Templates by BIGtheme NET

Globe Telecom Incorporated 7 Billion Pesos Capital Spending Loan

Globe Telecom Incorporated, a leading telecommunication provider from the Philippines, stated last Tuesday that their company is currently in talks with a total of 13 different banks both foreign and local. The set of discussions is the Globe Telecom Incorporated’s latest efforts in obtaining a much needed 7 billion pesos that is equivalent to almost a $157 million loan. The needed funding applied for is basically to partly help fund Globe Telecom Incorporated’s overall capital spending for the year 2015.

Alberto Larrazabal, Globe Telecom Incorporated’s chief finance officer, stated that the loan that was being applied for may have a possible 7 up to 10 years maturity, which will greatly help in financing the company’s overall capital spending that amounted to $650 million just this year, which is about almost the same as the overall budget that was recorded last year.

He also added that the company is currently searching the market and they are getting multiple proposals.  Globe Telecom Incorporated’s chief finance officer also stated that the planned borrowing move may be in a form of a club loan. Alberto Larrazabal also added that Globe Telecom Incorporated’s loan application and approval may be obtained not later than the coming month.

Image source : rappler.com