IFR International - 03.11.2018

SEKISUI HOUSE REIT SIGNS ¥15bn
FACILITY

SEKISUI HOUSE REITûSIGNEDûAûcBNûONE
YEARû
COMMITMENTûLINEûTOûRENEWûANDûINCREASEûITSû
EXISTINGûcBNû53M ûFACILITY
MUFG was the arranger and agent, while
Mizuho Bank and SMBCûJOINEDûINûSYNDICATION
&UNDSûAREûFORûREALûESTATEûACQUISITIONSûANDû
RElNANCINGûPURPOSES
4HEûBORROWERûINVESTSûINûRESIDENTIALûANDû
COMMERCIALûBUILDINGSûMAINLYûINûTHEû4OKYOû
/SAKAûANDû.AGOYAûAREAS

SINGAPORE

GLP SAMURAI LOAN DETAILED

4ERMSûHAVEûEMERGEDûFORûGLPSûcBNû
53M ûDEBUTû3AMURAIûLOAN
4HEûDEALûWHICHûWILLûBEûTHEûLARGESTû
3AMURAIûLOANûFROMû!SIAûISûSPLITûINTOûAûcBNû
lVE
YEARûTRANCHEûANDûAûcBNûSEVEN
YEARû
PORTIONûWITHûMARGINSûOFûBPûANDûBPû
OVERû4IBORûRESPECTIVELY
Mizuho Bank is the sole mandated lead
ARRANGERûANDûBOOKRUNNERûOFûTHEûPLAIN
VANILLAûCORPORATEûLOANûWHICHûWILLûPARTLYû
RElNANCEûAû53BNûLEVERAGEDûBUYOUTû
LOANûCOMPLETEDûINû$ECEMBERûFORû',0Sû
BUYOUT
-IZUHOûPRE
FUNDEDûTHEûLOANûINû3EPTEMBERû
ANDûLAUNCHEDûITûINTOûSYNDICATIONûLASTûMONTH
,ASTû$ECEMBERû',0ûRAISEDû53BNû
THROUGHûWHATûWASûONEûOFû!SIASûLARGESTû,"/û
LOANSû4HATûBORROWINGûCOMPRISEDûAû
53MûlVE
YEARûTERMûLOANûTRANCHEû!û
Aû53MûTHREE
YEARûTERMûLOANûTRANCHEû!û
Aû53BNûTWO
YEARûTERMûLOANûTRANCHEû"û
ANDûAû53MûlVE
YEARûREVOLVINGûCREDITû
FACILITYûWITHûRESPECTIVEûOPENINGûMARGINSû
OFûBPûBPûBPûANDûBPûOVERû
,IBOR
4HEûDEALûOFFEREDûAûTOP
LEVELûBLENDEDûALL
INû
PRICINGûOFûBPûBASEDûONûAûBLENDEDû
MARGINûOFûBPûOVERû,IBORûANDûBLENDEDû
TENORûOFûûYEARS
#ITIGROUPû$"3û"ANKû'OLDMANû3ACHSû
-5&'ûANDû-IZUHOûWEREûTHEûORIGINALû-,!"Sû
WHILEû"ANKûOFû#HINAû"ANKûOFû
#OMMUNICATIONSû#HINAû-ERCHANTSû"ANKû
ANDû)NDUSTRIALûû#OMMERCIALû"ANKûOFû#HINAû
CAMEûINûWITHûTHEûSAMEûTITLE
4HEûLOANûFUNDEDûTHEûBUYOUTûOFû!SIASû
biggest warehouse operator in a deal that
VALUEDûTHEûCOMPANYSûEQUITYûATûABOUTû
3BNû53BN û
',0ûOWNSûANDûOPERATESûAû53BNûGLOBALû
PORTFOLIOûOFûMûSQUAREûMETRESûOFûLOGISTICSû
FACILITIESûINû#HINAûAPANû"RAZILûTHEû5NITEDû
3TATESûANDûOTHERûMARKETSû',0ûALSOûISûTHEû
SPONSORûOFû4OKYO
LISTEDû',0û
2%)4ûWHICHû
MANAGESû53BNûOFûLOGISTICSûFACILITIESûINû
*APAN

