Mayer Brown JSM, Shearn Delamore & Co, Ali Budiardjo, Nugroho, Reksodiputro and Singapore’s Shook Lin & Bok have advised International Finance Corporation (IFC) on its investment in an $830 million greenfield ammonia plant in Sulawesi, Indonesia.
The sponsor of the plant, chemical manufacturer Panca Amara Utama was represented by Assegaf Hamzah & Partners and Rajah & Tann.
The plant is built on 192 hectares of land and is set to have a production capacity of 700,000 tons of ammonia per year. It is funded through a $512 million debt package consisting of a $97 million IFC A loan and a $415 million IFC B loan funded by ANZ, HSBC, Korea Development Bank, OCBC, Standard Chartered Bank, SMBC and United Overseas Bank. The IFC is also taking an equity position in Panca Amara in the form of a convertible loan.
The Mayer Brown team on the deal was led by partners Nathan Dodd and Benjamin Thompson.
