PT XL Axiata Tbk (formerly known as PT Excelcomindo Pratama, Tbk), announced that it has redeemed US$ 59.43 million remaining principal amount of the 7.125% guaranteed notes due 2013 issued by Excelcomindo Finance Company B.V. and guaranteed by the company on 18 January 2010. Following the redemption, there are no outstanding notes.
Willem L. Timmermans, the Finance Director of XL said with the completion of the notes redemption, our exposure on US Dollar denominated debt had been reduced.
The redemption was funded through a combination of internal cash flow and rupiah loan from PT Bank Sumitomo Mitsui Indonesia (BSMI). The company expect that this will further strengthen our balance sheet.
This redemption is a continuation of our strategy to further reduce our US Dollar denominated debt. In 2009, we have repaid a significant amount of US Dollar debt using both the proceeds of IDR 2.8 trillion right issue completed in December 2009 as well as internal cash flow.
XL Axiata is one of the major cellular providers in Indonesia. XL Axiata is majority owned by Axiata Group Berhad through Indocel Holding Sdn Bhd (86.5%) and Emirates Telecommunications Corporation (Etisalat) through Etisalat International Indonesia Ltd (13.3%), and public (0.2%), and is part of Axiata Group with Aktel (Bangladesh), HELLO (Cambodia), Idea (India), MTCE (Iran), Celcom (Malaysia), Multinet (Pakistan), M1 (Singapore), Samart (Thailand) and Dialog (Sri Lanka), to advancing Asia.
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