MANILA - Ayala-led Globe Telecom Inc. has signed a $75-million loan facility with foreign banks to finance its capital expenditures this year.

"Globe Telecom Inc. signed a $75 million credit facility on July 31, 2009," Globe treasury division head Albert de-Larrazabal said.

De Larrazabal added that the loan was arranged by Citibank N.A., with Citibank N.A., Deutsche Investitions-Und Entwicklungsgesellschaft MBH, and Nederlandse Financierings-MaatschapprjVoor Ontwikkelingslanden N.V. as lenders.

Globe, the country's second-largest phone firm, has earmarked $350 to $400 million for investments in wired and wireless broadband services, network enhancements and maintenance of its core 2G business this year.

Globe is expected to release its first-half financial report this week.

In the first 3 months of the year, it reported a net income of P4 billion, up by 17% from last year, mainly due to an after-tax gain of P398 million.

The company registered 25.7 million cellular subscribers as of the period.