IFR Magazine - October 27, 2018

LOANS ASIA-PACIFIC

The deal offers an interest margin of
BPûOVERû,IBOR
MLABs committing US$20m or more will
RECEIVEûALL
INûPRICINGûOFûBPûVIAûAû
participation fee of 50bp, while MLAs
JOININGûWITHû53MnMûEARNûALL
INû
PRICINGûOFûBPûVIAûAûBPûFEEû,EADû
ARRANGERSûCOMINGûINûFORû53MnMûWILLû
RECEIVEûALL
INûPRICINGûOFûBPûVIAûAûBPûFEE
&UNDSûAREûFORûWORKINGûCAPITALûPURPOSES
)Nû3EPTEMBERûûTHEûBORROWERûRAISEDûAû
53MûTHREE
YEARûTERMûLOANûFROMûSIXû
BANKSû)TûOFFEREDûAûMARGINûOFûBPûOVERûSIX
MONTHû,IBOR
Established in 1999, the bank is a joint
venture between JOINT STOCK COMMERCIAL BANK FOR
INVESTMENT & DEVELOPMENT OF VIETNAMû")$6 ûANDû
,AOTIANûSTATE
OWNEDû"ANQUEûPOURûLEû#OMMERCEû
%XTERIEURû,AOû"#%, û")$6ûISûPROVIDINGûAû
STANDBYûLETTERûOFûCREDITûTOûTHEûLATESTûFACILITY
Separately, BIDV is in the market for a
53MûlNANCINGûAsian Development Bank is
the sole MLAB of the facility, which
comprises a US$200m A loan and a
53Mû"ûLOANû!$"ûWILLûPROVIDEûTHEû!û
LOANûANDûONLYûTHEû"ûLOANûISûBEINGûSYNDICATEDû
4HEû"ûLOANûHASûTHREEûANDûlVE
YEARûPORTIONS
The interest margins are 110bp and 160bp
over Libor, respectively, for the three and
lVE
YEARûPORTIONSûANDûTHEûRESPECTIVEûAVERAGEû
LIVESûAREûûYEARSûANDûûYEARSû,ENDERSûAREû
BEINGûOFFEREDûTOP
LEVELûALL
INSûOFûBPûANDû
BPûRESPECTIVELYûVIAûAûFEEûOFûBP

MACAU

SANDS CHINA RETIRING 2016 FACILITY

SANDS CHINA, the biggest operator of resorts in
-ACAUûISûSELF
ARRANGINGûANûUNSECUREDû

