Cleary Gottlieb represented the Republic of Indonesia in upsizing its global medium term note program (GMTN) to $50 billion.
The upsized GMTN program took effect on December 1, 2016. Cleary also represented the Republic in a multi-tranche Rule 144A/Reg S offering of $3.5 billion in debt securities.The transaction priced on December 1 and closed on December 8, 2016. The securities are listed on the Singapore Exchange Securities Trading Limited and the Frankfurt Stock Exchange.
The issuance allowed the Republic to prefund a substantial amount of its 2017 budget requirements and to further extend the Republic’s debt maturity profile ahead of important market events and possible U.S. interest rate hikes.