“Kaya has always supported us ably by finding us the right coverage within the firm for our needs.”
Kaya Proudian is a partner in the Firm's capital markets group and serves as head of White & Case's Asia-Pacific Capital Markets Practice. She is dual qualified in New York and England and Wales, and concentrates primarily on international securities and finance work, with extensive experience in emerging markets, including advising on some of the largest securities offerings in Southeast Asia in recent years. She represents public and private issuers, underwriters, selling shareholders, trustees and depositaries, as well as private equity sponsors, in equity and debt offerings and exchange listings. In addition, she has significant experience representing sovereign governments in connection with external debt offerings.
Kaya advises market participants in US offerings pursuant to Rule 144A, offerings outside the United States under Regulation S, including global MTN programs, initial public offerings, high yield debt offerings, convertible debt offerings, US SEC-registered offerings, accelerated book-build and block trade transactions and traditional US private placements. She also has substantial experience advising on capital markets issues involved in debt restructurings and liability management, including tender and exchange offers, debt buy-backs and consent solicitations.
Kaya's experience and skill as a capital markets practitioner is widely recognised by industry leading bodies. She is ranked Band One for Singapore Capital Markets: International in Chambers Asia Pacific 2016-2024 and Chambers Global 2016-2023, and Band One for Indonesia Capital Markets by Chambers Asia Pacific 2022-2024. She is recognized as a Hall of Fame individual for Singapore Capital Markets and a leading individual for Indonesia Foreign Firms by Asia Pacific Legal 500 2022-2023, as well as a leading individual for Singapore Capital Markets by IFLR1000 2011-2023 and one of the IFLR1000's Women Leaders from 2018 to 2023. Kaya was also recently awarded as the "Lawyer of the Year for Capital Markets" at the Legal 500 Southeast Asia Awards 2023.
She has also worked in White & Case's New York and London offices.
Republic of Indonesia's US$35 billion Trust Certificate Issuance Program and subsequent sukuk offering
Represented the dealers and managers on the 2023 update of The Republic of Indonesia's Rule 144A/Reg S US$35 billion Trust Certificate Issuance Program and the subsequent issuance of sukuk thereunder, including a tranche of green sukuk, the proceeds of which were to be used exclusively to finance / re-finance expenditures directly related to "Eligible SDGs Expenditures with Green and Blue focus" under the RoI's SDGs Government Securities Framework.
Harita Nickel's IDR 10 trillion IPO
Represented PT Trimegah Bangun Persada Tbk. (Harita Nickel) on its IPO on the IDX, which included a Rule 144A/3(c)(7) and Regulation S offshore tranche. The transaction raised approximately IDR 10 trillion (US$672 million). This IPO represented the first EV-related IPO in Indonesia, in line with the Indonesian government's plans to capitalize on Indonesia's strategic position as the world's largest nickel producer to encourage the development of a domestic EV industry.
IFC's investment in GoTo
Represented the International Finance Corporation as bondholder in the offering of US$150 million 5.00% senior secured equity-linked bonds due 2028 issued by Bhinneka Holdings (22) Limited, an independent Cayman entity, which are exchangeable into Series A shares of PT GoTo Gojek Tokopedia Tbk ("GoTo"), a company listed on the IDX. GoTo is the largest digital ecosystem in Indonesia, consisting of on-demand services, e-commerce and digital products, financial technology services and logistics.
Maxeon Solar Technologies' convertible notes offering
Represented Maxeon Solar Technologies, Ltd. in its issuance and sale of US$207 million 7.50% Convertible First Lien Senior Secured Notes due 2027.
Singapore SPAC IPO of Pegasus Asia
Represented the joint bookrunners and underwriters in relation to the Rule 144A/ Regulation S IPO of Pegasus Asia, a special purpose acquisition company (the "SPAC") on the SGX. This transaction was one of the first SPACs to be listed in Singapore and the first SGX SPAC IPO backed by international sponsors.
