shares would need to be equitized,” said
Ezien Hoo, OCBC’s credit analyst.
EQUITY CAPITAL MARKETS
› CMT RAISES S$277M VIA PLACEMENT
CAPITALAND MALL TRUST has raised S$277m
(US$201m) through the sale of 134m units
at S$2.07, against a S$2.049–$2.097 range.
The transaction comprised a base deal
of S$250m at the bottom of the range and
an upsize option of S$25m which was fully
exercised. The shares sold represent 3.6% of
the post issue share capital.
The final price represents a 4.6% discount
to the pre-deal close of S$2.17.
Books were multiple times
oversubscribed, with the top 15 investors
getting 70% of the deal. Long-only
institutions and long-term investors
participated in the transaction.
DBS and JP Morgan are the bookrunners.
SOUTH KOREA
DEBT CAPITAL MARKETS
› KOSPO READIES SWISS ROADSHOW
KOREA SOUTHERN POWER, rated Aa2/AA–
(Moody’s/Fitch), has mandated BNP Paribas
Suisse and UBS as lead managers for a
Zurich roadshow on October 30.
Korea Electric Power, which is 51%
owned by the Korean government, owns
Kospo as well as five other regional gencos.› LG DISPLAY TO START GREEN MEETINGSLG DISPLAY has mandated Korea Development
Bank and Societe Generale as joint
bookrunners and lead managers for a US
dollar-denominated Green bond.
Fixed income investor meetings in
Asia and Europe will start on Monday for
the Reg S senior unsecured Green notes,
which will also have an unconditional and
irrevocable guarantee by KDB.
The proposed notes are expected to be
rated AA by S&P.STRUCTURED FINANCE
› KAL PRINTS OFFSHORE ABSKOREAN AIR LINES priced US$350m three-year
asset-backed securities at one-month US
dollar Libor plus 0.9%, in line with initial
guidance.
The deal is backed by US dollar-
denominated credit card receivables
generated by the airline’s ticket sales.
The secured notes have provisional
ratings of Aa3 from Moody’s, on par with
Shinhan Bank, which is providing a credit
facility and an interest rate swap.
The notes will be issued by KAL ABS 23
Cayman Limited, a bankruptcy-remote
vehicle.Daiwa Securities, DBS Bank, Mizuho and
Standard Chartered were joint lead managers
of the Reg S deal.
The public-listed carrier counts Hanjin
KAL and National Pension Service as its
major shareholders. Korean Air is rated
Aa2/A+ (Moody’s/S&P).SYNDICATED LOANS
› DAEWOO E&C TAPS OFFSHORE LOANDAEWOO ENGINEERING & CONSTRUCTION is tapping
the offshore market for a US$100m two-
year loan.
Emirates NBD is the mandated lead
arranger and bookrunner of the facility,
which has an unspecified greenshoe option.
The bullet deal pays an interest margin of
240bp over Libor.
Lenders will receive a top-level all-in
pricing of 290bp and the MLA title for
commitments of US$30m or more via an
upfront fee of 100bp, an all-in of 285bp and
the lead arranger title for US$20m–$29m
tickets via a 90bp fee, or 280bp and the
arranger title for US$10m–$19m via an
80bp fee.
The deadline for responses is November 1.
Funds are for working capital purposes.
In April 2016, Daewoo E&C raised a
US$100m one-year senior loan. Korea
Development Bank was the MLAB on that
deal, while Woori Bank and KDB Ireland
were the lenders, according to LPC data.
KDB owns a 50.75% stake in the
borrower.Oxley seeks smaller Royal Wharf refi
Loans Borrower offers more generous pricing on up to US$225m financingDeveloper 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.The deadline for commitments is
November 14. A bank presentation was held
in Singapore last week.
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 lowerlevel. 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
launch 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.
EVELYNN LIN, CHIEN MI WONG, APPLE LAM