Globe Telecom signs Php7-B loan with Metrobank

By Leslie D. Venzon

MANILA, Oct. 2 (PNA) — Globe Telecom Inc. has secured a Php7-billion loan facility from the Metropolitan Bank and Trust Company to finance its capital expenditures.

In a statement to the Philippine Stock Exchange, Globe said it signed a 10-year Php5-billion and seven-year USD 45-million term loan with the bank.

“This new loan facility from Metrobank will help us address the demands of our customers in their continuing shift to a digital lifestyle. Globe is committed to invest in additional network capacities to handle the robust growth in data traffic from our customers,” said Alberto de Larrazabal, Globe chief finance officer.

Globe invested about Php11.4 billion in capital expenditures in the first half of 2015.

Bulk of the investment was allocated to data-related projects, including investments for the country’s broadband network, capacities for wireless data, LTE and domestic and international transmission facilities.

Globe Telecom Inc. closed the first half of 2015 with record-level consolidated service revenues of Php53.8 billion, up 13 percent from Php47.7 billion reported a year ago, driven by the strength of robust revenue gains on mobile data and broadband.(PNA)