Dentons HPRP advises on one of Jasa Marga’s Largest syndicated financings for the Yogyakarta–Bawen toll road project

Dentons HPRP has acted as the single legal counsel in a major syndicated loan financing for the Yogyakarta-Bawen Toll Road Project, a designated National Strategic Project (Proyek Strategis Nasional) aimed at strengthening connectivity between the Special Region of Yogyakarta and Central Java. The financing is valued at approximately IDR 17.9 trillion, making it one of the largest syndicated financings undertaken by Jasa Marga for a toll road concession project.

The transaction involves PT Jasamarga Jogja Bawen as the borrower, with a consortium of leading financial institutions acting as lenders, including PT Bank Mandiri (Persero) Tbk, PT Bank Central Asia Tbk, PT Sarana Multi Infrastruktur (Persero), PT Bank Maybank Indonesia Tbk, and PT Bank Pembangunan Daerah Daerah Istimewa Yogyakarta.

The syndicated facility is structured with three Joint Mandated Lead Arrangers and Bookrunners (JMLABs), namely Bank Central Asia (BCA), Bank Mandiri (BMRI), and PT Sarana Multi Infrastruktur (SMI). The transaction reflects a high level of complexity, requiring alignment among multiple lenders with differing commercial considerations while ensuring compliance with Indonesian legal and regulatory frameworks.

The Dentons HPRP team, led by Partner Erwin Kurnia Winenda and supported by associates Fradinta Nadya Laksmita, Yabunaya Salsabila Yuniar, Pritta Maharani Pribadi, and David Nathanael Maruhawa, played a central role throughout the transaction. Acting for both the borrower and the lenders, the firm advised on all Indonesian law aspects of the financing, assisted in structuring the transaction to meet bankability standards, and was responsible for drafting, reviewing, and negotiating the Facility Agreement and all related finance documents. The Facility Agreement and related documents were successfully executed on 17 March 2026, with loan disbursement expected to follow. Dentons HPRP also provided comprehensive advice on regulatory and financing matters and issued the necessary legal opinions in connection with the transaction.

This financing is critical to enabling the timely development of the Yogyakarta-Bawen Toll Road, a key infrastructure project expected to enhance regional connectivity, improve logistics efficiency, and support economic growth across Java. Dentons HPRP's role as a single legal counsel to both sides underscores its capability to navigate complex, multi-party financing transactions and deliver commercially aligned legal solutions for strategic infrastructure developments.

About Dentons

Redefining possibilities. Together, everywhere. For more information visit dentons.com