Philippines’ number two Globe Telecom is planning to borrow as much as US$400m this year to finance most of its capex needs.
Its CFO Albert de Larrazabal told The Philippine Star that details of the borrowing plan, which would cover a large part of…
Philippines’ number two Globe Telecom is planning to borrow as much as US$400m this year to finance most of its capex needs.
Its CFO Albert de Larrazabal told The Philippine Star that details of the borrowing plan, which would cover a large part of its US$650m capex for 2014, are being finalised.
The operator may look to secure financing from local and foreign banks and could even issue debt instruments in both its domestic and international markets.
Globe was not immediately available for comment.
In December last year, the mobile player secured a seven-year US$160m term loan from Land Bank of the Philippines to fund its 2014 capex. Overall, it raised US$560m in 2013.
Larrazabal told TelecomFinance in June last year that his company has embarked on an ambitious network modernisation and IT transformation programme. Globe is also in the process of acquiring struggling fixed-line operator Bayan Telecom.
