Globe Telecom calls $294 million 9¾% notes

By Michelle Anderson

Rochester, N.H., Feb. 23 - Globe Telecom, Inc. will prepay its $294 million of 9¾% senior unsecured notes on April 15, five years ahead of the April 12, 2012 due date, according to a press release.

As previously reported, the company is redeeming the notes to take advantage of the current low-interest rate environment.

To finance the redemption, Globe raised 5 billion pesos from a corporate note from Standard Charter Bank and has entered into a $50 million term loan with Norddeutsche Landesbank Girozentrale, Singapore Branch. The balance amount will be prepaid from internal funds.

Globe is a telecommunications firm based in Mandaluyong City, the Philippines.

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