"Hadiputranto Hadinoto & Partners is known for their name, long history and good reputation for complex and structured transactions," says a client, who consulted the firm regarding a term loan facility on security issues. It is difficult to argue the firm's top position across the board in financial and corporate work....
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"Hadiputranto Hadinoto & Partners is known for their name, long history and good reputation for complex and structured transactions," says a client, who consulted the firm regarding a term loan facility on security issues. It is difficult to argue the firm's top position across the board in financial and corporate work. "They are almost everywhere," one peer notes.
The firm has had an exceptionally strong year in the banking, M&A and project finance sectors. "They are among the best in terms of response time, knowledge on local regulations, solid team work and expertise of the counsellors," comments a client.
In the first half of 2009 the firm has been kept busy with bond offerings and IPOs. It represented the joint lead managers, consisting of Barclays Capital, HSBC and Standard Chartered Bank, in the Indonesian government's Rule 144A/Regulation S sovereign sukuk offerings. Other capital markets work included advising the issuers on Bank Danamon's Rp4 trillion ($362 million) rights issue and Trikomes Oke's $9.2 million IPO.
As an affiliate of Baker & McKenzie, the firm caters to a panel of international banks. This could be reflected in the firm's representation of eight mandated lead arrangers on a senior facility agreement for Professional Telekomunikasi Indonesia in connection with its acquisition of telecoms towers. The agreement consists of $360 million and Rp1.18 trillion ($116 million) tranches, totalling $460 million.
In another acquisition financing deal, the firm represented UOB Asia on a $130 million loan also used to acquire a telecoms tower. In the natural resources sector the firm advised Pam Lyonnaise Jaya on a $50 million recourse financing for its West Jakarta water concession business, provided by Asian Development Bank.
A landmark M&A deal saw the firm advise on the merger between two local banks, Bank Niaga and Bank Lippo. The combined entity, Bank CIMB Niaga, has assets valued at $10.2 billion and is the fifth-largest bank in Indonesia.
Clients singled out Mita Djajadiredja within the "excellent team". Djajadiredja and Tuti Hadiputranto co-led the deal for HSBC on its $614 million acquisition of 89% shares in Bank Ekonomi Raharja, which made HSBC the third-largest foreign bank in Indonesia. The firm was also engaged by Maybank on a mandatory tender offer in its $551 million acquisition of 55.6% of the shares of Bank International Indonesia.
Outside the banking industry, the firm advised Indonesia's largest mining company, Bumi Resources, on its $551 million takeover of Herald Resources, an Australian mining company. In a recently-closed deal, Hadiputranto Hadinoto also acted for Commerce International Group in the $18 million sale of a 49% stake in an Indonesian life insurance company to Sun Life.
Highlights of projects work saw the firm advise state-owned power utility PLN on the continuing financing of a number of energy and power projects under the Fast Track Program, guaranteed by the government of Indonesia. Bank lenders included Barclays, China Development Bank, BNI, BRI and Bank Mega.
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