Asia Infrastructure Awards 2019 - Best Deals by Country -ASEAN

The Asset Triple A
Infrastructure Awards 2020

Deal awards (ASEAN)

Indonesia
Metals and mining deal of the year
Well Harvest Winning Alumina Refinery
US$545 million debt facility
Sponsors
China Hongqiao, Harita Group
Financial adviser
DBS
ESG coordinator bank
BNP Paribas
Mandated lead arrangers
Bank of China, BNP Paribas, Export-Import Bank of China, DBS, Export-Import Bank of Indonesia, OCBC Bank, OCBC NISP Bank
Legal adviser
Norton Rose Fulbright
The landmark transaction was to refinance the existing loans for Phase 1 and to finance the construction of Phase 2 of Indonesia’s only alumina refinery to reach its target capacity
Oil and gas deal of the year
Jambaran-Tiung Biru
US$1.85 billion gas development and processing project
Sponsor
PT Pertamina EP Cepu
Financial adviser
MUFG Bank
Mandated lead arrangers
Bank Mandiri, Bank Negara Indonesia, Bank BTPN, Bank Rakyat Indonesia, Bank of China, CIMB Bank, DBS, Intesa Sanpaolo, Maybank, MUFG Bank, Sumitomo Mitsui Banking Corporation
Legal advisers
Latham & Watkins, Umbra, Milbank, Ali Budiardjo, Nugroho, Reksodiputro
This is the first ever greenfield, limited recourse financing and the first-of-a-kind upstream risk allocation structure under the trustee borrowing scheme in Indonesia. It is also the first ever Islamic project financing tranche for Pertamina
Power deal of the year
Lestari Banten Energi
US$775 million amortizing project bond
Sponsors
Genting Berhad, SDIC Power
Financial adviser
Citi
Global coordinators, bookrunners and lead managers
Barclays, Citi
Bookrunner and lead manager
CIMB
Legal advisers
Milbank, Shearman & Sterling
A rare investment grade project bond from the Indonesian private sector with the proceeds to prepay existing senior debt facilities
Laos
Social infrastructure deal of the year
Kasemrad International Hospital
180 billion kip and 490 million baht term loan facilities
Sponsor
Bangkok Chain Hospital PCL
Mandated lead arrangers
Kasikornbank, Kasikornthai Bank
It is one of the pioneer international standard hospitals in Vientiane, which aims to improve the quality of living and provide access to good quality healthcare to Laotian population
Malaysia
Renewable energy deal of the year
Cypark Ref
550 million ringgit SRI sukuk murabaha
Sponsor
Cypark Resources
Sole principal adviser, lead arranger and lead manager
Maybank Investment Bank
Legal adviser
Wong & Partners
The first of its kind solar turnkey financing structure involving the development of 3x30MWac solar photovoltaic projects, comprising of one ground mounted solar PV power plant and two floating solar PV power plants
Petrochemical deal of the year
Pengerang Refinery and Petrochemical
US$9.5 billion debt facility
Sponsors
PETRONAS, Saudi Aramco
Financial adviser
BNP Paribas
Mandated lead arrangers and bookrunners
Bank of China, China Construction Bank (Asia), CIMB Bank, OCBC Bank Malaysia, United Overseas Bank
Mandated lead arrangers
AmInvestment Bank, BNP Paribas, Industrial and Commercial Bank of China. J.P. Morgan, Maybank Investment Bank, Mizuho Bank, Sumitomo Mitsui Banking Corporation
Lead arrangers
ANZ, MUFG Bank, National Bank of Kuwait
Arrangers
Citi, Credit Agricole CIB, HSBC, Societe Generale, Standard Chartered
ECAs
Japan Bank for International Cooperation, Nippon Export and Investment Insurance, K-Sure, Export-Import Bank of Korea, CESCE, SACE
Legal advisers
Shearman & Sterling, Milbank, Christopher & Lee Ong, Tanner De Witt, White & Case
The largest limited recourse integrated refinery and petrochemical financing in Asia in 2019. It achieved very competitive pricing, setting benchmarks for a number of ECA facilities
Telecom deal of the year
Digi Telecommunications
900 million ringgit sukuk murabaha
Sponsor
Digi Telecommunications
Lead managers
AmInvestment Bank, CIMB, RHB Investment Bank
Legal adviser
Adnan Sundra & Low
The proceeds will be used to fund capital expenditure, working capital requirements, other general funding needs and/or general corporate purposes of Digi and/or its subsidiaries
Water deal of the year
Pengurusan Air SPV
1.6 billion ringgit multi-tranche sukuk
Sponsor
Pengurusan Aset Air
Lead managers
AmInvestment Bank, CIMB, Maybank Investment Bank
Legal advisers
Albar & Partners, Adnan Sundra & Low
The issuance by the government-owned entity included a tranche that represented the first non-government guarantee (GG) offering since August 2012, which will help Pengurusan Air to reduce its reliance on GG sukuk going forward
Philippines
Renewable energy deal of the year – Solar
Helios Solar Energy Corporation
6.50 billion pesos omnibus loan
Sponsor
Vena Energy
