IFR International - 03.11.2018

LOANS ASIA-PACIFIC

:IJIN ûRATEDû"AA"""¦"""¦ ûISû
HEADQUARTEREDûINû#HINASû&UJIANûPROVINCEû
ANDûMINESûGOLD ûCOPPER ûZINCûANDûOTHERû
MINERALûRESOURCESû)TûISûLISTEDûONûTHEû
3HANGHAIûANDû(ONGû+ONGûSTOCKûEXCHANGES

BANKS VIE FOR ANTA

-OREûTHANûHALFûAûDOZENûBANKSûAREûPITCHINGû
FORûAûLOANûOFûUPûTOûõBNûTOûBACKûAû#HINESEû
CONSORTIUMSûõBNûTAKEOVERûOFû&INLANDSû
!MERû3PORTS ûTHEûMAKERûOFû7ILSONûTENNISû
RACKETSûANDû3ALOMONûHIKINGûBOOTS
ANTA SPORTSûnû#HINASûBIGGESTûSPORTSWEARû
RETAILERûBYûMARKETûVALUEûnûSAIDûINû3EPTEMBERû
THATûIT ûTOGETHERûWITHûPRIVATEûEQUITYûlRMû
&OUNTAIN6ESTû0ARTNERS ûHADûSUBMITTEDûAûNON
BINDINGûPRELIMINARYûINDICATIONûOFûINTERESTûTOû
BUYûTHEûENTIREûSHAREûCAPITALûOFû!MERûFORûõû
APIECEûINûCASH
4OûlNANCEûTHEûACQUISITION ûTHEû
CONSORTIUMûWOULDûIDEALLYûLIKEûONEûORûMOREû
BANKSûTOûUNDERWRITEûAûõBNnõBNûLOAN
Bank of China û!NTASûMAINûRELATIONSHIPû
BANK ûISûTEAMINGûUPûWITHûCitigroup to bid for
the mandate. Others are bidding on their
OWN ûINCLUDINGûIndustrial & Commercial Bank of
China and ANZ.
!MERûHASûEXISTINGûDEBTûOFûABOUTûõBN
$ETAILSûOFûTHEûlNANCINGûHAVEûNOTûBEENû
lNALISEDûASû!NTAûHASûNOTûYETûREACHEDûANYû
DElNITIVEûAGREEMENTûWITHû!MER
4HEû#HINESEûCOMPANYûSAIDûTHATûITûSTILLû
NEEDEDûTOûCONDUCTûAûDUE
DILIGENCEû
INVESTIGATION ûWINûTHEûAPPROVALûOFûITSûBOARDû
ANDû&OUNTAIN6ESTSûINVESTMENTûCOMMITTEE û
ANDûRECEIVEûAûRECOMMENDATIONûFROMû!MERSû
BOARDûOFûDIRECTORSûBEFOREûITûCANûPUSHûTHEû
deal forward.

TIANQI LITHIUM SIGNS M&A LOAN

TIANQI LITHIUM CORPûHASûWRAPPEDûUPûAû53BNû
SENIORûLOANûTOûBACKûITSûPURCHASEûOFûAûû
STAKEûINûTHEûWORLDSû.OûûLITHIUMûPRODUCER û
3OCIEDADû1UIMICAûYû-INERAûDEû#HILE
China Citic BankûANDûITSûSUBSIDIARYûCitic Bank
InternationalûRESPECTIVELYûUNDERWROTEû
53BNûANDû53BNûBEFOREûLAUNCHINGûTHEû
FACILITYûINTOûGENERALûSYNDICATIONûINû*ULY
&OURûOTHERûBANKSûnûTWOû#HINESEûANDûTWOû
%UROPEANûLENDERSûnûJOINEDûTHEûFACILITY
4HEû53BNûPORTIONûISûFURTHERûSPLITûINTOûAû
53BNûONE
YEARûBULLETûLOANûANDûAû53BNû
THREE
YEARûAMORTISINGûTERMûLOANû4HEû53BNû
PORTIONûISûALSOûAûONE
YEARûBULLETûLOAN
4HEûONE
YEARûTRANCHESûPAYûANûINTERESTû
MARGINûOFûBPûOVERûTHREE
MONTHû,IBOR û
WHILEûTHEûTHREE
YEARûAMORTISINGûTRANCHEû
PAYSûAûMARGINûOFûBPûOVERûSIX
MONTHû
,IBOR
4HEûSIGNINGûCAMEûAFTERû#HILESû
CONSTITUTIONALûCOURTûREJECTEDûAûLAWSUITûTOû
BLOCKûTHEû#HINESEûMINERSû53BNû
ACQUISITIONûOFûTHEûû31-ûSTAKE û

