5 July 2011
Mayer Brown JSM is pleased to announce that it advised PT Indika Energy Tbk (INDY), a leading integrated Indonesian energy group, in connection with the exchange offer of up to US$185,000,000 of Indo Integrated Energy B.V.'s 8.50% Senior Notes due 2012 for Indo Energy Finance B.V.'s 7.00% Senior Notes due 2018, together with simultaneous consent solicitations for the 2012 Notes and Indo Integrated Energy II B.V.'s 9.75% Senior Notes due 2016 and new money issue of US$115,000,000.
The transaction, which involved the simultaneous launch of four related transactions, represented one of the most innovative liability management transactions in Asia this year. Citigroup Global Markets Limited acted as sole global coordinator on the transaction and Citi, Goldman Sachs, Standard Chartered Bank and UBS were joint lead managers and bookrunners.
Jason T. Elder, a partner of Mayer Brown LLP based in the Hong Kong office, said: "We are extremely pleased to have advised Indika Energy on its successful liability management exercise and new high-yield bond issue. After working with Indika Energy for many years, it is especially rewarding to complete such a challenging series of transactions on the requested timetable, which enabled the issuer to access a narrow market window."
The Mayer Brown JSM team was led by corporate partner Jason T. Elder and involved lawyers in the Hong Kong, New York, Washington D.C. and Chicago offices of the Firm.