DITO scores USD3.9bn funding deal with banks

DITO Telecommunity’s parent company, DITO CME Holdings, has revealed the signing of a USD3.9 billion long-term loan agreement with several multinational banks. In a filing submitted on 20 September, DITO CME termed the agreement ‘one of the largest long-term debt arranged and syndicated by a group of multinational banks for a Philippine corporation’. The company went on to say that the monies will be used partly to repay another loan of approximately USD1.3 billion, as well as to support DITO Telecommunity’s network expansion to boost network quality and availability, and to improve the end-user experience. Additionally, the new third telco said the funding would help accelerate its entry into the 5G and post-paid mobile sectors.