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XL Axiata signs US$265m loan
Indonesian mobile network operator XL Axiata has secured a new Rp2.5tn (US$265m) loan to refinance its debt and fund the expansion of its 2G and 3G networks.
The company, part of Malaysia’s Axiata Group, disclosed details of the new five-year loan…
Indonesian mobile network operator XL Axiata has secured a new Rp2.5tn (US$265m) loan to refinance its debt and fund the expansion of its 2G and 3G networks.
The company, part of Malaysia’s Axiata Group, disclosed details of the new five-year loan with Indonesia’s Bank Mandiri in a filing to the Indonesia Stock Exchange. It must be drawn within a year of the signing of the agreement, according to the statement.
XL Axiata CEO Hasnul Suhaimi told the Jakarta Globe newspaper that the loan – the company’s third this year – will pay off Rp900bn (US$95.1m) of debt maturing this quarter.
He said the facility will also be used for capital expenditure, specifically expanding the 2G and 3G networks, with most funds to be directed toward the latter.
The Indonesian report noted the company said last week it had drawn down the Rp3tn (US$316.9m) and Rp1tn (US$105.6m) loans it secured with BCA and Bank of Tokyo-Mitsubishi UFJ respectively in March, and made Rp2.1tn (US$222m) in debt repayments.
XL Axiata was not immediately available for comment.
