Loan week, February 13-19

Australia

A $190 million senior debt facility for Mirabela Nickel is in progress with five banks processing their credit approvals. Commitments are expected to be finalised shortly.

Proceeds are to support the Santa Rita Nickel project in Brazil.

An extension to Viridis Clean Energy Group's A$84 million facility that is due to mature in May this year was approved on February 17 via mandated leads ABN AMRO and Investec Bank. The loan is now extended to July 2010 and pays a spread of 600bp over BBSY.

Proceeds are for general corporate purposes.

India

Chinatrust Commercial Bank, DBS and Standard Chartered Bank are processing credit approvals for Indian Railway Finance Corp (IRFC)'s fundraising. The approvals are expected to be confirmed in March.

New Zealand

Bookrunners ANZ, Bank of Scotland, Calyon and Credit Suisse hope to secure approvals on the extension of Rank Group's $1.6 billion 1.5-year dual tranche transaction by February 28. The proposal for the extension calls for a $100 million debt to be repaid by the end of February and two payments of $50 million to be settled by the end of September and December respectively.

The original one-year facility was signed in February 2008 and comprises three tranches - a $1.3 billion term loan, a $100 million revolver and a $210 million portion.

The previous facility supported the $2.7 billion acquisition of Alcoa's packaging & consumer business units by Rank Group Holdings in December 2007.

Singapore

A S$390 million debt package for Cambridge Industrial Trust was funded on February 17 via bookrunners HSBC and Royal Bank of Scotland, along with equal-status lead arranger National Australia Bank.

The three-year facility comprises S$330 million and S$60 million term loans. The margins are priced at 400bp over SIBOR.

General syndication is slated to launch on February 23. Proceeds are to refinance an existing debt.

CapitaCommercial Trust's S$580 million financing is in the market via Bank of Tokyo-Mitsubishi UFJ, DBS, Standard Chartered Bank and United Overseas Bank.

The three-year term loan is being syndicated at two levels. Mandated lead arrangers joining with S$50 million or above will get an upfront fee of 150bp, while lead arrangers holding S$30 million to S$49 million will earn 125bp. The margin is 175bp over the Singapore dollar swap rate.

Proceeds are to repay maturing like-size CMBSs. Banks will have until the end of March to revert.

F&N Treasury's S$300 million three-year term loan is expected to close syndication today via bookrunners Bank of Tokyo-Mitsubishi UFJ, Calyon, Maybank and Natixis. So far, syndication has seen more than seven banks joining in.

The credit is priced at 145bp over the Singapore dollar swap rate.

Proceeds are for refinancing previous debt and for general corporate purposes.

Oversea-Chinese Banking Corp has been mandated by Orchard Parade Holdings to arrange a S$250 million three-year financing. Limited syndication is expected to be launched in the coming month.

Proceeds are for general corporate purposes.

Straits Asia Resources' $300 million deal is in syndication via sole bookrunner Standard Chartered Bank.

The debt package features a margin of 325bp over Libor and has a commitment fee of 130bp. Banks are welcome to join at three levels. Mandated lead arrangers joining with $50 million or more take 80bp. Lead arrangers and arrangers coming in with $30 million to $40 million get 73bp and those committing $10 million to $29 million receive 66bp.

Proceeds are for refinancing purposes.

Taiwan

Chimei-Asahi Corporation's NT$2.2 billion loan has been completed via bookrunners Cathay United Bank, First Commercial Bank, Hua Nan Commercial Bank, and Taiwan Cooperative Bank.

The deal is split equally into a term loan and a revolver priced at 55bp over the 90-day and 180-day primary CP rates respectively. The commitment fee is 15bp.

Final allocations saw the leads - First Commercial Bank and Hua Nan Commercial Bank -committing NT$500 million apiece while Cathay United Bank and Taiwan Cooperative Bank held NT$300 million each. Participants Bank of Taiwan, Chang Hwa Commercial Bank and Mega International Commercial Bank joined in with NT$200 million apiece.

Proceeds are for refinancing and working capital purposes.

A NT$3 billion three-year term loan for Coretronic Corp has been completed via original mandated arranger Land Bank of Taiwan.

The lead, as well as joint lead arrangers China Development Industrial Bank, DBS, First Commercial Bank, Mega International Commercial Bank and Taiwan Fubon Commercial Bank committed NT$400 million apiece. Co-lead arrangers Bank of Taiwan and Cathay United Bank each held NT$200 million, while participants Taiwan Business Bank and Taiwan Cooperative Bank contributed NT$100 million each.

The deal is priced at 110bp over the secondary CP rate. Proceeds are for working capital purposes.