XL Axiata to Offer IDR2.18Trn Islamic Bonds

XL Axiata, Tbk (EXCL IJ) Indonesia’s second-largest mobile phone operator is planning to raise IDR2.18trn (USD163mn) from selling Islamic bonds this month to refinance its debt and fund its working capital. The company’s Islamic bond sale is the second tranche of the planned IDR5trn issuance. In 2015, XL issued IDR1.5trn. The company will offer the bonds, known as sukuk ijarah, in five series, each with a different maturity period. The first series IDR1.04trn bonds are set to mature in 370 days. In the second series, IDR402bn bonds will have a three-year maturity period. In the third series, XL will offer IDR142bn with a five-year maturity period. In the fourth, IDR260bn to mature in seven year. The last series, of IDR336bn, will mature in 10 years. Fitch Ratings Indonesia, a local unit of global rating assessor Fitch Ratings, has granted an AAA rating for the issuance, reflecting the lowest risk compared to the company’s domestic peers.

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