64 International Financing Review March 7 2020
ASIA-PACIFIC
AUSTRALIA
MACQUARIE MAKES JAPAN DEBUT
MACQUARIE GROUP is making its loan market
DEBUTûINû*APANûWITHûAû53MûlVE
YEARû
LOANûTHATûINCLUDESûAûGREENûlNANCINGûPORTION
SMBCûISûTHEûCOORDINATINGûMANDATEDûLEADû
ARRANGERûANDûBOOKRUNNERûWHILEûMacquarie
Capital Securities JapanûISûTHEûCO
ARRANGER
4HEûDUAL
TRANCHEûFACILITYûISûSPLITûINTOû
53MûGREENûTERMûLOANûANDûAû53Mû
TERMûLOANûFORûGENERALûCORPORATEûPURPOSES
The loan offers an interest margin of
BPûOVERû,IBOR
Pricing on the latest loan is tighter than
-ACQUARIESûPREVIOUSûGREENûLOANûnûAûaMû
GREENûPORTIONûOFûAûaBNûLOANûSIGNEDûINû*UNEû
4HATûMARKEDûTHEûlRSTûGREENûLOANûFROMûAû
lNANCIALûINSTITUTIONûANDûALSOûTHEûlRSTûFROMû
ANû!USTRALIANûCOMPANYûUNDERûTHEû'REENû
,OANû0RINCIPLESûESTABLISHEDûBYûTHEû!0,-!ûINû
-ARCHûTHATûYEAR
0ROCEEDSûFROMûTHEûGREENûTRANCHESûWEREû
FORûRENEWABLEûENERGYûPROJECTSûENERGYû
EFlCIENCYûWASTEûMANAGEMENTûGREENû
BUILDINGSûANDûCLEANûTRANSPORTATIONûPROJECTS
-ACQUARIESûMOSTûRECENTûVISITûTOûTHEûLOANû
markets was in April last year for a
53BNûSEVEN
YEARûLOANûWHICHûINCREASEDû
THEûSIZEûANDûLENGTHENEDûTHEûMATURITYûOFûAû
53MûLOANûSIGNEDûINûûTHROUGHûANû
AMENDMENTûANDûEXTENSIONûEXERCISE
)TûOFFEREDûANûOPENINGûMARGINûOFûBPû
OVERû,IBORûBASEDûONûRATINGSûOFû"AA"""û
-OODYS30 û4HEûMARGINûWILLûSTEPûUPûTOû
BPûIFûTHEûRATINGSûAREû"AA"""¦ûANDû
REDUCEûTOûBPûIFûRATINGSûAREû"AA"""
-ACQUARIEû'ROUPûISûCURRENTLYûRATEDû!
"""!¦
THREE JOIN SARACEN LOAN
4HREEûBANKSûHAVEûJOINEDûAû!MûSENIORû
SECUREDûLOANûBACKINGû!USTRALIA
LISTEDûGOLDû
PRODUCERûSARACEN MINERAL HOLDINGS‘
ACQUISITIONûOFûAûûSTAKEûINû+ALGOORLIEû
#ONSOLIDATEDû'OLDû-INESû*OINTû6ENTURE
ANZûIndustrial and Commercial Bank of China
ANDûSMBCûJOINEDûTHEûDEALûWHICHûWASû
LAUNCHEDûTOûAûLIMITEDûGROUPûOFûBANKS
WestpacûBNP Paribas ANDûCitigroup
WEREûTHEûMANDATEDûLEADûARRANGERSû
UNDERWRITERSûANDûBOOKRUNNERSûOFûTHEû
lNANCINGûWHICHûCOMPRISESûAû!MûTERMû
LOANûMATURINGû$ECEMBERûûûAû!Mû
THREE
YEARûREVOLVINGûCORPORATEûFACILITYûANDûAû
!MûTHREE
YEARûCONTINGENTûINSTRUMENTû
FACILITY
0ROCEEDSûFROMûTHEûBORROWINGûWILLûALSOû
