Indonesian mobile operator XL Axiata has secured $100 million in loans from Standard Chartered Bank to help finance its capital expenditure. The loan carries a maturity period of three years. The telecommunications company had spent Rp 4 trillion in the first half of 2013 on its data infrastructure. The expenditure was funded through internal cash as well as debt. Meanwhile, XL’s outstanding debt, as of the end of June 2013, stood at Rp 17.1 trillion, up from Rp 12.1 trillion in the first half of 2012. The company’s move to upgrade its nearly 4,000 sites across the country increased costs by 18 per cent to Rp 6.12 trillion in January–June 2013.
