Indonesian mobile operator XL Axiata is to auction 2,000-2,500 towers later this month to pay down debt, it announced in a stock exchange filing.
Indonesian mobile operator XL Axiata (JK:XL) is to auction 2,000-2,500 towers later this month to pay down debt, it announced in a stock exchange filing.
The company’s debt was US$1.8bn at 30 September 2015, leaving it with a reported 216% debt to equity ratio.
In October, the Malaysian-owned operator offered a US$110m sukuk.
The telco has been looking to restructure a US$1.5bn loan to reduce its exposure to the weakening Indonesian rupiah.
It told TelecomFinance in August that US$900m of that facility matures in 2017, with the rest staggered until 2019. There is a small tranche that matures in 2016.
DBS Bank, Bank of Tokyo Mitsubishi UFJ and UOB Bank are managing the facility.
