March 25, 2013

Globe Signs $120 million Facility

Globe Telecom signed a $120 million term loan facility with Metropolitan Bank and Trust Co. (Metrobank) as lender.

Proceeds of the loan will be used to finance the company's capital expenditures, which include the on-going network modernization and transformation program, and investments in fixed line, international cable facilities, and IT infrastructure.

The term loan facility with Metrobank brings to $19 million the total loans signed by Globe for the first quarter of the year.

In 2012, Globe saw a 30% drop in net income after tax to P6.857 billion from P9.832 billion seen in 2011. But core net income amounted to P10.275 billion, 2% higher than the P10.030 billion in the previous year.