Fiber internet giant Converge ICT Solutions Inc. plans to raise much as P20 billion from the local debt market to support its capital spending next year.

In a disclosure to the Philippine Stock Exchange, Converge said it had filed with the Securities and Exchange Commission (SEC) a registration statement for the shelf registration of fixed bonds amounting to P20 billion.

Converge will initially issue up to P10 billion bonds.

The bonds will be issued within a period of three years and will be listed on the Philippine Dealing & Exchange Corp.

Converge chairman and president Dennis Anthony Uy said proceeds from the bonds would be used to support its capital requirements including the expansion of the company’s data center and international cable investments on top of it’s continuous network rollout.

The company is investing $200 million in an international submarine cable which is three times bigger than its Bifrost Cable System.

Expected to be completed in 2024 and spanning over 15,000 kilometers, Bifrost is the world’s first subsea cable system that directly connects

Singapore, Indonesia, the Philippines, Guam, and the west coast of North America.

The Bifrost Cable System will boost the connectivity of the region’s governments and businesses, including cloud operators, telecommunications operators, network providers, over-the-top (OTT) providers, data centres, governments, enterprises, and consumers by offering them competitive pricing and capacity resilience.

Converge likewise completed a critical infrastructure in its domestic fiber backbone in Mindanao, improving fiber internet service availability for subscribers in southern Philippines.

The post Dennis Anthony Uy gearing up for the future: Converge to raise P20B from bond offer first appeared on Bilyonaryo Business News.



Dennis Anthony Uy gearing up for the future: Converge to raise P20B from bond offer
Source: Filipino Daily Inquirer