Harun specialises in banking and finance transactions, in particular syndicated lending, structured finance, leveraged finance and refinancing transactions, both from the lender’s side as well as the borrower’s. From the lender’s side, Harun has represented state-owned enterprise banks, national and international private banks, and private funds in extending billateral and syndicated credit facilities to Indonesian borrowers in various industry sectors. Meanwhile, from the borrower’s side, Harun has represented clients in the property development, oil and gas, manufacturing, trading, telecommunication and education sectors.
In the project financing arena, Harun, who has a deep interest and is well versed in telecommunication laws, has been advising PT Pasifik Satelit Nusantara for its general legal affairs, including representing its subsidiaries in obtaining financing for the construction and launch of the Nusantara Satu Satellite, Indonesia’s first high troughput satellite, Satellite of the Republic of Indonesia (Satria-1), the Indonesian government’s multifunction satellite and most recently, the Nusantara Lima Satellite which will be provide backup capacity for Satria-1.
Among the high-profile mandates he has worked on are, the divestment process of PT Bank Mutiara Tbk., by the Indonesian Deposit Insurance Corporation (LPS) and advising railway companies namely PT MRT Jakarta (Persero) on various legal issues in connection with the governance, construction and operation of Indonesia’s first mass rapid transport/metro railway line and PT Kereta Cepat Indonesia China on various legal issues in connection with the governance, financing and construction of Indonesia’s first high-speed train project connecting Jakarta and Bandung.
Harun’s other clients include large banking corporates such as Bank Mandiri, BNI, SMI DBS, OCBC, CIMB who engages our firm in connection with its large corporate loan transactions; and international private equity and investment firms such as Blackrock, Indies Capital, OCP Asia and Farallon Capital for whom Harun advised in its financing and investment deals in Indonesia.
Notwithstanding his busy schedule as a commercial lawyer, Harun still finds time to engage in academic research, and plays an instrumental role in the drafting of the Legal Statement on Expedited Enforcement of Security Rights in Indonesia (Grosse Akte), a project sponsored by the National Legal Reform Program.
Notable Cases & Transactions
- Acted as the lead counsel to PT Pasifik Satelit Nusantara (“SNT”) in the development of a multifunctional satellite. The project involved the design, finance, build, launch, and long-term operation of a 150 Gigabytes per second (Gbps) Very High Throughput Satellite (VHTS), which will be used by the Indonesian government, together with an associated network of ground stations and control centres. The project is structured as a public private partnership scheme, with availability payment mechanism for a contract period of 15 years. SNT is the implementing business entity that is established to procure and operate the satellite network.
- Assisted PT Kereta Cepat Indonesia China on various legal issues in connection with the governance, financing, and construction of Indonesia’s first high-speed train project connecting Jakarta and Bandung. This infrastructure project is included as a national strategic project determined by presidential regulation.
- Assisted a syndicate of state-owned banks in a project financing deal for the development of infrastructure in the Mandalika Special Economic Zone (“SEZ”), located in Central Lombok Regency, West Nusa Tenggara, Indonesia. The Mandalika SEZ is a coastal resort area which stretches over 1,175 hectares of the southern coast of the island of Lombok. In 2014, it was officially established by the Indonesian government as a special economic zone to improve regional tourism potential.
- Represented PT Sarana Multi Infrastruktur (Persero) as one of the syndicated lenders in the proposed granting of syariah syndicated facilities to PT Armada Gema Nusantara as borrower (“AGN”). The facilities are secured by, among others, hypothec (ship mortgage) over a Floating Production Storage and Offloading (FSPO) vessel owned by AGN.
- Acted as a retainer counsel for PT MRT Jakarta (Persero) during the construction of Corridor I MRT Jakarta and in the preparation for the construction of Corridor II MRT Jakarta, including tenders for all civil works, construction and line works to sub-contractors, drafting agreements with contractors or vendors, providing legal advice on various issues, and assisting in dispute resolution.
- Advised OCBC on the refinancing of the construction of a high-end hotel in Bali, the Apurva Kempinski. The refinancing was structured through an amended and restated agreement entered into by (among others) (i) PT Graha Alam Lestari as the borrower, (ii) OCBC as the arranger, (iii) several major financial institutions as the original lenders and (iv) PT Bank OCBC NISP Tbk as the facility agent and security agent.
- Assisted PT MRT Jakarta in obtaining an e-money operator license pursuant to Bank Indonesia Regulation No. 20/6/PBI/2018 on Electronic Money.
