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Converge inks P3 billion loan with LANDBANK

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ABS-CBN News

<p>MANILA - Converge ICT has inked a P3 billion term loan agreement with state-owned Land Bank of the Philippines to fund its fiber backbone network, the company disclosed on Friday.</p><p>The loan will also be used to support the working capital requirements of the company, Converge said. </p><p>“The available funds will help us reach into untapped markets, and really ‘Go Deep’ into existing ones,” said Converge CEO Dennis Anthony Uy. </p><p>The total loan package from LANDBANK will also include an additional short-term loan line as well as a facility for its trade transactions amounting to up to P2 billion. </p><ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/business/05/19/21/converge-ict-says-may-give-free-boost-up-to-100-mbps-this-year">Converge ICT says may give free boost up to 100 Mbps this year</a></li></ul><p>“We expect this financing facility to strengthen our balance sheet and help us reach our goal of covering 55 percent of Filipino households by 2025,” said Converge President Maria Grace Uy. </p><p>Converge said it has programmed a total of P20 billion for capital expenditures this year, with bulk of the funds going into its nationwide expansion where it connected Visayas and Mindanao to its national fiber backbone. </p><ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/business/08/12/21/converge-books-158-pct-rise-in-h1-net-income">Converge books 158 pct rise in first half net income amid expansion to Visayas, Mindanao</a></li>	<li><a href="https://news.abs-cbn.com/business/03/11/21/converge-sets-p20b-capex-for-2021-eyes-55-pct-of-homes-nationwide ">Converge sets P20B capex for 2021, eyes 55 pct of homes nationwide</a></li></ul><div><strong>RELATED VIDEO</strong></div><figure class="op-interactive"><iframe allow="autoplay; fullscreen" frameBorder="0" height="100%" id="ivsplayer01" scrolling="no" src="https://player.ivideosmart.com/ivsplayer/v4/dist/html/iframe-src.html?iframeid=ivsplayer01&amp;key=e8c22c015ca9eafa76f1e3edfa03c603&amp;spid=3001339&amp;vid=1746764" width="100%"></iframe></figure><div class="iwantbar">Watch more in <a href="//www.iwantv.com.ph/">iWantv</a> or <a href="//tfc.tv/">TFC.tv</a></div>

Converge said it will use the loan to fund its fiber network expansion and the working capital requirements of the company. 