Globe signs P15-B loan facilities with 2 banks

 Globe signs P15-B loan facilities with 2 banks
REUTERS

Globe Telecom, Inc. said on Friday that it had inked loan facilities with BDO Unibank, Inc. and Land Bank of the Philippines for P10 billion and P5 billion, respectively, to finance its capital expenditures and repay existing debts.

The loans will also be used for the company’s general corporate requirements, Globe said in a disclosure to the stock exchange.

“Globe invested a record level capital expenditure of P65.4 billion as of end-September 2021, surpassing last year’s full-year investment of P60.3 billion,” the company said.

Globe is building and upgrading cell sites across the country as part of its goal to improve customer experience and expande service coverage.

“The company sustained its network build momentum with 1,080 new cell sites, upgrading at least 12,900 sites including both 4G LTE and 5G, and installing over one million fiber-to-the-home lines, which already surpassed this year’s full-year target,” it noted.

As of September this year, the telco’s attributable net income increased 12.8% to P17.90 billion from P15.87 billion in the same period in 2020.

Total revenues for the January-to-September period grew 4.1% to P113.55 billion from P109.10 billion in the previous year.

Globe Telecom shares closed 3.14% higher at P3,280 apiece on Friday. — Arjay L. Balinbin