Globe Telecom Inc. yesterday said it borrowed P15 billion from Metropolitan Bank & Trust Co. (Metrobank) to refinance debt and fund its capital expenditure (capex) this year.
In a disclosure to the Philippine Stock Exchange, Globe said it signed term loan facilities with Metrobank that will be used to finance its capex as well as for debt refinancing and general corporate requirements.
For this year, Globe has allocated about $1.3 billion for its capex, which is more than 30 percent lower than last year, as the company shifts its focus to optimizing capital deployment and bringing free cash flow to more sustainable levels.
Globe said it spent P37.7 billion in capex as of the first half of 2023, down by 25 percent from the similar period in 2022 and consistent with its effort to bring free cash flow back to more sustainable levels.
The majority or about 90 percent of the capital spending was allocated to data network builds to meet the consumer’s escalating demand for data, the company added. – Myla Iglesias
