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Tania Tracy


L.LB., University of Indonesia, Indonesia (2011)
LL.M., New York University, USA (2016)

T +62 21 2555 7836

Tracy is a partner in the firm who focuses on our restructuring and insolvency as well as cross border financing transactions. Since commencing her practice, she has naturally gravitated towards Banking & Finance and Project Finance -- areas of the law that she says provide her with the sort of challenges she relishes.

In cross border financing transactions, Tracy is a well-rounded lawyer with the ability to represent the interest of the lenders and borrowers, and advise some of the largest private funds, private and state-owned companies, and leading banks and financial institutions. Her key clients include PT Indonesia Infrastructure Finance, for whom she has represented in several USD and JPY loan financings from multilateral organisations such as the Asian Development Banks, World Bank, International Finance Corporation, and Japan International Cooperation Agency.

Recently, Tracy shifted her focus more in expanding the firm's restructuring and insolvency deals. She played a key role in the complex debt restructuring of the Indonesian flag carrier, PT Garuda Indonesia (Persero) Tbk, the largest restructuring of Indonesian state-owned company to date. She also was involved in the debt restructuring of PT Angkasa Pura I, one of the state-owned airport operators. , and restructuring of PT Sumberdaya Sewatama's debts involving unsecured bilateral loans, IDR bonds (conventional and sharia) and lease facility. She has also assisted in several sale of banks’ non-performing loan portfolios.

