COUNTRY REPORT VIETNAMNT$6.25bn (US$203m) three-year loan.
Bank SinoPac and Taishin International
Bank were the mandated lead arrangers
and bookrunners of the deal, which
comprises a NT$2.125bn revolver tranche
A, a NT$2.125bn term loan tranche B and a
NT$2bn guarantee tranche C.
The deal pays an interest margin ranging
from 200bp to 210bp over Taibor based on
the borrower’s pre-tax net profit.
Funds are for working capital purposes.
Signing was on September 5.
The borrower last sounded the market
for a NT$3bn four-year financing in August
- That deal did not materialise.
Taiwan Star Telecom, which was
founded in 2013 and formerly known as
Taiwan Star Cellular, provides mobile
telecommunication services in Taiwan.
For full allocations, see http://www.ifrasia.com.
EQUITY CAPITAL MARKETS
› ASIA CEMENT SELLS CB
ASIA CEMENT has raised US$215m from a five-
year put-three convertible bond.
The zero-coupon CB, which is US dollar-
denominated and NT dollar-linked, was
marketed at a yield-to-put/maturity of 0.6%
and a conversion premium of 10%–15%.
The conversion premium was priced at
10%, with an initial conversion price of
NT$42.24 over the company’s closing price
of NT$38.40 last Monday.
The CB was launched with a base deal of
US$200m and a same-day upsize option of
US$50m.
The deal was launched with support
from anchor orders, according to a person
close to the deal.
Although the books were more than 3x
covered, the deal was not fully upsized as
a tight allocation would help support the
trading of the CB in the secondary market,
according to another person close to the
deal.
There were around 60 investors with
the top 10 taking more than half of the
transaction, said the second person.
About 40% of the demand came from
Asia, 40% from Europe and the rest from
the US.
The company will use the proceeds to
repay debts.
UBS was the sole global coordinator.
It was also active joint bookrunner with
Citigroup. Other bookrunners were BNP
Paribas, HSBC and Mizuho.THAILAND
DEBT CAPITAL MARKETS
› THAI BEV QUENCHES JUMBO THIRSTTHAI BEVERAGE has priced seven bond
tranches at the wide ends of guidance after
attracting healthy demand.
The Thai brewer, rated AA by Tris,
is hoping to raise a minimum Bt70bn
(US$2.14bn), which will make the issue the
largest corporate bond in Thailand.
Subscription will be held later this
month but bankers said demand from both
institutional and high-net-worth investors
indicated the target size was likely to be met.
A two-year four-month tranche was
priced at par to yield 2.64%, a five-year at
3.35%, a seven-year at 3.62% and a 10-year
non-call seven at 4.16%.Initial guidance was shown in the
ranges of 2.44%–2.64%, 3.19%–3.35%,
3.46%–3.62% and 4.00%–4.16%,
respectively. A 3.5-year tranche was
already fixed at par to yield 3.2% before
bookbuilding. These five tranches
of undisclosed sizes are offered to
institutional and high-net-worth
investors.
Two other tranches of two and 10-years,
offered only to institutional investors, were
priced at 2.6% and 4.16%, respectively, at
the wide ends of guidance ranges of 2.40%–
2.60% and 4.00%–4.16%. These two tranches
will be for Bt8bn each.
Thai Beverage is raising funds to partly
refinance bridge loans used to fund its
US$4.84bn acquisition of a 53.59% stake in
Vietnam’s Saigon Beer-Alcohol-Beverage
Joint Stock Corporation (Sabeco), which
produces Saigon Beer and 333.
Bangkok Bank, Bank of Ayudhya,
Kasikornbank, Krungthai Bank, Phatra Securities,
Siam Commercial Bank and Standard Chartered
Bank were joint lead managers and
underwriters.VIETNAM
DEBT CAPITAL MARKETS
› PAN GROUP PRINTS DEBUT BONDVietnam’s PAN GROUP has priced a D1.135trn
(US$49m) debut bond issue, helped by a
guarantee from the Credit Guarantee and
Investment Facility.
The five-year fixed-rate bond has a
coupon of 6.8%.ARE YOUR COLLEAGUES AS
WELL-INFORMED AS YOU?
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