Milbank LLP advised Indonesia-based coal company PT Adaro Energy Tbk’s (“Adaro”) mining contractor unit PT Saptaindra Sejati (“SIS”) as the borrower of a two-year tenor US$350 million revolving loan facility from 14 lenders. This financing follows SIS’ 2015 US$200 million facility credit agreement with a syndication of national and international banks on which Milbank also advised.
The lenders of this facility agreement, which were primarily foreign banks, include Australia and New Zealand Banking Group Limited; Bank of China (Hong Kong) Limited Jakarta Branch; CIMB Bank Berhad, Singapore Branch; Citigroup Global Markets Singapore Pte. Ltd.; CTBC Bank, Co, Ltd.; DBS Bank Ltd.; PT Bank HSBC Indonesia; The Hongkong and Shanghai Banking Corporation Limited, Singapore Branch; PT Bank Mandiri Tbk. (Persero) Tbk.; Pt Bank Mandiri (Persero) Tbk., Singapore Branch; PT Bank Mandiri (Persero) Tbk., Hong Kong Branch; PT Bank Mizuho Indonesia; MUFG Bank, Ltd., Jakarta Branch; Oversea-Chinese Banking Corporation Limited, Sumitomo Mitsui Banking Corporation Singapore Branch, United Overseas Bank Limited, and The Korea Development Bank, Singapore Branch. Bank Mandiri served as the facility agent.
The Singapore-based Milbank team was led by partner David Zemans, with special counsel Melissa Lewis and associate Hui Ling Teo.
Mr. Zemans said: “We are very pleased to have advised SIS on this latest facility credit agreement. Notwithstanding the tight timetable, because of SIS’s and Adaro’s market leading reputation, the financing was highly subscribed and a number of first-time lenders joined a list of longtime Adaro lenders as part of the 14-bank group. This deal illustrates Milbank’s ability to handle high-stake financings successfully and efficiently, and we look forward to continuing to build upon our reputation as a leading advisor on transactions in the Southeast Asia energy sector.”
