Global law firm White & Case LLP has advised Deutsche Bank on a US$365 million offering by PT MNC Investama Tbk of 5.875 percent Senior Notes due 2018. This is the company's debut offering of high yield bonds in the international markets, and one of the only high yield bonds to be issued by an Asian conglomerate.
The company, formerly named PT Bhakti Investama Tbk, is a holding company of businesses in media, financial services, energy and natural resources, property and infrastructure development and investment. The proceeds will be used to refinance indebtedness, to partially fund the acquisition of shares of MNC Land and for general corporate purposes.
White & Case also advised Deutsche Bank on a related bank financing provided to the company.
"The high yield market in Asia is very attractive for companies looking for international financing. A strategy that combines the use of bank loan and bond debt highlights the continuing evolution of the bond market in Asia," said White & Case partner Anna-Marie Slot.
Hong Kong-based partner Anna-Marie Slot led the White & Case team advising on the bond offering. She was supported by associates Ady Adefris and Yanni Guo. Singapore-based partner Kate Allchurch, advised on the bank loan, supported by associate Melanie Tan.
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