COUNTRY REPORT SOUTH KOREAtranche A1 (loans and off-balance-sheet
instruments) and a US$400m tranche A2
(loans), pays an interest margin of 125bp
over Libor.
Tranche B offers a margin of 180bp–
235bp over Libor, based on the lender’s
leverage ratio.
The MLABs will hold tranche A1 and
have invited banks to join tranches A2 and
B.
Lenders get the MLA title for joining
tranches A2 and B for US$40m and above,
the lead arranger title for US$20m–$39m,
and the arranger title for US$10m–$19m.
MLAs must lend at least US$15m to tranche
B.
Tranche A2 offers 47.5bp arrangement
and participation fees for US$40m or above,
42.5bp for US$20m–$39m and 40bp for
US$10m–$19m.
Tranche B offers 90bp arrangement and
participation fees for US$45m and above,
85bp for US$30m–$44m, 80bp for US$15m–
$29m and 75bp for US$10m–$14m.
Bank presentations were held in London
on Monday and Singapore on Thursday,
and individual bank meetings were held
in Dubai on Tuesday. The deadline for
commitments is April 12.
The borrower is PUMA INTERNATIONAL
FINANCING, while Puma Energy Holdings is
the guarantor.
Last May, Puma International Financing
completed a US$730m refinancing,
comprising a new US$400m one-year revolver
and an increase in size and maturity of an
existing US$330m three-year revolver.
› ECOM REVOLVER INTO SYNDICATION
Swiss agricultural commodities company
Ecom has launched a US$400m 364-day
revolving credit facility into syndication.
ABN AMRO, DBS, ING and Rabobank are
mandated lead arrangers and bookrunners
on the revolver, which pays an interest
margin on 125bp over Libor.
Lenders get a top-level all-in pricing of
165bp and the MLA title for US$30m–$60m,
via a participation fee of 40bp, an all-in of
155bp and the lead arranger for US$20m–
$29m, via a fee of 30bp, and an all-in of
150bp and the arranger title for US$10m–
$19m, via 25bp. The deadline for responses
is March 23.
The borrowers are ECOM AGROINDUSTRIAL ASIA
and ECOM AGROINDUSTRIAL. The facility carries
an irrevocable and unconditional guarantee
from both borrowers, Agroindustrias
Unidas de Mexico, Ecom Atlantic, Dutch
Cocoa and Ecom Agrotrade.
Funds will be used to refinance a
US$500m 364-day revolver from April 2017.
ABN AMRO, DBS, ING and Rabobank were
MLABs on that revolver, which paid a top-
level all-in of 180bp, based on a margin of
135bp over Libor.
The borrower, which has operations in
over 30 countries, supplies raw materials
to coffee roasters, chocolate makers and
cotton mills.RESTRUCTURING
› SWIBER JM DUO SEEKS MORE TIMEJudicial managers for SWIBER HOLDINGS and
subsidiary SWIBER OFFSHORE CONSTRUCTION have
applied to the Singapore High Court for
an extension until December 31 to send
restructuring proposals to creditors.
Those proposals are due on March 31,
based on the extension the High Court
granted in October.
The troubled offshore marine services
company, with outstanding bonds of
S$500m (US$379.4m), has been in judicial
management since 2016.
The judicial managers are also asking for
extensions to their mandates to June 30
2019 from October 31 2018.
A court hearing will be held on Monday.EQUITY CAPITAL MARKETS
› SASSEUR IPO PULLS IN 50SASSEUR REIT’s S$396m (US$301m) Singapore
Exchange IPO drew 50 accounts at the close
of institutional books last Wednesday,
according to people with knowledge of the
float.
The investors were a mix of real estate-
focused funds, long-only institutions and
private-banking clients.
The top 20 accounts took up 70% of the
placement tranche.
The REIT is selling 495m units at a fixed
price of S$0.80, implying yields of 7.5% for
2018 and 7.8% for 2019.
Of the available units, 13 cornerstone
investors have committed to buy 228.4m.
Around 252.8m units were sold in the
institutional tranche and 13.75m units will
be sold to retail investors.
The retail tranche opened last Thursday
and closes on Monday.
There is a greenshoe option of 32m units.
The 13 cornerstone investors are Adriot
Ideology, a subsidiary of JD.com, CKK
Holdings, Secoo Holding, Entrepolis,
Bangkok Life Assurance, TMB Asset
Management, Great Achievement and
Success, Haitong International Financial
Products (Singapore), Sparkling Gateway,
DBS Bank, Credit Suisse (Singapore), Credit
Suisse (Hong Kong) and DBS Vickers.
The REIT will comprise four Chineseoutlet malls. Sasseur REIT, part of Shanghai-
based mall operator Sasseur, has backing
from investment funds L Catterton Asia and
Ping An Real Estate. This will rank as the
first pure retail outlet mall REIT IPO in Asia.
BOC (Singapore) and DBS are the joint
global coordinators, and bookrunners with
CICC, Citigroup, Credit Suisse, Haitong Securities
and Maybank.› SUMMIT POWER SETS IPO TARGETSUMMIT POWER INTERNATIONAL aims to open
books for a US$350m Singapore Exchange
IPO in the first week of April, according to a
person with knowledge of the plans.
The Bangladeshi power producer is
currently premarketing the IPO and tying
up the cornerstone tranche.
It will make available around US$300m
of primary shares and US$50m of secondary
shares. There is also a greenshoe option of
up to 15% of the base offer.
The shares will be denominated in US
dollars.
The IPO is set to be the first overseas
listing for a Bangladeshi company. It will
also be the country’s largest float, beating
the US$70m listing of mobile phone
operator Grameenphone on the Dhaka
Stock Exchange in 2009.
Summit Power owns 15 power plants in
Bangladesh with a total capacity of 1,201
megawatts.
Citigroup, DBS and UBS are joint global
coordinators on the IPO.SOUTH KOREA
DEBT CAPITAL MARKETS
› KORES TO MEET BOND INVESTORSKOREA RESOURCES, rated A1/A (Moody’s/S&P),
will meet investors in Asia and Europe
from April 3, with a US dollar Reg S short-
to-intermediate maturity bond to follow,
subject to market conditions.
Bank of America Merrill Lynch, BNP Paribas,
Citigroup, Credit Agricole and HSBC are
mandated, as IFR reported earlier this
month.
Government-owned Kores is a mineral
resources developer with a national
policy role to secure resources for Korean
industries.› SK TELECOM READIES DOLLAR ISSUESK TELECOM, rated A3/A–/A–, will begin
meetings with fixed-income investors in