The Singapore, Jakarta and Bangkok offices of Norton Rose Fulbright advised Bangkok Bank Public Company Limited, The Siam Commercial Bank Public Company Limited, IndonesiaExim Bank, DBS Limited and Deutsche Bank (Singapore) on a US$265 million term loan facility (including letter of credit facility) to PT Chandra Asri Petrochemical TBK (CAP).

CAP is a leading Indonesian supplier of petrochemical products listed on the Indonesia Stock Exchange. It sought the additional finance this year for the purpose of funding the expansion of its existing naptha cracker. This will increase its annual production capacity by 43 per cent to 860,000 metric tons.

We advised the same Thai banks (Bangkok Bank Public Company Limited and The Siam Commercial Bank Public Company Limited) on a US$220 million syndicated term loan facility to CAP in 2012. The term loan facility was for repurchasing its secured notes and refinancing its existing debt.

Nick Merritt, banking partner in the Singapore office of Norton Rose Fulbright, commented:

“We are delighted to support the lenders and CAP for the second time in as many years. The implementation of the transaction across a number of different lender groups is complex and the teams worked well in delivering the right solution within a tight timeline.

The benefit of advising the lenders by way of an integrated team across Bangkok, Singapore and Jakarta quickly became clear to all parties and we remain one of a small group of law firms that have this capability across those jurisdictions.”

The transaction was led in Singapore and Jakarta by partners Nick Merritt and Tasdikiah Siregar, assisted by associates Carla Macksey and Catherine Appave in Singapore, senior associates Haryo Baskoro, Patron Hara and associate Muhammad Ikhsan in Indonesia, senior associate Piroon Wacharamontri and associates Chormas Premsirinirund and Tipapa Limvichai in Thailand. Sidley Austin, Allen & Gledhill LLP and Assegaf Hamzah & Partners acted for the borrower.