Notable Cases & Transactions
Banking & Finance
  • Advising PT Indonesia Infrastructure Finance (“IIF”) on a two-step USD 100 million loan from the Asian Development Bank to the Government of Indonesia. The Government of Indonesia will in turn on lend the loan to PT Sarana Multi Infrastruktur (Persero) Tbk, who will then on lend the loan again to IIF.
  • Representing PT Merdeka Copper Gold Tbk (“Merdeka”) on its USD 100 million syndicated loan facility.
  • Advising PT Bank Central Asia Tbk., PT Bank Mandiri (Persero) Tbk., PT Bank Maybank Indonesia Tbk., on the provision of IDR 5 trilion multi-facilities and multi borrower financing to the leading agribusiness Japfa Group, for the purpose of refinancing its existing facilities, capital expenditure and working capital.
  • Representing an Indonesian bank in the proposed purchase of another Indonesian bank’s business (aborted).
  • Representing PT Indonesia Infrastructure Finance (“IIF”) in a proposed USD 200 million financing from the Asian Development Bank through the Government of Indonesia and PT Sarana Multi Infrastruktur (Persero).
  • Representing IIF in the JPY 8 billion financing from Japan International Cooperation Agency.
  • Representing IIF in a USD 200 million financing from World Bank through the Government of Indonesia and PT Sarana Multi Infrastruktur (Persero).
  • Representing PT Rukun Raharja Tbk in the acquisition and acquisition financing of PT DSME Energi Cepu, a 49% shareholder in PT Petrogas Jatim Utama, holder of 2,2423% in Cepu block.
  • Representing PT Bumi Suksesindo, a gold and copper mining company, in the US$200 million refinancing from a group of banks.
  • Representing PT Agro Maju Raya and its group of plantation companies in the IDR 1,1 trillion and US$28 million credit facilities from a group of banks.
  • Representing Star Energy Geothermal (Wayang Windu) Limited in its US$ 660 million bonds refinancing.
  • Representing Star Energy Geothermal (Wayang Windu) Limited in its US$1.2 billion acquisition financing. Representing a subsidiary of an Indonesian listed company on its debt restructuring.
  • Representing PT Triputra Agro Persada group in the eq. US$ 494 million financing from a group of banks, coordinated by Oversea-Chinese Banking Corporation Limited.
  • Representing BNP Paribas, Singapore Branch, CIMB Bank Berhad, Singapore Branch, and Standard Chartered Bank, Singapore Branch in a S$ 180 million financing to HSBC Institutional Trust Services (Singapore) Limited in its capacity as trustee to Lippo Malls Indonesia Retail Trust.
  • Representing Oversea-Chinese Banking Corporation Limited and PT Bank OCBC NISP Tbk in a US$ 350 million financing to the parent of an Indonesian coal-mining company.
  • Representing PT Chandra Asri Petrochemical Tbk in a US$ 265 million financing from a group of banks, including Bangkok Bank.
  • Representing PT Garuda Indonesia (Persero) Tbk in relation to US$200 million multi-currency credit facilities from syndicated banks to finance corporate expenditures of Garuda and its subsidiaries, including for pre-delivery payment.
  • Representing PT Reswara Minergi Hartama in connection with a US$150 million loan facility from a syndication of banks comprising of Indonesia Eximbank, PT Bank QNB Kesawan Tbk and Qatar National Bank SAQ Singapore Branch.
  • Counsel to IIF, a joint venture between the Indonesian Government, International Finance Corporation, Asian Development Bank, and Deutsche Investitions- und Entwicklungsgesellschaft mbH in developing standard documentation for infrastructure financing.
Restructuring and Insolvency
  • Acting as Indonesian counsel in the USD 9.8 billion restructuring of PT Garuda Indonesia (Persero) Tbk’s financial and trade debts and aircraft leases, as well as its business transformation. Represented Garuda Indonesia in its suspension of debt payment obligation (“PKPU”) proceedings submitted by its trade creditor.
  • Advising PT Angkasa Pura I (Persero) (“AP I”), a State-Owned Enterprise which provides air traffic services and business airports in Indonesia, on its IDR 23.46 trillion restructuring process.
  • Acting as Indonesian counsel to PT Sumberdaya Sewatama on their second round of debt restructuring which involved different groups of creditors and type of facilities: (i) conventional bank loans, (ii) conventional bonds, (iii) sharia bonds, and (iv) sharia lease financing.
  • Representing the offshore creditors in the PKPU process of PT Apexindo Pratama Duta.
  • Representing PT Bank Danamon Indonesia Tbk in the sale of its non-performing loan portfolios.
  • Representing PT Sumberdaya Sewatama in the restructuring of about USD134 million equivalent of its unsecured bilateral loans, IDR bonds (conventional and sharia) and lease facility. This deal won “Deal of the Year” award 2017 by Islamic Finance News.
Project Finance
  • Advised Abu Dhabi Future Energy Company PJSC (“Masdar”), a subsidiary of a middle east state-owned entity, on the development of a 145 MW Floating Photovoltaic Solar Power Plant with a power evacuation substation. When in operation, the power plant will be the first floating photovoltaic power plant in Indonesia and one of the world’s largest. Being one of the first project to be developed under the new PLN’s direct appointment regime adds a bankability challenge to this project due to World Bank’s negative pledge clause.
  • Representing a consortium of commercial banks and Korean ECAs in a USD 6 billion project financing for the development and construction of 2 x 1,000 MW Jawa 9 & 10 ultra-supercritical coal-fired power plants located in Banten, Indonesia. Jawa 9 & 10 are among the first power projects concluded under the new PLN’s direct appointment regime. The implementation of the new regime has presented us with a number of unprecedented conditions and issues which the Lenders and their counsels need to deal with. As the Indonesian counsel, we are required to advise most appropriate legal arrangements to resolve bankability concerns. Representing a group of banks in the USD 147 million financing of a hydroelectric power plant project in North Sumatera, Indonesia.
  • Representing a group of banks in the USD 191 million financing of a hydroelectric power plant project in Lampung, Indonesia.
  • Representing one of the biggest China banks in the USD 1.2 million financing of mine-mouth coal-fired power plant project in Indonesia.
  • Representing IIF in the IDR 8.8 trillion financing from a group of banks and financial institutions to finance Cikampek-Palimanan Toll Road project.
Sharia Finance
  • Representing Garuda in relation to USD 100 million Musyarakah financing from PT Bank Internasional Indonesia (BII) to finance corporate expenditures of Garuda and its subsidiaries, including for pre-delivery payment.
  • Representing Garuda in relation to USD 200 million Islamic financing facility from syndicated banks.
  • Representing The Hongkong and Shanghai Bank Limited, J.P. Morgan Securities Ltd, and Standard Chartered Bank in the issuance of sharia bonds by the Government of Indonesia.
Corporate / M&A
  • Represented General Atlantic, a leading global growth equity firm, and GGV Capital, a preeminent global venture capital firm, led a USD 150 million Series C funding of Ruangguru, an online education platform in Indonesia.
  • Retainer corporate counsel to IIF.
  • Representing IIF in the proposed amendments of its corporate documents.
  • Retainer corporate counsel to PT Supreme Energy.
  • Representing subsidiaries of an Indonesian state-owned company on a proposed enforcement of SIAC and BANI arbitral awards.
  • Advising an Indonesian foundation on a proposed SIAC arbitration.