DITO Telecommunity, based in the Philippines, has obtained a 15-year $3.9 billion loan from a group of international banks to finance the expansion of its network.
The arrangement will be one of the largest long-term debt coordinations for a Philippine company, according to a statement from DITO CME Holdings Corporation, the parent company of DITO Telecommunity.
Around US$1.3 billion will be used to repay short-term bridge loan facilities, with the remainder used to pay contractors and fund the company's subsidiary DITO Telecommunity's ongoing network rollout. The cash injection will improve the customer experience while also accelerating the adoption of DITO's FWA 5G and post-paid products.
The loan, according to the operator, is a "key milestone" to ensure the company stays on track with its long-term goals and, potentially, meets them sooner. DITO Telecommunity went commercial in March 2021, reportedly planning to break even in 2025 and turn a profit in 2028.
DITO CME President Ernesto Alberto said, “This project finance facility represents strategic trust and confidence in the vision of the Company to be a major enabler of digital services in the Philippines."
