IFR Magazine - October 27, 2018

LOANS ASIA-PACIFIC

OFû53MnMûFORûAûFEEûOFûBPûANDû
BPûALL
INûANDûARRANGERSûWITHû
COMMITMENTSûOFû53Mn53MûFORûAûFEEû
OFûBPûANDûANûALL
INûOFûBP
2EPAYMENTSûWILLûBEûTHROUGHûFOURûSEMI
ANNUALûINSTALMENTSûAFTERûAû
YEARûGRACEû
PERIODûûTHûMONTH ûûTHûANDû
THûMONTHS ûANDûûTHûMONTH 
A commitment fee of 35bp applies during
AûSIX
MONTHûAVAILABILITYûPERIOD
Financial covenants require Bestway
Global’s ratio of consolidated total net debt
to consolidated tangible net worth be
CAPPEDûATûûTIMESûTHEûRATIOûOFûCONSOLIDATEDû
Ebitda to consolidated total interest expense
ATûAûMINIMUMûOFûûTIMESûCONSOLIDATEDû
tangible net worth at a minimum of
US$350m, the ratio of consolidated total net
DEBTûTOûCONSOLIDATEDû%BITDAûCAPPEDûATûû
times and the dividend payout ratio capped
ATû
Ownership covenants require Bestway
'LOBALûTOûOWNûûOFûTHEûBORROWERû
Bestway Enterprise and Bestway Resources
Group, and Bestway Global’s chairman and
CEO Zhu Qiang to remain the largest
SHAREHOLDERûOWNINGûATûLEASTûûOFû
"ESTWAYû'LOBAL
The borrower must remain Bestway
Global group’s major export sales subsidiary,
CONTRIBUTINGûATûLEASTûûOFûTHEûGROUPSûTOTALû
SALESû)TSûANNUALûSALESûTOûTHIRDûPARTIESûMUSTû
BEûATûLEASTû53M
Bestway Global must also continue to be
listed on the Hong Kong Stock Exchange and
trading in its shares must not be suspended
FORûMOREûTHANûûCONSECUTIVEûTRADINGûDAYS
&UNDSûAREûFORûRElNANCINGûSECUREDû
borrowings and for working capital, capital
expenditure and general corporate
PURPOSES
Bestway Global is headquartered in
3HANGHAIûANDûMAKESûINmATABLEûPOOLSûRAFTSû
and hot tubs, as well as paddle boards,
GOGGLESûSNOWûTUBESûANDûAIRûMATTRESSES

TWO JOIN HNA’S HK$5bn LOAN

Two banks have joined HNA GROUPSûFOUR
YEARû
TERMûLOANûOFûUPûTOû(+BNûTHATû
RElNANCEDûAûBRIDGEûFACILITYûFORûTHEûPURCHASEû
of a land parcel in Hong Kong’s Kowloon
DISTRICTûANDûWILLûBEûUSEDûTOûDEVELOPûTHEûPLOT
China Citic Bank International and Shanghai
Commercial & Savings Bank have committed
HK$500m each and joined the facility via an
ACCESSIONûAGREEMENT
This brings the total committed amount
to HK$4bn, after DBS Bank and Shanghai
Commercial BankûEACHûPROVIDEDû(+BNû
EARLIERûTHISûYEAR
$"3ûISûALSOûTHEûFACILITYûAGENT
(.!û'ROUPSû(ONGû+ONG
LISTEDûUNITûHONG
KONG INTERNATIONAL CONSTRUCTION INVESTMENT
MANAGEMENT GROUP is the guarantor, while its

