Metro Manila (CNN Philippines, May 17) — Globe Telecom secured $100 million in debt financing to help fund its 2021 spending.
The Ayala-led telco told the local bourse on Monday it inked the loan facility with Bank of China (Hong Kong) Limited.
“The loan shall be used to finance the company’s capital expenditures,” Globe said in a disclosure.
For the first three months of 2021, the telco player already spent ₱19.1 billion in capital expenditures.
This year, Globe expects to shell out a record-high ₱70 billion to finance its massive network upgrades.
“The company’s network roll-out strategy includes aggressive cell site builds, upgrade of all its sites to Fourth Generation/Long Term Evolution technology (4G LTE), and fast-tracking the fiberization of Filipino homes nationwide,” it said.
READ: Globe gets boost from CREATE Law, Q1 earnings jump to ₱7.3B
Earnings in the first quarter reached ₱7.3 billion, 11% higher than the ₱6.59 billion a year ago, as it benefited from the tax cuts imposed under the newly-enacted Corporate Recovery and Tax Incentives for Enterprises (CREATE) law.
The group’s consolidated service revenues, meanwhile, hit ₱37.8 billion, up 3% than the ₱36.9 billion posted in the same period in 2020.
