International Financing Review Asia April 4 2020 39COUNTRY REPORT NEW ZEALANDsaid. The initial margin is undisclosed.
The Tokyo-listed holding company’s oil
and energy units will use the funds from
the SLL for working capital purposes.
The new hybrid financing partially
refinances a ¥60bn subordinated loan
completed in April 2015.
Japan Credit Rating Agency has given a
50% equity treatment to the hybrid loan,
which can be repaid after three years.
Drawdown of both facilities took place
on Tuesday, while signing was on March 26.› UNITIKA REFINANCES ¥92BN FACILITYUNITIKA has signed a ¥91.978bn three-year
loan for refinancing, the Osaka-based
textile maker said in a statement on March
27.
MUFG was the arranger and agent, while
Mizuho Bank came in as co-arranger and 27
other lenders joined in syndication.
Drawdown was on Tuesday with signing
having taken place on March 24.
The new loan replaces a ¥100bn three-
year deal completed in March 2017.› RESTAR HOLDINGS SIGNS FACILITYSemiconductor manufacturer RESTAR
HOLDINGS is signing a ¥60bn one-year
commitment facility last Tuesday to lock
in funding to deal with the coronavirus
situation, the Tokyo-listed electronics
company said in a statement.
MUFG was the mandated lead arranger,
while Mizuho Bank and Sumitomo Mitsui
Banking Corp came in as joint arrangers.
Funds are for working capital.› SKYLARK SIGNS ¥40BN COMMITMENT LINESKYLARK HOLDINGS signed a ¥40bn one-year
commitment line last Tuesday, the Tokyo
Stock Exchange-listed restaurant chain
operator said in a statement.
Mizuho Bank was the arranger and agent,
while MUFG and Sumitomo Mitsui Banking
Corp joined in syndication.
Funds are for working capital.› TOHO ZINC BAGS ¥16BN LINETOHO ZINC signed a ¥16bn one-year
commitment line last Tuesday, the Tokyo-
listed non-ferrous metal maker said in a
statement.
MUFG was the mandated lead arranger,
Mizuho Bank came in as co-arranger,
while Eighteenth Bank, Gunma Bank,
Joyo Bank, Hiroshima Bank, Norinchukin
Bank, Senshu Ikeda Bank, Sumitomo Mitsui
Banking Corp and Sumitomo Mitsui Trust
Bank joined as lenders.
Funds are for working capital.› CREATE RESTAURANTS RAISES ¥11BN LOANCREATE RESTAURANTS HOLDINGS has signed a
¥11.1bn one-year loan to lock in funding
to deal with the coronavirus situation, the
Tokyo-listed restaurant operator said in a
statement last Tuesday.
Mizuho Bank was among the lenders.
Funds were drawn on Tuesday.› SUBARU RAISES ¥10BN DEBUT PIF LOANSUBARU has signed a maiden ¥10bn positive
impact finance loan, the Tokyo-listed
automobile maker said in a statement.
The loan is in line with the United
Nations Environment Programme Finance
Initiative’s positive impact finance
principles established in 2017.
The principles provide a high level
framework “to enable finance and its
public and private stakeholders to analyse
and manage impact across the economy,
as the starting point to improve the impact
of existing businesses and to stimulate the
emergence and growth of new, impact-
based business models”, according to the
UNEPFI.
Sumitomo Mitsui Trust Bank was the
arranger and agent, while Chukyo Bank, Dai-
ichi Life Insurance, Japan Post Bank, Sumitomo
Life Insurance and Yamanashi Chuo Bank joined
in syndication.
Signing took place on March 26.
Funds are for working capital.EQUITY CAPITAL MARKETS
› OISIX RA DAICHI PRICES FOLLOW-ONJapanese online food retailer OISIX RA DAICHI
has priced a follow-on at a wide discount to
raise ¥4.8bn (US$45m).
The 3.5m shares in the base deal (85%
primary/15% secondary) were priced at
¥1,379 each, an 8% discount to March 30’s
closing price of ¥1,499 and outside the
4%–6% marketed discount range.
There is an overallotment option of
527,000 shares.
The deal was covered around twice.
Allocations were heavily skewed towards
anchor investors, with the top 10
investors accounting for about 90% of
the institutional book, according to a
person close to the deal. Around 5% of the
shares were shifted from the retail to the
institutional tranche as a result.
About 66% of the primary shares
were allocated to domestic retail and
institutional investors, and the rest went to
international buyers.
Oisix CEO Kohei Takashima sold 500,000
shares.Proceeds will be used for working capital,
business investment and advertising.
SMBC Nikko is the sole bookrunner of the
deal.MYANMAR
SYNDICATED LOANS
› KAJIMA RAISES LOAN FOR REAL ESTATESingapore-based KAJIMA MYANMAR HOLDING is
raising a US$276m loan from Japan Bank for
International Cooperation for its real estate
complex development in Myanmar, JBIC
said in a statement on March 31.
Signing took place on the same day.
MUFG and Sumitomo Mitsui Banking Corp
are also providing a loan of an undisclosed
amount.
The borrower, a joint venture between
Japan’s Kajima Corp and Japan Overseas
Infrastructure Investment Corp for
Transport & Urban Development, will
use the funds for the development of the
project.
The project comprises a hotel, long-
term stay accommodation, offices, and
commercial facilities in Yankin Township,
which is located in the north-central part
of Yangon.NEW ZEALAND
DEBT CAPITAL MARKETS
› RBNZ BANS CAPITAL NOTE CALLSANZ BANK NEW ZEALAND will not call its
NZ$500m (US$296m) 7.2% Additional Tier
1 perpetual ANZ Capital Notes on May 25
after the Reserve Bank of New Zealand
ordered local banks not to redeem capital
notes and to stop paying share dividends.
Other central banks have already
told banks under their jurisdictions to
skip paying dividends and/or halt share
buybacks. But the RBNZ is believed to be
the first to prevent AT1 note redemptions,
which would be a more significant move
in other countries, including Australia,
where there are many more AT1 notes in
the market.
“To further support the stability of the
financial system during this period of
economic uncertainty, we have agreed with
the banks that during this period there willB&RXQWU\LQGG