DITO CME Holdings Corp., led by businessman Dennis Uy, has successfully secured a $3.9 billion long-term facility from a consortium of leading banks.
This 15-year financing arrangement serves a dual purpose: retiring outstanding debts and supporting the expansion endeavors of its subsidiary, DITO Telecommunity Corp.
Notably, this facility marks a significant milestone in Philippine corporate financing history, as it ranks among the largest long-term debt transactions ever orchestrated and syndicated by a consortium of multinational banks for a domestic corporation.
The fresh capital will be used to to retire short-term bridge loan facilities totaling $1.3 billion, with the remaining funds earmarked for meeting contractual obligations and accelerating the rollout of DITO Telecommunity’s network infrastructure.
This infusion is poised to elevate service quality, enhance the user experience, and expedite the adoption of its fixed wireless access (FWA) 5G and mobile postpaid product offerings.
Ernesto R. Alberto, president of DITO CME, said: “This project finance facility epitomizes a resounding vote of trust and confidence in the Company’s vision to play a pivotal role in catalyzing digital services across the Philippines.”
“In conjunction with recent equity investments at the DITO CME level, this long-term debt facility equips DITO Telecommunity with the resources and certainty needed to progress expeditiously toward the realization of its business plan objectives,” the company said.