Sidley represented PT Indika Energy Tbk (Indika) as international counsel, advising on New York and U.S. federal securities law in connection with (i) the issuance of US$350 million 8.75% senior notes due 2029 by Indika pursuant to Rule 144A and Regulation S under the U.S. Securities Act of 1933, as amended and (ii) a concurrent tender offer for the outstanding 8.25% senior notes due 2025 issued by Indika Energy Capital IV Pte. Ltd., a subsidiary of Indika.
This is Southeast Asia’s first high-yield offering of 2024 and Indonesia’s second since 2023.
Indika is a leading diversified Indonesian company with a portfolio of businesses spanning energy resources, logistic and infrastructure, minerals as well as green businesses.
Deutsche Bank, Standard Chartered Bank, Mandiri Securities, and BNI Securities acted as joint global coordinators and joint bookrunners for the new notes issuance, and Deutsche Bank and Standard Chartered Bank acted as dealer managers for the tender offer.
Alexius Chong and Matthew Sheridan led the Sidley team, which comprised Klara Thamrin, Edward Lee, and Caulyn Bong (Capital Markets, Singapore), with support from Daniel Lindsey (Global Finance, Singapore); Horine Ye (Global Finance, Hong Kong); Daniel A. O’Shea and Gabriella Tang (Capital Markets, New York); Nicholas R. Brown, Robert M. Kreitman, and Alvin Wang (Tax, New York); Carla G. Teodoro (Investment Funds, New York); Emilie E. Stewart (Global Finance, London); and Alan G. Grinceri (Capital Markets, London).
Sidley is one of the most experienced international law firms executing capital markets transactions in Indonesia and other Asian markets. The firm was named “Securities Firm of the Year” at Law.com International’s Asia Legal Awards 2024.
