PT Wijaya Karya (Persero) Tbk’s S$400 million rupiah-denominated bonds offering

Herbert Smith Freehills and Hiswara Bunjamin & Tandjung (HBT) have advised Indonesia state-owned engineering and construction firm PT Wijaya Karya (Persero) Tbk (WIKA) on its issue of approximately US$400 million rupiah-denominated bonds.

This is the largest and second ever IDR-denominated ‘komodo bond’ issued to date. The bonds are due in 2021, have a coupon rate of 7.7 percent per year and will be listed on the London Stock Exchange (LSE-ISM) and Singapore Stock Exchange (SGX-ST).

WIKA is one of the largest state-owned engineering, procurement and construction companies in Indonesia with a diversified portfolio of high-profile construction projects of national importance including the Jakarta MRT, the Jakarta-Bundung High Speed Railway, and the Merah Putih Bridge.

Hiswara Bunjamin & Tandjung acted on the deal with a team led by partner Tjahjadi Bunjamin, with the support of associates Defina Rosa and Raisa Adila.

Herbert Smith Freehills advised on the deal with a team led by US securities partner Siddhartha Sivaramakrishnan (picture), senior associates Nupur Kant, Jin Kong and George Wu, associates Shannon Yan and Ivina Suwana and trainee William Gibson.

Involved fees earner: Siddhartha Sivaramakrishnan – Herbert Smith Freehills; Nupur Kant – Herbert Smith Freehills; Jin Kong – Herbert Smith Freehills; George Wu – Herbert Smith Freehills; Shannon Yan – Herbert Smith Freehills; Ivina Suwana – Herbert Smith Freehills; William Gibson – Herbert Smith Freehills; Tjahjadi Bunjamin – Hiswara Bunjamin & Tandjung; Defina Rosa – Hiswara Bunjamin & Tandjung; Raisa Adila – Hiswara Bunjamin & Tandjung;

Law Firms: Herbert Smith Freehills; Hiswara Bunjamin & Tandjung;

Clients: PT Wijaya Karya (Persero) Tbk;

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Author: Michael Patrini