Globe Telecom Secures PHP 15 Billion Loan for Network Expansion
Summary
Philippines telecommunications provider Globe Telecom has secured a PHP 15 billion term loan facility from Metropolitan Bank and Trust Company (Metrobank). In an exchange filing last week, Globe Telecom noted that the loan proceeds will be used to finance the companys capital expenditures (CAPEX), debt refinancing, and/or general corporate requirements.Also Read: Globe Philippines Deploys 542 New Cell Sites in 1H 2023Globe said it has invested PHP 37.7 billion in capex as of the first half of 2023, with 90 percent of the CAPEX spending allocated to data network builds. This is consistent with the companys efforts to bring free cash flow back to more sustainable levels and meet the consumers escalating demand for data. Globe said this CAPEX is 25 percent lower than the similar period of 2022.According to the statement, Globe said that as of June 2023, it has built 542 new cell sites, upgraded 5,087 mobile sites to LTE to meet the increasing data demands of customers, and deployed around 148,000 fibre-to-the-home (FTTH) lines. The company has enabled 356 new 5G sites across the Philippines, increasing its 5G outdoor coverage to 97.44 percent of the National Capital Region and 91 percent of key cities in Visayas and Mindanao.The term loan facility from Metrobank will help Globe to continue investing in its network infrastructure and expand its 5G coverage.