Globe president and chief executive officer Ernest Cu earlier said the telco’s capex could reach $850 million to $900 million this year to meet the strong demand for bandwidth-intensive content.
File
Globe borrows P7 billion from Mizuho Bank
Louella Desiderio (The Philippine Star) - March 14, 2018 - 12:00am

MANILA, Philippines — Globe Telecom Inc. is borrowing a total of P7.04 billion from Mizuho Bank Ltd. to partly finance its capital expenditures this year.

In a disclosure to the Philippine Stock Exchange yesterday, the Ayala-led telco said it signed P6 billion and $20 million (P1.04 billion) seven-year term loan facilities with Mizuho Bank Ltd.

“The loans shall be used to partially finance the company’s capital expenditures and general corporate requirements,” Globe said.

Globe president and chief executive officer Ernest Cu earlier said the telco’s capex could reach $850 million to $900 million this year to meet the strong demand for bandwidth-intensive content.

Last year, Globe spent P42.5 billion (around $850 million) to support its growing subscriber base and demand for data.

Globe reported a net income of P15.1 billion in 2017, down five percent due to higher depreciation expenses and increased non-operating charges as it recognized the full year impact of the additional costs related to its acquisition of half of San Miguel Corp.’s telco assets.

Excluding the impact of non-recurring charges, one-time gain, foreign exchange gains and mark-to-market changes, Globe’s core net income rose 15 percent to P13.55 billion.

GLOBE TELECOM MIZUHO BANK
Philstar
Facebook
  • Latest
  • Trending
Latest
Are you sure you want to log out?
X
Login

Philstar.com is one of the most vibrant, opinionated, discerning communities of readers on cyberspace. With your meaningful insights, help shape the stories that can shape the country. Sign up now!

SIGN IN
or sign in with