Sidley advised PT Indonesia Asahan Aluminium (Persero) (Inalum) on its US$2.5 billion multi-tranche bond offering, comprising US$1 billion of five-year bonds, US$1 billion of 10-year bonds and US$500 million of 30-year bonds.
Inalum used the proceeds from the offering to fund its tender offers for two series of its outstanding bonds and intends to use the remaining proceeds to refinance other indebtedness and acquire shares in other mining companies, including shares in PT Vale Indonesia Tbk.
Inalum is a state-owned national mining company appointed by the Indonesian government as the holding company for Indonesia’s mining operators. Inalum’s subsidiaries include PT Bukit Asam Tbk, the largest holder of coal reserves in Indonesia, PT Timah Tbk, the largest refined tin producer in the world, and PT Aneka Tambang Tbk, the sixth largest gold producer in Southeast Asia, all of which are IDX-listed companies. Inalum also owns a majority beneficial stake in PT Freeport Indonesia, which owns the Grasberg Mine in Papua, Indonesia, the largest gold mine and the second-largest copper mine in the world.
The Sidley team comprised partner Matthew Sheridan, counsel Alexius Chong, and associates Gmeleen Tomboc and Klara Thamrin, all of whom are based in Singapore, and partner Nicholas Brown and counsel Carla Teodoro, both of whom are based in New York.