SINGAPORE, October 25, 2006 – The international law firm Milbank, Tweed, Hadley & McCloy LLP (“Milbank”) represented Indonesia’s biggest retailer PT Matahari Putra Prima Tbk (“PT Matahari”) in its recently closed US$150 million 9.75% Regulation S bond offering, the firm announced today. PT Matahari, the largest retailer in Indonesia, operating department stores, hypermarkets, supermarkets and specialty stores in 38 cities across the country, will use the funds for capital expenditure to expand its retail footprint.
“PT Matahari is one of Indonesia’s major retailers. The successful closing of this transaction indicates the market is regaining its appetite for quality high yield offerings after a slowdown in the last quarter,” said David Zemans, Milbank’s Singapore Managing Partner. Milbank’s team included London-based partner Tom Siebens and Singapore-based senior associate Giles Kennedy and associates Robert Clarke and David Gasperow.
UBS and Credit Suisse were joint bookrunners for the offering, with PT Ciptadana Capital as financial advisor.
About Milbank Asia
With offices in Asia for nearly 30 years, Milbank has one of the strongest practices in Asia, encompassing capital markets, private equity/M&A, project finance, acquisition finance, restructuring and transportation finance. Milbank has nearly 40 attorneys resident in its Beijing, Hong Kong, Singapore and Tokyo offices, qualified to practice New York and English law. The firm’s deals in Asia in 2005 included:
- The Caliraya-Botocan-Kalayaan (“CBK”) acquisition financing, which won the “Asia-Pacific Deal of the Year 2005” from Project Finance and “Deal of the Year 2005” from Asian Counsel;
- The $1 billion PT Adaro leveraged buyout, which won “Best Non-Investment Grade Bond Deal for 2005” from FinanceAsia and “Southeast Asia Deal of the Year” awards from Asian Legal Business;
Milbank, Tweed, Hadley & McCloy LLP is a preeminent global law firm that for more than 140 years has provided innovative legal solutions in many of the world’s largest, most complex, “first-ever” corporate transactions and litigation. Our transactional expertise includes capital markets, corporate finance and transactions, project finance, acquisition finance, and other major fields of law practice. Milbank litigation teams resolve disputes involving mergers and acquisitions, proxy battles, financings and securities offerings, intellectual property, white collar crime, and corporate restructurings, among others. Our clients range from prominent multinational financial, industrial and commercial enterprises to governments, institutions and individuals. The firm is headquartered in New York, with offices in Los Angeles, Washington, DC, London, Frankfurt, Munich, Beijing, Hong Kong, Singapore and Tokyo.