PT Bukalapak.com Tbk's US$1.5 billion Indonesian IPO
Represented the joint global coordinators, international selling agents and joint lead managing underwriters in the IPO of PT Bukalapak.com Tbk on the IDX, which included a Rule 144A/Regulation S offshore tranche. The transaction raised approximately US$1.5 billion. This deal was named "IPO Deal of the Year" at the ALB Indonesia Law Awards 2022.
PT Bank Rakyat Indonesia's right issue
Represented the international and domestic joint global coordinators and in the approximately IDR 95.92 trillion (US$6.7 billion) rights issue by PT Bank Rakyat Indonesia (Persero) Tbk. ("BRI"), an Indonesian State-owned Enterprise ("SOE"). This deal was named "Equity Market Deal of the Year" at the ALB Indonesia Law Awards 2022.
Campus Activewear's Indian IPO
Represented the underwriters on the US$ 180 million 144A IPO of Campus Activewear Limited, one of the largest sports and athleisure footwear brand in India. The offering was backed by private equity company TPG Growth III SF Pte. Ltd. and QRG Enterprises Limited.
PT Archi Indonesia Tbk's Indonesian IPO
Represented the international and domestic joint global coordinators in the IDR 2.79 trillion (approx. US$194 million) IPO of PT Archi Indonesia Tbk, an Indonesian gold mining company, including a Rule 144A/Regulation S offshore tranche. It was the first IPO with an international tranche to be conducted using the new e-book build system on the IDX platform.
Asset World Corp Public Company Limited's Thai IPO
Represented the joint global coordinators of Asset World Corp Public Company Limited's THB48.0 billion (approximately US$1.5 billion) IPO of ordinary shares, and listing on the SET, which included a 144A/Regulation S international offering.
LMIRT Capital's Regulation S senior notes offering
Represented the joint lead managers in LMIRT Capital Pte. Ltd.'s Regulation S offering of US$200 million 7.500% Guaranteed Senior Notes due 2026. LMIRT Capital Pte. Ltd. is a subsidiary of Lippo Malls Indonesia Retail Trust ("LMIRT").
Secondary offering of shares in PT MAP Aktif Adiperkasa Tbk
Represented the joint global coordinators and joint bookrunners in the secondary offering of ordinary shares in PT MAP Aktif Adiperkasa Tbk, a company listed in the IDX, with an offer price of IDR 6,500 per share (total offering size of IDR 4.15 trillion or approximately US$291 million), by a selling shareholder.
Lawyer of the Year for Capital Markets at the Legal 500 Southeast Asia Awards 2023
Hall of Fame individual for Singapore Capital Markets by Legal 500 Asia Pacific 2022-2023
Band One for Singapore Capital Markets: International by Chambers Asia Pacific 2016-2024 and Chambers Global 2016-2023
Band One for Indonesia Capital Markets: International by Chambers Asia Pacific 2022-2024
ALB Asia's Top 15 Capital Market Lawyers 2022 by Asia Legal Business
The A-List 2023: Singapore's Top 100 Lawyers by the Asia Business Law Journal
Leading Individual for Indonesia Foreign Firms by Legal 500 Asia Pacific 2022-2023
Leading Individual for Singapore Capital Markets by Asia Pacific Legal 500 2017-2021
Women Dealmakers Hall of Fame by IFLR Asia-Pacific Awards 2022
Leading Lawyer for Singapore Capital Markets by IFLR1000 2011-2023
Leading lawyer for IFLR1000's Women Leaders 2018-2023
Listed in the Women in Business Law Guide 2020-2022 by Euromoney's Legal Media Group
Lawyer of the Year for Equity Capital Markets - Euromoney's Asia Women in Business Law Awards 2020 and 2022
Lawyer of the Year for Debt Capital Markets - Euromoney's Asia Women in Business Law Awards 2021
Best in Capital Markets – Euromoney's Asia Women in Business Law Awards for 2015 and 2016