Philippine operator Globe Telecom has signed a US$75m term loan facility to fund capex this year.
The loan, provided by the Bank of Tokyo-Mitsubishi UFJ (Singapore branch), will be used to finance part of the telco’s network upgrades and…
Philippine operator Globe Telecom has signed a US$75m term loan facility to fund capex this year.
The loan, provided by the Bank of Tokyo-Mitsubishi UFJ (Singapore branch), will be used to finance part of the telco’s network upgrades and infrastructure investments, for which US$450m – US$500m has been earmarked in 2013, according to a company statement today.
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.
Globe reported consolidated service revenues of PhP82.7bn (US$2.03bn) in 2012, a 6% increase from PhP77.8bn (US$1.91bn) the previous year. Core net income for 2012 rose to PhP10.3bn (US$250m), an increase of 2% from PhP10bn (US$250m) in 2011.
