Globe Telecom secures USD112m loan for CAPEX plans

The Philippine Daily Inquirer writes that Globe Telecom has secured a PHP5 billion (USD112.4 million) loan from state-run Development Bank of the Philippines to finance its expansion activities in 2010. It is understood the facility marks the culmination of the telco’s financing requirements for the current financial year and ‘will be used to finance the company’s capital expenditures, which include the build-up of additional mobile, wireline data, broadband and international submarine facilities to support its increasing subscriber base,’ said Globe chief finance officer Alberto de Larrazabal. Globe’s CAPEX for 2010 is expected to top USD500 million, dependent on the strength of the economy. The loan follows the signing of a PHP2 billion credit facility with Lucio Tan-led Allied Bank earlier this year.