Hiswara Bunjamin & Tandjung acted for Perusahaan Listrik Negara (PLN) in underwriting a $1.5 billion triple-tranche dual-currency bond issue.

PLN is an Indonesian state-owned power company which has a monopoly on electricity distribution in Indonesia and generates the majority of the country's electrical power, producing 176 TWh in 2015.

The issuance includes $500 million 3.375% 10-year notes due 2030, $500 million 4.375% 30-year notes due 2050, and €500 million 1.875% 12-year notes due 2031. PLN plans to use the proceeds to help fund its ongoing development of Indonesia’s national power grid.

The transaction is part of a $10 billion upsize to PLN’s $5 billion GMTN programme, originally established in April 2018, which will bring the total value of PLN’s current GMTN programme to $15 billion.

The HB&T team was led by partner Tjahjadi Bunjamin, assisted by associates Defina Rosa Tantri and Carlo Diori Tonio.