SSEK Advises Daewoo International Corporation on Funding for Copper Project

Deal News

SSEK Legal Consultants has acted as Indonesian counsel to Daewoo International Corporation in connection with a US$210 million funding for the expansion of Australia-listed Finders Resources’ copper cathode plants (known as the Wetar Copper Project) in Indonesia’s Maluku Province.

This US$210 million funding consists of a credit approved commitment letter with a group of four banks for US$165 million of senior loan facilities and a US$45 million equity investment by Daewoo in Finders’ wholly owned Indonesian subsidiary, PT Batutua Tembaga Raya, which holds the Wetar Copper Project. Daewoo will hold a 24.1% economic interest in PT Batutua Tembaga Raya.

The complex deal involved the acquisition of shares in PT Batutua Tembaga Raya and the financing of the project held by the miner, as well as advising on various mining issues.

Finders Managing Director Barry Cahill was quoted in a media report on the deal as saying, “Daewoo and the four senior banks are very sophisticated global resource project financiers who have taken the time to conduct extensive project due diligence.”

Partner Denny Rahmansyah led the SSEK Team advising on the deal.

Yulchon LLC acted as foreign legal counsel to Daewoo International Corporation.

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