Funds will be used for general corporate
purposes.
State-owned PFC had sent out a request
for proposals last March for a US$100m-
EQUIVALENTû
YEARûlNANCINGûINûEUROSû
However, it failed to attract any interest for
the facility due to the long tenor.
The borrower last raised foreign-currency
debt in November 2015 when it signed a
US$360m-equivalent yen-denominated
bilateral loan with SBI.
In March 2015, it signed a US$450m 6.5-
year loan with four banks. That facility paid
all-in pricing in the mid-160s, based on an
interest margin of 128bp over Libor and a
six-year average maturity.
INDONESIA
TELKOM UNITS FOLLOW PARENTTwo units of TELEKOMUNIKASI INDONESIA
4ELKOM ûAREûSEEKINGûSEPARATEûLOANSûTOTALLINGû
up to US$1bn-equivalent, following in the
footsteps of the parent.
The parent is also in the loan market for a
DEBUTûEUROûlNANCINGûANDûAûRUPIAHû
borrowing.
TELEKOMUNIKASI SELULARû4ELKOMSEL û
Telkom’s mobile phone unit, has sent out a
request for proposals for a multi-tranche
lNANCINGûUPûTOû53M
EQUIVALENT ûWHILEû
TELEKOMUNIKASI INDONESIA INTERNATIONALû4ELIN û
is reaching out to banks for a US$100m
debut loan.
Telkomsel’s borrowing comprises a
2PTRNû53M ûTRANCHEûANDûAû53Mû
piece, and is expected to have tenors
RANGINGûFROMûONEûTOûlVEûYEARS ûWHILEû4ELINûISû
eyeing a loan of up to seven years.
Both borrowers will use the funds raised
for general corporate purposes.
Telkomsel is returning to the offshore
markets after nearly three years. In April 2015,
it signed a US$380m dual-currency three-year
revolving credit facility with four banks.
Separately, Telkom has sent out a request
FORûPROPOSALSûFORûAûõBNû53BN ûLOANû
Banks were required to respond with
proposals by January 12 for the dual-tranche
loan, comprising one and three-year tenors.
Telkom had also sent out an RFP for a
2PTRNû53M ûMULTI
TRANCHEûNEW
money loan in December. That loan, likely
to be clubbed, will comprise tenors ranging
from one to seven years.
Telin, an Indonesian carrier services and
investment company, is a wholly owned
subsidiary of Telkom.
PAN BROS LAUNCHES RCFSPAN BROTHERS has launched into general
syndication three-year revolving credit
facilities of up to US$150m on the garment
manufacturer’s return to the market after
nearly three years.
ANZ, HSBC and ING Bank are mandated
lead arrangers, bookrunners and
underwriters on the facilities, comprising a
US$95m revolver Tranche A and a US$15m
revolver Tranche B. The facilities, which
were prefunded and signed on December
ûALSOûCOMEûWITHûANûACCORDIONûFEATUREûOFû
up to US$40m.
4HEûlNANCINGûPAYSûANûINTERESTûMARGINûOFû
BPûOFFSHORE ûORûBPûONSHORE ûOVERû
Libor, and has a remaining average life of
2.83 years. Revolver A is open to onshore
lenders and Revolver B targets offshore
banks.
Lenders receive top-level all-ins of 189.1bp
OFFSHORE ûORûBPûONSHORE ûANDûTHEûLEADû
arranger title for US$15m or more, via a
participation fee of 40bp, or all-ins of
BPûOFFSHORE ûORûBPûONSHORE ûANDû
the arranger title for US$10m–$14m, via a
fee of 30bp.
Pan Brothers is the borrower, alongside 12
other units. Funds will be for working
CAPITALûANDûRElNANCINGûPURPOSES
4HEûBORROWERûRAISEDûAû53MûTHREE
TRANCHEûlNANCINGûINû/CTOBERûû4HEû
facility comprised a US$200m three-year
Tranche A, a US$30m three-year Tranche B
ANDûAû53MûlVE
YEARû4RANCHEû#û4RANCHESû
!ûANDû"ûPAIDûTOP
LEVELûALL
INSûOFûBPû
OFFSHORE ûANDûBPûONSHORE ûBASEDûONû
MARGINSûOFûBPûOFFSHORE ûANDûBPû
ONSHORE ûWHILEû4RANCHEû#ûOFFEREDûAûMARGINû
of 350bp over Libor.
