BNP Paribas, Citigroup and MUFG are joint
global coordinators. They are also joint
bookrunners with CIMB, Maybank, SMBC
Nikko and Standard Chartered.
The issuer is expected to be rated Baa2/
BBB– (Moody’s/Fitch).
It will visit Singapore on October 29,
followed by Hong Kong, Los Angeles,
Boston and New York, ending in London on
November 5. An offering of 144A/Reg S bonds
may follow, subject to market conditions.
Last month, Inalum agreed to acquire
shares from Rio Tinto and Freeport-
McMoRan for US$3.85bn to give it a 51.23%
stake in Freeport Indonesia, which operates
the Grasberg copper mine in Papua
province. The transaction is expected to
close by the first quarter of 2019.
› SMI EYES DUAL-TRANCHE BONDS
SARANA MULTI INFRASTRUKTUR is planning to
raise Rp1trn (US$66m) from dual-tranche
bonds, according to an offer document.
The Indonesian infrastructure financing
firm has put out indicative yields in the
range of 7.75%–8.50% for a 370-day tranche
and 8.25%–9.00% for a three-year portion.
The books opened on October 23 and will
close on November 2.
The notes are rated AAA by Pefindo.
Bahana, CGS-CIMB, Danareksa, Indo Premier,
Mandiri and Trimegah Sekuritas are lead
arrangers.
SYNDICATED LOANS
› MEDCO ENERGI UNITS LAUNCH RBL
Two units of oil and gas company MEDCO
ENERGI INTERNASIONAL have launched a
US$500m three-year reserve-based
revolving credit facility into general
syndication.
ANZ, ING Bank and Societe Generale are the
mandated lead arrangers and bookrunners
of the financing, which pays an interest
margin of 375bp over Libor and has an
average life of 2.83 years.
Subsidiaries Medco E&P Malaka and
Medco E&P Tomori Sulawesi are the
borrowers of the financing, which will be
used for general corporate purposes.
Lenders receive a top-level all-in
pricing of 431.7bp and the MLA title for
commitments of US$75m and above via
a participation fee of 160bp, an all-in of
426.4bp and the lead arranger title for
tickets of US$50m–$74m via a fee of 145bp,
or an all-in of 419.3bp and the arranger title
for US$30m–$49m via a fee of 125bp.
The deadline for commitments is
November 28. Bank presentations are being
held in Jakarta on Thursday and will be
held in Singapore on October 30.
Medco Energi last raised a US$360m
reserve-based lending facility in December- The same banks were the MLABs of
that financing, which attracted six lenders
in limited syndication. That RBL pays
different interest margins to account for
the project’s construction risks. The margin
is 450bp over Libor pre-completion before
stepping down to 385bp post-completion.
› PAMA OBTAINS US$1BN CLUBMining contractor PAMAPERSADA NUSANTARA
has obtained a US$1bn five-year financing
with 12 lenders.
ANZ, Bank of China Hong Kong, CIMB,
Citigroup, DBS Bank, HSBC, KDB Singapore,
Mizuho Bank, MUFG, OCBC, Sumitomo Mitsui
Banking Corp and United Overseas Bank are
the lenders of the facility, which comprises
a US$700m term loan and US$300m
revolving credit facility.
The deal, which was to be signed on
Friday, pays an interest margin of 105bp
over Libor. The term loan has an average
life of 3.25 years.
Funds will be used for general corporate
and working capital purposes.
The borrower last raised a US$400m
dual-tranche financing in 2013, according
to LPC data. ANZ, Citigroup, DBS, HSBC,
Mizuho, MUFG, OCBC, SMBC and Standard
Chartered were the lenders of that club,
which is equally split into a term loan and
revolver.
PAMA is a wholly owned subsidiary of
United Tractors, which is in turn majority-
owned by Astra International.› JAWA 1 LNG PROJECT SIGNS FINANCINGJapan Bank for International Cooperation and
other lenders on October 20 signed a
US$1.312bn financing to back the Jawa 1
LNG-to-Power project in Indonesia, JBIC said
last Monday.
JBIC is funding US$604m, while Credit
Agricole, Mizuho Bank, MUFG, OCBC and Societe
Generale are providing a US$403m 21-year
loan. The Asian Development Bank is also
providing a loan to back the project.
Nippon Export & Investment Insurance will
provide 100% political and 90% commercial
risk coverage to the US$403m commercial
portion, the agency said in a statement on
Monday.
JAWA SATU POWER, a borrowing entity
established by Marubeni, Sojitz and
Pertamina, will use part of the funds to
build and operate a 1,760MW gas-fired
power plant, while JAWA SATU REGAS, the
other special purpose company set up by
the same three companies and Mitsui OSK
Lines, will use the rest of the funds to builda floating storage and regasification unit.
The power plant, located on the west side
of the island of Java, will start construction
this year and is expected to begin
operations in 2021.
The electricity will be sold to Indonesia’s
government-owned utility PLN for over 25
years.JAPAN
SYNDICATED LOANS
› AFREXIMBANK TO VISIT TOKYOAFRICAN EXPORT-IMPORT BANK (Afreximbank)
is holding a non-deal roadshow in Tokyo
this week ahead of the maturity of a debut
Ninja loan it completed last year.
MUFG is arranging the roadshow.
Last year, Afreximbank closed a
US$150m-equivalent two-year deal,
increasing it from a US$106m-equivalent
size via an accordion feature. The loan with
the original size was closed in April last
year with five Asian lenders, including sole
coordinator, bookrunner, mandated lead
arranger and facility and documentation
agent MUFG. Two of those banks increased
their initial commitments and two other
lenders joined via the accordion.
The Ninja loan will mature in March. It is
split into a US$100m facility and a ¥6.2bn
facility and had offered all-in pricing of
180bp and 80bp, respectively.
Last month, Afreximbank completed
its first Korea-focused US$150m three-
year club loan. Shinhan Bank acted
as coordinator and lender, with other
participating banks comprising KEB Hana
Bank, Woori Bank and NongHyup Bank.
Afreximbank, rated Baa1/BBB– (Moody’s/
Fitch), is a pan-African multilateral financial
institution devoted to financing and
promoting trade in and from the continent.
The bank was established in October 1993
by African governments, African private
and institutional investors, and non-African
investors.EQUITY CAPITAL MARKETS
› TOKYU FUDOSAN MAKES FOLLOW-ONReal estate company TOKYU FUDOSAN HOLDINGS
has raised ¥50.6bn (US$449m) through
a follow-on offering to fund projects in
Tokyo’s Shibuya area.
The company offered 80.4m shares at
¥629 each. The final price represents 3.08%