Philippine mobile operator Globe Telecom has signed a PhP5bn (US$114m) loan with the Rizal Commercial Banking Corp (RCBC).
This seven-year facility is the second agreement signed by Globe this year.
In February, the company secured a seven-year…
Philippine mobile operator Globe Telecom has signed a PhP5bn (US$114m) loan with the Rizal Commercial Banking Corp (RCBC).
This seven-year facility is the second agreement signed by Globe this year.
In February, the company secured a seven-year PhP7bn (US$160m) loan with BDO Unibank to fund part of its 2011 capex and to repay existing facilities.
With the new loan, agreed on 25 November, Globe plans to fund its capex for 2012.
In a filing with the Philippine Stock Exchange, the company stated: “Globe recently announced it would invest US$790m to undertake a massive network modernisation and IT transformation programme over the next five years to boost capacity, improve network quality and meet the growing demand for bandwidth-heavy services such as broadband and mobile data. Of this amount, US$640m will be spent in 2012 and 2013.”