FUNDû3ARACENSûGENERALûCORPORATEûPURPOSESû
ANDûWORKINGûCAPITAL
3ARACENûRAISEDû!MûINûEQUITYûTOûHELPû
FUNDûITSûACQUISITIONû4HEûCOMPANYûDREWû
!MûDEBTûANDûMADEûANûEARLYûDEBTû
REPAYMENTûOFû!M
Saracen bought the stake in Kalgoorlie
#ONSOLIDATEDû'OLDû-INESûFROMû"ARRICKû'OLDû
#ORP
-EANWHILEûINû$ECEMBERû.ORTHERNû3TARû
2ESOURCESûANNOUNCEDûITSûAGREEMENTûTOûBUYû
THEûREMAININGûûSTAKEûFROMû.EWMONTû
'OLDû4HEûTARGETûOWNSûANDûOPERATESûTHEû
3UPERû0ITûGOLDûMINEûINû7ESTERNû!USTRALIA
SPIC WRAPS REFI
China’s STATE POWER INVESTMENT CORP has
COMPLETEDûAû!BNû53BN û
RElNANCINGûFORû!USTRALIASûPACIFIC HYDROûAû
RENEWABLEûENERGYûCOMPANYûITûACQUIREDûINû
The three-year loan is split into a
!BNûTERMû4RANCHEû!ûANDûAû!Mû
REVOLVINGû4RANCHEû"
The facility offers an interest margin of
BPûOVERû""39
China Construction Bank, Bank of China, ICBC,
Bank of Communications, Bank of America, ANZ
and Westpac are lenders.
30)#ûLASTûRAISEDûAûSAME
SIZEDûRElNANCINGû
FORû0ACIlCû(YDROûINû*ANUARYû
)Nû-AYûTHATûYEARû0ACIlCû(YDROûALSOûRAISEDû
Aû!M
EQUIVALENTûMULTI
CURRENCYûFACILITYû
TOûlNANCEûITSûINTERNATIONALûOPERATINGûANDû
DEVELOPMENTûPORTFOLIO
4HEûFACILITYûESTABLISHEDûONEûOFûTHEûlRSTû
CROSS
BORDERûPORTFOLIOûlNANCINGSûFORûLARGE
SCALEûRENEWABLEûENERGYû##"û
#OMMONWEALTHû"ANKûOFû!USTRALIAû$."û
!SIAû)#"#ûANDû.ATIONALû!USTRALIAû"ANKûWEREû
THEûLENDERS
)Nûû30)#ûCOMPLETEDûAû53BN
EQUIVALENTû
MONTHûBRIDGEûLOANûTOûFUNDûITSû
PURCHASEûOFû0ACIlCû(YDROû4HEûLOANûWASûSPLITû
INTOû53ûANDû!USTRALIANûDOLLARS
CHINA
ZIJIN TAPS FOR CONTINENTAL GOLD
&UJIAN
BASEDûZIJIN MINING GROUPûHASûRAISEDûAû
53MûSIX
YEARûLOANûTOûBACKûITSûPROPOSEDû
ACQUISITIONûOFû4ORONTO
LISTEDûGOLDûMININGû
COMPANYû#ONTINENTALû'OLD
China Citic Bank International is the
MANDATEDûLEADûARRANGERûANDûBOOKRUNNERû
while Bank of China CAMEûINûASû-,!ûChina
Merchants Bank ANDûChina Minsheng Banking
Corp JOINEDûASûPARTICIPANTS
$RAWDOWNûTOOKûPLACEûONû&EBRUARYûûTHEû
SAMEûDAYû:IJINûANNOUNCEDûTHEûCOMPLETIONûOFû
ALLûDOMESTICûANDûOVERSEASûAPPROVALSû
REQUIREDûFORûTHEûACQUISITION
4HEûTRANSACTIONûISûEXPECTEDûTOûBEû
COMPLETEDûINûEARLYû-ARCHûSUBJECTûTOû
SATISFYINGûCERTAINûOTHERûCLOSINGûCONDITIONSû
