PT Indonesia Asahan Aluminum (Persero)’s $4 Billion Bond Offering

Sidley advised PT Indonesia Asahan Aluminum (Persero) (Inalum) on its inaugural US$4 billion multi-tranche bond offering, comprising US$1 billion of three-year bonds, US$1.25 billion of five-year bonds, US$1 billion of ten-year bonds and US$750 million of thirty-year bonds.

The proceeds funded Inalum’s acquisition of a direct and indirect majority beneficial stake in PT Freeport Indonesia, which owns the Grasberg Mine in West Papua, Indonesia. The Grasberg Mine is the largest gold mine and the second-largest copper mine in the world.

Inalum is a state-owned national mining company appointed by the Indonesian government as the holding company for Indonesia’s mining operators. Inalum’s subsidiaries include PT Bukit Asam Tbk, the largest holder of coal reserves in Indonesia, PT Timah Tbk, the second largest tin producer in the world, and PT Aneka Tambang Tbk, the sixth largest gold producer in Southeast Asia, all of which are IDX-listed companies.

The Sidley team comprised partner Matthew Sheridan (Picture), senior associate Alexius Chong, and associates Felicia Chen and Klara Thamrin, all of whom are based in Singapore, and partner Nicholas Brown and counsel Carla Teodoro, both of whom are based in New York.

Involved fees earner: Nicholas Brown – Sidley Austin LLP; Felicia Chen – Sidley Austin LLP; Alexius Chong – Sidley Austin LLP; Matthew Sheridan – Sidley Austin LLP; Carla Teodoro – Sidley Austin LLP; Klara Thamrin – Sidley Austin LLP;

Law Firms: Sidley Austin LLP;

Clients: PT Indonesia Asahan Aluminium (Persero) ;

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Author: Michael Patrini