Globe Telecom Inc. has secured a P3-billion loan from the Bank of the Philippine Islands to partly finance its capital expenditure (capex) and refinance debts.
“The loan shall be used to finance the company’s capital expenditures, debt refinancing and/or general corporate requirements,” Globe said in a disclosure to the Philippine Stock Exchange upon signing the term loan facility with BPI.
As of the first nine months of the year, Globe invested P41 billion in capex, lower by 24 percent compared to the same period in 2023.
Approximately 91 percent of the amount was allocated for data requirements to guarantee that customers have uninterrupted access to digital solutions and connectivity services, ensuring seamless and consistent user experience, Globe said.
Last August, Globe also secured a total of P22 billion loan from major banks for its capex and debt refinancing.
Globe signed term loan facilities with China Banking Corp., Land Bank of the Philippines and Metropolitan Bank & Trust Company for P10 billion, P5 billion and P7 billion, respectively. By the end of September 2024, Globe has built 684 new cell sites and upgraded 2,723 existing mobile sites to Long Term Evolution technology. It also deployed 55,076 fiber-to-the-home lines to strengthen its fiber infrastructure.
