The Philippines' Globe Telecom has secured a $40 million loan to help finance its operating and capital expenditures.
The company has taken out the loan facility with the Bank of the Philippine Islands. As well as funding capital expenditures and general corporate requirements, Globe said the loan shall be used to partially refinance its maturing debt obligations.
Globe invested around 32.5 billion pesos ($616 million) during the first nine months of PLDT to support its growing subscriber base and the rapid increase in demand for data services.
For the nine-month period, the company reported consolidated service revenue of 103.3 billion pesos, largely as a result of better-than-expected data revenue growth across the consumer and business segments.