02 Feb 2015
Rajah & Tann Singapore Wins Petrochemical Deal of the Year 2015 Panca Amara Utama
Rajah & Tann Singapore has been recognised for advising the sponsors in the Panca Amara Utama (PAU) deal in Indonesia – PFI’s Asia-Pacific Petrochemical Deal of the Year. The PAU deal is the first ammonia plant in Sulawesi and the only ammonia project in the region to specially target the Asia-Pacific market.
As the first locally sponsored private ammonia plant in the country, the PAU deal was funded through a US$509 million debt package, the first non-recourse facility for a fertiliser plant. It comprises a 12-year US$94 million A loan, which is the International Finance Corporation’s (IFC) largest greenfield project over the last decade, and 10-year US$415 million IFC B loan.
Both Surya Esa Perkasa (SEP) and IFC are sponsors of the deal. IFC takes an equity position in PAU in the form of a subordinated loan to SEP, which controls about 60% of PAU shares. SEP has agreed with IFC to pledge its stake of 10% of the outstanding shares in Panca Amara and another 50% stake indirectly via PT Sepchem.
Partner Shemane Chan oversaw the project transactional documents, while Partner Angela Lim led in the financing documents. Partner Suyin Tan advised on the shareholders arrangements.
Rajah & Tann Singapore is one of the leading local law firms and part of Rajah & Tann Asia, Southeast Asia’s largest legal services provider with more than 500 lawyers from nine offices in the region with eight in Southeast Asia that include Cambodia, Indonesia, Laos, Malaysia, Myanmar, Singapore, Thailand and Vietnam.
About Rajah & Tann Asia
Rajah & Tann Asia brings together leading law firms and lawyers in Cambodia, China, Indonesia, Lao PDR, Malaysia, Myanmar, Singapore, Thailand and Vietnam, with each offering the highest standards of service to locally-based clients while collectively having the capacity to handle the most complex regional and cross-border transactions and to provide excellent legal counsel seamlessly across the region. With more than 500 lawyers, all working towards one shared goal, we are lawyers who know Asia and who give our clients home advantage.