IFR Magazine - October 27, 2018

)Nû!PRILûTHEûBORROWERûSIGNEDûAûcBNû
THENû53M û
YEARûFACILITYûnûTHEûlRSTû
UNSECUREDûDECADE
LONGûBORROWINGûINûTHEû
OFFSHOREûLOANûMARKETû
4HATûDEALûOFFEREDûTOP
LEVELûALL
INûPRICINGûOFû
105bp based on an interest margin of 95bp
over Tibor and a weighted average
REMAININGûLIFEûOFûûYEARS
!NOTHERû)NDIANûSTATE
OWNEDûELECTRICû
utility, Power Grid Corp of India, is seeking a
53M
EQUIVALENTû
YEARûDOOR
TO
DOORû
Samurai, marking its debut in the
INTERNATIONALûLOANûMARKETS
3EPARATELYûSTATE
OWNEDû)NDIANû2AILWAYû
&INANCEû#ORPûCLOSEDûLASTûMONTHûAûcBNû

YEARû3AMURAIûLOANûWHICHûATTRACTEDûTHREEû
BANKSûINûGENERALûSYNDICATIONû)TûOFFEREDûTOP
LEVELûALL
INûPRICINGûOFûBPûBASEDûONûAû
margin of 80bp over yen Libor and a
REMAININGûLIFEûOFûûYEARS
)2&#ûANDû.40#ûAREûRATEDû"AA"""¦"""¦û
WHILEû0OWERû'RIDû#ORPûISûRATEDû"""¦ûBYû30û
ANDû&ITCH

INDONESIA

MEDCO ENERGI UNITS LAUNCH
US$500m RBL

Two units of oil and gas company MEDCO
ENERGI INTERNASIONAL have launched a
53MûTHREE
YEARûRESERVE
BASEDûREVOLVINGû
CREDITûFACILITYûINTOûGENERALûSYNDICATION
ANZ, ING Bank and Societe Generale are the
mandated lead arrangers and bookrunners
OFûTHEûlNANCINGûWHICHûPAYSûANûINTERESTû
MARGINûOFûBPûOVERû,IBORûANDûHASûANû
AVERAGEûLIFEûOFûûYEARS
Subsidiaries Medco E&P Malaka and
Medco E&P Tomori Sulawesi are the
BORROWERSûOFûTHEûlNANCINGûWHICHûWILLûBEû
USEDûFORûGENERALûCORPORATEûPURPOSES
,ENDERSûRECEIVEûTOP
LEVELûALL
INûPRICINGûOFû
BPûANDûTHEû-,!ûTITLEûFORûCOMMITMENTSûOFû
53MûANDûABOVEûVIAûAûPARTICIPATIONûFEEûOFû
BPûANûALL
INûOFûBPûANDûTHEûLEADûARRANGERû
TITLEûFORûTICKETSûOFû53MnMûVIAûAûFEEûOFû
BPûORûANûALL
INûOFûBPûANDûTHEûARRANGERû
TITLEûFORû53MnMûVIAûAûFEEûOFûBP
Medco Energi last raised a US$360m
RESERVE
BASEDûLENDINGûFACILITYûINû$ECEMBERû
û4HEûSAMEûBANKSûWEREûTHEû-,!"SûOFû
THATûlNANCINGûWHICHûATTRACTEDûSIXûLENDERSû
INûLIMITEDûSYNDICATIONû4HATû2",ûPAYSû
different interest margins to account for the
PROJECTSûCONSTRUCTIONûRISKSû4HEûMARGINûISû
BPûOVERû,IBORûPRE
COMPLETIONûBEFOREû
STEPPINGûDOWNûTOûBPûPOST
COMPLETION

