August 22, 2023
The Asset has named PT Medco E&P Malaka and PT Medco E&P Tomori Sulawesi’s $420 million reserve-based lending facility as the Transition Energy Refinancing Deal of the Year – Indonesia at its Triple A Sustainable Infrastructure Awards 2023.
Gibson Dunn advised MedcoEnergi subsidiaries, PT Medco E&P Malaka and PT Medco E&P Tomori Sulawesi as borrowers, and PT Medco Energi Internasional Tbk as sponsor in the $420 million six-year secured revolving reserve-based lending facility.
The RBL Facility represents a key part of the MedcoEnergi group’s move towards predominantly gas production, in line with its and the region’s climate change strategy of growing gas as a transition (lower-carbon) energy source and moving away from more carbon intensive commodities. The majority of production is gas sold under long-term contracts to high-quality Indonesian and Singapore offtakers, and represents a very important key step in these countries’ move towards gas as part of their climate change strategy.