Philippine mobile carrier Globe Telecom has secured a US$120m loan from Metropolitan Bank and Trust to fund capex.
The new facility will finance “the ongoing network modernization and transformation program, and investments in fixed line,…
Philippine mobile carrier Globe Telecom has secured a US$120m loan from Metropolitan Bank and Trust to fund capex.
The new facility will finance “the ongoing network modernization and transformation program, and investments in fixed line, international cable facilities, and IT infrastructure,” according to a company statement to the Philippine stock exchange.
The new loan brings Globe’s total loans up to US$195m for the first quarter of the year.
As TelecomFinance previously reported, the company signed a US$75m term with the Bank of Tokyo-Mitsubishi UFJ (Singapore branch) earlier this month.
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.
Globe’s CFO Albert de Larrazabal was reported in February as saying that the telco is looking to raise US$350m from the local debt market this year.
