Mayer Brown JSM advises on Project Finance International’s “Asia Pacific Petrochemical Deal of the Year”
9 January 2015
Mayer Brown JSM advised the lenders, led by the International Finance Corporation (IFC), on the US$800 million development of a green-field PAU Ammonia Project in Sulawesi, Indonesia. This transaction is named the 2014 “Asia Pacific Petrochemical Deal of the Year” by Project Finance International (PFI) in their annual PFI Awards. The awards recognize deal innovation, best practice, problem solving, risk mitigation, value for money and speed of delivery in the financing of infrastructure projects.
This is one of the most prominent project financing projects to sign in 2014 in Asia Pacific. It is the first ammonia plant in Sulawesi and the only ammonia project in the region to specifically target the Asia-Pacific market. It is also the first locally sponsored privately owned ammonia plant in the country.
The project will be funded through a US$509million debt package consisting of a 12-year US$94million A loan, making it IFC’s largest greenfield project over the last decade, and 10-year US$415million IFC B loan. The commercial banks are ANZ, HSBC, Korea Development Bank, OCBC, Standard Chartered Bank, SMBC, and United Overseas Bank.
The Mayer Brown JSM team was led by Nathan Dodd, partner and the Southeast Asia Head of Projects, and partner Ben Thompson. They were assisted by senior associate Andrew Pannell, associates Misi Oni and Rohan Bilimoria.
Mayer Brown also advised on PFI's “Americas Bond Deal of the Year” – acting for HSBC Securities (USA) Inc. and BNP Paribas Securities Corp. on the Abengoa Transmisión Sur (ATS) power transmission line that spans half the length of Peru – and PFI's “Europe Refinancing Deal of the Year” – acting for Budapest Airport on its comprehensive refinancing of project debt.
Published by Thomson Reuters, Project Finance International is the leading source of global project finance intelligence.