Indonesian mobile operator XL Axiata has signed two debt facilities for a total US$188.4m, according to stock exchange notices. A Rp1 trillion (US$88.4m) loan was secured from Bank Sumitomo Mitsui Indonesia and will be used for general corporate…
Indonesian mobile operator XL Axiata has signed two debt facilities for a total US$188.4m, according to stock exchange notices.
A Rp1 trillion (US$88.4m) loan was secured from Bank Sumitomo Mitsui Indonesia and will be used for general corporate purposes. Another US$100m loan was inked with Bank of Tokyo Mitsubishi and will go towards capital expenditures. Both facilities have a three-year maturity.
Earlier this month the mobile operator, owned by Malaysian telecoms giant Axiata, had already signed a three-year US$100m loan with Standard Chartered.
Separately, XL Axiata recently received approval in principle from the communication ministry to merge its assets with that of smaller competitor Axis. The head of investor relations commented at the time that the company supports “the move towards industry consolidation”.
A deal between Axis, held by Saudi Telecom Company, and XL Axiata would give the latter the mobile spectrum it needs to expand in the crowded Indonesian mobile market.
