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Capital Markets

Overview

As a full-service firm, we do a broad range of transactions covering the entire spectrum. Many are high profile, and cement our position as a top-tier firm, such as global equity offerings in reliance on Reg. S/Rule 144A, quite a few of which have involved the privatisation of state enterprises. In addition, we do private placements, rights issues and other share-related offerings such as convertible and exchangeable bonds.

We also frequently advise on foreign offerings by issuers having significant interests in Indonesia, as well as bond issuances, again under global offering rules, mergers, acquisitions, combinations of acquisitions and IPOs, consent solicitations and exchange offers of debt instruments listed on the Indonesia Stock Exchange or offshore. 

Our lawyers are widely recognised for being client-orientated and business-friendly, and are noted for their responsiveness and quick turn-around times – something that has allowed us to win some of the biggest capital market representations of 2010/2011. We consistently position the client at the center of our work, treating their problems as our own, and in doing so have also successfully built up a very strong general advisory and retainer client base in this practice.

By working hand-in-hand with our clients, we have garnered a wealth of experience and a deep understanding of capital market and business dynamics across a wide range of sectors, including the aviation, communications, energy, oil and gas and financial services industries. Among recent highlights are:

  • Representing four international banks acting as the Initial Purchasers in an offering of 7.00% Senior Notes due 2018 by Indo Energy Finance B.V. with a total nominal value of US$300,000,000. The issuer is a wholly-owned subsidiary of leading coal miner PT Indika Energy Tbk.
  • Advising Garuda Indonesia in its USD 382.8 million global offering of 6,335,738,000 shares in reliance on Rule 144A/Reg. S, a mandate that helped cement AHP’s dominance in high-profile privatisations.
  • Representing the standby buyers and global bookrunners on the USD 11 billion Bank Mandiri Rights Issue of 2010, which was Indonesia’s second biggest rights issue of that year.
  • Counsel to PT Indosat Tbk, one of Indonesia’s largest telcos, in its issuance of USD 650,000,000 7.375% Guaranteed Senior Notes due 29 July 2020, which marked one of the country’s biggest debt issuances of 2010.
  • Representing Star Energy Geothermal (Wayang Windu) Ltd, an independent producer of geothermal power for the Java-Bali markets, in its issuance of USD 350 million of 11.5% Senior Secured Notes due 2015 under Rule 144A.
  • Counsel to PT Tower Bersama Tbk in its USD 207 million global public offering in reliance of Reg S/Rule 144A.
  • Advising Berau Coal on its USD 152.3 million IPO – the company is one of the largest coal miners in Indonesia.
  • Representing Berau Capital Resources Pte. Ltd. and PT Berau Coal Energy Tbk in the issuance of USD 350 million 12.5% Guaranteed Senior Secured Notes Due 2015 by Berau Capital Resources Pte. Ltd., guaranteed by PT Berau Coal Energy Tbk
  • Advising Berau Capital Resources Pte. Ltd. and PT Berau Coal Energy Tbk on the issuance of USD 100 million 12.5% Guaranteed Senior Secured Notes Due 2015, issued by Berau Capital Resources Pte. Ltd., guaranteed by PT Berau Coal Energy Tbk.
  • Representing petrochemical producer PT Chandra Asri, the sole manufacturer of ethylene in Indonesia, in connection with the USD 230 million 12.875% Senior Secured Guaranteed Notes due 2015 issued by Altus Capital and guaranteed by PT Chandra Asri and PT Styrindo Mono Indonesia in reliance on Rule 144A/Reg. S.
  • Representing PT HSBC Securities Indonesia, PT DBS Vickers Securities Indonesia, and PT Standard Chartered Securities Indonesia as the underwriters of  the IDR 1 trillion Oto Multiartha Bond VII/2010
  • Counsel to PT HSBC Securities Indonesia, PT DBS Vickers Securities Indonesia, and PT Standard Chartered Securities Indonesia as the underwriters of the IDR 1 trillion Summit Oto Finance Bond IV/2010.
What they say about us

We are both very proud and flattered to have been recently named by Asian-MENA Counsel as In-House Community Firm of the Year in Indonesia for capital markets, an award that we feel reflects a great deal of hard work on the part of all of our partners and associates over the years, as well as our continuing rapid expansion and ascent through the ranks of the Jakarta legal community.

We are also listed as a “Tier 1 Firm” in this practice area by The IFLR1000 Asia Pacific, a “Recommended Firm” by The Legal500, and a “Leading Firm” by Chambers Asia, while AsiaLaw Profiles comments that our leading partner, Mr. Ahmad Fikri Assegaf, is “recognised by peers for his expertise on regulatory issues,” and partner Bono Daru Adji is “a very promising lawyer who really knows his stuff on capital markets.” Mr. Assegaf is also described as a “leading Asia-Pacific practitioner” in capital markets.