IPVG unit opens credit line with BDO

MANILA, Philippines -  The board of IP Converge Data Inc. has approved the opening of a P105-million credit facility with Banco de Oro Unibank.

The loan proceeds will be partly used to finance the construction of a new Internet data center facility in Bonifacio Global City in Taguig.

In relation to this, parent firm IPVG Corp will issue a corporate guarantee with respect to the two-year credit facility.

In the same special meeting, the board approved the opening of a lease facility with Japan-PNB Leasing and Finance Corp. for the purchase of equipment for the company amounting to $224.56 million.

Also yesterday, the board of IP E-Game Ventures Inc. approved the issuance of 20 million shares to parent IPVG Corp. upon complying with the terms and conditions of the option agreement.

IPVG earlier signed an agreement with IP E-Games giving the former the option to subscribe up to 20 million shares of the latter at P1 per share.

Meanwhile, the IPVG board approved to issue a corporate guarantee in favor of Rotherham Consultants Ltd. in relation to the $900,000 loan by IP Capital Partners Ltd.

A corporate guarantee will also be issued in favor of IP E-Games for P9 million to secure 20 percent of the credit facility obtained by the latter from Union Bank.