Ayalas get P7B additional funding for telco business expansion
Globe Telecom has secured a P7 billion seven-year term loan facility from the Land Bank of the Philippines to support its $850 million capital expenditure requirements.
Bulk of the programmed budget will go to the expansion of data-related services.
Globe had already spent $731 million as.of the end of September.
It earlier obtained a seven-year and 10-year $155 million term loan facility with Metropolitan Bank and Trust Co. and another 10-year, P8 billion term loan facility and an eight-year, P7-billion term loan facility with BDO Unibank Inc.
The company also signed a six-year, P7-billion term loan with Development Bank of the Philippines.