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Friday, December 8, 2023

Globe Telecom secures P15-b Metrobank loan

GLOBE Telecom Inc. said Monday it signed a P15-billion term loan facility with Metropolitan Bank & Trust Company.

“The loans shall be used to finance the company’s capital expenditures, debt refinancing and/or general corporate requirements,” the telecom unit of the Ayala Group said.

Globe programmed $1.3 billion or P73.82 billion for 2023 capex and $1 billion for 2024.  It spent P37.7 billion in capex in the first six months of 2023.

Majority or about 90 percent of the capex spending was allocated to data network builds to meet the consumer’s escalating demand for data.

Globe built 542 new cell sites and upgraded 5,087 mobile sites to LTE in order to meet the rising data demands of its customers this year. The company also deployed around 148 thousand fiber-to-the-home (FTTH) lines.

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