On 23rd of March 2009, PT Excelcomindo Pratama Tbk has signed a US$ 214 million EKN Buyer Credit Facility for the procurement of Ericsson equipment from Sweden and Indonesia.
The Facility is arranged by ABN AMRO Bank N.V. (subsidiary undertaking of the Royal Bank of Scotland Group plc / RBS) and Standard Chartered Bank.
The Facility is the second tranche of the total US$ 428 million facility provided by EKN. The first tranche was signed in December 2008. The proceeds from the Facility will be used to partially finance XL’s capital expenditure in 2008 and 2009.
The signing of the 2nd tranche of the EKN facility further shows XL’s ability to tap offshore funding in the midst of the global credit crunch and recessionary fears.
XL is the third largest wireless operator in Indonesia and is rated BB- by S&P and Ba2 by Moody’s.
Tuesday, March 24, 2009
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