Indika Energy’s US$450 Million Notes Offering

Sidley Austin LLP advised PT Indika Energy Tbk on the offering, while Shearman & Sterling represented Deutsche Bank, Mandiri Securities and Standard Chartered Bank as initial purchasers.

PT Indika Energy Tbk (Indika Energy) announced its offering of US$450 million 8.25% senior notes due 2025.

Indika Energy will use a portion of the proceeds from the offering to fund its redemption of all of its outstanding 6.875% senior notes due 2022 and a portion of its outstanding 6.375% senior notes due 2023. The remaining proceeds will be used to fund the expansion of its non-coal-related businesses.

Indika Energy is a leading integrated and diversified Indonesian group with a portfolio of businesses spanning the energy value chain. Indika Energy is the third largest coal mining company in Indonesia in terms of production volume for 2019. It also provides engineering, procurement and construction, operations and maintenance, and related services for the Indonesian oil and gas sector, and offers an assortment of river and sea transportation services and port services.

The Sidley team comprised Partner Matthew Sheridan (Picture), Counsel Alexius Chong, and Associates Gmeleen Tomboc and Klara Thamrin, all of whom are based in Singapore; Partner Nicholas Brown, Counsel Carla Teodoro, and Associates Rémi Gagnon and Martin Michalski, all of whom are based in New York; and Partner James Crooks and Associate Nils Gravenhorst, all of whom are based in London.

Shearman & Sterling represented Deutsche Bank, Mandiri Securities and Standard Chartered Bank with partner Andrew Schleider, counsel Terrence O’Donnell, associate Leo Wong, and legal manager Ariel Chou.

Involved fees earner: Terrence O’Donnell – Davis Polk & Wardwell; Andrew Schleider – Shearman & Sterling; Leo Wong – Shearman & Sterling; Nicholas Brown – Sidley Austin LLP; Alexius Chong – Sidley Austin LLP; James Crooks – Sidley Austin LLP; Rémi Gagnon – Sidley Austin LLP; Nils Gravenhorst – Sidley Austin LLP; Martin Michalski – Sidley Austin LLP; Matthew Sheridan – Sidley Austin LLP; Carla Teodoro – Sidley Austin LLP; Klara Thamrin – Sidley Austin LLP; Gmeleen Tomboc – Sidley Austin LLP;

Law Firms: Davis Polk & Wardwell; Shearman & Sterling; Sidley Austin LLP;

Clients: Deutsche Bank; Indika Energy Tbk PT; Mandiri Securities; Standard Chartered Bank;

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Author: Michael Patrini