Makarim & Taira S has a growing reputation in project finance, but its focus remains in corporate and commercial and it has considerable expertise and experience in both Indonesian and international law and business practices. The firm is well run and has several notable lawyers, one of whom is partner Rahayu Ningsih Hoed....
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Makarim & Taira S has a growing reputation in project finance, but its focus remains in corporate and commercial and it has considerable expertise and experience in both Indonesian and international law and business practices. The firm is well run and has several notable lawyers, one of whom is partner Rahayu Ningsih Hoed. "When people ask me about Makarim & Taira S, Rahayu's name is the one that comes to mind," says a peer.
Deals
On the banking front, the highlight of the year was advising a syndicate of banks as lead arranger for the refinancing of the working capital required by Smelting, Indonesia's first copper smelter and refinery. The $320 million working capital facility is to be used to refinance an existing working capital facility provided by the lenders in 2008.
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The firm's capital market and M&A practices may not quite have the same strong reputation as its project finance practice, but they still nevertheless provide a lot of advisory work for corporations, investment banks and private equity companies. The firm is currently working on a number of IPOs offered in the US under Rule 144A....
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The firm's capital market and M&A practices may not quite have the same strong reputation as its project finance practice, but they still nevertheless provide a lot of advisory work for corporations, investment banks and private equity companies. The firm is currently working on a number of IPOs offered in the US under Rule 144A.
Partner, Rahayu Ningsih Hoed is often singled out for praise by clients and peers alike. "Being a lawyer myself, I have very high standards and I think Rahayu is only one of a very few leading lawyers in Indonesia to fit this category," says one general counsel.
Foreign consultant Guy Des Rosiers is highly regarded with another client saying: "Guy is innovative, knowledgeable and fast. He made the deal possible."
Deals
The firm's most notable deal last year saw it represent Cikarang Listrindo, an Indonesian power company in a two stage deal involving a tender offer to purchase $300 million of existing 9.25% senior notes due in 2015 followed by the issuance of $500 million in 6.95% senior notes due in 2019. The second transaction was issued by the Dutch subsidiary but guaranteed by Cikarang Listrindo.
On the M&A side one notable transaction was assisting an international hotel chain group in the acquisition of an Indonesian group that owned land that was subject to a lease agreement with the regional government.
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The project finance practice at Makarim & Taira S has a growing reputation in major infrastructure projects that includes power, water and toll roads. "I've been working with them for several years and I have no hesitation in recommending them," says one client....
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The project finance practice at Makarim & Taira S has a growing reputation in major infrastructure projects that includes power, water and toll roads. "I've been working with them for several years and I have no hesitation in recommending them," says one client.
Deals
The project finance team acted as lead consultant to the Indonesian Infrastructure Initiative, which is an Australian government funded scheme that promotes economic growth in Indonesia by way of enhancing infrastructure policy, planning and investment. There were several notable projects one of which was assisting in the development of implementation regulations for railways. This involved consultation with public and private stakeholders, which lead to the drafting of implementation regulation and proposal to the Ministry of Transportation. In another deal the team conducted a feasibility study for a proposed 80km Jatiluhur to Jakarta water pipeline and water treatment plant. The study is vital to Jakarta's population and was complex in that it involved many stakeholders. Guy Des Rosiers and Benny Bernarto led both these deals.
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