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Topic Title: XL to pay Rp 400b debt from tower sale proceeds
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Created On: 12 January 2015 07:20 AM
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 12 January 2015 07:20 AM
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anastasiachatska

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Joined: 12 January 2015

Publicly listed cellular giant PT XL Axiata (EXCL) is planning to use part of the proceeds of its Rp 5.6 trillion (US$441.1 million) tower sale to repay debts in the first quarter of this year.

XL's head of investor relations, Feiruz Ikhwan, told reporters on Wednesday that XL would use part of the proceeds raised from selling 3,500 towers to PT Solusi Tunas Pratama (SUPR), to pay its Rp 400 billion debt, maturing in the first quarter this year.
"[In total], we will use more than half of the proceeds to pay our debts," he said, adding that his firm had almost Rp 4 trillion in debts maturing this year.

According to Feiruz, total debts had hit Rp 30.4 trillion as of September last year with the net debt to earnings before interest, taxes, depreciation and amortization (EBITDA) ratio hitting 3.2.

"We want to improve our net debt to EBITDA ratio to 2.5," he said, adding that the realization would be very dependent on the firm's performance.

In the fourth quarter last year, XL had already paid Rp 1 trillion of its total debt, he said.

XL, which acquired PT Axis Telekom last year, suffered Rp 901.2 billion in net losses in the January-September period last year, although the firm's revenues surged by 10.8 percent to Rp 17.5 trillion.
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