DITO Telecommunity renews $1.175 billion loan with Chinese banks


Posted at May 26 2023 10:24 AM

MANILA — DITO Telecommunity has renewed its $1.175. billion loan provided by the Bank of China and the China Minsheng Bangking Corp, its parent company said on Friday.

"The bridge facility is to be repaid and absorbed via a $3.9 billion project finance long-term facility currently being finalized by DITO Tel's senior management, with target closing this year," DITO CME Holding Corp said in a disclosure to the stock exchange.

DITO's network rollout is capital intensive due to the infrastructure construction, among others. 

In January 2022, DITO CME deferred its planned stock rights offer "due to less than ideal market conditions." 

For 2023, DITO earlier said it would seek capital infusions as well as implement cost-cutting measures as losses piled up in the previous years.


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