JAKARTA (Yosefardi) – PT XL Axiata Tbk (EXCL), the second largest telco player in Indonesia, plans to restructure its its debt in foreign currencies of US$1,5 billion, to minimize loss potential from the rupiah depreciation against the US dollar.
The loan to be restructured consist of the loan from Axiata Group Berhad amounting US$500 million and loan from banks worth US$1 billion. Some US$900 million loan is scheduled to mature in 2017. EXCL mulls to option for its debt restructuring; to extend the maturity or to convert into rupiah.
EXCL suffered loss of Rp850.88 billion in the first half of 2015, widened 91.2% from loss Rp444.8 billion in the corresponding period of 2014, mainly due to foreign exchange (forex) loss.
EXCL reported its forex loss jumped 458% to Rp1.39 trillion from previous loss Rp250.73 billion. The company’s liability reached Rp49.16 trillion, of which long term loan accounts for Rp18.49 trillion.