SINGAPORE, November 21, 2008 – The international law firm Milbank, Tweed, Hadley & McCloy LLP has advised PT Mitra Rajasa Tbk (Mitra Group) on its US$638 million leveraged buyout of Indonesia’s largest onshore and offshore driller, PT Apexindo Pratama Duta Tbk. The transaction, one of the largest acquisition financings completed this year in Indonesia, was highly complex and intensely negotiated and involved multiple stakeholders.
“The transaction was closed in highly challenging circumstances, given the growing turmoil in the credit markets,” said David Zemans, managing partner of Milbank’s Singapore office. Jacqueline Chan was the lead associate for the transaction and actively led negotiations. Mr. Zemans and Ms. Chan were assisted by associates Linda Lee and Adrian Yeo. Goldman Sachs Credit Partners L.P. was the mandated lead arranger and was represented by Latham & Watkins. Milbank has three decades of experience as a leader in international financial transactions in Greater China, India, Japan, Korea and Southeast Asia. The firm’s track record includes many of the largest and most complex financings in Asia.
Milbank, Tweed, Hadley & McCloy LLP is a leading global law firm that for more than 140 years has provided innovative legal solutions in many of the world’s largest, most complex and innovative corporate transactions. Our transactional expertise includes Acquisition Finance, Project Finance, Capital Markets, Corporate Finance and other major fields of law practice. Headquartered in New York, Milbank has 10 offices worldwide, including Beijing, Hong Kong, Singapore and Tokyo.