Dentons HPRP is the sole legal counsel on the IDR17.9 trillion (USD1 billion) syndicated loan financing for the Yogyakarta-Bawen Toll Road Project.
Led by partner Erwin Kurnia Winenda, the Dentons HPRP team advised both the borrower and lenders, providing advice on all Indonesian law aspects of the financing.
“One of the defining features of this project was its scale and structure … The transaction was complex, requiring the alignment and harmonisation of the various lenders’ interests, internal policies and lending practices,” Winenda told Asia Business Law Journal.
“In our role as sole legal counsel to the project, we were responsible for ensuring alignment between the lenders’ requirements, the borrower’s commercial and operational considerations and the Indonesian legal and regulatory framework applicable to Jasamarga as the parent company of JJB (Jasamarga Jogja Bawen), including relevant capital markets and state-owned enterprise regulatory considerations.”
The transaction involves Jasamarga Jogja Bawen as the borrower and a consortium of lenders comprising Bank Mandiri, Bank Central Asia, Sarana Multi Infrastruktur, Maybank Indonesia, and Bank Pembangunan Daerah Daerah Istimewa Yogyakarta.
The syndicated facility is structured with three joint mandated lead arrangers and bookrunners: Bank Central Asia, Bank Mandiri and Sarana Multi Infrastruktur.
Dentons HPRP assisted in structuring the transaction to meet bankability standards, and drafted, reviewed and negotiated the facility agreement and related finance documents. The facility agreement and finance documents were executed on 17 March 2026.
The firm further advised on regulatory and financing matters.
The Yogyakarta-Bawen Toll Road Project is expected to enhance connectivity between the Special Region of Yogyakarta and Central Java.
