Mobile network operator XL Axiata is looking to secure financing to repay debts that are due to mature in 2012, according to Johnson Chan, senior vice president for corporate finance at XL.
The senior VP was quoted in the Jakarta Globe as saying that…
Mobile network operator XL Axiata is looking to secure financing to repay debts that are due to mature in 2012, according to Johnson Chan, senior vice president for corporate finance at XL.
The senior VP was quoted in the Jakarta Globe as saying that the new loan would have a maturity of at least three years. He declined to name the banks the company is in talks with.
The 2012 debt reportedly includes banks loans and a Rp1.5 trillion (US$169m) bond.
According to XL Axiata’s latest financial results, the company had 7.63 trillion (US$858m) worth of long-term non-current liabilities.
But Chan was quoted saying that the company recently repaid Rp960bn (US$108m) to Bank Mandiri. That repayment was financed with a Rp1 trillion (US$112m) loan secured from the Bank of Tokyo-Mitsubishi, wrote the Jakarta Globe.
The Malaysia-based Axiata Group holds a 66.7% stake in XL Axiata. UAE-based Etisalat owns 13%. XL Axiata was not available for comment before the press deadline.