MSKY SEEKS EXTENSION OF 2016 FACILITY

)NDONESIANûPAY
46ûOPERATORûMNC SKY VISION is
TALKINGûTOûLENDERSûTOûEXTENDûAû53Mû
THREE
YEARûLOANûSIGNEDûINû

Deutsche Bank and Standard Chartered were

the mandated lead arrangers and

bookrunners of the deal, which will be

EXTENDEDûBYûANOTHERûTHREEûYEARSû4HEûTERMSû

ANDûCONDITIONSûOFûTHEûlNANCINGûWHICHûPAYSû

an interest margin of 425bp over Libor, will

REMAINûTHEûSAME

4HEû53MûSINGLE

TRANCHEûLOANûnûUSEDû

TOûRElNANCEûAû53MûTHREE

YEARûDEALû

FROMû$ECEMBERûûnûWASûREDUCEDûFROMûAû

size of up to US$225m when launched into

GENERALûSYNDICATION

4HEûlNANCINGûWASûORIGINALLYûSPLITûINTOûAû

SENIORûAMORTISINGûTERMûLOANû4RANCHEû!  ûANDûAû

BULLETûLOANû4RANCHEû"  û4OP

LEVELûALL

INûPRICINGû

INûGENERALûSYNDICATIONûWASûBPûANDûBPû

based on interest margins of 425bp and 500bp

OVERû,IBORûFORû4RANCHESû!ûANDû"ûRESPECTIVELYû

4HEûAVERAGEûLIFEûWASûûYEARSû).'û"ANKûANDû

Siemens Financial Services joined in senior

syndication, while three other lenders

PARTICIPATEDûINûGENERALûSYNDICATION

At that time, the borrower endured a

challenging period following two

downgrades to the ratings of MSky’s parent

-.#û)NVESTAMAûFROMû"ûTOû"¦ûBYû30ûANDû"û

to Caa1 by Moody’s in August and

3EPTEMBERûûRESPECTIVELY

-3KYûSUBSEQUENTLYûREPAIDûûOFûTHEû

53MûLOANûINûMID

3EPTEMBERûWITHûHELPû

FROMû2PTRNûITûLARGELYûRAISEDûTHROUGHû

ADDITIONALûCAPITALûCONTRIBUTIONSûFROMû*AKARTA

listed Global Mediacom, the holding company

OFû-3KYûANDûITSûAFlLIATEû-EDIAû.USANTARAû

#ITRAû4HEû2PTRNûWASûRAISEDûOVERûAûNINE

MONTHûPERIODûENDINGû3EPTEMBERûû

&OLLOWINGûTHEûlRSTûPRINCIPALûREPAYMENTûOFû

the 2013 loan, MSky decided to cap the size

OFûTHEûNEWûRElNANCINGûLOANûTOû53MûWITHû

AûSINGLE

TRANCHEûSTRUCTUREûINSTEADûOFûTHEûDUAL

TRANCHEûBORROWINGûITûHADûSOUGHTûINITIALLY

4HEû$ECEMBERûûLOANûPAIDûTOP

LEVELû

ALL

INûPRICINGûOFûBPûVIAûAûMARGINûOFûBPû

OVERû,IBORûBASEDûONûANûAVERAGEûLIFEûOFûû

YEARS

3EPARATELYû-3KYSûAFlLIATEûFREE

TO

AIRû

broadcast company Media Nusantara Citra

most recently raised US$50m through an

accordion facility last December after

CLOSINGûAû53MûFOUR

YEARûRElNANCINGûINû

!UGUSTû

)TûORIGINALLYûOFFEREDûTOP

LEVELûALL

INûPRICINGû

OFûBPûBASEDûONûAûMARGINûOFûBPûOVERû

,IBORûANDûANûAVERAGEûLIFEûOFûûYEARS

PAMA OBTAINS US$1bn CLUB

Mining contractor PAMAPERSADA NUSANTARA

HASûOBTAINEDûAû53BNûlVE

YEARûlNANCINGû

WITHûûLENDERS

ANZ, Bank of China Hong Kong, CIMB,

Citigroup, DBS Bank, HSBC, KDB Singapore,

Mizuho Bank, MUFG, OCBC, Sumitomo Mitsui

Banking Corp and United Overseas Bank are the

lenders of the facility, which comprises a

53MûTERMûLOANûANDû53MûREVOLVINGû

CREDITûFACILITY

The deal, which was to be signed on Friday,

PAYSûANûINTERESTûMARGINûOFûBPûOVERû,IBORû

4HEûTERMûLOANûHASûANûAVERAGEûLIFEûOFûûYEARS

Funds will be used for general corporate

ANDûWORKINGûCAPITALûPURPOSES

4HEûBORROWERûLASTûRAISEDûAû53MûDUAL

TRANCHEûlNANCINGûINû

PAMA is a wholly owned subsidiary of

5NITEDû4RACTORSûWHICHûISûINûTURNûMAJORITY

OWNEDûBYû!STRAû)NTERNATIONAL

JAPAN

TAKEDA SIGNS ¥500bn

SUBORDINATED LOAN

TAKEDA PHARMACEUTICAL CO has signed a ¥500bn

53BN  û

YEARûSUBORDINATEDûLOANûTOû

PARTIALLYûRElNANCEûTHEû53BNûBRIDGEû

loan backing its £46bn acquisition of

,ONDON

LISTEDûRARE

DISEASEûSPECIALISTû3HIRE

4AKEDAûALSOûSIGNEDûAûSENIORûSHORT

TERMû

LOANûOFûTHEûSAMEûSIZEûTOûPARTIALLYûRElNANCEû

THEûBRIDGEû4HEûSENIORûLOANûWILLûBEûTAKENûOUTû

WITHûTHEûSUBORDINATEDûLOAN

SMBC and MUFG are the bookrunners and

LEADûARRANGERSûOFûBOTHûFACILITIESûMizuho Bank

came in as bookrunner and arranger, while

Norinchukin Bank and Sumitomo Mitsui Trust

BankûJOINEDûASûARRANGERSû3-"#ûISûTHEûAGENT

The interest margin on the subordinated

loan, which can be repaid after six years,

will step up by 25bp after 10 years and by

BPûAFTERûûYEARSû4HEûINITIALûMARGINûHASû

NOTûBEENûDISCLOSEDû4HEûLOANûWHICHûRECEIVEDû

a preliminary rating of A from R&I, is

TREATEDûASûûEQUITYûBYû2)ûANDû30

Funds will be drawn once the acquisition

ISûCOMPLETED

)Nû*UNEûTHEûBORROWERûCOMPLETEDûAû53BNû

lVE

YEARûTERMûLOANûTOûPARTIALLYûTAKEûOUTûTHEû

BRIDGEû*0û-ORGANû-IZUHOû"ANKû-5&'ûANDû

3-"#ûWEREûTHEûMANDATEDûLEADûARRANGERSû

Takeda received approval for the

acquisition from Japan’s Fair Trade

Commission on October 18, bringing the

*APANESEûlRMûCLOSERûTOûSEALINGûAûDEALû)TûHASû

already received unconditional clearance

FROMûREGULATORSûINûTHEû53û"RAZILûANDû#HINA

LAOS

LAO VIET BANK RETURNS AFTER A YEAR

LAO VIET BANKûHASûLAUNCHEDûAûTHREE

YEARûTERMû

loan of up to US$100m, returning to the loan

MARKETûAFTERûANûABSENCEûOFûMOREûTHANûAûYEAR

Cathay United Bank is the mandated lead

arranger and bookrunner of the bullet loan,

which has a base size of US$60m and a

GREENSHOEûOPTIONûOFû53M