Bank of China provides $100 million loan to Globe Telecom to finance its capital expenditures
Commitment amount
$ 100000000.0
Adjusted commitment amount
$ 100000000.0
Constant 2021 USD
Summary
Funding agency [Type]
Bank of China (BOC) [State-owned Commercial Bank]
Recipient
Philippines
Sector
Business and other services (Code: 250)
Flow type
Loan
Level of public liability
Private debt
Infrastructure
No
Category
Project lifecycle
Description
On May 14, 2021, Globe Telecom, Inc. signed a $100 million term loan facility with Bank of China (Hong Kong) Limited. The proceeds of the loan were to be used by the borrower to finance its capital expenditures.
Additional details
1. Globe Telecom, Inc., commonly known as ‘Globe’, is a major provider of telecommunications services in the Philippines. The company operates the largest mobile network in the Philippines and one of the largest fixed-line and broadband networks. As of December 2022, Globe's total mobile subscriber base reached 87.9 million. It is also the country's largest telecommunications company in terms of market capitalization. The company's principal shareholders are Ayala Corporation and Singtel. It is listed on the Philippine Stock Exchange under the ticker symbol GLO and had a market capitalization of PHP 363 billion as of the end of August 2021.
Number of official sources
2
Number of total sources
4
Details
Cofinanced
No
Direct receiving agencies [Type]
Globe Telecom [Private Sector]
Implementing agencies [Type]
Globe Telecom [Private Sector]