Globe secures P7B credit facility from Japan’s Mizuho Bank
Ayala-led Globe Telecom Inc. has obtained loan facilities of more than P7 billion, which it plans to use to partly fund its ongoing massive expansion program.
In a disclosure to the Philippine Stock Exchange, Globe said it signed P6 billion and $20 million seven-year term loan facilities with Mizuho Bank Ltd.
“The loans shall be used to partially finance the company’s capital expenditures and general corporate requirements,” Globe said.
Globe earlier programmed between $850 million and $900 million yearly until 2019 for the continued expansion of its mobile and broadband networks.
It spent around P42.5 billion or $844 million last year to support its growing subscriber base and meet the demand for data.