IFLR1000 honored Sidley with two major awards at the 2020 IFLR Asia-Pacific Awards, including:
- “Asia Pacific Team of the Year: High Yield”
- “Asia Pacific High Yield Deal of the Year: Medco Energi Internasional Bridge-to-Bond Financing”
The prestigious annual awards celebrate legally innovative cross-border transactions in the region. The result is based on preliminary research conducted by IFLR1000 that included direct written nominations and interviews with law firm partners, in-house teams and clients.
Sidley represented the lenders and underwriters, Standard Chartered Bank, ANZ, DBS Bank Ltd., ING and Mandiri Securities, in connection with the US$650 million bridge-to-bond financing to fund the acquisition by market-leading PT Medco Energi Internasional Tbk of Ophir Energy plc, a London-listed oil and gas exploration and production company. This transaction is highly innovative as one of only a few public M&A financings to use a bridge-to-bond structure for a public takeover on the London Stock Exchange (LSE). The deal this financing funded also represents the first time an Indonesian company has acquired a public company listed on a major, sophisticated exchange (in addition, a team of Sidley lawyers from Singapore and London represented Medco as acquirer in the acquisition).
The deal’s successful completion pivoted on Sidley’s in-depth understanding of how to navigate and manage LSE Panel on Takeovers and Mergers issues; extensive experience of advising on bridge financing and structuring high-yield transactions in the United Kingdom and in Southeast Asia; and ability to work seamlessly between the firm’s Singapore, London and Dallas offices to combine these strengths. The Sidley team was led by partners Matthew Sheridan, Alan G. Grinceri, James Crooks, Kelly M. Dybala and counsel Alexius Chong.
Sidley has an award-winning debt capital markets practice and has been recognized as #1 in both deal value and volume for years in the Asia-Pacific region. In the first quarter of 2020 alone, Sidley continued its outstanding performance and advised on over 45 debt capital markets transactions in China and Southeast Asia, raising more than US$18 billion.