Leveraged/non-investment grade - All articles

  • Loan gaffe won’t take sheen off Pelindo II

    Pelabuhan Indonesia II (Pelindo II) surprised loans bankers this week with its decision to limit a $1bn borrowing to just over half that amount, causing the cancellation of general syndication. This was just the latest twist for a loan that has been anything but straightforward, though the outcome is unlikely to hurt the borrower in the long run.

    • 29 Jan 2015
  • Haier International breezes to $360m as nine come in

    Chinese consumer electronics appliance maker Haier International has allocated its three year facility at a larger-than-launch size of $360m. The borrower’s relationship banks came in with big tickets, encouraged by the company's growth potential and leading position in China.

    • 29 Jan 2015
  • Indonesia Exim returns with $600m RFP

    Indonesia Eximbank has issued a request for proposals for a $600m dual-tranche facility, with an option of increasing the loan size to $750m.

    • 27 Jan 2015
  • Indonesia's Pelindo II scraps general, cuts loan size

    In the latest twist in the saga of port services provider Pelabuhan Indonesia II’s $1bn loan, the borrower has decided to scrap general syndication and limit the deal to $550m which had already been prefunded by the seven banks leading the transaction.

    • 26 Jan 2015
  • CNS returns for refi after acquisition flop

    Taiwanese cable television operator China Network Systems (CNS) is in the market with a NT$46.742bn ($1.53bn) seven year multi-tranche loan. CNS’s sponsor MBK had originally picked Taiwan’s Wei family to acquire the company in August last year but subsequent scandals surrounding the buyer prevented the deal from going through.

    • 22 Jan 2015
  • Indonesian Royal Industries plants $300m facility

    Privately-owned Royal Industries Indonesia is firming up a senior group of lenders for a $300m fundraising. The pricing on the deal is said to be similar to a $300m loan it sealed in 2013.

    • 22 Jan 2015
  • MMI International hunts for $580m five year loan via senior syndication

    KKR-sponsored precision engineering company MMI International is cementing the top group of lenders for a $580m five year refinancing, which will pay a margin based on a leverage grid.

    • 22 Jan 2015
  • Succeed Venture to raise $300m onshore

    Succeed Venture is looking to raise a $300m secured loan. In addition to offering security based on a hotel building in Shanghai, the fundraising comes backed by provisions related to the loan-to-value ratio, using the hotel’s valuation as a basis, said a banker.

    • 22 Jan 2015
  • Essar Oil drills advance payment based loan

    Oil offtaker Oil Bridge is in the market for a $180m 23 month loan. The proceeds will go to Indian integrated oil company Essar Oil, which has entered into an advance payment agreement with the offtaker. The loan comes backed by an export performance bank guarantee from State Bank of India.

    • 22 Jan 2015
  • MMI International firming up senior group for $580m

    KKR sponsored precision engineering company, MMI International, is cementing the top group of lenders for a $580m five year refinancing, which will pay a margin based on a leverage grid.

    • 20 Jan 2015
  • Giles Borten joins ANZ’s big push

    Giles Borten, former head of EMEA levfin at UBS, has joined ANZ as global head of funds and insurance.

    • 19 Jan 2015
  • Indonesia’s Royal harvests $300m loan in senior

    Privately owned Royal Industries Indonesia is firming up a senior group of lenders for a $300m fundraising. The pricing on the deal is said to be similar to a $300m loan it sealed in 2013.

    • 19 Jan 2015
  • Tata Steel allocates $3.1bn among 34 lenders

    A $3.1bn piece of Tata Steel’s $5.6bn multi-trancher was signed in December with 34 lenders. The deal has been singled out for praise by many loans bankers for its structuring that led to success despite the borrower operating in the troubled steel sector.

    • 16 Jan 2015
  • ANZ steps up in acquisition fin as Asian M&A into Oz revs up

    Australia and New Zealand Bank is making a concerted push into acquisition finance in the region as it looks to capitalise on the trend of Asian companies acquiring Australian targets. Underlining the importance of this business, the firm has promoted Damien Ng to head of loan syndications — specialised and acquisition finance.

    • 15 Jan 2015
  • Japanese banks clinch mandates for two Indian deals

    India’s Bharat Petroleum Corp (BPCL) and Steel Authority of India (Sail) have mandated one Japanese bank each for their loans, according to bankers.

    • 15 Jan 2015
  • Invitations out for Casetek $300m revolver

    Taiwanese computer casings maker Casetek has sent out invitations for its latest loan of $300m. The loan is being arranged by Australia and New Zealand Bank and DBS.

    • 12 Jan 2015
  • Indonesia's Pelindo II proposes looser terms on $1bn loan

    Port services provider Pelabuhan Indonesia II’s (Pelindo II) has asked banks lending to a $1bn loan to accept looser covenants on the borrowing. The changes come as the company is eyeing a bond issue that would increase debt on its books and make it difficult for it to meet the current loan conditions.

    • 09 Jan 2015
  • Chinese real estate sector under pressure as Kaisa default looms

    All eyes are on Chinese real estate developers this week as the bond market braces itself for the sector's first offshore bond default, write Rev Hui and Shruti Chaturvedi.

    • 08 Jan 2015
  • Allocations out for HCP’s $360m loan

    Cosmetics packaging company HCP Global's $360m dividend recapitalisation loan for sponsor TPG has been allocated among 13 banks.

    • 06 Jan 2015
  • Updated: Casetek sounding out banks for borrowing

    Taiwanese computer casings maker Casetek has picked two banks to arrange its latest fundraising, said bankers.

    • 06 Jan 2015
  • Stellar response for Forbes Bumi Armada $290m loan

    Lenders have clambered on board Forbes Bumi Armada Offshore’s $290.4m nine year project financing loan, with the backing of sponsor ONGC and joint venture partner Shapoorji Pallonji Group luring them in.

    • 05 Jan 2015