Melli Darsa & Co has a reputation as one of the best banking and finance law firms in Indonesia and very few firms can truly match their reputation and quality. Founded by Melli Darsa, the firm has received praise from clients and peers alike "She stands out and is the best lawyer by a large margin," says one client, while a peer says: "They are very strong in banking and finance....
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Melli Darsa & Co has a reputation as one of the best banking and finance law firms in Indonesia and very few firms can truly match their reputation and quality. Founded by Melli Darsa, the firm has received praise from clients and peers alike "She stands out and is the best lawyer by a large margin," says one client, while a peer says: "They are very strong in banking and finance."
The firm has handled some of Indonesia's most high profile corporate transactions in recent years and boasts Bank Mandiri and Standard Chartered as their leading clients. The banking and finance team consists of Melli Darsa, David Siahaan and Zippora Siregar.
Deals
The team represented Bukit Makmur Mandiri Utama, one of Indonesia's largest coal mining service contractors as it sought to refinance an $800 million syndicated loan. The deal involved creating a new security structure with a view to future financing arrangements by the borrower.
In another deal the team acted for Toba Bara Sejahtra extend a revolving loan amounting to $70 million. This was a follow on from the initial loan of $35 million granted from a single bank for an additional $35 million loan facility provided by a syndicate of banks.
The highlight for the year was the structuring of a $1 billion syndicated leveraged finance arrangement for Borneo Lumbung Energi & Metal to indirectly acquire 23.75% of issued shares in Bumi. The funds were used to acquire 51% and 49% of issued shares in Borneo Bumi Energi & Metal and Bumi Borneo Resources, respectively.
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Known for its strong capital markets and banking practices the firm is headed by its founder Melli Darsa, a well-respected and leading lawyer in Indonesia. "One of the most knowledgeable lawyers in town, comparable with international lawyer standards....
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Known for its strong capital markets and banking practices the firm is headed by its founder Melli Darsa, a well-respected and leading lawyer in Indonesia. "One of the most knowledgeable lawyers in town, comparable with international lawyer standards." says one client, while another says: "Her finger is on the pulse of regulation and she has the ability to anticipate the likely changes."
Partner David Siahaan is a favourite amongst clients "He is very good and knowledgeable. Good communication and fast response. Knows the coal and metals sector very well," says a client.
Deals
Notable deals include advising Bumitama Agri on its public listing on the Singapore stock exchange. Prior to the $163 million offering Bumitama had to go through a restructuring stage to streamline the company's corporate structure resulting in Bumitama becoming a holding company for the owners, Harita Group.
The team also advised Delta Dunia Makmur on its rights issue which represented 16.7% of the total issued share capital in a deal worth $140 million. The deal was structured so that the shareholders of Delta Dunia Makmur acted as the standby purchaser of any shares not subscribed by the existing shareholders.
The highlight of the year though was advising Pertamina in its $1 billion and $500 million senior note offerings due in 2021 and 2041, respectively. This deal was structured to be more favourable to the Indonesian government in terms of the tax income received from the bond issuance.
On the M&A side one notable deal was advising Indika Energy Infrastructure on its acquisition of a 51% stake in Mitrabahtera Segara Sejati, a coal transport and logistics services company. The acquisition was conducted through the exercise of a call option of Indika, and therefore they were not required to issue a mandatory tender offer to close out the transaction.
In other deals the team assisted Trinugraha Capital & Co purchase a 47% share in PT BFI Finance, a publicly listed multi-finance company. In the final deal they represented Haier Group, a Chinese domestic appliance manufacturer, acquire the refrigerator and washing machine business of Sanyo Electric, in Asia, the Middle East and Africa.
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