KIJA is a leading integrated industry-based real estate developer in Indonesia listed on the Indonesia Stock Exchange. The exchange consideration comprised cash and New Notes. The New Notes are secured by collateral comprising certain land parcels owned by KIJA, and, subject to certain exceptions, KIJA is required to maintain a minimum collateral size. Pursuant to the successful consent solicitation, the 2023 Indenture was amended to eliminate substantially all of the restrictive covenants and reporting covenants under the 2023 Notes. The deal was completed in December 2022 in challenging market conditions, and the terms of the New Notes were amended after the launch of the exchange offer to incorporate investor feedback (including the addition of the collateral provisions).
The Sidley team was led by partners Matt Sheridan and Alexius Chong and comprised counsel Shashwat Tewary, managing associate Joel Lam, and legal assistant Caulyn Bong.
Sidley is one of the most experienced international law firms executing high-yield bond and liability management transactions in the Asia Pacific region. It was recently recognized as “No. 1 Legal Counsel” in Debtwire’s “Asia Pacific (ex-Japan) High Yield Bonds Legal Advisors’ Rankings” for the full year of 2022 for both the “USD HY Bonds Issuers’ Legal Counsel” and “Corporate USD HY Bonds Issuers’ Legal Counsel” categories, leading the pack by deal volume and value. The Chambers Asia-Pacific 2023 guide also ranked Sidley as a Band 1 High Yield Capital Markets practice in the Asia Pacific region for the 12th consecutive year.