Globe secures P15-B bank loans to fund capex
MANILA, Philippines — Globe Telecom Inc. secured billions of pesos in bank loans to fund capital expenditures.
In a disclosure to the Philippine Stock Exchange on Friday, the Ayala-led telco reported it signed a P10-billion bank loan with BDO Unibank Inc. and another P5 billion with state-owned Land Bank of the Philippines.
Globe set aside P76 billion to fund its capital expenditures for this year..
The bank loans will also be used to pay off old debts and finance general corporate operations.
Securing this loan facility came months after Globe reported 88% of its capex bankrolled its network rollout to improve mobile data and internet services for subscribers.
By the end of September, Globe spent P65.4 billion to improve its data network builds. The longstanding telco has built 1,080 new cell sites while upgrading 12,900 sites that provide 4G LTE and 5G, the fastest mobile internet connection in the country so far.
As of 11:54 a.m. Friday, shares in Globe were trading up 3.02% to P3,276 apiece.
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