Philippines’ second-largest mobile operator Globe Telecom is looking to raise an additional US$120m this year for capex, CFO Albert de Larrazabal told TelecomFinance.
In an interview, Larrazabal also said that there will be opportunities to refinance…
Philippines’ second-largest mobile operator Globe Telecom is looking to raise an additional US$120m this year for capex, CFO Albert de Larrazabal told TelecomFinance.
In an interview, Larrazabal also said that there will be opportunities to refinance some of its maturing debt, “which usually stands at between US$150m and US$220m a year.”
The opportunistic move is driven by attractive market conditions. “We are indeed looking at financing given that interest rates are really low,” he said.
Globe Telecom, which has so far raised US$195m this year, said in early May it received board approval to issue PhP7bn (US$160m) in retail bonds to fund capex requirements and pre-pay debt.
The operator is currently in the process of acquiring local fixed-line operator Bayan Telecom by converting its debt into equity. It is also completing its network modernisation programme.
The full interview will be published in the June edition of TelecomFinance on 21 June.
