Globe Telecom borrows US$90m

Published on 03.02.2012

Filipino operator Globe Telecom took out a US$90m loan from China Banking Corp. The 10 year facility bears a floating interest rate, and will be used for 2012 capital expenditure. Globe is working on a US$790m five year modernisation plan to prepare for a boom in broadband and mobile data. The telco will invest US$640m of the total in 2012/3. Globe took out two other loans in November and December last year aimed at 2012 capex: P5bn from BDO Unibank and P5bn from Rizal Commercial Banking Corp. Globe Telecom also announced it will redeem P3.02bn of five-year fixed rate bonds ahead of time to take advantage of prevailing low interest rates.