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Herbert Smith Freehills and Hiswara Bunjamin & Tandjung advise Indonesian ammonia and LPG producer ESSA on US$495 million loan for project refinancing

Leading global law firm Herbert Smith Freehills and its longstanding Indonesian associate firm Hiswara Bunjamin & Tandjung have advised PT Panca Amara Utama, a subsidiary of PT Surya Esa Perkasa Tbk. (ESSA) on the refinancing of its project financing through a US$495 million facility.  The facility was arranged with a consortium of banks.

“As pandemic conditions stabilise, we are seeing a steady flow of borrowers come to market to refresh lending facilities across Southeast Asia,” said Herbert Smith Freehills partner Adrian Cheng. “In Indonesia, debt market demand is coming from every sector, from primary manufacturing to digital transformation, reflecting local and global recovery.” 

“Indonesia’s primary manufacturers are now seeing increased demand from businesses,” said Hiswara Bunjamin & Tandjung partner Adrianus Adritomo Budi Setiawan. “This deal is a good example – with ammonia critical to many industries, such as textiles, cleaning products and dyes, it’s an indicator that many sectors are busy, and companies and lenders are increasingly confident of business recovery.”

Singapore partner Adrian Cheng led the Herbert Smith Freehills team, assisted by senior associate Salonika Kataria and associate John Patrick Angus. Partner Adrianus Adritomo Budi Setiawan led the Hiswara Bunjamin & Tandjung team, assisted by associates Hanny and Neduro Maril Nainggolan.

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