DITO Telecommunity signs $3.9B project financing; paying off debts 

DITO CME Holdings Corp. said Thursday its unit, DITO Telecommunity Corp., has signed a $3.9 billion, 15-year project financing, one of the largest long-term debt arranged and syndicated by multinational banks for a Philippine company.

DITO CME, the listed information and communications technology sector holding firm of the Udenna Group of Davao-based businessman Dennis Uy, said proceeds of the loan will be used to pay off short-term bridge loans totaling $1.3 billion, providing the operating unit some fiscal breathing space.

It said the balance of the loan will be used to pay contractors and fund the continuing network rollout of DITO Telecommunity to further improve the quality of access and user experience as well as accelerate the take up of its FWA5G and mobile postpaid product offerings. 

“This project finance facility represents strategic trust and confidence in the vision of the company to be a major enabler of digital servicesin the Philippines,” DITO CME President Ernesto Alberto said in a statement. He added that the “long-term project finance facility is a key milestone, one that helps ensure future funding activities, in both debt and equity.”

Alberto said that in combination with the recent equity investments at the DITO CME level, the $3.9 billion debt will provide DITO Telecommunity with more confidence in achieving its targets soonest.