JAKARTA (TheInsiderStories) - PT XL Axiata Tbk (IDX: EXCL) is issuing Sukuk Ijarah Tahap II worth Rp2.18 trillion to raise fresh funds. The company made the announcement after conducting book building process and was welcome positively by the market. The sukuk issuance was part of the company’s sustainable issuance program worth Rp5 trillion that has been announced earlier.
Chief Financial Officer XL Axiata, Mohamed Adlan said the demand for the company’s sukuk is still high as it was given rating of AAA by Fitch. The proceeds of the sukuk issuance will be used for refinancing and extend the company’s rupiah denominated debt, therefore, the company’s debt to equity ratio will remain in healthy level, at below 2x. The remaining of the sukuk issuance will be issued in November 2017. The company has appointed PT CIMB Sekuritas, PT DBS Vickers Sekuritas Indonesia, PT Indo Premier Sekuritas, PT Mandiri Sekuritas and PT Maybank Kim Eng Securities as underwriters of the sukuk issuance. (*)