Perusahaan Listrik Negara’s US$1.5 Billion Triple-Tranche Dual-Currency Bond Offer

Hiswara Bunjamin & Tandjung has advised the underwriters of a US$1.5 billion triple-tranche dual-currency bond issue by Indonesia’s state-owned electricity company, Perusahaan Listrik Negara.

The issuance includes US$500 million 3.375% 10-year notes due 2030, US$500 million 4.375% 30-year notes due 2050, and €500 million 1.875% 12-year notes due 2031.

BofA Securities, Credit Suisse, Citigroup, HSBC, Mandiri Securities and MUFG acted as joint lead managers for the transaction while PT Bahana Sekuritas, PT BNI Sekuritas and PT Danareksa Sekuritas acted as co-managers.

The transaction is part of a US$10 billion upsize to PLN’s US$5 billion Global Medium Term Note (GMTN) programme, originally established in April 2018, which will bring the total value of PLN’s current GMTN programme to US$15 billion.

PLN plans to use the proceeds to help fund its ongoing development of Indonesia’s national power grid.

PLN is an Indonesian government-owned corporation which has a monopoly on electricity distribution in Indonesia and generates the majority of the country’s electrical power.

Partner Tjahjadi Bunjamin (Picture) led the team advising the underwriters, assisted by associates Defina Rosa Tantri and Carlo Diori Tonio.

Involved fees earner: Tjahjadi Bunjamin – Hiswara Bunjamin & Tandjung; Defina Rosa – Hiswara Bunjamin & Tandjung;

Law Firms: Hiswara Bunjamin & Tandjung;

Clients: Bank of America Securities; BNI Sekuritas; Citigroup Inc.; Credit Suisse; HSBC; MUFG; PT Bahana Securities; PT Danareksa Sekuritas;