Hiswara Bunjamin & Tandjung (HBT) has advised the joint lead managers and bookrunners on Perusahaan Listrik Negara’s (PLN) US$1.5 billion dual-tranche 144A/Reg S bond issue, comprising US$500 million 10-year notes and US$1 billion 30-year notes.
The notes are the 11th and 12th series of notes under PLN’s existing US$15 billion GMTN programme.
HBT advised Citigroup Global Markets, Mandiri Securities, HSBC and Standard Chartered Bank as joint lead managers and joint bookrunners.
“This is the fifth drawdown under PLN’s GMTN programme on which HBT has advised the bookrunners in the past two years,” said HBT partner Tjahjadi Bunjamin, who led the team advising the financial institutions.
“It was a very successful issue in turbulent times and provides additional capital for the ongoing expansion of the PLN network.”
PLN is the largest electricity producer in Indonesia, generating and distributing the majority of the country’s electricity.
Tjahjadi was assisted by associates Defina Rosa Tantri, Carlo Diori Tonio, Aditya Rachman and Akhmad Sigit Tri Handoyo.
Herbert Smith Freehills and Hiswara Bunjamin & Tandjung have one of the closest and longest-standing associations in the Indonesian legal market, working together to advise foreign corporations and financial institutions investing and trading in Southeast Asia's largest economy.