Globe borrows for capex needs

Telecommunications giant Globe Telecom Inc. said it will secure a loan of 20 billion yen, roughly P7.6 billion, from Tokyo-based Mizuho Bank Ltd. to fund its capital expenditures (capex) and other financing needs.

- By DEXTER BARRO II

In a disclosure to the Philippine Stock Exchange (PSE), Globe said it entered into a term loan facility with Mizuho Bank to partially finance capex, debt refinancing, and other general corporate requirements.

In the first nine months, Globe invested P31.4 billion in capex, down 23 percent from the amount in the same period last year.