IFR Magazine - October 27, 2018

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LEVELûALL
INûPRICINGû
of 290bp and the MLA title for commitments
of US$30m or more via an upfront fee of
BPûANûALL
INûOFûBPûANDûTHEûLEADû
ARRANGERûTITLEûFORû53MnMûTICKETSûVIAû
a 90bp fee, or 280bp and the arranger title
FORû53MnMûVIAûANûBPûFEE
&UNDSûAREûFORûWORKINGûCAPITALûPURPOSES
+$"ûOWNSûAûûSTAKEûINûTHEûBORROWER

TAIWAN

PANJIT INCREASES LOANS TO US$227m

Electronics manufacturer PANJIT
INTERNATIONAL and its unit PANJIT ASIA
INTERNATIONALûHAVEûINCREASEDûTHEIRûTWOûlVE
YEARûLOANSûTOû53M
EQUIVALENTûFROMûTHEû
53M
EQUIVALENTûTARGET
Panjit International is the borrower on a
.4BNû53M ûLOANûWITHûLand Bank of
Taiwan as the mandated lead arranger and
bookrunner, while Panjit Asia is the
borrower on a US$66m loan with First
Commercial BankûASûTHEû-,!"
The NT$5bn loan can be drawn in either
.4ûORû53ûDOLLARSû4HEû.4ûDOLLARûPORTIONSûPAYû
an interest margin of 95bp over Taibor, with
AûPRE
TAXûINTERESTûRATEûmOORûSETûATûûWHILEû
the margin on the US dollar portion is
BPûOVERû,IBORû4HEûBORROWERûWILLûPAYûANYû
excess interest rate beyond a 35bp
DIFFERENCEûBETWEENû4!)&8ûANDû,IBOR
The US$66m loan comprises a US$35m
term loan Tranche A and a US$31m
REVOLVINGûCREDITû4RANCHEû"û4HEûMARGINû
which ranges from 135bp to 155bp over
,IBORûISûTIEDûTOûTHEûBORROWERSûPRE
TAXûNETû
PROlTûMARGINû4HEûBORROWERûWILLûPAYûANYû

