Paul Hastings Advises Arrangers on Indonesia's Biggest Debt Sale

December 01, 2006

Paul Hastings Advises Arrangers on Indonesia's Biggest Debt Sale

Hong Kong (December 1, 2006) Paul, Hastings, Janofsky & Walker (Paul Hastings), a leading international law firm, represented UBS and Jakarta-based securities firm Danareksa, the lead arrangers on PT Perusahaan Listrik Negara's (PLN's) US$1 billion Reg-S/144A international high yield bond offering. The offering was structured into two tranches, US$450 million five-year bonds and a US$550 million 10-year bonds priced at a yield of 7.4% and 7.9% respectively.

This deal marks Indonesia's largest international corporate debt sale and is one of the largest corporate high yield issuances in Asia to date.

PLN, Indonesia's 100% state owned electricity company, is raising money to finance its capital expenditure plans to reduce Indonesia's energy production costs by switching from oil fired electricity generation to coal fired.

Commenting on the deal, Joe Sevack, Corporate partner at Paul Hastings focusing on sophisticated equity and debt capital markets transactions, said, "This is a landmark transaction for PLN as an international issuer, and will provide a strong basis for its future financings."

Paul Hastings continues to be involved in structuring some of the most ground-breaking and innovate transactions in the Asia-Pacific Region.

The Paul Hastings team was led by partners Joe Sevack and Alex Regan and associates Winnie Lai and Frankie Toag.

Paul Hastings Janofsky & Walker founded in 1951, is a leading international law firm with over 1,100 attorneys in 17 offices. The firm serves a diverse client base including many of the leading global financial institutions and Fortune 500 companies and offers deep capabilities in Banking and Finance, Capital Markets, Corporate/M+A, Litigation and Dispute Resolution, Intellectual Property, Project Finance, Investment Management, Real Estate, Labor and Employment and Tax Advisory Services. For additional information, please visit our website at www.paulhastings.com.



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