Acer Corporation, the earth's No.2 computer vendor, is seeking a NT$15bn (US$495m) five-year syndicated loan to partially re-finance a NT$19.8bn facility the organization lent in 2007 because of its purchase of Gateway Corporation, banking sources stated.
Based on sources, the organization has mandated Citigroup, Bank of Taiwan and Taipei Fubon Commercial Bank to set up the borrowed funds, Citi may be the agent.
The borrowed funds, if completed this season, can help boost 2011's Taiwan NT$ loan volume, that has been sluggish because the third quarter.
Taiwan's NT$ syndicated loan volume up to now stands at US$18.69bn. This even compares to US$34.63bn for full-year 2010, excluding the NT$382bn (US$12bn) jumbo refinancing for Taiwan High-speed Rail Corp closed in The month of january 2010.
With Acer's NT$15bn facility, and the other NT$15.4bn financing backing Farglory Dome Co Ltd's Taipei Dome stadium project, the 2010 volume is anticipated to exceed US$20bn.
The 2007 acquisition loan was amended in May 2010, altering its margin to 50bp within the secondary Clubpenguin rate from 33bp within the primary Clubpenguin rate. The amendment also added an rate of interest floor of just one.4%.
Citi, BOT and Taipei Fubon were within the MLA group within the 2007 deal and Citi seemed to be the financial agent to Acer within the Gateway acquisition.
Other MLAs around the 2007 deal were: ANZ, BNP Paribas, Chang Hwa Commercial Bank, Chinatrust Commercial Bank, Credit Agricole CIB, DBS Bank, HSBC, Mega Worldwide Commercial Bank, Mizuho Corporate Bank and Taiwan Cooperative Commercial Bank.
Bank of Tokyo, japan-Mitsubishi UFJ, Land Bank of Taiwan, Shanghai Commercial & Savings Bank and Taishin Worldwide Bank became a member of as participants.
Around the new refinancing, loan bankers expect Acer to request a margin close to 60bp, slightly greater compared to prices on its existing deal.
The typical loan margin to find the best-tier technology firms in Taiwan has dropped close to 70bp within the first eight several weeks this season from nearly 100bp this past year, based on LPC.
However, financing department mind in a Taiwanese bank described the average margin doesn't always reflect real market rates right now, because the use of an rate of interest floor is becoming more prevalent this season in comparison to previous years.
For NT$ syndicated financial loans, the rate of interest floor is generally set at 1.5%. Therefore, an offer having a 1.5% rate of interest floor that provides a margin of 50bp within the secondary Clubpenguin rate -- which stands around 85bp now -- will make sure the absolute minimum 1.5% rate of interest rather than the 135bp (when adding the 50bp margin on the top from the 85bp secondary Clubpenguin rate).
Banking sources expect ample market appetite despite recent concerns over rising funding costs.
"Regardless of the weak performance from the technology sector recently, there's still ample NT$ liquidity on the market and Acer includes a good history. There must be lots of support," stated a senior financial loans banker from the Taiwanese bank. Acer Corporation didn't immediately react to a request seeking comment.
Earlier this year, Acer introduced unconsolidated August sales of NT$31.62bn (US$1.08bn), 40% less than for the similar month this past year. The figure was up from July's NT$30.68bn.
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