MLAs committing US$30m or more earn
a top-level all-in pricing of 120bp, based on
an upfront fee of 33bp, lead arrangers with
US$15m–$29m receive an all-in of 117.8bp,
based on a 27bp fee, while arrangers with
US$10m–$14m get a 113.8bp all-in, based
on a 16bp fee.
A bank meeting will be held in Shanghai
on November 10. The deadline for
commitments is December 8.
The borrower, rated A3/A–/A (Moody’s/
S&P/Fitch), last tapped the onshore loan
market in March 2016 for a US$70m 13-
month bullet facility, which had an interest
margin of 100bp and top-level fee of 11bp.
SMBC was the sole MLAB. In July, the
company closed a US$200m offshore loan.
BoCom Financial Leasing is a
wholly owned unit of listed Bank of
Communications, China’s fifth-largest in
asset terms.
› CCCG UNIT DEBUTS FOR US$150M
CCCG Real Estate Group has launched a
maiden US$150m 364-day term loan, with
Credit Suisse as sole mandated lead arranger
and bookrunner.
The bullet facility, which can be
extended to three years, pays an interest
margin of 160bp over Libor.
Lenders will receive a top-level all-in
pricing of 205bp and the MLA title for
US$50m and above, via an participation
fee of 45bp, or an all-in of 200bp and the
lead arranger title for US$30m–$49m, via
a fee of 40bp, or an all-in of 195bp and the
arranger title for US$20m–$29m, via a 35bp
fee. The deadline for responses is December
8.
The company‘s Singapore-based
subsidiary, CCCG OVERSEAS REAL ESTATE
(CORE), is the borrower. CCCG Real Estate
Group is the guarantor, while China
Communications Construction Group
(CCCG) is providing a keepwell deed.
CCCG, a state-owned enterprise
directly under China’s State-owned
Assets Supervision and Administration
Commission of the State Council, set up
CORE in 2015.
CORE is the exclusive platform
responsible for CCCG’s overseas real estate
business.
› MINSHENG INVESTMENT SEEKS BULLET
CHINA MINSHENG INVESTMENT has mandated
Credit Suisse for an Ireland-incorporated
aircraft-leasing subsidiary’s US$150m three-
year bullet term loan.
CMIG AVIATION CAPITAL HOLDING IRELAND
DESIGNATED ACTIVITY is the borrower, while
China Minsheng Investment will be the
guarantor.
Based on an interest margin of 220bp,
mandated lead arrangers joining with
US$50m or more will earn an all-in pricing
of 250bp, via a 90bp participation fee, while
lead arrangers with US$30m–$49m will
get an all-in of 242bp, via a 66bp fee and
arrangers with US$10m–$29m will get an
all-in of 235bp, based on a 45bp fee.
A bank meeting was scheduled for
October 30 in Hong Kong.
Funds are mainly to finance the
borrower’s aircraft pre-delivery
requirements and working capital.
Founded in Shanghai in 2014, China
Minsheng Investment’s shareholders are
mostly top-tier Chinese private enterprises,
such as retailer Suning Commerce
Group, men’s apparel-maker Jiangsu
Hongdou Industrial, Giant Investment and
investment company China Oceanwide
Holdings Group.› CHINA MODERN WRAPS UP BULLETCHINA MODERN DAIRY HOLDINGS has signed a
US$300m three-year bullet loan, following
commitments from four banks during
syndication.
Original mandated lead arrangers and
bookrunners China Construction Bank (Asia),
Rabobank and Westpac prefunded the loan
on September 26.
The facility offered a top-level all-in
pricing of 230bp, based on an interest
margin of 190bp over Libor, and including
an early-bird fee of 10bp.
The loan was signed on October 31.
Drawdown took place between September
26 and October 31.
Funds were for general corporate
purposes and refinancing.
For full allocations, see http://www.ifrasia.com.› CMBFL CLOSES SHIPPING FACILITYCMB FINANCIAL LEASING has closed a US$115m
five-year shipping financing, with CTBC
Bank as sole mandated lead arranger and
bookrunner.
The facility, comprising a US$38m
term loan tranche A, a US$38m term loan
tranche B and a US$39m term loan tranche
C, offers an interest margin of 120bp over
Libor and has a 2.5-year average life.
Banks were offered a top-level all-in
pricing of 140bp, via a 45bp management
fee.
The loan carries a guarantee from fully
owned CMB Financial Leasing unit CMB
International Leasing Management. The
loan was signed on October 24.
The borrowers are three special-purpose
vehicles of CMB International Leasing
Management – Sea 49 Leasing, Sea 50
Leasing and Sea 51 Leasing.Funds are to refinance the sale and
leaseback of three container ships between
the entities and container shipping
company Maersk Line.
For full allocations, see http://www.ifrasia.com.EQUITY CAPITAL MARKETS
› 360 OPTS FOR BACKDOOR LISTINGUS-delisted QIHOO 360 TECHNOLOGY has opted
for a backdoor Shanghai listing through SJEC
CORP, instead of a proposed A-share IPO.
According to an announcement from
Shanghai-listed SJEC, it plans to buy a
100% stake in Qihoo 360 through an asset
swap and an issuance of new shares.
The transaction values Qihoo 360 at
Rmb50.42bn (US$7.63bn).
On completion of the acquisition, Qihoo
360 co-founder and chairman Zhou Hongyi
will become the controlling shareholder of
the listco.
Huatai United Securities is the financial
adviser on the backdoor listing, which still
needs approvals from shareholders and
regulators.
Chinese security software maker Qihoo
360 delisted from NYSE through a US$9.3bn
buyout last July.
The company applied in March to the
Tianjin branch of the China Securities
Regulatory Commission for permission to
prepare for an A-share IPO.
ELEC-TECH INTERNATIONAL has raised Rmb2bn
from a private placement of 368m shares to
five investors.
The manufacturer of cooking appliances
and LED products set the price at Rmb5.43
each, or a premium of 3.4% to the pre-deal
spot. Mutual funds were the main buyers.
Haitong Securities was the sole bookrunner.
Proceeds will be used for two LED
production projects.
NANJING CHEMICAL FIBER has received written
approval from the China Securities
Regulatory Commission for a proposed
private share placement of up to Rmb1.5bn.
The company plans to place not more than
61m shares at a floor price to be set on the
first day of issuance.
China Merchants Securities is the sponsor.
Proceeds will be used for a production
project.› YIXIN SETS TERMS FOR IPOChinese online automobile retail
transaction platform YIXIN GROUP intends to
raise up to US$867m from a Hong Kong
IPO, according to people close to the
plans.
The subsidiary of US-listed Bitauto will
sell shares at an indicative price range of