Network giant ABS-CBN Corp. has signed a loan agreement with eight local financial institutions worth P10 billion to take advantage of low interest rates.
In a statement, the company said it signed a P10-billion syndicated term loan agreement to refinance existing debt as well as fund planned capital expenditures and general working capital requirements.
Bank of the Philippine Islands, Banco de Oro, Security Bank, Insular Life, Allied Bank, Allied Savings Bank, Philippine National Bank and PNB Life funded the loan.
“The oversubscribed order book for our debt refinancing and new debt is a clear manifestation of how our partnership has grown over the years,†ABS-CBN chief financial officer Rolando Valdueza said.
Of the P10 billion, P6.6 billion will refinance existing debt while the remaining P3.4 billion will help fuel the company’s continuing growth. - PDI
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