Milbank LLP advised PT Bank Mandiri (Persero) Tbk. (“Mandiri”), MUFG Bank, Ltd. and ICICI Bank Limited in connection with a senior secured US$75 million term loan provided to leading Indonesian energy firm PT Indika Energy Tbk. (“Indika”). Mandiri also acted as Coordinating Bank. The proceeds will be used by Indika to, in part, construct a port project comprising certain building and jetty operations, as well as a fuel storage facility. The project is expected to achieve completion in July 2020.
The English law facility has a tenor of five years and is supported by multi-jurisdictional guarantees and a common security package and ranks pari passu with Indika’s New York law High Yield Notes.
The Singapore-based Milbank team was led by partners David Zemans and James Orme, with associates Jim McFarlane, Vidit Mehra and paralegal Claire Whitcomb.
Mr. Zemans said: “We are very proud to have worked with these three major international commercial and Indika on this successful financing. Indonesia’s energy finance market continues to grow with the country’s vibrant economy and we are eager to continue playing an instrumental role in financings throughout Indonesia and Southeast Asia.”
