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Indonesia's XL Axiata Looking to Raise Funding for Debt Repayments

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Note -- this news article is more than a year old.

Indonesia's XL Axiata is reportedly seeking to raise USD500 million next year to help pay down its debt.

Citing people familiar with the matter, Bloomberg News reported that the indebted company is looking at raising the money through a rights issue where it will sell more shares to its existing investors.

The company needs to pay down debt, which has more than doubled over the past three years to reach USD1.8 billion. It has already started action to cut costs and will be focusing on its more profitable customers.

Back in October, the company successfully reduced its exposure to currency problem, by paying down part of USD580 million of US dollar debt. Debt denominated in US Dollars is proving more expensive to service due to a rising dollar currency ahead of an expected interest rate rise in the USA.

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Tags: xl axiata  Indonesia