denotes premium content | Jan 10 2009 
News
posted 1 Dec 2008
Deal news
Huomei Hongjun secures $250m debut PXF
Inner Mongolia Huomei Hongjun Aluminium & Electricity, the Chinese aluminium producer, has finally drawn down its $250m three-year pre-export loan facility, which concluded over the summer. It is Huomei Hongjun’s first pre-export loan, with the funds largely earmarked for capital investment and the balance for working capital.
RBS and Fortis were the joint bookrunners and mandated lead arrangers (MLAs), with RBS also facility and security agent. MLAs were Commerzbank, HSH Nordbank, KBC, Natixis and Rabobank. Société Générale joined as a lead arranger during syndication, while Mizuho Corporate Bank and SMBC joined as arrangers.
The deal was launched at $200m, offering a margin of 250 basis points over Libor. Syndication opened just before the financial chaos of autumn, but nevertheless closed oversubscribed at $380m. The deal, however, was signed at $250m. According to Dealogic, Fortis and RBS each contributed $32m, HSH $29m and Commerzbank, KBC and Natixis $27m each. Société Générale chipped in with $21m, and Mizuho and SMBC $14m each.