- Represented PT Solusi Bangun Indonesia as debtor in the refinancing of its backstop loan, which will be due in January 2021 with the facility. The Sharia unit of PT Bank Permata Tbk., acted as one of the accordion facility providers. Whilst the main facility is straightforward, the deal was challenging due to the involvement of a sharia-based bank in the activation of an accordion facility.
- Represented Menara Investment SA and Menara Capital Ltd in providing a loan facility to a coal trading company.
- Represented PT Bank CIMB Niaga Tbk. (CIMB Niaga), in providing an IDR 1.5 trillion loan facility in the amount to PT Net Mediatama Televisi.
- Represented the creditor syndication and agent in an USD 130 million and IDR 600 billion syndication loan facility granted to PT Plaza Indonesia Realty Tbk (Plaza Indonesia).
- Represented The Bank of Tokyo-Mitsubishi UFJ, Ltd., Jakarta Branch, in providing an IDR 350 billion term loan facility to PT Saratoga Investama Sedaya Tbk.
- Represented RBC Europe Limited in relation to a loan facility provided to Bridon International group.
- Represented Clyde Bergemann Power Group in obtaining a multicurrency loan facility amounting to USD 62.5 million and a revolving loan facility amounting to USD 117.5 million from Commerzbak Aktiengesellschaft.
- Represented Lloyds Bank PLC in its amendment and restatement of loan facility provided to Volex Group, which incorporated several of its subsidiaries in Indonesia as security providers.
- Represented Jakarta International School Foundation in obtaining a loan facility from PT Bank Woori Saudara Indonesia 1906 Tbk (Bank Woori).
- Represented the creditor syndication and its agent pertaining to a non-secured loan facility provided to PT Telekomunikasi Selular.
- Represented creditors and agents in relation to a loan facility provided to a real estate investment trust for a property project in Nusa Tenggara Timur.
- Represented creditors and agents in relation to a loan facility provided to PT Graha Alam Lestari in the framework of funding the development of a hotel in Bali.
- Represented Bank Woori as a security agent in providing a loan facility arranged by Woori Bank to PT Mutiara Jawa.
- Represented PT Batamindo Investment Cakrawala as a borrower and PT Bintan Inti Industrial Estate as insurer in a loan facility amounting to USD 18 million and SGD 230.8 million from a syndication of banks consisting of Standard Chartered Bank and CIMB Bank Berhad, Singapore Branch.
- Represented creditors and agents in providing a loan amounting to USD 50 million to a property developer company domiciled in Singapore in the framework of a share and land acquisition in Bekasi regency.
- Represented OCBC Bank (Malaysia) Berhad in providing a term loan facaility to PT Bungasari Flour Mills Indonesia.
- Represented CIMB Bank Berhad, Singapore Branch and CIMB Niaga in providing a syndication loan facility in the amount of USD 100 million to Plaza Indonesia.
- Represented CIMB Niaga in providing a loan facility amounting to IDR 980 billion to PT Net Mediatama Televisi.
- Represented Indonesian Deposit Insurance Corporation pertaining to the divestment of 100% shares in Bank Mutiara (previously Bank Century).
- Represented Reswara group, a coal producer, as a borrower in a term loan facility amounting to USD 150 million from Qatar National Bank SAQ, Singapore Branch, PT Bank QNB Kesawan Tbk and Indonesia Eximbank.
- Represented Indies Investments Pte. Ltd. in a loan facility amounting to IDR 325 billion provided to an Indonesian property developer.
- Represented PT Pasifik Satelit Nusantara in the debt restructurisation of USD 213 million.
- Represented PT Batamindo Investment Cakrawala as a borrower in a loan facility amounting to USD 200 million regulated by CIMB Niaga.
- Represented a Korean bank syndication, which includes, among others, Shinhan Bank and Woori Bank, pertaining to security based on Indonesian law related to a term loan facility amounting to USD 70 million provided to PT Win Textile.
- Represented The Asian Entrepreneur Legacy (TAEL) in the amendment of a loan facility amounting to USD 60 million provided to an Indonesian mining company.
- Represented PT Perusahaan Pengelolaan Aset (PPA) in the negotiation and drafting of a master restructuring agreement between PPA and PT Tuban Chemical Industries related to debt to PPA amounting to USD3 310 million, which was incurred at the time of the Asian Monetary Crisis in the 1990s.
- Represented United Overseas Bank Limited and The Hongkong Shanghai Bank Limited in a term loan facility amounting to USD 300 million provided to a group of the largest coal producers in Indonesia.