Philippine operator Globe Telecom has secured a seven-year PhP7bn (US$159.6m) term loan from Land Bank of the Philippines.
Proceeds will go towards 2014 capex.
This summer Globe signed a US$40m term loan to refinance some of its debt. The new PhP7bn…
Philippine operator Globe Telecom has secured a seven-year PhP7bn (US$159.6m) term loan from Land Bank of the Philippines.
Proceeds will go towards 2014 capex.
This summer Globe signed a US$40m term loan to refinance some of its debt. The new PhP7bn facility brings the total debt raised by the country’s second-largest and smallest operator to US$560m so far this year.
Globe said its revenues for the first nine months of the year increased 10% to PhP67.3bn (US$1.53bn). It posted a 9% increase in its net profit to PhP9.5bn (US$216.6m) “despite the ongoing network modernisation and IT transformation programme and amidst a highly competitive environment”, the operator said in a stock exchange filing. Its debt stood at PhP69.2bn (US$1.58bn).
Globe is currently awaiting regulatory approval for its takeover of struggling fixed-line operator Bayan Telecommunications.
