December 02, 2008

PT Ilthabi Bara secures USD 135 million funds for coalmine development

It is reported that Milbank Tweed Hadley & McCloy has represented Indonesian private coal company PT Ilthabi Bara Utama on a USD 135 million privately arranged equity linked note to finance the development of a coalmine in East Kalimantan.

As per report partner Mr David Zemans and senior associate Mr Jacqueline Chan led the team that negotiated and structured the transaction.

According to Mr Zemans “Going down the privately arranged funding route provided a viable alternative to project financing, which is typically not available for start up companies and takes longer to put in place.”

Merrill Lynch acted as lead arranger on the deal, under advice from Latham & Watkins.