AYALA-LED Globe Telecom, Inc. has secured a P3-billion loan from the Bank of the Philippine Islands (BPI) to partially fund its capital expenditures (capex) and debt refinancing, the corporate said on Thursday.
In a regulatory filing, Globe said it had signed a term loan facility with BPI, which can be used for the corporate’s capex, debt refinancing, and other general corporate requirements.
The corporate has invested P41 billion in capex for the primary nine months of the yr, which is 24% lower than its capex within the comparable period a yr ago.
The vast majority of Globe’s capex was allocated for data requirements, it said, noting that this ensures seamless and reliable connections for its users.
For 2024, Globe has set a $1-billion capex goal and goals to cut back it further next yr.
As of the top of September, Globe had built 685 latest cell sites, upgraded 2,723 mobile sites to long-term evolution (LTE) technology, and deployed 55,076 fiber-to-the-home lines to strengthen its fiber infrastructure.
“These initiatives underscore Globe’s strategic concentrate on enhancing capability utilization and maximizing network efficiency through prudent spending,” Globe said.
Proceeds from the loan will help Globe achieve its goal of providing connectivity across the country while also helping it attain a positive free money flow position, it said.
On the local bourse on Thursday, shares in the corporate fell by P16, or 0.76%, to finish at P2,100 apiece. — Ashley Erika O. Jose
