MANILA, Philippines - ABS-CBN Corp. sealed a loan package worth P1.65 billion with Security Banking Corp. to refinance existing obligations.
In a disclosure to the stock exchange, ABS-CBN chief information officer Eulogio Masilungan said the multimedia giant has obtained a four-year term loan of P1.65 billion from Security Bank.
The loan's interest rate is 4.25% per annum.
Last January 30, the company's board of directors approved the refinancing of its outstanding obligations under an existing P1.65 billion loan with Security Bank through a four-year term.
Earlier, ABS-CBN raised P6 billion from the sale of seven- and 10-year fixed rate bonds. Proceeds would be used to finance ABS-CBN's P10 billion capital expenditure program over the next five years.