Indonesia’s third largest mobile operator by subscribers, Excelcomindo Pratama (XL), is looking for $400 million worth of loans in 2009 to refinance its debts.

Indonesia’s third largest mobile operator by subscribers, Excelcomindo Pratama (XL), is looking for $400 million worth of loans in 2009 to refinance its debts. According to sources, the operator is looking to secure rupiah-denominated funding to refinance its mostly US dollar-denominated debt. The firm intends to pay up to $130 million in debt due in 2009, while the remainder will be used to accelerate debt payments for the next two years. The publicly listed firm has loans of $300 million maturing in 2010 and 2011, and XL’s plan is to reduce its debt-equity ratio, which stood at a 4.1 level as in December 2008.