CLEARINGûTHEûWAYûFORûTHEûPURCHASEûTOûBEû

COMPLETEDûBYûTHEûENDûOFûTHEûYEAR

4HEûLAWSUITûBROUGHTûBYû31-SûMAJORITYû

SHAREHOLDERû0AMPAû'ROUPûWASûINTENDEDûTOû

BLOCKûTHEûSTAKEûSALEûBYû#ANADIANûFERTILISERû

PRODUCERû.UTRIENûTOû4IANQIûBYûARGUINGûTHATû

ANûAGREEMENTûSTRUCKûBETWEENû#HILESû

ANTITRUSTûREGULATORSûANDûTHEû#HINESEûMINERû

FAILEDûTOûPROTECTû31-SûCORPORATEûSECRETS

0AMPAûSAIDûITûWASûCONCERNEDûTHATû4IANQIû

WHICHûCONTROLSû4ALISONû,ITHIUMûAûJOINTû

VENTUREûWITHû.OûûLITHIUMûPRODUCERû

!LBEMARLEû#ORPûINû!USTRALIAûCOULDûSHAREû

SECRETSûWITHûITSû53

BASEDûCOMPETITORûANDû

NEIGHBOURûINû#HILESûLITHIUM

RICHû3ALARûDEû

!TACAMA

WATER AFFAIRS MAKES QUICK RETURN

(ONGû+ONG

LISTEDûCHINA WATER AFFAIRS GROUP

LAUNCHEDûAû53MûlVE

YEARûBORROWING

ANZ is the mandated lead arranger and

BOOKRUNNERûOFûTHEûDEALûWHICHûCOMPRISESûAû

53MûBULLETûTERMûLOANûANDûAû53Mû

REVOLVINGûCREDITûFACILITY

4HEûINTERESTûMARGINûISûBPûOVERû,IBOR

"ANKSûHAVEûBEENûINVITEDûTOûJOINûASû-,!Sû

WITHûTICKETSûOFû53MûORûMOREûFORûANû

UPFRONTûFEEûOFûBPûANDûAûTOP

LEVELûALL

INû

PRICINGûOFûBPûANDûASûLEADûARRANGERSûWITHû

COMMITMENTSûOFû53MnMûFORûAûFEEûOFû

BPûANDûANûALL

INûOFûBP

&UNDSûAREûFORûGENERALûCORPORATEûPURPOSES

4HEûBORROWERûSUPPLIESûWATERûANDûPROVIDESû

WASTEWATERûTREATMENTûSERVICESûINû#HINA

ZHENRO SEEKS DEBUT OFFSHORE LOAN

(ONGû+ONG

LISTEDûPROPERTYûDEVELOPERûZHENRO

PROPERTIES GROUPûHASûLAUNCHEDûAû53Mn

M

EQUIVALENTûTHREE

YEARûTERMûLOAN

Hang Seng Bank is the mandated lead

ARRANGERûANDûBOOKRUNNERûOFûTHEûDEBUTû

OFFSHOREûSYNDICATEDûlNANCINGûWHICHûPAYSû

ANûINTERESTûMARGINûOFûBPûOVERû,IBORûORû

(IBORûANDûHASûAû

YEARûAVERAGEûLIFE

"ANKSûHAVEûBEENûINVITEDûTOûJOINûASû-,!"Sû

WITHûCOMMITMENTSûOFû53M

EQUIVALENTû

ORûMOREûFORûANûUPFRONTûFEEûOFûBPûANDûAû

TOP

LEVELûALL

INûPRICINGûOFûBPûANDûASû-,!Sû

WITHûTICKETSûOFû53MnM

EQUIVALENTû

FORûAûFEEûOFûBPûANDûBPûALL

IN

2EPAYMENTûWILLûBEûTHROUGHûFOURûSEMI

ANNUALûINSTALMENTSûAFTERûAû

YEARûGRACEû

PERIODûûTHûANDûTHûMONTHS   ûû

THûMONTH ûANDûûTHûMONTH    

4HEû3HANGHAI

HEADQUARTEREDûBORROWERû

HASûûPROJECTSûINûûCITIESûINû#HINA

4HEûCOMPANYûISûRATEDû"""û

-OODYS30&ITCH  

NEW ORIENTAL EDUCATION SEEKS DEBUT

.ASDAQ

LISTEDûNEW ORIENTAL EDUCATION &

