû
INSTITUTIONSû4HEûDEALûRElNANCEDûPARTûOFû
!MûINûSECUREDûAIRCRAFTûANDûOTHERû
AMORTISINGûDEBTûMATURINGûINûTHEûlNANCIALû
YEARûENDINGûINû*UNEû
/UTSIDEûTHEûPROGRAMME û!USTRALIASû
LARGESTûAIRLINEûALSOûCOMPLETEDûAû!MûlVE
YEARûRElNANCINGûINû!PRILûWITHûûLENDERS
1ANTASû'ROUPSûMAINûBUSINESSûISûTHEû
transport of passengers using two
COMPLEMENTARYûAIRLINEûBRANDSûnûFULL
SERVICEû
CARRIERû1ANTASûANDûLOW
COSTûCARRIERû*ETSTARûnû
OPERATINGûINTERNATIONAL ûDOMESTICûANDû
REGIONALûSERVICES
1ANTASûISûRATEDû"AA"""¦û-OODYS30 

CHINA


SHANGHAI PHARMA SEEKS REFI

SHANGHAI PHARMACEUTICALS HOLDING has
LAUNCHEDûAû53MûTHREE
YEARûTERMûLOANû
TOûRElNANCEûAûBRIDGEûLOANûUSEDûTOûBUYû
#ARDINALû(EALTH
-ANDATEDûLEADûARRANGERS ûBOOKRUNNERSû
and underwriters are ANZ, DBS Bank, MUFG
and Natixis Hong Kong branch.
4HEûlNANCINGûISûSPLITûBETWEENûAû53Mû
loan for SHANGHAI PHARMACEUTICALS (HK)
INVESTMENTûTRANCHEû! ûANDûAû53MûLOANû
for CARDINAL HEALTH (HK)ûTRANCHEû" û4HEû
BORROWERSûAREûWHOLLYûOWNEDûUNITSûOFûTHEû
(ONGû+ONGûANDû3HANGHAI
LISTEDûCOMPANY
3HANGHAIû0HARMACEUTICALSû(OLDINGûISûTHEû
GUARANTORûFORûTRANCHEû!û)TûWILLûGUARANTEEû
TRANCHEû"ûIFûTHISûPORTIONûRECEIVESû3!&%û
APPROVALûOTHERWISE ûITûWILLûPROVIDEûAû
KEEPWELLûAGREEMENTûFORûTHEûTRANCHE
4HEûINTERESTûMARGINSûAREûBPûOVERû,IBORû
FORûTRANCHEû! ûANDûFORûTRANCHEû" ûIFûITûISû
GUARANTEED ûANDûBPûOVERû,IBORûFORû
TRANCHEû"ûIFûITûONLYûHASûAûKEEPWELLû
agreement.
"ANKSûHAVEûBEENûINVITEDûTOûJOINûBOTHû
TRANCHESûPROûRATAûASû-,!SûCOMMITTINGû
53MûORûMOREûFORûANûUPFRONTûFEEûOFûBP û
ASûLEADûARRANGERSûWITHûTICKETSûOFû53Mn
MûFORûAûFEEûOFûBPûANDûASûARRANGERSûWITHû
COMMITMENTSûOFû53MnMûFORûAûBPû
fee.
&ORûTHEûRESPECTIVEûCOMMITMENTûLEVELS ûALL
INSûAREûBP ûBPûANDûBPûFORûTRANCHEû
!ûANDûFORûTRANCHEû"ûIFûTHISûPORTIONûISû
GUARANTEED ûANDûBP ûBPûANDûBPû
FORûTRANCHEû"ûIFûITûONLYûHASûAûKEEPWELLûDEED
!SûTHEû-,!"SûHAVEûPRE
FUNDEDûTHEûLOAN û
ALL
INSûAREûBASEDûONûAûREMAININGûLIFEûOFûû
YEARS ûASSUMINGûJOININGûBANKSûAREû
TRANSFERREDûINTOûTHEûDEALûONû*ANUARYûû
)Nû&EBRUARY û3HANGHAIû0HARMACEUTICALSû
(OLDINGûCOMPLETEDûITSûACQUISITIONûOFûûOFû
#ARDINALû(EALTHûFROMû.93%
LISTEDû#ARDINALû
(EALTHûFORûABOUTû53MûINûCASHû4AKINGû
INTOûACCOUNTûTHEûTARGETûCOMPANYSûDEBTûANDû

