Yesterday, Metrobank and Globe has formally signed an agreement for a $120M term loan that is said to be used for the telco’s capital expenditures which includes the current network modernization.
Earlier this month, Globe has also sealed a $75M term loan deal with The Bank of Tokyo. In statement made Globe said “The term loan facility with Metrobank brings to $195 million the total loans signed by Globe for the first quarter of the year.”
“Proceeds of the loan will be used to finance the company’s capital expenditures, which include the ongoing network modernization and transformation program, and investments in fixed line, international cable facilities, and IT infrastructure,” said the telco.
However, $195-miliion is still not going to be enough considering that the company is looking at a capital expenditures amounting to a total of $450M – $500M for this year. Thus expect Globe to tap on other financial institution for additional funding.