TAIWAN

THREE TIPPED FOR FORMOSA

4HREEûBANKSûAREûTIPPEDûTOûWINûTHEûMANDATEû

FORûAû53MûSEVEN

YEARûLOANûFORû4AIWANESEû

CONGLOMERATEû&ORMOSAû0LASTICSû'ROUP

Bank of Taiwan, First Commercial Bank and

Mega International Commercial Bank are

EXPECTEDûTOûBEûTHEûMANDATEDûLEADûARRANGERSû

ANDûBOOKRUNNERSûOFûTHEûFACILITYû4HEû

MANDATEûWILLûBEûAWARDEDûINûLATEû.OVEMBER

4HEûBORROWERûISûFORMOSA HA TINH (CAYMAN), a

SPECIAL

PURPOSEûVEHICLEûOFû&ORMOSAû0LASTICS

3EPARATELYû&ORMOSAû(Aû4INHû#AYMAN ûISû

SEEKINGûANOTHERû53MûLOANûFROMûFOREIGNû

lenders.

4HEûTWOûLOANSûWHICHûHAVEûUNSPECIlEDû

GREENSHOESûBUTûCANNOTûEXCEEDûAûCOMBINEDû

AMOUNTûOFû53BNûWILLûGOûTOWARDû

RElNANCINGûAû53BNûlVE

YEARûLOANûTHATû

&ORMOSAû(Aû4INHû#AYMAN ûRAISEDûINû

&EBRUARYûûTOûBACKûTHEûCAPITALû

EXPENDITUREûREQUIREMENTSûOFûAûSTEELûMILLû

PROJECTûINû6IETNAM

"ANKûOFû4AIWANû-5&'û$"3û"ANKû-EGAû

)NTERNATIONALû#OMMERCIALû"ANKûANDû4AIPEIû

&UBONû#OMMERCIALû"ANKûWEREûTHEû-,!"SûONû

THEû53BNûDEALûWHICHûPAIDûANûINTERESTû

MARGINûOFûBPûOVERû,IBORûANDûAûTOP

LEVELû

FEEûOFûBP

-EANWHILEû&ORMOSAû(Aû4INHû3TEELûISû

SEEKINGûAû53MûlVE

YEARûNEW

MONEYû

BORROWINGûFORûWORKINGûCAPITALûPURPOSES

&ORMOSAû0LASTICSûLASTûTAPPEDûTHEûLOANû

MARKETûINûûVIAûUNITû&ORMOSAû(Aû4INHû

#AYMAN ûFORûTWOûLOANSûTOTALLINGû53BN

EUROPE/MIDDLE

EAST/AFRICA

BURUNDI

TDB SIGNS US$460m LOAN

EASTERN AND SOUTHERN AFRICAN TRADE AND

DEVELOPMENT BANKû4$"   ûFORMERLYûTHEû04!û

"ANKûHASûSIGNEDûAû53MûTERMûLOAN

4HEûDEALûISûSPLITûBETWEENûAû53MûTWO

YEARûBULLETûTERMûLOANûANDûAû53Mû

THREE

YEARûBULLETûTERMûLOAN

4HEûTWO

YEARûFACILITYûPAYSûAûMARGINûOFû

BPûOVERû,IBORûANDûTHEûTHREE

YEARûPAYSû

BP

Citibank, Commerzbank, Emirates NBD, First

Abu Dhabi Bank, Industrial and Commercial Bank

of China, Mashreqbank, Mizuho, Standard

Chartered Bank, SMBC and MUFG were

BOOKRUNNERSûANDûINITIALûMANDATEDûLEADû

arrangers.

