Philippine operator Globe Telecom is reportedly looking to raise US$350m from the local debt market this year in order to fund capex.
CFO Albert de Larrazabal said at a results briefing that it is “a very liquid market” and that they had received…
Philippine operator Globe Telecom is reportedly looking to raise US$350m from the local debt market this year in order to fund capex.
CFO Albert de Larrazabal said at a results briefing that it is “a very liquid market” and that they had received “significant offers” from banks, such as the issuance of retail treasury bonds, according to Dow Jones.
The telco expects to raise around US$200m by March and borrow the rest later this year, de Larrazabal added.
Globe released its Q4 and full-year results today, with core net income in 2012 up 2% to PhP10.28bn (US$252m) from PhP10.03bn (US$246m) in 2011.
The company also announced that its board of directors had approved Globe’s plan to invest in a Philippine entity named Taodharma “to explore growth opportunities in the mobile market.”
As TelecomFinance reported back in September, Globe signed a PhP2bn (US$48m) term loan facility to refinance debt and fund capex in 2013.
Philippine American Life and General lnsurance Company, The Insular Life Assurance Company and Sunlife of Canada provided the 10-year, fixed-rate facility which was arranged by Insular lnvestment Corporation.
