PT Indika Energy Tbk’s $75 Million Loan Facility

Milbank LLP advised PT Bank Mandiri (Persero) Tbk. (“Mandiri”), MUFG Bank, Ltd. and ICICI Bank Limited in connection with a senior secured US$75 million term loan provided to leading Indonesian energy firm PT Indika Energy Tbk. (“Indika”). Mandiri also acted as Coordinating Bank.

The proceeds will be used by Indika to, in part, construct a port project comprising certain building and jetty operations, as well as a fuel storage facility. The project is expected to achieve completion in July 2020.

The English law facility has a tenor of five years and is supported by multi-jurisdictional guarantees and a common security package and ranks pari passu with Indika’s New York law High Yield Notes.

The Milbank team was led by partners David Zemans (Picture) and James Orme, with senior associate Jim McFarlane, associate Vidit Mehra and paralegal Claire Whitcomb.

Involved fees earner: Jim McFarlane – Milbank; Vidit Mehra – Milbank; James Orme – Milbank; David Zemans – Milbank;

Law Firms: Milbank;

Clients: ICICI Bank Limited; MUFG Bank, Ltd.; PT Bank Mandiri;

Author: Michael Patrini