TECHNOLOGY GROUPûISûMAKINGûITSûDEBUTûINûTHEû

LOANûMARKETûWITHûAûTHREE

YEARûFACILITYûOFûUPû

TOû53M

Credit Suisse is the mandated lead arranger

ANDûBOOKRUNNERûOFûTHEûBULLETûLOANûWHICHû

HASûAûBASEûSIZEûOFû53MûANDûAûGREENSHOEû

OPTIONûOFû53M

4HEûDEALûISûEQUALLYûSPLITûINTOûAûTERMûLOANû

TRANCHEûANDûAûREVOLVINGûCREDITûPORTIONûANDû

OFFERSûANûINTERESTûMARGINûOFûBPûOVERû,IBOR

,EADûARRANGERSûCOMMITTINGû53MûORû

MOREûWILLûRECEIVEûANûALL

INûPRICINGûOFûBPû

VIAûAûPARTICIPATIONûFEEûOFûBPûWHILEû

ARRANGERSûJOININGûWITHû53MnMûEARNû

ANûALL

INûPRICINGûOFûBPûVIAûAûBPûFEE

.EWû/RIENTALSûWHOLLYûOWNEDûOFFSHOREû

SUBSIDIARIESû%LITEû#ONCEPTû(OLDINGSû,TDûANDû

3MARTû3HINEû)NTERNATIONALû,TDûAREûPROVIDINGû

IRREVOCABLEûANDûUNCONDITIONALûCORPORATEû

GUARANTEESû4HEûLOANûALSOûHASûAûlRSTûRANKINGû

CHARGEûOVERûûOFûTHEûSHARESûOFûEACHû

GUARANTORûHELDûBYû.EWû/RIENTAL

&UNDSûAREûFORûGENERALûCORPORATEûPURPOSES

.EWû/RIENTALûISûONEûOFûTHEûLARGESTûPRIVATEû

EDUCATIONALûSERVICEûPROVIDERSûINû#HINA

HONG KONG

AGILE TAPS MACAU FOR LOAN

(ONGû+ONG

LISTEDûPROPERTYûDEVELOPERûAGILE

GROUP HOLDINGSûHASûLAUNCHEDûAûTHREE

YEARû

TERMûLOANûWITHûAûTARGETûDEALûSIZEûOFû(+BN

EQUIVALENTû53M 

Industrial & Commercial Bank of China Macau

is the mandated lead arranger and

BOOKRUNNERûOFûTHEûUNSECUREDûlNANCINGû

WHICHûISûMAINLYûBEINGûSYNDICATEDûINû-ACAU

4HEûBANKûSIGNEDûTHEûDEALûATû(+M

EQUIVALENTûONû/CTOBERûûANDûHASû

PRE

FUNDEDûIT

4HEûAMORTISINGûLOANûPAYSûANûINTERESTû

MARGINûOFûBPûOVERû(IBORûORû,IBORûANDûHASû

ANûAVERAGEûLIFEûOFûûYEARS

"ANKSûHAVEûBEENûINVITEDûTOûAûGREENSHOEû

OPTIONûASûLEADûARRANGERSûCOMMITTINGû

(+MûORûMOREûFORûANûUPFRONTûFEEûOFû

BPûANDûANûALL

INûPRICINGûOFûBPûANDûASû

ARRANGERSûWITHûTICKETSûOFû(+MnMû

FORûAûBPûFEEûANDûANûALL

INûOFûBP

2EPAYMENTSûWILLûBEûTHROUGHûTHREEûSEMI

ANNUALûINSTALMENTSûAFTERûAûTWO

YEARûGRACEû

PERIODûûTHûMONTH ûûTHûMONTH   û

ANDûûTHûMONTH 

&UNDSûAREûFORûRElNANCINGûANDûGENERALû

CORPORATEûPURPOSES

4HEûCOMPANYûWHICHûHASûPROJECTSûINû(ONGû

+ONGûCITIESûINûTHEû02#ûANDû+UALAû,UMPURûISû

RATEDû"A""û-OODYS30   

EMPEROR EYES CLUB

(ONGû+ONG

LISTEDûEMPEROR INTERNATIONAL

HOLDINGSûISûINûTALKSûWITHûBANKSûABOUTûAû

(+BNûlVE

YEARûTERMûLOAN