Filipino triple-play operator Globe Telecom has signed a PhP2bn (US$48m) term loan facility to refinance debt and to fund expenditure in 2013.
Philippine American Life and General lnsurance Company, The Insular Life Assurance Company and Sunlife of…
Filipino triple-play operator Globe Telecom has signed a PhP2bn (US$48m) term loan facility to refinance debt and to fund expenditure in 2013.
Philippine American Life and General lnsurance Company, The Insular Life Assurance Company and Sunlife of Canada have together provided the 10-year, fixed-rate facility which was arranged by Insular lnvestment Corporation.
“We want to take advantage of the current low interest rate environment to fund capital expenditure requirements for next year and refinance our loans, allowing us to generate savings for the company,” said Albert De Larrazabal, CFO at Globe, in a statement.
Globe said its ongoing network modernisation will have a total cost of US$700m, but once completed will have an all-IP architecture and an extra 12,000km of fibre-optic cable.
Globe operates mobile, fixed line, and broadband services across the Philippines.
