Globe Telecom taps LandBank for P7-B loan to fund 2014 capex

Globe Telecom Inc. on Thursday said it borrowed P7 billion from state-owned Land Bank of the Philippines to partly fund its capital expenditures for 2014.

 

In a disclosure to the Philippine Stock Exchange , the Ayala-led telco said it signed a seven-year term loan to cover its corporate needs for next year.

 

“The proceeds of the loan will be used to finance Globe's general and corporate requirements for capital expenditures for 2014,” Alberto de Larrazabal, Globe chief financial officer said. 

 

The company, a joint venture between conglomerate Ayala Corp. and Singapore Telecommunications Ltd.,  said it is still crunching numbers on the actual allocation, but the it allocated between $450 million and $500 million this year. – VS, GMA News