excess interest rate beyond a 35bp

DIFFERENCEûBETWEENû4!)&8ûANDû,IBOR

,ENDERSûWEREûOFFEREDûAûTOP

LEVELûUPFRONTû

FEEûOFûBP

On the Taiwanese dollar loan, bookrunners

are First Commercial Bank, Taiwan Cooperative

Bank, Bank of Taiwan and Cathay United Bankû

Managers are Mega International Commercial

Bank, Bangkok Bank, Yuanta Commercial Bank,

Chang Hwa Commercial Bank, Taiwan Business

Bank, Shin Kong Commercial Bank, Hua Nan

Commercial Bank and KGI Bankû0ARTICIPANTSûAREû

Far Eastern International Bank, Bank SinoPac and

EnTie Commercial Bank

On the US dollar loan, bookrunners are Land

Bank of Taiwan, Taiwan Cooperative Bank, Bank of

Taiwan and Yuanta Commercial Bankû-ANAGERSû

are Bangkok Bank, Cathay United Bank, Mega

International Commercial Bank, Taiwan Business

Bank, Chang Hwa Commercial Bank, Shin Kong

Commercial Bank and KGI Bankû0ARTICIPANTSûAREû

Bank of Panhsin, Hua Nan Commercial Bank, Bank

SinoPac, EnTie Commercial Bank and Far Eastern

International Bank

EUROPE/MIDDLE

EAST/AFRICA

FRANCE

FAURECIA NETS BRIDGE FOR CLARION

FAURECIAûHASûAGREEDûAûONE

YEARûBRIDGEûLOANûTOû

BACKûITSûcBNû53BN   ûDEALûTOûBUYû

Japanese car navigation system maker

#LARIONûFROMû(ITACHI

4HEûlNANCINGûINCLUDESûTWOûSIX

MONTHû

EXTENSIONûOPTIONSûANDûWILLûBEûRElNANCEDû

WITHûAûBONDûISSUE

#ARûPARTSûSUPPLIERû&AURECIAûWHICHûISûû

owned by Peugeot maker PSA, said it would

offer ¥2,500 per share for Clarion,

REPRESENTINGûAûûPREMIUMûTOû#LARIONSû

CLOSINGûPRICEûOFûcûONû/CTOBERû

The offer represented a total purchase

price of ¥141bn, marking a transaction

MULTIPLEûOFûûTIMESû-ARCHûûCOREû

earnings, including operational cost savings

ESTIMATEDûATûõMûBYû

&AURECIAûSAIDûITSûPOST

DEALûSALESûSHOULDû

EXCEEDûõBNûBYûûWITHûEARNINGSûPERû

SHAREûALSOûRISING

The company plans to set up a new business

division headquartered in Japan, named

Faurecia Clarion Electronics Systems, which

would employ almost 9,200 people and have

REVENUEûOFûMOREûTHANûõBNûBYû

CBQ in market with US$750m loan

„ QATAR Qatar National Bank also in talks with lenders for refi

COMMERCIAL BANK OF QATAR is in the market via

coordinators Bank of America Merrill Lynch and

Mizuho with a US$750m three-year syndicated loan.

The loan has gone out to wider syndication

and will close around mid-November.

The facility will refinance a US$1bn deal

signed in December 2015 which was coordinated

by Citi and the then National Bank of Abu Dhabi.

There has been very limited syndicated

lending into Qatar by international banks since

a diplomatic crisis that erupted in the Gulf last

year, which made lenders more cautious about

their exposure to Qatari borrowers.

Saudi Arabia, the UAE, Bahrain and Egypt cut

diplomatic and transport ties with Qatar in June

last year. They accused it of backing terrorism, a

charge that Doha denies.

Syndication for the current loan is going well,

according to a banker, and is expected to close

oversubscribed, which could lead to an increased

deal size.

“CBQ wisely launched the deal at a smaller

amount to see what happened. The Qatari

market is very different to three years ago when

they originally raised the loan and there are

significant relationship sensitivities, but I think if

they get more they will take it,” a second banker

said.

QATAR NATIONAL BANK is also in discussions

with lenders to refinance a €2.25bn three-year

syndicated loan raised in May 2016 that matures

next May. Credit Agricole and Societe Generale

were bookrunners and initial mandated lead

arrangers on the deal.

This new loan will be predominately raised

through the French banks again, a third banker said.

QNB, which is 50% owned by Qatar’s

sovereign wealth fund Qatar Investment

Authority, is a regular borrower in the

international syndicated loan market. Over the

past three years it has raised over US$7bn in

loans.

In February this year QNB signed a US$3.5bn

three-year senior unsecured term loan, which

refinanced a US$3bn loan that signed in March

2015.

The loan was fully underwritten by Bank of

America Merrill Lynch, Barclays, Deutsche Bank,

Intesa Sanpaolo, Mizuho Bank, MUFG, Standard

Chartered, SMBC and United Overseas Bank.

Sandrine Bradley

EMEA LOANS BOOKRUNNERS – FULLY

SYNDICATED VOLUME

BOOKRUNNERS: 1/1/2018 TO DATE

Managing No of Total Share

bank or group issues US$(m) (%)

1 BNP Paribas 165 40,316.04 7.6

2 Credit Agricole 164 38,275.06 7.2

3 JP Morgan 62 34,468.17 6.5

4 SG 117 31,083.95 5.8

5 Deutsche Bank 82 25,063.80 4.7

6 UniCredit 122 24,896.70 4.7

7 Citigroup 73 23,290.27 4.4

8 HSBC 101 22,050.31 4.1

9 ING 116 21,755.66 4.1

10 BAML 54 16,532.72 3.1

Total 680 533,375.65

Proportional credit

Source: Refinitiv SDC code: R17