XL buys back US$64M Notes

Third largest telco player PT Excelcomindo Pratama (EXCL) Tbk has purchased back US$64.6 million principal amount of the 7.125% Guaranteed Notes due 2013. Following the buyback, the aggregate principal amount of Notes outstanding is approximately US$59.43 million.

EXCL executed the buyback yesterday on SGX. EXCL issued US$250 million guaranteed notes in January 18, 2006. The company purchased back the bond with principal amount of US$122.3 million in June 2008, followed with US$3.6 million in April 2009. EXCL decided to buyback the Notes due to high withholding tax the company should pay. 

EXCL is controlled by Axiata Group Bhd through Indocel Holding Sdn Bhd (83.8%), Emirates Telecommunications Corporation (Etisalat) International Indonesia Ltd, a wholly owned subsidiary of Etisalat (16%), and public investors (0.2%).

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