Linklaters advises on Pacific Universal Investments’ debut senior secured notes issuance

Linklaters has advised the sole global coordinator and sole bookrunner and the manager on Pacific Universal Investments Pte. Ltd.’s debut issuance of US$325m 7.45% senior secured notes due 2031. The notes were offered pursuant to Rule 144A and Regulation S and are listed on the Singapore Stock Exchange.

Pacific Universal Investments is a Singapore-incorporated investment company that owns a 51% interest in PT Mitra Adiperkasa Tbk, one of Indonesia’s leading lifestyle retail businesses.

The issuance marks Pacific Universal Investments’ debut in the international debt capital markets and involved a cross-border security structure spanning Singapore and Indonesia.

The cross-practice, multijurisdictional Linklaters team led by partner and Head of South and Southeast Asia Capital Markets Amit Singh and capital markets partner Michele Discepola comprised lawyers across the firm’s Singapore, Hong Kong SAR and London network, including capital markets counsel Grace Yumul-Villanueva, managing associate Rushil Oberoi and associate Chloe Choo. Banking partner Adrian Pranataand associates Rafi Ibrahim and Evan Tobias from Widyawan & Partners, Linklaters’ alliance firm in Indonesia, advised on the Indonesian law aspects of the deal, including on Indonesian regulatory considerations.

Amit Singh, partner and Head of South and Southeast Asia Capital Markets, commented:

“This debut issuance demonstrates the increasingly sophisticated structures through which businesses in Southeast Asia are accessing international capital. We were pleased to bring together our capital markets and financing expertise across jurisdictions to support the successful execution of this complex cross-border transaction.”

With more than 50 years of on-the-ground experience in Asia, Linklaters has one of the largest teams focused on Southeast Asia and has advised on many of the region’s most high-profile and significant transactions. This includes advising on JAPFA’s debut US$300m senior secured high-yield bond issuance, a notable debut issuance by a Singapore-based company with a substantial operating presence in Indonesia and across the region.