axiata group berhad | annual report 2015
186
NOTES TO THE
FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2015
16. BORROWINGS (CONTINUED)
(c) Sukuk of the Group consist of a Multi-Currency Sukuk Programme and a Sukuk Murabahah Programme issued as follows: (continued)
(ii) Sukuk Murabahah
On 14 August 2012, the Group established a Sukuk Murabahah Programme of up to RM5.0 billion in nominal value. RM3.0 billion of the Sukuk
Murabahah was successfully priced via a book building process with the remaining RM2.0 billion privately allocated to strategic investors.
The details of the Sukuk Murabahah are as follow:
Contractual
interest rate
1
%
Maturity
date
Amount
RM’million
Series 1
3.45
28 Aug 2015
500
Series 2
3.60
29 Aug 2017
1,000
Series 3
3.75
29 Aug 2019
1,500
Series 4
3.90
28 Aug 2020
1,200
Series 5
4.05
27 Aug 2021
400
Series 6
4.20
29 Aug 2022
400
5,000
1
payable semiannually
(iii) Sukuk Ijarah
On 28 October 2015, XL established a Sukuk Ijarah Programme of up to IDR5.0 trillion in nominal value. The Sukuk Programme was
established under a 2-year shelf registration programme. The issuance of Shelf Sukuk Ijarah 1 XL Axiata Tranche I Year 2015 (“Tranche I
Sukuk”) amounting up to IDR1.5 trillion was based on the Shariah principle of Ijarah with the payment of Ujrah to be made quarterly in
arrears. On 2 December 2015, Tranche I Sukuk was listed and quoted on Indonesian Stock Exchange (“IDX”). The detail of Tranche 1 Sukuk
as below:
Nominal value
(IDR’million)
Annual fixed
Ijarah return
Maturity
date
Series A
494,000
43,225
12 December 2016
Series B
258,000
26,445
2 December 2018
Series C
323,000
33,915
2 December 2020
Series D
425,000
46,750
2 December 2022
1,500,000
Revenue sharing of Sukuk Ijarah is paid on quarterly basis with the first payment on 2 March 2016 and the last payment will do simultaneously
with payment of principal of each series of the Sukuk Ijarah.
(d) During the financial year, XL early redeemed its borrowings due to United Overseas Bank Limited of USD200.0 million, The Bank of Tokyo
Mitsubishi UFJ, Ltd of USD180.0 million, The Royal Bank of Scotland Plc (Singapore) of USD100.0 million and Standard Chartered Bank of USD100.0
million without penalty charged.
(e) The borrowings of the Group are subject to certain covenants. The covenants require that certain ratios (Debts over Assets, Earnings before
interest, tax, depreciation and amortisation (“EBITDA”) to Borrowing/Finance Costs and Debts to EBITDA) to be met, limitation to certain assets
sales or transferred and maintaining majority ownerships in certain subsidiary by the Group. The Group is in compliance with the covenants of its
borrowings at each reporting date.
(f) The total floating interest rate borrowings of the Group are RM7,766.4 million (2014: RM7,817.3 million) as at the reporting date.
