PSHP Law Advises Pupuk Sriwidjaja Palembang (PUSRI) on its US$ 600 Million Syndication Financing and EPC Contract for the PUSRI III-B Ammonia and Urea Plants
Updated: Feb 23
PSHP LAW ADVISES PUPUK SRIWIDJAJA PALEMBANG (PUSRI) ON ITS US$ 600 MILLION SYNDICATION FINANCING AND EPC CONTRACT FOR THE PUSRI III-B AMMONIA AND UREA PLANTS
PSHP Law has successfully acted as legal advisor to PT Pupuk Sriwidjaja Palembang (PUSRI), a subsidiary of PT Pupuk Indonesia (Persero) in its US$600 million syndication financing and EPC contract for the PUSRI III-B Ammonia and Urea Plants to be located within the PUSRI complex in Palembang, South Sumatera. The signing of the financing documents and EPC contract took place on 13 October, 2023 at The Langham Hotel Ballroom in Jakarta.
Situated in Palembang, the PUSRI III-B Project is designed to produce 445,500 tons of ammonia and 907,500 tons of urea each year. The construction itself will be undertaken by a consortium consisting of PT Adhi Karya (Persero) and Wuhuan Engineering Company, with a total capex of approx. US$670 million. PUSRI secured approx. US$600 million through a syndication of eight Indonesian state-owned and private banks comprising Bank Negara Indonesia (BNI), Bank Mandiri, Bank Central Asia (BCA), Bank Rakyat Indonesia (BRI), Bank Tabungan Negara (BTN), Bank Pembangunan Daerah Jawa Barat dan Banten (BJB), and Bank Sumsel Babel (BSB). The financing also involved a Syariah line facility provided by Bank Syariah Indonesia (BSI). BNI and Bank Mandiri acted as joint mandated lead arranger and bookrunner.
The PSHP Law team was led by its head of corporate practice, Avinash Panjabi, and supported by associates Mery Enjelica Stephany, Einar Fausta Hertianto and Renanda Aditya Putra.
We extend our warmest congratulations to PT Pupuk Sriwidjaja Palembang for the successful completion of this landmark milestone and wish PUSRI all the best in the development of the project.
 | AVINASH PANJABI Partner PSHP Law t + 62 5229705 - 06 m + 65 9179 3819 e avinash.panjabi@pshp.law |
 | MERY ENJELICA Associate PSHP Law t + 62 5229705 - 06 e mery.enjelica@pshp.law |
 | EINAR FAUSTA Associate PSHP Law t + 62 5229705 - 06 e einar.fausta@pshp.law |
 | RENANDA ADITYA Associate PSHP Law t + 62 5229705 - 06 e renanda.aditya@pshp.law |
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