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Manila Bulletin devider Business devider Globe selling over 7,000 towers

Globe selling over 7,000 towers

Published Aug 12, 2022 12:29 pm

Globe Telecom Inc. today (Friday, August 12) diclosed it has obtained Board approval to sell over 7,000 towers, of which 66 percent are located in Luzon, 19 percent in Mindanao and 15 percent in Visayas.

The telco already signed two sale and leaseback agreements for two portfolios consisting of 5,709 telecom towers and related passive telecom infrastructure for over P71 billion.

Overall, the tower assets up for sale consist of 79 percent ground-based towers and 21 percent rooftop towers.

These have been grouped into 3 unique distinct portfolios assigned to three different tower companies representing local and international groups with deep experience and expertise in telecom tower infrastructure, engineering and construction.

Upon completion, these transactions will be the largest ever tower sale and leaseback deal in the country, according to Globe.

The telco expects to raise a significant amount of capital over the next few quarters from executing these deals.

Of the total proceeds, approximately 75 percent will be used to fund capital expenditures, to support ongoing network expansion and sustain industry-leading network consistency and reliability scores.

The balance of 25 percent will be earmarked to cover Globe's 2023 debt servicing requirements.

The tower deals will significantly improve the telco's balance sheet, provide flexibility to compete in a dynamic market and expand its digital ecosystem.

So far, the first portfolio being sold consists of 2,180 telecom towers in Luzon.

MIESCOR Infrastructure Development Corporation (MIDC), a joint venture between Manila Electric Co. (Meralco) subsidiary MIESCOR and global infrastructure investor Stonepeak, is acquiring the towers for P26.2B and will lease them back to Globe for an initial period of 15 years.

Globe will be the anchor tenant of the telco towers at a monthly rate of P100,000 per tower.

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The longer lease tenor provides Globe with more stability and certainty with regard to the use of these passive infrastructures, which is critical to its core telco service.

Globe also provided a firm commitment for additional 750 build-to-suit towers over a period of four years.

The first close for this portfolio is targeted to happen within the 3rd quarter of the year, with subsequent closings happening as and when closing conditions are met.

Globe estimates the pre-tax gains of P10.6 Billion from this first portfolio.

On the other hand, the second portfolio consists of 3,529 towers to be sold to Frontier Tower Associates Phils Inc for P45 Billion and also leased back over an initial period of 15 years.

The first closing target for this portfolio is late 3rd quarter, with subsequent closings happening when closing conditions are met.

Globe estimates the pre-tax transaction gain for this portfolio will be P15 Billion.

At present, the telco is in advance discussion with one other tower company for the sale and leaseback of an additional 1,350 telecom towers and related passive telecom infrastructure in Visayas and Mindanao.

Globe expects to sign the sale and leaseback agreement witg this tower company within the third quarter, with first closing happening by 4th quarter, 2022.

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