Astrid Widyakartika Handaka

Astrid Widyakartika Handaka

Astrid joined AHP in July 2017. Prior to joining AHP, Astrid spent her legal career in two prominent Indonesian law firms, one of which was the Indonesian affiliated office of a globally renowned law firm, for a total of approximately 10 years.

At the early stage of her career, Astrid was involved in M&A, as well as capital market transactions. During the course of her career, Astrid focused more on capital market and banking and finance transactions. She has gained in-depth experience in high yield debt issuance transactions and loan transaction either with domestic banks or international banks.

She has extensive experience and knowledge in representing both national or international banking institutions in negotiating facility agreement from an Indonesian law perspective, as well as and drafting and negotiating Indonesian security documents. In high yield bonds offering transaction, she also has vast knowledge in representing issuers and underwriters in reviewing the transaction documents and Indonesian law security documents.

Astrid has a particular interest in the Government of Indonesia’s debt offering, both in conventional method or through Islamic route by ways of Sukuk issuance.
 

Qualifications

  • LL.B., University of Indonesia (2003)
  • LL.M., University of Melbourne, Australia (2012)
  • Licensed to practice law as an advocate by the Indonesian Bar Association (PERADI)
     

Notable Cases & Transactions

Banking & Finance

  • Represented Investment Opportunities IV Pte Limited, as a lender, for a financing to an Indonesian property company through a USD 40 million facility agreement (2018).
  • Represented Raiffeisen Bank International AG and Raiffeisen Bank International AG, Singapore branch for an amendment and restatement of facility agreement entered into by Lochan International Ltd. (2017).
  • Represented ABN AMRO Bank N.V. and ING Bank N.V., Societe Generale and Cooperative Rabobank U.A. on a USD 1.25 million multicurrency revolving facilities agreement provided to Noble Clean Fuels Limited (2017).
  • Represented Pierfront Capital Mezzanine Fund Pte. Ltd. On a USD 25 million facility agreement provided to PT Merdeka Copper Gold Tbk (2016).
  • Represented Deutsche Bank AG, Singapore branch on a USD 30 million term facility agreement provided to Ideal Global Enterprises Limited (2016).
  • Represented syndicated banks arranged by Banca IMI S.p.A in a facility agreement provided to Saipem S.p.A (2016).
  • Represented Phoenix Property Investors on a USD 31 million financing to an Indonesian property developer for a residential project located in Jakarta (2015).
  • Represented Standard Chartered Bank, Singapore branch on a USD 65 million term loan facility agreement to PT Trinugraha Thohir (2015).
  • Represented for PT Bank CIMB Niaga Tbk in a USD 11.5 million facility agreement provided to PT Surya Jasa Anugerah (2014).
  • Acted as the transaction counsel to represent PT Mitra Pinasthika Mustika Tbk, PT Mitra Pinasthika Mustika Auto, PT Bank ANZ Indonesia, and PT Bank DBS Indonesia with respect to a IDR 600 billion term loan facility (2014).
  • Represented the Indonesian companies in the group companies of Bumitama Agri Ltd in the granting of US$150,000,000 term and revolving facilities agreement of the Hongkong and Shanghai Banking Corporation Limited, DBS Bank Ltd, Oversea-Chinese Banking Corporation Limited, Cooperative Centrale Raiffeisen-Boerenleenbank B.A (as known as Rabobank International) Hong Kong branch, Sumitomo Mitsui Banking Corporation, and the Bank of Tokyo-Mitsubishi UFJ, Ltd (2013).
  • Represented PT Bank Negara Indonesia (Persero) Tbk in a syndicated loan financing provided by PT Bank Negara Indonesia (Persero) Tbk, PT Bank Mandiri (Persero) Tbk, PT Bank Rakyat Indonesia (Persero) Tbk and PT Bank Pembangunaan Daerah Jateng, to PT Trans Marga Jateng, one of PT Jasa Marga (Persero) Tbk’s subsidiary, for the construction of the Semarang - Solo Toll Road Project (2009).
  • Represented for DBS Bank Ltd., Standard Chartered Bank, Sumitomo Mitsui Banking Corporation as Senior Lenders and certain Mezzanine Lenders, which included Goldman Sachs, Citigroup, Fullerton, CIMB in a total of USD 953.6 million financing related to PT Adaro’s coal mining (2005).
     