Sole transaction manager, lead arranger and bookrunner
BDO Capital & Investment Corporation
Lenders
BDO Unibank, United Coconut Planters Bank
Legal advisers
Puno & Puno, Quiason Makalintal Barot Torres Ibarra Sison & Damaso
This is the largest financing of a solar power project – with a generating capacity of 132.5MW – ever in the Philippines, with the proceeds used to primarily refinance the US dollar equity investment of the sponsor
Renewable energy deal of the year - Wind
Alternergy Wind One Corporation
3.71 billion pesos omnibus loan
Sponsor
Vena Energy
Transaction managers, lead arrangers and bookrunners
BDO Capital & Investment Corporation, China Bank Capital Corporation
Lenders
BDO Unibank, China Banking Corporation
Legal advisers
Puno & Puno, Quiason Makalintal Barot Torres Ibarra Sison & Damaso
This is the largest financing of a wind farm power project – with a generating capacity of 54MW – in the Philippines in 2019
Green project of the year
AC Energy Finance International
US$410 million CBI-certified climate bonds
Sponsor
AC Energy
Investors
Asian Development Bank, International Finance Corporation
Global coordinator
HSBC
Green structuring adviser
Bank of America
Bookrunners and lead managers
Bank of America, CLSA, HSBC
Domestic lead managers
BDO Capital & Investment Corporation, BPI Capital Corporation, China Bank Capital Corporation
The bond offering will finance AC Energy’s renewable energy projects in Asia-Pacific
Transport deal of the year
Atlantic Aurum Investments Philippine Corporation
41.2 billion pesos facility
Sponsor
Atlantic Aurum Investments Philippine Corporation
Mandated lead arranger and bookrunner
PNB Capital and Investment Corporation
Co-lead arrangers
China Bank Capital Corporation, RCBC Capital Corporation, Union Bank of the Philippines
Arrangers
BPI Capital Corporation, Land Bank of the Philippines, Robinsons Bank Corporation
Legal adviser
SyCip Salazar Hernandez & Gatmaitan
The proceeds were used to refinance existing obligations, and for investments and advances for infrastructure projects, including Metro Manila Skyway
Singapore
Renewable energy deal of the year
Sunseap Commercial Assets
S$50 million green loan facility
Sponsor
Sunseap Group
Green structuring adviser and sole mandated lead arranger
ING Bank
Legal adviser
Allen & Gledhill
This is the first limited recourse green loan facility to finance commercial and industrial rooftop solar portfolio in Asean
Thailand
Power deal of the year
Gulf PD Company
US$1.367 billion equivalent loan facilities
Sponsors
Gulf Energy Development PCL, Mitsui & Company
Mandated lead arrangers
Bangkok Bank, Bank of Ayudhya, CIMB Thai Bank, Government Savings Bank, Kasikornbank, Krungthai Bank, Land and Houses Bank, MUFG Bank, Sumitomo Mitsui Banking Corporation, Siam Commercial Bank, Export-Import Bank of Thailand, Mizuho Bank, Sumitomo Mitsui Trust Bank
Multilateral lender
Asian Development Bank
ECA
Japan Bank for International Cooperation
Legal advisers
Baker McKenzie, Linklaters
This is one of the largest conventional power fund raisings in 2019 and the 2,500-MW greenfield gas-fired combine cycle power plant provides economy of scale on construction cost and significantly enhance project returns and debt servicing ability
Power M&A deal of the year
Global Power Synergy
134.6 billion baht acquisition of Glow Energy from Engie Global Development
Sponsor
Global Power Synergy
Financial advisers
Bank of America, Citi, Phatra Securities, Siam Commercial Bank
Mandated lead arranger (acquisition financing)
Siam Commercial Bank
Co-arrangers
Bank of Ayudhya, Krungthai Bank, Kiatnakin Bank
Legal advisers
Allen & Overy; Norton Rose Fulbright; Weerawong, Chinnavat & Partners
This transformational transaction was the largest M&A deal in the power sector in Southeast Asia and featured a complex transaction structure to address regulatory challenges
Renewable energy deal of the year – Waste-to-energy
Progress Interchem (Thailand) Company
517 million baht loan facilities
Sponsors
B.Grimm Power PCL, Metro Energy Company
Mandated lead arranger
Kasikornbank
Legal advisers
Chandler MHM, Baker McKenzie
This is one of the first waste tire waste-to-energy power plant in Thailand with installed capacity of 4.8MW
Oil and gas deal of the year
NFCT Company
1.77 billion baht loan facilities
Sponsor
NFC PCL
Mandated lead arranger
Kasikornbank
Legal advisers
Baker McKenzie, Dherakupt Law Office Company
The project involves the construction of jetty and storage facility to address the bottleneck in oil import capacity and enhance oil distribution channel in Thailand to support growth in local oil demand
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