"Hadiputranto Hadinoto & Partners' (HHP) capital markets practice has been widely recognised for many years as the top capital markets practice in Indonesia," says a rival partner. The team is highly regarded in managing a wide range of capital markets/securities related projects, IPOs and diverse contractual matters while "having the ability to make their clients feel like they are their only client", comments a long-standing client....
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"Hadiputranto Hadinoto & Partners' (HHP) capital markets practice has been widely recognised for many years as the top capital markets practice in Indonesia," says a rival partner. The team is highly regarded in managing a wide range of capital markets/securities related projects, IPOs and diverse contractual matters while "having the ability to make their clients feel like they are their only client", comments a long-standing client.
The departure of highly regarded Harun Reksodiputro would leave most teams with a gaping hole to fill, however most in the market believe that HHP has the depth to cope. "Their advice is more inside how markets and clients and regulators work than other advisors," says a client.
The team is led by Sri Indrastuti Hadiputranto, considered to be "one of the pillars and a dean of Indonesian capital markets", according to a rival partner. Other notable lawyers include Mita Djajadiredja, described as "very good and knowledgeable". There is also Mark Innis, the "the lawyer firms love seeing on the other side with his no nonsense execution skills", according to one rival.
The past year has seen HHP advising Recapital Group and Bakrie Group in the acquisition of 75% of PT Berau Energy (Berau) shares from Recapital Group and 25% of PT Bumi Resources (Bumi) from Bakrie Group by Vallar. The combination of Berau and Bumi, valued at $3.03 billion would constitute Indonesia's largest coal company by production and reserves and will also be the first Indonesian controlled company to be listed on the LSE.
Another notable highlight was advising CVC Asia Pacific (Singapore) through its wholly owned subsidiary, on the acquisition of 98% of the shares in PT Matahari Department Store - one of the largest retail department stores in Indonesia. Given the Indonesian capital market regulations, CVC had to acquire a majority share in the target company undertaking a $774 million mandatory tender offer for the remaining 2% shares.
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HHP is "excellent" says a client: "I think they are great, very smooth, very quick responses and their advice is always very complete." The firm once again regains its top tier status with another busy year of multiple headline transactions....
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HHP is "excellent" says a client: "I think they are great, very smooth, very quick responses and their advice is always very complete." The firm once again regains its top tier status with another busy year of multiple headline transactions.
One example saw the team represent UOB Asia in a syndicated financing in relation to a debt programme agreement amounting to $2 billion with borrower PT Tower Bersama, one of the largest independent telecommunication companies in Indonesia.
The transaction is one-of-a-kind in the way the programme is structured, in that it allows the borrower to borrow up to the maximum amount independent of the new facility agreements, without the necessity to re-create the security package. Further, due to the corporate structure of the borrower, the security package is granted by several security providers, resulting in more than one hundred security documents.
Another client notes that HHP "don't provide just your normal legal work for transactions. They are able to demonstrate a complete understanding of Indonesia law".
With highlight transactions in all practices, HHP represented DBS Bank in relation to the refinancing of a facility given to PT Professional Telekomunikasi Indonesia (Protelindo) - an independent tower operating company that builds, operates and rents towers for mobile operator Base Transceiver Stations throughout Indonesia.
DBS Bank was the lead arranger and joint book-runner of syndicated lenders consisting of DBS Bank, OCBC, Standard Chartered, and RBS (Singapore branch). HHP's involvement in this $100 million transaction was preparing the security documents in drafting corporate approval and other related documents in accordance with Indonesian law.
Another notable highlight was representing Navitaire - Accenture, as a creditor in a suspension of payment proceeding of PT Mandala Airlines. The proceedings were quite public as PT Mandala Airlines is one of the biggest commercial aircraft companies in Indonesia.
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