Globe secures USD90m loan facility to fund CAPEX plans

25 Jul 2008

The Philippines’ second largest telecoms group Globe Telecom today announced it has secured a PHP4 billion (USD90 million) five-year loan facility to fund its capital spending programme in 2008. Reuters reports that Globe told the local stock exchange that it has signed the loan agreement with the country’s second-biggest bank Banco de Oro Unibank. In April this year Globe, which according to TeleGeography’s Globalcomms database controlled 36.22% of the cellular market at 31 March, behind Smart Communications with 54.66%, said it was setting aside USD400 million to USD450 million for CAPEX this year. It has already secured a PHP2.5 billion five-year loan with the Metropolitan Bank & Trust Co and a 3-5 year loan of PHP5 billion with Standard Chartered Bank.

Philippines, Globe Telecom (incl. Innove)