Globe Telecom Inc. received approval from the Philippine Stock Exchange (PSE) to raise as much as ₱25 billion through a sale of non-voting preferred shares to refinance debt and support network expansion.

In a notice posted on the bourse’s website, the PSE said the Ayala-led carrier will offer an initial tranche of as many as 12.5 million preferred shares, consisting of a base offer of 7.5 million shares and an oversubscription option of five million shares. The shares, which will be issued from treasury, are priced at ₱2,000 each.

The approval marked the start of a five-year shelf registration program for up to 20 million preferred shares, each with a par value of ₱50.

Proceeds from the fund-raising exercise are earmarked to redeem Globe’s existing perpetual capital securities and to finance its capital expenditure requirements as the company continues to bolster its data and fiber infrastructure.

The offer period is scheduled to run from Feb. 13 to Feb. 20, 2026, with the issue date set for March 2, 2026.

Any portion of the oversubscription option that remains unexercised during this first tranche will be added back to the remaining 7.5 million shares under the shelf registration, allowing Globe to issue them in subsequent tranches over the next five years, subject to regulatory requirements from the Securities and Exchange Commission and the exchange.

Globe’s move to tap the capital markets comes as Philippine telecommunications firms navigate a high-interest-rate environment while maintaining aggressive spending to meet the country’s growing digital demands.

By utilizing preferred shares, the company can manage its leverage ratios without diluting the voting power of its common equity holders.

BPI Capital Corp., BDO Capital & Investment Corp., and China Bank Capital Corp. are serving as the joint lead issue managers for the transaction. These three firms are joined by First Metro Investment Corp. and SB Capital Investment Corp. as joint underwriters and bookrunners.

Under the terms of the shelf registration, the company maintains the flexibility to adjust the timing of future tranches based on market conditions and its specific funding needs. Shares not utilized in the initial ₱25 billion tranche will remain available for issuance until the expiration of the five-year shelf period.