The Jakarta-listed borrower is a supplier
to global clothing brands such as Nike,
Adidas, Hugo Boss, Calvin Klein and H&M.MTF SEEKS NEW-MONEY LOAN!UTO
lNANCEûlRMûMANDIRI TUNAS FINANCE is
seeking a three-year new-money loan of
US$100m, which is in the process of being
mandated.
)Nû*ULYû û-4&ûRAISEDûAûTHREE
YEARû
lNANCINGûOFû53M ûWITHû-5&'ûASûSOLEû
mandated lead arranger and bookrunner.
The loan was doubled from a target size of
US$100m and paid top-level all-in pricing of
BP ûVIAûANûINTERESTûMARGINûOFûBPû
over Libor and an average life of 1.625 years.
The borrower, a subsidiary of state-owned
lender Bank Mandiri, had more than 20m
customers as of end-2016.CSUL OUT FOR NEW MONEYCHANDRA SAKTI UTAMA LEASING has launched a
53MûTHREE
YEARûlNANCINGûINTOûGENERALû
syndication at two ticket levels.
ANZ, Emirates NBD, Standard Chartered and
SMBC are mandated lead arrangers andBOOKRUNNERSûONûTHEûlNANCING ûWHICHûCOMESû
WITHûANûUNSPECIlEDûGREENSHOEûOPTIONû4HEû
LOANûPAYSûINTERESTûMARGINSûOFûBPûOFFSHORE û
ANDûBPûONSHORE ûOVERû,IBOR ûANDûHASûAû
remaining average life of 1.625 years.
Lenders receive top-level all-in pricing of
BPûOFFSHORE ûANDûBPûONSHORE û
and the lead arranger title for US$10m or
more, via a participation fee of 60bp, or an
ALL
INûOFûBPûOFFSHORE ûANDûBPû
ONSHORE ûANDûTHEûARRANGERûTITLEûFORû53Mn
$9m, via a 50bp fee.
Funds will be used for general corporate
purposes.LAOS
BCEL LAUNCHES US$100m LOANState-owned BANQUE POUR LE COMMERCE
EXTERIEUR LAO has launched a US$100m four-
YEARûTERMûlNANCINGûONûITSûDEBUTûINûTHEû
offshore loan markets.
Cathay United Bank is the mandated lead
ARRANGERûANDûBOOKRUNNERûONûTHEûlNANCING û
which offers an interest margin of 400bp
over Libor and has an average life of 3.1 years.
MLAs with US$15m or above earn top-
level all-in pricing of 413bp via a
participation fee of 35bp, while lead
arrangers with US$10m–$14m receive an
all-in of 408bp via a 20bp fee and arrangers
with US$5m–$9m obtain an all-in of 405bp
via a 12bp fee. The all-in pricing includes the
early-bird fee, which is 5bp for banks that
commit on or before February 9.
The guarantor is Bank of the Lao PDR, the
central bank of the Lao People’s Democratic
Republic.
%STABLISHEDûINû û"#%,SûSHAREHOLDERSû
INCLUDEûTHEû-INISTRYûOFû&INANCEûOFû,AOSû û
ANDû#OMPAGNIEû&INANCIEREûDEûLAû"2%$û û
which is a wholly owned subsidiary of
France’s Groupe BPCE, of which Natixis is
also a part.
In addition to BCEL’s borrowing, Cathay
United is arranging US dollar loans for two
Laotian borrowers – a hydropower plant and
another bank.
In December 2015, Cathay United and First
Commercial Bank arranged the US$158m
four-year debut term loan for Bank of the Lao
PDR. That deal offered top-level all-in pricing
of 448.23bp based on a margin of 435bp over
Libor and a 3.4-year average life.MALAYSIA
TOP GLOVE SEEKS DEBUTTOP GLOVE is seeking a US$310m dual-tranche
loan to fund the acquisition of a surgical
glove maker.