AYALA-LED Globe Telecom, Inc. has secured a P3-billion loan from the Bank of the Philippine Islands (BPI) to partly fund its capital expenditures (capex) and debt refinancing, the company said on Thursday.
In a regulatory filing, Globe said it had signed a term loan facility with BPI, which will be used for the company’s capex, debt refinancing, and other general corporate requirements.
The company has invested P41 billion in capex for the first nine months of the year, which is 24% lower than its capex in the comparable period a year ago.
The 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 target and aims to reduce it further next year.
As of the end of September, Globe had built 685 new 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 focus on enhancing capacity 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 cash flow position, it said.
At the local bourse on Thursday, shares in the company fell by P16, or 0.76%, to end at P2,100 apiece. — Ashley Erika O. Jose
