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International law firm Ashurst advised Deutsche Bank, ING Bank and Standard Chartered Bank in MNC Investama's refinancing which included a delevering and refinancing of the existing senior notes.  

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    The refinancing comprised an exchange offer for US$185 million of the outstanding senior notes due 2018 in exchange for new notes, a concurrent stand-alone new notes issuance and a debt to subordinated debt swap of US$115 million of the outstanding 5.875% senior notes due 2018 undertaken by the company.  The successful refinancing was done on a tight timeframe in challenging market conditions but achieved the company's aim of refinancing the existing notes and reducing overall leverage for the issuer.

    MNC Investama is one of the largest listed investment companies in Indonesia (IDX: BHIT) with core holdings in operating companies primarily in the Indonesian media and financial services sectors. It also holds other investments in the Indonesian property development and mining sectors.

    The Ashurst team was led by Anna-Marie Slot, global head of high yield, assisted by partner Stuart Rubin, associates Chin Lee, Deland Ji, Ashley Yueh and Benjamin Tan in Hong Kong and counsel Natalia Sokolova in London. 

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