Dentons HPRP advises Indonesian telco on USD 156 million dual bond and sukuk issuance

Dentons HPRP is acting as legal counsel to PT Integrasi Jaringan Ekosistem (IJE), an Indonesian telecommunications company and a subsidiary of PT Solusi Sinergi Digital Tbk, in its dual issuance of conventional bonds and sukuk ijarah with a combined target value of IDR 2.5 trillion (approximately USD 156.25 million). The proceeds will be used to refinance existing debt and support the company’s business expansion plans.

The transaction consists of equal allocations of IDR 1.25 trillion to each of the bond and sukuk tranches. It marks IJE’s second bond issuance and its first entry into the Islamic finance market. The deal is notable for its dual regulatory structure, combining conventional and Islamic financing frameworks within a single offering. The sukuk structure involves the transfer of economic benefits from IJE’s productive assets to a trustee, followed by a leaseback arrangement until maturity.

Dentons HPRP’s Capital Markets team, led by Erwin Kurnia Winenda (Partner), and supported by Rafi Andiandra Wardhana (Senior Associate), Kevin Hans Silitonga (Associate), and Yabunaya Salsabila Yuniar (Associate), is advising IJE on all Indonesian legal aspects of the transaction. The firm’s scope of work includes legal due diligence, review and negotiation of transaction documents, updates to the prospectus, and advice on compliance with applicable capital markets regulations. The team is also assisting the client in addressing regulatory issues related to the simultaneous issuance of conventional and Islamic instruments.

This transaction highlights Dentons HPRP’s experience and capabilities in the capital markets sector, particularly in advising on complex and innovative financing structures.