Globe Telecom Signs 5 Billion Peso Loan With Rizal Commercial
November 28, 2011, 4:09 AM ESTBy Cecilia Yap
Nov. 28 (Bloomberg) -- Globe Telecom Inc. signed a 5 billion-peso loan ($114 million) with Rizal Commercial Banking Corp. to fund capital spending next year.
The seven-year loan is the second borrowing Globe signed this year, the company said in a disclosure to the stock exchange today. Globe in early November said it will invest $790 million to upgrade its network and technology systems in the next five years. Of this amount, $640 million will be spent next year and in 2013.
To contact the editor responsible for this story: Cecilia Yap at cyap19@bloomberg.net