US$2bn revolving credit facility to replace a

SAME

SIZEDûOUTSTANDINGûPORTIONûOFûAû

53BNûLOANûSIGNEDûINû

The new revolver will mature on July 31

2023, extending the maturity of the original

53BNûREVOLVERûBYûNEARLYûTHREEûYEARS

4HEû53BNûBORROWINGûFROMû!UGUSTû

ûWASûSPLITûINTOûAû53BNûFOUR

YEARû

REVOLVERûANDûAû53BNûSIX

YEARûTERMûLOAN

In February, the company had launched

an amendment and extension exercise for

the entire loan, but scrapped the process

AFTERûREPAYINGûTHEû53BNûTRANCHEûINû

!UGUSTû0ROCEEDSûFROMûAûJUMBOû53BNû

bond offering in early August helped fund

THEûREPAYMENT

4HEûBONDûWASûSPLITûINTOûAû53BNû

PORTIONûDUEûINûûAû53BNûSENIORûNOTEû

DUEûINûûANDûAû53BNûPIECEûDUEûINû

ûWITHûRESPECTIVEûCOUPONSûOFûû

ûANDû

The A&E exercise had offered an opening

INTERESTûMARGINûOFûBPûOVERû,IBORûANDûAû

TOP

LEVELûFEEûOFûBP

The new US$2bn revolver pays interest

MARGINSûTIEDûTOûAûLEVERAGEûRATIOûGRIDû4HEû

OPENINGûMARGINûFORûTHEûlRSTûSIXûMONTHSûISû

BPûOVERû,IBOR

Banks can join as global coordinating lead

arrangers with commitments of US$400m

ORûABOVEûFORûUPFRONTûFEESûOFûBPû

Mandated lead arrangers with tickets of

53MnMûEARNûBPûINûFEESûWHILEû

LEADûARRANGERSûTAKINGû53MnMû

RECEIVEûBPû3ENIORûMANAGERSûCOMINGûINû

FORû53MnMûAREûOFFEREDûBP

Sands China is looking to close the new

DEALûBYûTHEûYEAR

END

VML US Finance, a unit of Venetian

-ACAUûISûTHEûBORROWERûONûTHEûûLOANû

4HEûLATTERûISûAûSUBSIDIARYûOFû3ANDSû#HINA

Bank of China Macau branchûISûTHEûFACILITYûAGENT

3ANDSû#HINAûISûRATEDû"A"""¦"""¦

PHILIPPINES

METROBANK CARD LAUNCHES

US$100m LOAN

METROBANK CARD has launched a US$100m

THREE

YEARûTERMûLOAN

ANZ is the mandated lead arranger,

bookrunner and underwriter of the bullet

deal, which pays an interest margin of

BPûOVERû,IBORûANDûHASûANûUNSPECIlEDû

GREENSHOE

Banks are invited to join as MLAs with

commitments of US$20m or more for an

UPFRONTûFEEûOFûBPûANDûAûTOP

LEVELûALL

INûOFû

120bp, and as lead arrangers with tickets of

53MnMûFORûAûBPûFEEûANDûANûALL

INûOFû

BP

&UNDSûAREûFORûGENERALûCORPORATEûPURPOSES

Metrobank Card, a wholly owned

SUBSIDIARYûOFû-ANILA

LISTEDû-ETROPOLITANû

Bank & Trust, is a credit card issuer with

MOREûTHANûûMILLIONûCARDSûINûFORCE

SOUTH KOREA

DAEWOO E&C TAPS OFFSHORE LOAN

DAEWOO ENGINEERING & CONSTRUCTION is tapping

THEûOFFSHOREûMARKETûFORûAû53MûTWO

YEARû

LOAN

Emirates NBD is the mandated lead

arranger and bookrunner of the facility,

WHICHûHASûANûUNSPECIlEDûGREENSHOEûOPTIONû

The bullet deal pays an interest margin of

BPûOVERû,IBûOR

Oxley seeks smaller Royal Wharf refi

„ SINGAPORE Borrower offers more generous pricing on up to US$225m financing

Developer OXLEY HOLDINGS is wooing lenders with a

smaller refinancing of up to US$225m for a property

development in London and more generous pricing

than that offered on an earlier attempt in July.

Sole mandated lead arranger and bookrunner

Deutsche Bank has relaunched the two-year

financing with an interest margin of 275bp over

Libor, 25bp more than the pricing offered on

a loan of up to US$250m that was originally

launched three months ago.

It is not clear if the earlier attempt attracted

any lenders before Deutsche relaunched the

deal earlier this month.

The financing carries first lien mortgage

against Royal Wharf Phase II and III, which is

under construction.

Oxley International Holdings, Oxley London,

Oxley Wharf Property 1, Oxley Wharf Property

2, Oxley Wharf Property 3 and Oxley Wharf

Property 4 are the guarantors of the financing,

which will be used to refinance a US$200m

senior secured three-year term loan completed

in late 2016.

Deutsche Bank was also the MLAB and

underwriter of the 2016 bullet loan, which

attracted four other lenders – China Minsheng

Banking Corp and Qatar National Bank as

MLABs in senior syndication, and Chang Hwa

Commercial Bank and Taiwan Cooperative Bank

as arrangers at the lower level. That loan had

offered a top level all-in pricing of 383.33bp

based on an interest margin of 300bp over Libor.

The refinancing is among a slew of loans

Oxley has tapped this year. The borrower is also

seeking a S$317m (US$230m) 4.5-year loan to

fund the redevelopment of Mayfair Gardens, a

private residential estate in Singapore. HSBC

and Maybank are the MLABs of the borrowing,

which is expected to be launched into limited

syndication soon.

Listed on the Stock Exchange of Singapore,

Oxley Holdings is a developer of high-end

residential, commercial and industrial

projects in Singapore, the UK, Ireland, China,

Cambodia, Malaysia, Myanmar, Indonesia

and Japan.

Apple Lam, Evelynn Lin,

Chien Mi Wong