Globe Telecom secures loans totalling $214m

Globe Telecom secures loans totalling $214m

Globe Telecom announced it signed loan facilities with three banks to secure a total of PHP12 billion (US$214 million) to fund capex plans and refinance debt.

In a statement, Globe revealed it signed agreements with the Bank of the Philippine Islands (PHP3 billion), China Banking Corporation (PHP5 billion) and Robinsons Bank Corporation (PHP4 billion).

The operator spent PHP54 billion in capex in the first three quarters of this year, 27% lower year-on-year, as part of its strategy of capital efficiency and optimisation. The bulk or 91% of capex spend this year was allocated to maintaining services and solutions. 

These latest loan agreements follow a recent deal struck with Metropolitan Bank & Trust Company for capex expenditure. 

Globe Telecom revealed in its latest financial report a 27% plunge in profits but an uptick in revenues. 

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