Clifford Chance advises on PT Perusahaan Listrik Negara’s US$1.5 billion bond issuance

The issuance comprises two tranches: US$500 million 4.75% notes due 2031 and US$1 billion 5.45% notes due 2036. The proceeds will be used to support the acceleration of electricity infrastructure development in Indonesia, specifically for transmission, distribution, and non-coal related generation projects. The banking syndicate included Citigroup, HSBC, Mandiri Securities, MUFG Securities Asia Limited Singapore Branch, SMBC Nikko Securities (Hong Kong) Limited, and Standard Chartered Bank.

Lead partner Alan Yeung said, “We are delighted to have supported the banks on this significant transaction. PLN’s successful return to the US dollar bond market underscores strong international investor confidence in Indonesia’s infrastructure sector and in high‑quality, sovereign‑linked credits. The transaction highlights our team’s deep expertise in advising on complex cross‑border financings across the region.”

Alan led the deal and was supported by counsel Stephanie Liman, senior associate Charlotte Tan and trainee lawyer Emma Choo. This transaction continues Clifford Chance’s long-standing work on PLN’s GMTN program since 2019.