ID :
28964
Fri, 11/07/2008 - 18:32
Auther :
Shortlink :
http://m.oananews.org//node/28964
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XL SECURES SYNDICATED LOAN OF $140 M FROM FOUR OVERSEAS BANKS
Jakarta, Nov 7 (ANTARA) - PT Excelcomindo Pratama Tbk (XL), Indonesia's third largest publicly-listed cellular phone operator, has signed an agreement with four banks to secure a syndicated loan of US$140 million payable in three years.
The four banks are the Economic Development of Canada, the Bank of Tokyo-Mitsubishi UJF, Chinatrust Commercial Bank, Ltd. and DBS bank Ltd concurrently the loan's facilitating agent.
"We are very happy with the support given by the four banks amidst the ustable financial situation. We are also convinced that they can become our business partners in continuing our business expansion," XL President Director Hasnul Suhaimi said in a press statement on Friday.
He said XL would use the funds to cover capital expenditures and as working capital, among others.
Amidst the current global financial crisis and concern about a global economic slowdown, XL had emerged as one of a very few companies in Indonesia which had managed to secure a dollar-denominated loan from overseas lenders to meet its funding needs, he said.
The signing of the loan agreement confirmed financial institutions' recognition of XL's strong position as a major player in the country's telecommunications industry and of its growth and business potentials, he said.
The four banks are the Economic Development of Canada, the Bank of Tokyo-Mitsubishi UJF, Chinatrust Commercial Bank, Ltd. and DBS bank Ltd concurrently the loan's facilitating agent.
"We are very happy with the support given by the four banks amidst the ustable financial situation. We are also convinced that they can become our business partners in continuing our business expansion," XL President Director Hasnul Suhaimi said in a press statement on Friday.
He said XL would use the funds to cover capital expenditures and as working capital, among others.
Amidst the current global financial crisis and concern about a global economic slowdown, XL had emerged as one of a very few companies in Indonesia which had managed to secure a dollar-denominated loan from overseas lenders to meet its funding needs, he said.
The signing of the loan agreement confirmed financial institutions' recognition of XL's strong position as a major player in the country's telecommunications industry and of its growth and business potentials, he said.
