Globe signs $90 million loan agreement with China Bank (Phillipines)

Telecommunications company Globe Telecom has signed a 10-year long-term loan agreement with China Banking Corporation worth US$ 90 million. According to company reports, the loan will help the company carry out the capital expenditure for this year focused towards modernizing its network and technology in an attempt to improve voice and data services.

Further, the company also announced plans of a $790-million network modernization program in the next five years, of which it reportedly plans to spend $640 million in 2012 and 2013. The company has reportedly claimed that this is the first loan agreement signed by the operator this year and that it carries a floating rate of interest.