Capital Market

  • Assisted the Republic of Indonesia (Republic) in the issuance of the world’s first Green Sukuk bond. The Republic issued USD 1.25 billion 5-year and USD 1.75 billion 10-year Regulation S/144A Trust Certificates due in 2023 and 2028, respectively (the Wakala Sukuk). The 5-year tranche represents the world's debut sovereign Green Sukuk issuance and the first ever issuance under the Republic’s newly established Green Bond and Green Sukuk Framework. The transaction is in line with the Republic's ongoing objectives to strengthen the global Islamic financial market and commit to environmentally sustainable green funding. (2018)
  • Assisted PT Pelindo III, a state-owned port management company, in the issuance of global bonds worth USD 500 million at 4.875% to fund several development projects, including construction of overpass to the Teluk Lamong terminal in Surabaya, deepening of the Benoa port pond in Denpasar, Bali, and construction of the Gili Mas quay at the Lembar port in Lombok, West Nusa Tenggara. (2018)
  • Acted for Citigroup Global Markets and Standard Chartered Bank as the Initial Purchaser in the issuance of USD 575 million Senior Notes, due 2024, with a coupon of 5.875% pursuant to Rule 144A/Regulation S under the US Securities Act). Indika Energy Capital III Pte. Ltd (Indika), was the issuer in this deal. Indika intends to use the net proceeds from the issuance to fund the acquisition of shares in PT Kideco Jaya Agung. (2017)
  • Represented Citigroup Global Markets Asia Limited and BOCI Asia Limited in an initial public offering of VPower Group International Holdings Limited in the Hong Kong Stock Exchange (2016).
  • Represented the joint arrangers and dealers on EUR 2 billion Medium Term Note Programme issued by Saipem Finance International B.V. (2016).
  • Represented PT Blue Bird Tbk in its initial public offering (IPO) to be listed in the Indonesia Stock Exchange (IDX) and offered outside of Indonesia in reliance on Regulation S under the US Securities Act (2014).
  • Represented PT Mitra Pinasthika Mustika Tbk in the issuance and offering of USD 200 million 6.75% Senior Notes Due 2019 Unconditionally and Irrevocable Guaranteed by PT Mitra Pinasthika Mustika Tbk, offered in reliance on Regulation S under the US Securities Act (2014).
  • Represented PT Indika Energy Tbk in the issuance and offering of USD 500 million Indo Energy Finance II B.V. 6.375% Senior Notes due 2023 Unconditionally and Irrevocably Guaranteed by PT Indika Energy Tbk, offered in reliance on Rule 144A under the US Securities Act (2013).
  • Represented PT Indika Energy Tbk in the offering of 25,215,000 ordinary shares of PT Petrosea Tbk, at IDR 500 per share, by PT Indika Energy Tbk. The shares were offered outside of Indonesia in reliance on Regulation S and Rule 144A under the US Securities Act (2012).
  • Represented PT Pertamina (Persero) in the direct issuance of USD 1 billion and USD 500 million Senior Notes by PT Pertamina (Persero), which were offered outside of Indonesia in reliance on Rule 144A and Regulation S under the US Securities Act (2011).
  • Represented PT Bukit Makmur Mandiri Utama in the tender offer, consent solicitation and tax call in connection with the USD 315 million 11.75% Senior Secured Notes due 2014 issued by its subsidiary company (2010).
  • Represented PT Indika Energy Tbk in the issuance of USD 230 million Guaranteed Senior Notes by Indo Integrated Energy II B.V. guaranteed by PT Indika Energy Tbk and PT Indika Inti Corporindo, which were offered outside of Indonesia in reliance on Rule 144A and Regulation S under the US Securities Act (2009).
  • Represented Citigroup and UBS as the Joint Dealer Managers and Bookrunners in the exchange offer by Matahari International B.V. and the issuance of USD 200 million Guaranteed Senior Notes by Matahari International B.V., guaranteed by PT Matahari Putra Prima Tbk, which were offered outside of Indonesia in reliance on Regulation S under the US Securities Act (2009).
  • Represented PT UBS Securities Indonesia as the Lead Managing Underwriter and UBS Investment Bank as the International Selling Agent in the IPO of PT Indo Tambangraya Megah Tbk amounting approximately to IDR 3.1 trillion, to be listed in IDX and offered outside of Indonesia in reliance on Regulation S under the US Securities Act (2007).
  • Represented Citigroup as the Sole Bookrunner and Lead Manager in the issuance of the USD 160 million Guaranteed Secured Notes by Ciliandra Perkasa Finance Company Pte. Ltd., guaranteed by PT Ciliandra Perkasa and its subsidiaries, offered outside of Indonesia in reliance on Regulation S under the US Securities Act (2006).
  • Represented the Republic as the local legal counsel in the issuance of the Sovereign Bond Transaction Offered in reliance on Rule 144A and Regulation S under the US Securities Act in the amount of USD 900 million (10 years) and USD 600 million (30 years) (2005).
  • Represented PT Indosat Tbk. in its IDR 2.5 trillion registered bonds, USD 300 million 144A bonds, and IDR 3.1 trillion syndicated loan (2003).
     

Corporate

  • Represented Toshiba Corporation in acquiring a majority stake in PT Envitech Perkasa, a waste water processing company, through subscription of newly-issued shares (2011).
  • Represented Fullerton Financial Holdings Pte. Ltd. in the sale of its stakes in Sorak Financial Holdings Pte. Ltd. (which in turn owned a majority of shares in PT Bank Internasional Indonesia Tbk) through a bidding process and the subsequent sale process to Malayan Banking Berhad (2008).
  • Represented a private equity firm in Indonesia in the subscription of Mandatory Exchangeable Bonds issued by a company engaged in the retail business (2008).
  • Represented Surjaudaja Family as the sellers in the sale of 28.5% of the Surjaudaja’s Family stake to OCBC through bank acquisition process of PT Bank NISP Tbk by OCBC from Surjaudaja family in a total of IDR 1,060,365,721,500 (2005).
  • Represented OCBC in the mandatory tender offer of 28.5% shares of PT Bank NISP Tbk by OCBC from Surjaudaja family (2005).
  • Represented Jamsostek in the acquisition of 51% of shares in PT Bank Permata Tbk (2004).
  • Represented ICB Financial Holdings in the proposed acquisition of 58.41% of the shares in PT Bank Bumiputera in the amount of IDR 193,935,476,000 (2004).

 

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