Asialaw Profiles
The Guide to the legal markets of the Asia-Pacific

The ABNR banking team retains its top tier position as clients acknowledge it is “very knowledgeable in the banking and structured finance field”. Rival firms also admire the ABNR team and say it is “a consistently strong banking practice”.

Leading lawyer Theodoor Bakker, a foreign counsel, is highly regarded as “one of the leading banking lawyers in Indonesia”.

The team this year has been busy advising on the local law aspects of a US$1 billion project financing and development for a geothermal power project in North Sumatra.

Hadiputranto Hadinoto & Partners represented UOB Asia on a syndicated financing arrangement. This was in relation to a debt programme agreement amounting to US$2 billion with borrower PT Tower Bersama, which is one of the largest independent telecommunication companies in Indonesia.

“The team is excellent,” says one client. “It is very smooth, provides very quick responses and its advice is always very complete.”

The firm regains its top tier status with mandates on many headline transactions. These include representing DBS Bank on the refinancing of a previous facility given to PT Professional Telekomunikasi Indonesia (Protelindo), which is an independent tower operating company that builds, operates and rents towers throughout Indonesia for mobile operator Base Transceiver Stations.

The Makarim & Taira S team, which is led by Ratna Iskandar and Gregory Ranslam, “consistently gives the best and most accurate legal advice of any law firm I have worked with,” says one client. “Generally, the individuals involved with deals are fantastic.”

One deal highlight saw the firm represent HSBC, Labuan in the initial stage of the assignment of a 10% participating interest in Block Cepu from Mobil Cepu Ltd (MCL) and Ampolex (Cepu). This transaction involved the subsidiaries of ExxonMobil Corporation and PT Pertamina EP Cepu with four local government companies.

The team also advised UniCredit Bank’s provision of export credit facilities to several Indonesian companies worth US$50 million.

Assegaf Hamzah & Partners regularly completes high profile loan and bond deals for lenders and borrowers, as well as consent solicitations and exchange offers in restructurings.

Leading the banking team is partner Fikri Assegaf. “His strength is his ability to give excellent legal opinions,” says one client, “and to find an actual legal basis on which to give a legal opinion in a negotiation process.”

A highlight for the team was advising on a US$400 million credit facility for PT Berau Coal Energy, which was arranged by Credit Suisse.

The team also advised Tower Bersama Group in US$2 billion in bond issuances, which was coordinated by OCBC and UOB.

The Bahar & Partners team has highly regarded practitioners that are experienced in advising project finance investors, whether in Indonesia or internationally, on cross border transactions.

The firm offers “deep knowledge and excellent analysis in legal opinions on matters we entrust them on”, says one client.

The team assisted PT Hitachi Machinery Finance Indonesia, a heavy equipment financing company, on its financial and operating lease transactions and the company’s corporate matters.

Bahar & Partners was also entrusted to represent a syndicate of local banks, jointly led by PT Bank Central Asia Tbk and PT Bank International Indonesia Tbk, on loan facilities (in the form of conventional loans and a ‘shyariah’ facility) to PT Mandala Multifinance Tbk.

The banking and finance practice at Hiswara Bunjamin & Tandjung is led by partner Tjahjadi Bunjamin and is recognised as one of the preeminent Indonesian firms for foreign lenders and creditors on financings and debt restructurings. Foreign counsel David Dawborn is active in this area for key clients such as Goldman Sachs, UBS, Deutsche Bank and Morgan Stanley.

A highlight for the firm this year was advising Credit Suisse on a US$1.3 billion facility to Long Haul Holdings and PT Bakrie & Brothers, which was for a share-swap transaction between the two companies.

The firm also advised Credit Suisse on a US$300 million credit facility to Multi Daerah Bersaing for its divestment of Newmont Nusa Tenggara.

Lubis Ganie Surowidjojo “handles all restructuring work in Indonesia”, says a rival law firm partner. The team has a solid record advising on bank restructuring and has acted as counsel to the Indonesian Bank Restructuring Agency.

One satisfied clients says: “The partner you engage on a deal works on the deal, and completely oversees and carries out the work. As a result, the work gets done extremely well and in an efficient and productive manner.”

The firm advised PT Bank Tabungan Pensiunan Nasional on two bond issuances valued at Rp1.3 trillion and Rp1.1 trillion respectively. The team also advised the same client on a rights issue.

