IFR Magazine – June 08, 2019

(Nancy Kaufman) #1
LOANS ASIA-PACIFIC

INDIA


RELIANCE PLACES FIRST ASIAN SSD

#ONGLOMERATEûRELIANCE INDUSTRIESûHASûPLACEDû
AûõMû3CHULDSCHEINDARLEHENûlNANCINGû
VIAûARRANGINGûBANKSûKfW IPEX-Bank and
LBBW
4HEûlNANCINGûISûTHEûlRSTûSYNDICATEDû33$û
PLACEDûBYûANû!SIANûCORPORATEûANDûTHEûLARGESTû
33$ûRAISEDûINûTHEûOILûANDûGASûSECTORûGLOBALLY
4HEû33$ûDIVERSIlESû2ELIANCESûSOURCESûOFû
lNANCINGûANDûREINFORCESûTHEûCOMPANYSû
RELATIONSHIPûWITHû%UROPEANûlNANCIALû
institutions
4HEûlNANCINGûCOMPRISESûAûCOMBINATIONûOFû
lXEDûANDûmOATINGûRATEûTRANCHESûWITHûAû
COMBINEDûAVERAGEûMATURITYûOFûOVERûlVEû
YEARS
4HEû33$ûWASûLAUNCHEDûATûõMûANDûSAWû
STRONGûDEMANDûFROMûBANKS ûINSTITUTIONALû
INVESTORSûANDûSMALLERûRETAILûBANKS ûLEADINGû
TOûAûCONSIDERABLEûOVERSUBSCRIPTIONûANDûANû
INCREASEûINûTHEûlNALûAMOUNTûTOûõM
4HEûDEALûWASûPRICEDûATûTHEûLOWERûENDû
OFûTHEûMARKETINGûRANGEûACROSSûALLû
TRANCHES
h4HISûPARTICULARûISSUEûSIMULTANEOUSLYû
mirrors an important step in the
INTERNATIONALISATIONûOFûTHEû3CHULDSCHEINû
SURPASSINGûTHEû%UROPEANûBORDER vûSAIDû*ENSû
2UEBBERT ûMANAGINGûDIRECTORûANDûREGIONALû
HEADû!SIA
0ACIlCûOFû,""7
-UMBAI
BASEDû2ELIANCE ûWHICHûISûRATEDû
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INûTHEûRElNING ûPETROCHEMICALS ûTEXTILES û
NATURALûRESOURCES ûRETAIL ûANDû
TELECOMMUNICATIONSûSECTORS


INDUSIND BANK OFFERS RICHER
PRICING


INDUSIND BANKûISûPAYINGûUPûFORûAû53Mû
THREE
YEARûLOANûCOMPAREDûWITHûAûPREVIOUSû
BORROWINGûAûYEARûAGO
Citigroup, Commerzbank, First Abu Dhabi
Bank, HSBC, LBBW and MUFG are the
MANDATEDûLEADûARRANGERSûANDûBOOKRUNNERSû
OFûTHEûTRANSACTION ûWHICHûHASûAû53Mû
GREENSHOE
4HEûBORROWINGûPAYSûANûINTERESTûMARGINûOFû
BPûOVERû,IBORûANDûHASûAûREMAININGûLIFEûOFû
ûYEARS
,EADûARRANGERSûJOININGûWITHû53MûORû
ABOVEûAREûOFFEREDûUPFRONTûFEESûOFûBPûFORû
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LEVELûALL
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4HEûPRICINGûONûTHEûLATESTûLOANûISûRICHERû
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-AYûLASTûYEAR ûWHICHûOFFEREDûAûTOP
LEVELûALL
INû
PRICINGûOFûBPûBASEDûONûANûINTERESTû
MARGINûOFûBPûOVERû,IBORûANDûAûREMAININGû
LIFEûOFûûYEARS


INDONESIA


TOWER BERSAMA SELF-ARRANGES REFI

)NDONESIANûTELECOMûTOWERûCOMPANYûTOWER
BERSAMA INFRASTRUCTUREûISûSELF
ARRANGINGûAû
53Mû
YEARûBULLETûTERMûLOAN
3ETûTOûMATUREûINû*ANUARYû ûTHEûDEALû
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INûPRICINGûOFûBPûBASEDûONûANû
INTERESTûMARGINûOFûBPûOVERû,IBORûANDûANû
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53MûTRANCHEûPAIDûANûOFFSHOREûMARGINû
OFûBPûOVERû,IBORûANDûAûFEEûOFûBP
4HEûûDEALûALSOûINCLUDEDûAû53Mû

DAYûREVOLVINGûCREDITûFACILITYûANDûAû
53Mû
YEARûREVOLVERû)Nû!PRILû ûALLû
LENDERSûTOûTHEû
YEARûREVOLVERûAGREEDûTOû
EXTENDûTHATûDEALûBYûFOURûYEARS ûANDûEIGHTû
BANKSûPROVIDEDûAûSEPARATEû53MûlVE
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MONEYûREVOLVER ûWHICHûOFFEREDûAû
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4OWERû"ERSAMAûISûRATEDû""n""nû30
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)NDONESIA

