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Indonesian Tower Operator Raises Funds for Aquisitions

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Indo nesia's Tower Bersama Infrastructure (TBIG) is reported to have lined up USD1.8 billion in funding should it win a bid to buy a number of towers being sold by the country's largest mobile network operator, XL Axiata.

Tower Bersama finance director Helmi Yusan Santoso said that his firm had secured USD1 billion in loans and has approval from shareholders and the financial regulator to issue debt bonds worth USD777 million.

The funding is a contingency as the details of how many of XL Axiata's 8,000 towers are being put up for sale are still unknown. The tender will be an open process, so other companies could end up winning the deal.

Tower Bersama currently has more than 9,000 telecommunications towers and over 17,000 tenants as of March this year.

For its part, XL has said that it will use the funds raised from the tower sales to pay off part of the USD865 million debt which was used to acquire Axis Telekom earlier this year.

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Tags: tower bersama infrastructure  xl axiata  Indonesia