Melli Darsa & Co is considered a powerhouse in the Indonesian banking and finance field, as clients have “total belief that transactions will be handled well” says a rival law firm partner.

The team advised HSBC and six other banks (including Bank of Tokyo Mitsubishi and Bank of China) on a US$250 million unsecured syndicated term loan facility to PT Transportasi Gas Indonesia, a wholly owned subsidiary of PT Perusahaan Gas Negara (Persero).

Other transactions include advising DC Aviation on an aircraft financing facility provided by Credit Industriel Et Commercial.

Soemadipradja & Taher is recognised by its industry peers as one of the market leaders in the banking and finance sector in Indonesia. The firm undertakes work for major national and international financial institutions, in particular for banks and insurance companies.

“I rate the firm very highly for its banking practice,” says one client, “particularly its ability to be innovative in finding solutions.”

The team, which is led by Dezi Kirana and Linda Widyati, has been busy advising on numerous banking and project finance transactions. For example, the firm advised ANZ Banking Group on various structured financing transactions. It also acted for PT Bank Muamalat Indonesia on a rights issue.

“Soewito Suhardiman Eddymurthy Kardono is a very well known and respected project finance firm,” says one partner at a rival firm. “The firm produces strong work generally and I’ve found its responses are well thought out,” adds a client.

SSEK’s banking team advised Chartis Insurance (formerly AIU Insurance) on the restructuring of PT Chartis Indonesia, which is one of the largest insurance companies in Indonesia. The firm worked closely with the Indonesian Insurance Bureau, the Ministry of Finance and the Capital Investment Coordinating Board.

The team also represented Axis Bank of India in the financing of GMR’s acquisition of a mining company in Indonesia. This involved extensive due diligence and regulatory advice on issues and requirements in the mining sector including licensing, environmental and operational matters.

“DNC Advocates At Work is well versed in its areas of practice and provides clear advice,” says one client. “It is proactive and responsive in providing practical legal advice and solutions.”

The team not only engages in syndicated or bilateral banking and finance transactions, but is also involved in product development and structuring.

A notable highlight was advising JP Morgan Singapore on capacity of Indonesian bank in issues Standby L/C to support Commodity Capped Swap in cash settlement.

“Hendra Soenardi supplies really good people who understand the market and provide cutting edge ideas in the banking and finance field,” says one client.

The past year saw the firm advising shipping company Pulau Seroja Jaya on a US$70 million secured term loan facility.

“What is particularly exceptional with Makes & Partners is that it is not only the partners who are exceptionally skilled, knowledgeable and trustworthy,” says one client. “There is many layers of staff below partnership level that are equally impressive.”

In February 2011, the team advised PT Bank Pembangunan Daerah Jawa Barat dan Banten on a Rp2 trillion (US$236 million) bond offering.

One client of Mochtar Karuwin Komar commends the firm’s banking and finance team as having “technical skills and expertise that are, without doubt, one of the best in Indonesia”.

The banking team last year advised Barclays Bank on the post closing integration issues connected with the rebranding of PT Bank Akila as PT Barclays Bank Indonesia. This included advising on various contractual matters, regulatory review and transitional issues.

The banking and finance team at Hutabarat Halim & Rekan is principally engaged in the provision of advice to foreign and domestic securities companies, banks and financial institutions. Partners Pheo M Hutabarat and Rosna Chung are highly recommended for their work on complex restructurings. The team also advised longstanding client Credit Suisse on a US$20 million Labuan loan facility.

Kartini Muljadi & Rekan regularly advises on large and highly complex commercial transactions involving international financial institutions. The firm’s banking practice has extensive experience on cross border transactions, and is well versed in the demands and expectations of the international business community. Senior partner Irianto Shalim is the go-to lawyer for banking and finance advisory work, having acted for a number of domestic and international banks on financing transactions.

Lucas SH & Partners

Lucas SH & Partners is well known for its work representing companies and individuals in bankruptcy proceedings. Housing a licensed team of receivers and administrators, the firm handles all pre-trial matters such as negotiations on restructurings.

Nurjadin Sumono Mulyadi Pratanto

Founded in 2006, this boutique law firm specialises in derivatives and M&A work in addition to its capability in commercial, civil and criminal litigation. The firm’s four key partners are Iwan Nurjadin, Ilya Utama Sumono, Mulyadi and Michael Pratanto. Other practices on offer at Nurjadin Sumono Mulvadi Pratanto include aviation, energy and natural resources, and insurance.