TITAN INFRA ENERGY LOAN FLOPS

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YEARûTERMûLOANûAFTERûFAILINGûTOûATTRACTûLENDERSû
INûSYNDICATION ûASûTHEûCOALûSECTORûCONTINUESû
TOûSTRUGGLE
Bank Mandiri, Bank CIMB Niaga and Credit
Suisse WEREûTHEûMANDATEDûLEADûARRANGERSûANDû
BOOKRUNNERSûOFûTHEûLOANûANDûENDEDûUPûWITHû
53M û53MûANDû53M û
RESPECTIVELY
$ESPITEûPAYINGûAûJUICYûTOP
LEVELûALL
INû
PRICINGûOFûBPûBASEDûONûANûINTERESTû
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LIFEûOFûûYEARS ûTHEûLOANûSTRUGGLEDûFORûOVERû
SEVENûMONTHSûINûSYNDICATION ûWHICHûWASû
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&UNDSûAREûFORûGENERALûCORPORATEûPURPOSESû
ANDûFORûTHEûACQUISITIONûOFûAûCOALûMININGûlRM
4HEûBORROWERûOPERATESûASûANûENERGYû
INFRASTRUCTUREûANDûLOGISTICSûCOMPANYûFORûTHEû
COALûSECTORûINû)NDONESIA

JAPAN


LENDERS GUSH OVER ENBRIDGE

#ANADASûLARGESTûPIPELINEûOPERATORûENBRIDGE
HASûINCREASEDûAûTHREE
YEARû3AMURAIûLOANûTOû
cBNû53M ûFOLLOWINGûANû
OVERWHELMINGûRESPONSEûFROMûLENDERSûTHATû
JOINEDûDESPITEûAûCUTûINûPRICING
4HEûQUALITYûOFûTHEûCREDITûnû%NBRIDGEûISû
RATEDû"AA""" """ ûANDû#ANADAûISû4RIPLEû

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THREE
YEARûTRANCHEûTOûBPûOVERû,IBORûFROMû
BPûORIGINALLY
!ûTOTALûOFûûLENDERSûPARTICIPATEDûINûTHEû
lNANCING ûINCLUDINGûORIGINALûMANDATEDûLEADû
arrangers Mizuho Bank and MUFG, and SMBC,
WHICHûJOINEDûASûEQUALûSTATUSûARRANGER
4HEûûBANKSûJOININGûINûGENERALû
SYNDICATIONûAREû77 Bank, Bank of Saga, Bank of
Yokohama, Chiba Bank, Daido Life Insurance, Dai-
ichi Life Insurance, Daishi Bank, Daito Bank,
Development Bank of Japan, Gunma Bank,
Hachijuni Bank, Hyakugo Bank, Hyakujushi Bank,
Iyo Bank, Japan Post Bank, Joyo Bank, Kiyo Bank,
Minato Bank, Musashino Bank, Nanto Bank,
Nomura Trust & Banking, San-in Godo Bank,
Shikoku Bank, Shinkin Central Bank, Shizuoka
Bank, Yamagata Bank and Yamaguchi Bank
7ITHûSOûMANYûLENDERSûJOINING û%NBRIDGESû
LOANûISûONEûOFûTHEûMOSTûWIDELYûSYNDICATEDû
3AMURAIûFACILITIES
%NBRIDGEûDROPPEDûAûlVE
YEARûTRANCHEûTHATû
OFFEREDûAûMARGINûOFûBPûOVERû,IBOR
&UNDSûAREûTOûRElNANCEûAûcBNûTHREE
YEARû3AMURAIûLOANûCOMPLETEDûINû-AYûû
-IZUHOûANDû-5&'ûWEREûTHEû-,!"SûOFûTHATû
FACILITY

TRIO SIGN TOSHIBA MEMORY TAKE-OUT

TOSHIBA MEMORYûHASûSIGNEDûAûcTRNûLOANûFROMû
Mizuho Bank, MUFG and SMBC
4HEûDEALûFORûTHEûmASHûMEMORYûMAKERûISû
SPLITûINTOûAûcBNûTERMûLOANûANDûAûcBNû
COMMITMENTûLINE
&UNDS ûTOûBEûDRAWNûATûTHEûENDûOFûTHISû
MONTH ûWILLûBEûUSEDûTOûRElNANCEûAûcBNû
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PRIVATEûEQUITYûlRMû"AINû#APITALSûcTRNû
ACQUISITIONûOFû4OSHIBAû-EMORYûANDûTOû
IMPROVEûTHEûLATTERSûlNANCIALS
-EANWHILE û$EVELOPMENTû"ANKûOFû*APANû
HASûAGREEDûTOûPROVIDEûcBNûTHROUGHûANû
INVESTMENTûINûPREFERREDûSHARES
-IZUHOûANDû3-"#ûLEDûAûBANKûGROUPûTHATû
PROVIDEDûTHEûcBNûLOANûINû*UNEûLASTûYEARû
FORû4OSHIBAû-EMORYSû,"/

SMBC BACKS NIPPON PAINT BUY

NIPPON PAINT HOLDINGSûSIGNEDûAûcBNûONE
YEARûBRIDGEûLOANûTOûBACKûITSûACQUISITIONûOFû
!USTRALIASûBIGGESTûPAINTûMAKERû$ULUX'ROUP
SMBCûISûPROVIDINGûTHEûBRIDGEûASûAûBILATERAL
.IPPONû0AINTûANNOUNCEDûITSû!BNû
53BN ûBIDûINû!PRIL ûOFFERINGû!ûPERû
$ULUXûSHAREûINûCASH ûINCLUDINGû!ûPERû
SHAREûOFûINTERIMûDIVIDENDûTHATûTHEûLATTERû
INTENDSûTOûPAY
.IPPONû0AINTSûOFFERûFORû$ULUXûCOMESûASû
THEû!USTRALIANûGROUPSûREVENUEûGROWTHûHASû
SLOWEDûANDûBUILDINGûMATERIALSûSUPPLIERSûFACEû
strong headwinds on a winding down of an
EASTûCOASTûHOME
BUILDINGûBOOMûANDûAûSHARPû
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