3TANDARDû#HARTEREDûWASûDOCUMENTATIONû

AGENTûANDû#ITIûWASûFACILITYûAGENT

0ROCEEDSûWILLûBEûUSEDûFORûTHEûRElNANCINGû

OFû4$"Sû53MûTERMûLOANûSIGNEDûINû

/CTOBERûûANDûFORûTRADEûlNANCINGûANDû

GENERALûCORPORATEûPURPOSES

FINLAND

AHLSTROM-MUNKSJO NETS US$382m

&IBRE

BASEDûMATERIALSûlRMûAHLSTROM-MUNKSJO

HASûCLOSEDû53M

EQUIVALENTûOFûTERMûLOANSû

ASûPARTûOFûTHEûFUNDINGûFORûITSûACQUISITIONûOFû53

BASEDûSPECIALITYûPAPERûPRODUCERû%XPERAûWHICHû

WASûANNOUNCEDûINû*ULY

4HEûlVE

YEARûlNANCINGûWHICHûWASû

UNDERWRITTENûBYûBOOKRUNNERSûANDû

mandated lead arrangers Nordea and SEB,

COMPRISESûAûõMûTERMûLOANûANDûAû

53MûTERMûLOAN

4HEûLOANSûWEREûSYNDICATEDûTOûAûGROUPûOFû

RELATIONSHIPûBANKS

BNP Paribas, Commerzbank, Credit Agricole CIB,

Danske Bank, DNB Bank, OP Corporate Bank and

Swedbank JOINEDûASûMANDATEDûLEADûARRANGERS

.ORDEAûISûFACILITYûAGENT

!HLSTROM

-UNKSJOûALSOûBACKEDûTHEû

ACQUISITIONûWITHûAû53M

EQUIVALENTû

BRIDGEûTOûEQUITYûFACILITYûANDûAû53M

EQUIVALENTûBRIDGEûTOûBONDûFACILITYûWHICHû

WEREûUNDERWRITTENûBYûTHEûTWOûBOOKRUNNERSû

BUTûNOTûFURTHERûSYNDICATED

.ORDEAûANDû3%"ûALSOûUNDERWROTEûAROUNDû

õMûOFûCREDITûFACILITIESûTOûBACKSTOPû

!HLSTROM

-UNKSJOSûEXISTINGûFACILITIES

!HLSTROM

-UNKSJOûCOMPLETEDûTHEû

ACQUISITIONûOFû%XPERAûINû/CTOBER

FRANCE

UGI INTL COMPLETES REFINANCING

UGI INTERNATIONALûAûSUBSIDIARYûOFû53ûPROPANEû

DISTRIBUTORû5')û#ORPûHASûCOMPLETEDûõMû

of loans that will be used, together with a

õMûSENIORûUNSECUREDûBONDûANDûCASHûONû

HANDûTOûREPAYûEXISTINGûDEBT

4HEûUNSECUREDûlNANCINGûINCLUDESûAû

õMûlVE

YEARûBULLETûTERMûLOANûANDûAû

õMûlVE

YEARûREVOLVINGûCREDITûFACILITYûTHATû

WILLûBEûUSEDûFORûRElNANCINGûFUNDINGû

WORKINGûCAPITALûNEEDSûANDûFORûGENERALû

CORPORATEûPURPOSES

4HEûTERMûLOANûISûONLYûAVAILABLEûINûEUROSû

WHILEûTHEû2#&ûISûAVAILABLEûINû53ûDOLLARSûANDû

EUROSû4HEûTERMûLOANûPAYSûANûINITIALûMARGINû

OFûBPûOVERû%URIBORûORû%ONIAûWHILEûEUROû

BORROWINGSûUNDERûTHEû2#&ûPAYûANûINITIALû

BPûOVERû%URIBORûORû%ONIAûANDû53ûDOLLARû

BORROWINGSûBPûOVERû,IBOR

-ARGINSûAREûBASEDûONûLEVERAGEû&ORûOVERûû

TIMESûTHEûTERMûLOANûPAYSûBPûOVERû