SINGAPORE, August 18, 2010 – The international law firm Milbank, Tweed, Hadley & McCloy LLP advised the underwriters in connection with the US$650 million high yield bond offering by PT Indosat Tbk, one of Indonesia’s largest mobile phone companies. The offering consisted of 10-year unsecured 7.357 percent senior notes due 2020. The notes were issued by Indosat Palapa Company B.V. and unconditionally and irrevocably guaranteed by PT Indosat Tbk. The controlling shareholder of PT Indosat Tbk is Qatar Telecom (Qtel). Milbank represented the underwriting group, including Citigroup as sole global coordinator, and Citigroup, DBS Bank Ltd, Deutsche Bank Ltd, HSBC and The Royal Bank of Scotland Group plc as joint bookrunners.
Indosat intends to retire its existing 2010 and 2012 high yield notes and certain other debt with the proceeds of the offering.
Naomi Ishikawa, a Milbank partner based in Singapore, led on the deal, supported by senior associate Giles Kennedy, and associates Adrian Yeo, Katie Taylor and Karin Kringen in Singapore. US tax support was provided by partner Andrew Walker and associate Randy Clark in New York.
Other legal advisers included: Sidley Austin (Issuer’s counsel); Melli Darsa & Co (Underwriter’s Indonesian counsel); Assegaf Hamzah & Partners (Issuer’s Indonesian counsel); and Linklaters (Dutch counsel).
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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 transactions. Our transactional expertise includes Acquisition Finance, Capital Markets, Corporate Finance, Project Finance and other major fields of law practice. Headquartered in New York, Milbank has 11 offices worldwide, including Beijing, Hong Kong, São Paulo, Singapore and Tokyo.
Contact
Naomi Ishikawa
Partner
+65-6428-2400
nishikawa@milbank.com