Indonesian state-owned oil and gas company PT Pertamina has raised $2.5 billion from the sale of bonds on the Singapore Exchange. Latham & Watkins and Jakarta-based Ali Budiardjo, Nugroho, Reksodiputro (ABNR) acted as U.S. and Indonesian counsel to the issuer, respectively.
The senior unsecured bonds were offered in two $1.25 billion tranches – a 10-year issue bearing a 4.9 percent coupon and a 30-year issue yielding 6.1 percent. Proceeds will be used to finance capital expenditures and operating expenses.
The Latham team was led by Singapore partners Michael Sturrock and Clarinda Tjia-Dharmadi. ABNR was led by partner Emir Nurmansyah. Last June, Latham also acted for Pertamina on a $1.5 billion senior notes offering a year ago.
The Hongkong Shanghai Banking Corp. Ltd., Citigroup Global Markets Ltd., and Barclays Plc acted as underwriters. They were advised by Davis Polk & Wardwell Hong Kong partner James Lin and Indonesian firm Hiswara Bunjamin & Tandjung.