Globe signs USD90m loan with China Bank to fund 2012 CAPEX

30 Jan 2012

Globe Telecom of the Philippines has signed a ten-year USD90 million floating rate term loan facility with China Bank, reports. In a filing with the country’s stock exchange, Globe said the proceeds of the loan will be used to help fund its CAPEX requirements in 2012. The Philippines’ second largest operator by revenues has earmarked USD790 million over five years to modernise its networks and IT systems, of which USD640 million will be spent in 2012/13. The company, which is owned by Ayala Corp and SingTel, posted net income of PHP7.994 billion (USD186.5 million) in the first nine months of 2011, up 7% year-on-year.

Philippines, Globe Telecom (incl. Innove)