The acquisition of one of Indonesia's largest coal mining companies and one of the biggest coal exporters in the world is a sign of things to come in Indonesia, say lawyers.

PT Bumi Resources Tbk's US$500m purchase of all the shares of PT Kaltim Prima Coal from Rio Tinto Plc and BP Plc is the largest acquisition in Indonesian for a number of years.

The deal was financed using US$404.5m of loans from international lenders with the balance of the acquisition price being arranged by Bumi.

Singapore's United Overseas Bank and Credit Suisse First Boston provided a combined US$318m of the loan; Australia's Macquarie Bank Ltd provided US$46.5m; with Leighton Financial International making up the difference of approximately US$40m.

Singapore-based partner Alistair Duffield led the Holman Fenwick & Willan team advising Bumi on the deal. Partner Alistair Mackie assisted Duffield on commercial agreements related to the financing. London based partners Diana France and Nick Hutton led the UK firm's team which closed the sale and purchase documentation in Sydney in July.

James Fahey led the Mallesons Stephen Jacques team acting for Rio Tinto Plc, while London-based Michael Sullivan and Nora Kao led the Linklaters team advising BP Plc.

The Singapore lenders turned to Allen & Overy, with partner Ken Aboud and Hooman Sabeti leading its team, while Richard Marshall led the Cadwalader Wickersham & Taft team acting for Macquarie Bank and Freehills partner John Dick reciprocated on behalf of Leighton Financial.

Duffield said: "This deal demonstrates the increased level confidence of international finance parties and investors in Indonesia, and in Indonesian companies."