ACCORDINGûTOûAûSTOCKûEXCHANGEûlLINGûFROMû
:IJIN
&OLLOWINGûCLOSINGûOFûTHEûTRANSACTIONûTHEû
COMMONûSHARESûOFû#ONTINENTALû'OLDûWILLûBEû
DELISTEDûFROMûTHEû4ORONTOû3TOCKû%XCHANGE
/Nû$ECEMBERûû:IJINûANNOUNCEDûTHEû
ACQUISITIONûOFûALLûOUTSTANDINGûSHARESûOFû
#ONTINENTALû'OLDûFORûAûTOTALûCASHû
CONSIDERATIONûOFû#BNû53M
:IJINSûOVERSEASûWHOLLYûOWNEDûSUBSIDIARYû
'OLDû-OUNTAINSû(+ û)NTERNATIONALû-ININGû
HADûAGREEDûTOûACQUIREûALLûOUTSTANDINGûSHARESû
OFû#ONTINENTALû'OLDûATûAûCONSIDERATIONûOFû
#ûPERûCOMMONûSHARE
The offer price represents a premium of
ûOVERû#ONTINENTALSû
DAYûVOLUME
WEIGHTEDûAVERAGEûPRICEûASûATû.OVEMBERûû
ONûTHEû4ORONTOû3TOCKû%XCHANGE
)NûCONNECTIONûWITHûTHEûTRANSACTIONû:IJINû
HASûAGREEDûTOûSUBSCRIBEûTOûAû53Mû
CONVERTIBLEûDEBENTUREûISSUEûFROMû
#ONTINENTALû'OLD
4HEûDEBENTURESûCARRYûAûTENORûOFûlVEûYEARSû
ANDûAûûINTERESTûRATEûPAYABLEûSEMI
ANNUALLYûINûARREARS
0ROCEEDSûWILLûBEûUSEDûMAINLYûFORûTHEû
CONSTRUCTIONûOFûAûMINE
!SûOFû.OVEMBERû:IJINûWASû
OWNEDû
ANDûCONTROLLEDûBYû-INXIû8INGHANGû3TATE
OWNEDû!SSETû)NVESTMENTûAûLOCALûSTATE
OWNEDû
ENTERPRISEûINû3HANGHANGû#OUNTY
#ONTINENTALû'OLDûISûMAINLYûENGAGEDûINûTHEû
EXPLORATIONûDEVELOPMENTûACQUISITIONûANDû
EVALUATIONûOFûGOLDûRESOURCESûINû#OLOMBIA
HONGQIAO SEEKS US$200m
3HANDONG
BASEDûALUMINIUMûMAKERûCHINA
HONGQIAO GROUPûHASûLAUNCHEDûAû53Mû
THREE
YEARûLOANûINTOûGENERALûSYNDICATION
China Citic Bank InternationalûCredit Agricole
CIB ANDûING Bank AREûTHEûMANDATEDûLEADû
ARRANGERSûANDûBOOKRUNNERSûOFûTHEû
AMORTISINGûLOANûWHICHûOFFERSûANûINTERESTû
ASIA-PACIFIC LOANS BOOKRUNNERS – FULLY
SYNDICATED VOLUME (INCLUDING JAPAN)
BOOKRUNNERS: 1/1/2020 TO DATE
Managing No of Total Share
bank or group issues US$(m) (%)
Proportional credit
Source: Refinitiv SDC code: S3a
1 Mizuho 36 5,354.19 18.3
2 MUFG 72 3,691.37 12.6
3 Sumitomo Mitsui 45 2,780.41 9.5
4 HSBC 7 1,380.19 4.7
5 Standard Chartered 10 1,083.85 3.7
6 China Merchants Bk 3 1,083.29 3.7
7 State Bank of India 3 1,070.14 3.7
8 Bank of China 7 932.09 3.2
9 CBA 5 893.71 3.0
10 Citigroup 3 833.02 2.8
Total 207 29,309.02
9 IFR Loans 2323 p 63 - 76 .indd 64 06 / 03 / 2020 19 : 19 : 50