indirect wholly owned subsidiary MILWAY

DEVELOPMENTûISûTHEûBORROWER

4HEûLOANûPAIDûALL

INûPRICINGûOFûBPû

THROUGHûANûINTERESTûMARGINûOFûBPûOVERû

(IBOR

HNA Finance I, an indirect subsidiary of

(.!û'ROUPûHOLDSûûOFû(+)#)-û'ROUP

&UNDSûAREûTOûlNANCEûTHEûDEVELOPMENTûOFûAû

9,482 square metre land site in Kai Tak,

+OWLOONûANDûRElNANCEûAû(+BNûONE

YEARûBRIDGEûSIGNEDûINû*UNEûû4HATûFACILITYû

PARTLYûFUNDEDûTHEûGROUPSû(+BNû

ACQUISITIONûOFûTHEûPLOTûINû-ARCHûLASTûYEARû

DBS was also the facility agent of the bridge,

WHICHûOFFEREDûANûALL

INûOFûBPûVIAûAûMARGINû

OFûBPûOVERû(IBOR

MINMETALS LAND CLUBS HK$3.5bn LOAN

-INMETALSû,ANDûHASûWRAPPEDûAû(+BNû

FOUR

YEARûCLUBûLOANûWITHûûBANKS

4HEûLOANûOFFEREDûALL

INûPRICINGûINûTHEûHIGHû

200s via an interest margin of 200bp over

(IBOR

Lenders are Industrial & Commercial Bank of

China (Asia), Bank of China (Hong Kong), Bank of

China Singapore branch, CMB Wing Lung Bank,

Nanyang Commercial Bank, Bank of East Asia,

China Everbright Bank Hong Kong branch, Dah

Sing Bank, Shanghai Pudong Development Bank

Hong Kong branch, Hang Seng Bank and DBS

Bank Hong Kong branch

Subsidiary ONFEM FINANCE is the borrower

OFûTHEûSELF

ARRANGEDûTRANSACTIONûWHILEûTHEû

(ONGû+ONG

LISTEDûPARENTûISûTHEûGUARANTOR

-INMETALSû,ANDûISûTHEûREALûESTATEûmAGSHIPû

OFûSTATE

OWNEDû#HINAû-INMETALSû#ORPû

which is rated Baa1/BBB+/BBB+

-OODYS30&ITCH  

INDIA

BPCL, BHARAT OMAN SEND RFPS

3TATE

OWNEDûBHARAT PETROLEUM and an

AFlLIATEDûENTITYûBHARAT OMAN REFINERIES, have

each sent out requests for proposals for

LOANSûTOTALLINGûUPûTOû53M

"0#,ûISûSEEKINGûAû53MûlVE

YEARûLOANû

with a US$300m greenshoe option, while

"/2,ûnûAû

ûJOINTûVENTUREûBETWEENû"0#,û

ANDû/MANû/ILûnûISûSOUNDINGûTHEûMARKETûFORûAû

53MûTHREE

YEARûRElNANCING

"0#,ûLASTûCLOSEDûAû53MûTHREE

YEARû

RElNANCINGûINû/CTOBERûûASûAûBILATERALû

MUFG provided the loan, which is said to

PAYûANûALL

INûAROUNDûTHEûMIDûSûTOûLOWûS

"/2,ûLASTûRAISEDûAû53MûTHREE

YEARû

LOANûINû$ECEMBERûû-IZUHOû"ANKû3-"#û

and UOB Bank were the mandated lead

arrangers and bookrunners of the bullet

FACILITYûWHICHûCLOSEDûASûAûCLUBû4HEûDEALûISû

said to have been mandated at below 130bp

ALL

INûPRICING

SBI PICKS SEVEN FOR US$500m LOAN

STATE BANK OF INDIA has mandated seven banks

ONûAûlVE

YEARûLOANûOFû53MûITSûFOURTHû

BORROWINGûOFûTHEûYEAR

CTBC Bank, DBS Bank, HSBC, First Abu Dhabi

Bank, Sumitomo Mitsui Banking Corp, Westpac and

UOB Bank are the mandated lead arrangers,

BOOKRUNNERSûANDûEQUALûUNDERWRITERS

4HEûMANDATEDûALL

INûPRICINGûISûSAIDûTOûBEû

AROUNDûBPûSIGNIlCANTLYûMOREûGENEROUSû

THANûTHEûPRICINGûONû3")Sû53MûTHREE

YEARû

LOANûTHATûCLOSEDûTOûAûPOORûRESPONSEûINû*ULY

No lenders committed in general

syndication on that deal, which was launched

INû-AYûOFFERINGûTOP

LEVELûALL

INûPRICINGûOFûBPû

BASEDûONûANûINTERESTûMARGINûOFûBPûOVERû

,IBORûANDûAû

YEARûREMAININGûLIFE

3")SûLATESTûBORROWINGûISûITSûlFTHûLOANûSINCEû

September last year, when it raised a

53MûlVE

YEARûFACILITYûTHATûPAIDûTOP

LEVELûALL

INûPRICINGûOFûBPûBASEDûONûAû

margin of 105bp over Libor and a remaining

LIFEûOFûûYEARSû4HATûFACILITYûSAWû

participation from 18 lenders, including

EIGHTûJOININGûINûGENERALûSYNDICATION

State Bank of India Sydney is wrapping up

SYNDICATIONûOFûAû!Mû53M    ûTERMûLOANû

THATûHASûATTRACTEDûFOURûBANKSû)TûHASûTHREEûANDû

lVE

YEARûPORTIONSûANDûOFFERSûTOP

LEVELûALL

INû

pricing of 105bp and 133bp based on margins

OFûBPûANDûBPûOVERû""39ûRESPECTIVELY

In April, SBI Sydney closed a A$120m

BILATERALûWITHû3-"#û4HATûDEALûPAIDûAûMARGINû

OFûBPûOVERû""39

IOC SENDS OUT RFP FOR US$300m LOAN

3TATE

OWNEDûOILûANDûGASûCOMPANYûINDIAN OIL

CORP has sent out a request for proposals for

Aû53MûTHREE

YEARûlNANCING

4HEûDEALûCOMESûWITHûANûUNSPECIlEDû

GREENSHOE

)/#ûLASTûSIGNEDûAû53MûRElNANCINGû

WITHûlVEûBANKSûINû$ECEMBERûû"ANKûOFû

Nova Scotia was the original mandated lead

arranger and bookrunner of the tightly

PRICEDûDEALûWHICHûPAIDûTOP

LEVELûALL

INû

pricing of 91bp based on an interest margin

OFûBPûANDûAûREMAININGûLIFEûOFûûYEARS

Meanwhile, HINDUSTAN PETROLEUM CORP has

sent out a request for proposals for an up to

53MûlVE

YEARûlNANCINGûRETURNINGûTOû

THEûMARKETSûAFTERûLESSûTHANûFOURûMONTHS

The response deadline for the deal, which

includes a greenshoe option of US$200m, is

END

/CTOBER

NTPC ISSUES RFP FOR 10-YEAR SAMURAI

India’s largest power utility company NTPC has

sent out a request for proposals for a

53M

EQUIVALENTû

YEARûFACILITYû

denominated in yen, returning to the Samurai

LOANûMARKETûLESSûTHANûAûYEARûAFTERûITSûLASTûVISIT