Jambaran Tiung Biru debt gains momentum

The financing for Pertamina EP Cepu’s Jambaran Tiung Biru (JTB) gas field unitisation project in Bojonegoro regency, Indonesia, is targeted to sign before the end of Q2 2019. The project comprises two fields with estimated total reserves of 2.5 trillion cubic feet of gas and is scheduled to be on-stream in 2020.

MUFG is financial adviser to the sponsor and is seeking around $1.7-$1.8 billion of debt split between 10- and 15-year tranches at margins of around 200bp to 300bp respectively. The prospective lender line-up is said to include Bank of China, CIMB, DBS, Intesa Sanpaolo, Maybank, MUFG, UOB, Bank Mandiri, Bank Negara Indonesia and Bank Rakyat. Latham & Watkins is providing sponsor counsel.