A cross-border team from Baker McKenzie has advised PT Perusahaan Listrik Negara (Persero) ("PLN") on a revolving credit facility and a term loan facility at a total value of USD 1.5 billion, with a greenshoe option of up to USD 500 million.
This deal is the first large-scale syndicated offshore financing for the Indonesian state-owned power company. The loan facilities will be used by PLN for capital expenditure and general corporate purposes.
The original mandated lead arrangers of this deal comprise: Australia and New Zealand Banking Group; Bank of China (Hong Kong); Citigroup Global Markets Singapore; Mizuho Bank; Oversea-Chinese Banking Corporation; Sumitomo Mitsui Banking Corporation (Singapore Branch); PT Bank Sumitomo Mitsui Indonesia; and United Overseas Bank.
The transaction was led by Partner Mita Guritno at Baker McKenzie's Indonesian member firm, HHP Law Firm, and Principal Kah Chin Chu at Singapore member firm, Baker McKenzie Wong & Leow. They are supported by Associate Partner Kreshna Rahmat in Jakarta, and Associate Ernest Koh in Singapore.
Commenting on the deal, Mita Guritno said: “We are delighted to have advised PLN on this significant deal. This transaction illustrates our Firm's strengths in providing our clients with integrated advice from our cross-border team. It also highlights our deep experience in the Indonesian market which has enabled us to help our client to achieve successful completion of this deal."