ABS-CBN Corporation recently signed a P10 billion syndicated term loan agreement with eight local financial institutions. In a statement provided to PEP by the corporate communications department of ABS-CBN, it stated that the Kapamilya Network signed the loan agreement "to take advantage of prevailing low interest rates and its stronger financial performance in recent years."
According to www.financial-dictionary.com, a syndicated loan is one that is made by many lenders to a single borrower.
Bank of the Philippine Islands, Banco de Oro, Security Bank, Insular Life, Allied Bank and AlliedBank Savings, and PNB and PNB Life funded the loan.
ABS-CBN plans to use P6.6 billion for "refinancing of existing debt" while the remaining P3.4 billion will go to the planned capital expenditures in digital terrestrial TV infrastructure and the continuing expansion requirements for cable TV and other services.
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