Mayer Brown has won the “High Yield Deal of the Year” award at the International Financial Law Review (IFLR) Asia Awards 2018.
The firm was recognized for its work advising PT Indika Energy Tbk on its 5.875% senior notes transaction to increase its stake in PT Kideco Jaya Agung, Indonesia’s third-largest coal mine, to take majority ownership. The deal’s bridge-to-bond structure, one of few executed in Asia Pacific, was unique for the provisions it included to change Indika’s bond covenants and the way it was harmonized with the covenants of two existing bond tranches.
Jason T. Elder, lead partner for the deal and a Hong Kong-based Corporate & Securities partner at Mayer Brown, commented, “This bridge-to-bond transaction demonstrates the capability of a well-known and established Indonesian high-yield credit to successfully access the markets for a large-scale and transformative transaction. Getting a deal like this done smoothly and on schedule shows the continuing evolution of the Asian capital markets and the importance of access to the international capital markets for leading companies across the region. Mayer Brown was privileged to play a critical role in advising and guiding Indika through this transformational bond offering, which put them firmly in majority control of a highly prized Indonesian asset.”
He added, “This award is not only a reflection of the quality of our work, but our ability to tackle the region’s most challenging and impactful cases. We are extremely grateful to IFLR for recognizing the team’s efforts.”
The multi-office team also included partners Thomas Kollar and Doos Choi in Hong Kong and Jason Bazar in New York.
The annual awards, which took place on 1 March at the Island Shangri-La Hong Kong, recognize the distinct value that law firms across the industry provide for their clients and the innovative solutions they develop to carry out highly complex transactions.