Globe seals loan deals with Mizuho Bank to fund 2018 capex

Ayala-led Globe Telecom Inc. has signed two loan facilities with Mizuho Bank Ltd. to partly finance its capital expenditures (capex) this year.

“Globe Telecom Inc. signed P6 billion and $20 million 7-year term loan facilities with Mizuho Bank Ltd.,” the telco said in a regulatory filing submitted by chief compliance officer Marisalve Co.

“The loans shall be used to partially finance the company’s capital expenditures and general corporate requirements,” the filing read.

The company has said it plans to spend $850 million on further improving its internet services.

Globe recorder consolidate service revenues of P127.9 billion last year, up 6 percent from P120.6 billion in 2016, driven by the performance of data-related products as a result of the increasing popularity of streaming and on-demand video content.

For the full-year 2017, the company spent P42.5 billion in capital expenditures to support a growing subscriber base and the demand for data. —Jon Viktor Cabuenas/VDS, GMA News