WORKINGûCAPITALûTHEûTRANSACTIONûWASûVALUEDû
ATû53BN
-ALAYSIA
INCORPORATEDû#ARDINALû(EALTHû
NOWûHOLDSûTHEûTRANCHEû"ûBORROWER ûWHICHûINû
TURNûHOLDSûPHARMACEUTICALûDISTRIBUTIONû
BUSINESSESûINûTHEû02#
)Nû3EPTEMBER û3TANDARDû#HARTEREDû
BROUGHTûFOURûBANKSûINTOûAû53MûTHREE
YEARûBULLETûLOANûFORû3HANGHAIû
0HARMACEUTICALSû(OLDINGûTOûBUYû4AKEDAû
#HROMOû"ETEILIGUNGS ûWHICHûHELDûûOFû
#HINESEûPHARMACEUTICALûlRMû'UANGDONGû
4ECHPOOLû"IO
PHARMAû#OMPLETEDûINû!UGUST û
THEûACQUISITIONûINCREASEDû3HANGHAIû
0HARMACEUTICALSû(OLDINGSûSTAKEûINû4ECHPOOLû
TOûû4HEûSELLERûWASû4AKEDAû0HARMAû!' û
Aû3WISSûUNITûOFû4OKYO
LISTEDû4AKEDAû
0HARMACEUTICAL
4HATûLOANûWASûALSOûBORROWEDûBYû3HANGHAIû
0HARMACEUTICALSû(+ û)NVESTMENTûANDûPAYSû
ANûINTERESTûMARGINûOFûBPûOVERû,IBORûIFû
3HANGHAIû0HARMACEUTICALSû(OLDINGûPROVIDESû
AûGUARANTEE ûORûBPûOVERû,IBORûIFûITû
PROVIDESûAûKEEPWELLûAGREEMENTû4HEûTOP
LEVELûALL
INûPRICINGûWASûBPûORûBP û
RESPECTIVELY
4HEû3HANGHAIû-UNICIPALû3TATE
OWNEDû
!SSETSû3UPERVISIONûANDû!DMINISTRATIONû
#OMMISSIONûINDIRECTLYûOWNSûABOUTûûOFû
3HANGHAIû0HARMACEUTICALSû(OLDING

ZIJIN MINING SEEKS FUNDS

ZIJIN MINING GROUPûISûINûTHEûMARKETûFORûAûLOANû
OFûUPûTOû53MûTOûBACKûITSû#BNû
53BN ûACQUISITIONûOFû#ANADIANûMININGû
GROUPû.EVSUNû2ESOURCES
China Construction Bank is the sole
MANDATEDûLEADûARRANGERûANDûBOOKRUNNERûOFû
THEûlVE
YEARûFACILITY
:IJINû-ININGûLASTûMONTHûOUTBIDû,UNDINû
0ETROLEUMûWITHûAû#ûPERûSHAREûALL
CASHû
OFFERûVERSUSûITSûRIVALSû#ûPERûSHAREûOFFERû
.EVSUNSûBOARDûHASûRECOMMENDEDûTHATû
SHAREHOLDERSûACCEPTûTHEû:IJINûOFFERûANDûDOû
NOTûTENDERûTHEIRûSHARESûTOû,UNDIN ûWHOSEû
OFFERûWILLûEXPIREûONû.OVEMBERû
)FûTHEûTAKEOVERûPROCEEDSûSUCCESSFULLY û:IJINû
WILLûACQUIREûTHEû4IMOKûCOPPER
GOLDûMINEûINû
3ERBIAû.EVSUNûHASûEXPLORATIONûACTIVITIESûINû
3ERBIAûANDû-ACEDONIA
:IJINûSAIDûONû/CTOBERûûTHATûITûWASûGIVENû
APPROVALûFROMû#HINASû.ATIONALû
$EVELOPMENTûANDû2EFORMû#OMMISSIONûANDû
THATûITûHASû#ANADIANû#OMPETITIONû!CTû
CLEARANCEû)TûSTILLûNEEDSûTOûOBTAINûAPPROVALSû
FROMû#HINASû-INISTRYûOFû#OMMERCEûANDûTHEû
3TATEû!DMINISTRATIONûOFû&OREIGNû%XCHANGE û
ONûTOPûOFû)NVESTMENTû#ANADAû!CTûCLEARANCEû
ANDûSOMEûCUSTOMARYûCLOSINGûCONDITIONS
4HEûDEALûFOLLOWSû:IJINSûPLANûTOûACQUIREû
ûOFû3ERBIANûSTATE
OWNEDûCOPPERûMINERû
24"û"ORûFORû53Mû4HEû3ERBIANûMINERû
OPERATESûFOURûCOPPERûMINESûANDûAûCOPPERû
SMELTERûINûTHEûCOUNTRY

ASIA-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 424 74,257.37 16.9
2 MUFG 668 54,650.74 12.4
3 Sumitomo Mitsui Finl 497 50,809.65 11.5
4 Bank of China  222 41,010.55 9.3
5 ANZ 80 18,811.45 4.3
6 HSBC 68 12,939.22 2.9
7 Standard Chartered  75 11,437.34 2.6
8 Credit Agricole 37 10,205.43 2.3
9 Indl & Comm Bank China 23 7,823.09 1.8
10 DBS 53 6,945.94 1.6
Total 2,451 440,344.73
Proportional credit
Source: Refinitiv SDC code: S3a

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