Hogan Lovells successfully closed a US$200 million high yield bond offering by TBLA International Pte. Ltd., an offshore subsidiary of PT Tunas Baru Lampung Tbk (TBLA). The deal was led by CLSA and Indonesian bank Mandiri Securities, who were represented by Milbank Tweed. The transaction is one of Asia’s first high yield bond offerings of 2018.

Established in 1973, TBLA is a member of company of Sungai Budi Group, a pioneer in Indonesia’s agricultural industry which was founded in 1947. TBLA was established from a desire to assist the country’s development and to capitalize on Indonesia’s competitive advantage in agriculture. Today, Sungai Budi Group is one of Indonesia’s largest manufacturers and distributors of agricultural based consumer products. TBLA intends to use the proceeds of the offering to repay some of its existing indebtedness.

The Hogan Lovells team was led by Partner Stephen Peepels, who leads the firm’s U.S. securities practice in Asia, and included Partner Alex Wong, as well as Associates Daniel Mok and Zack Lin.