UnionBank and ABS-CBN signed a PHP4.75-billion 10-year loan facility to refinance the broadcasting giant’s syndicated loan acquired in 2010. The media network intends to use the facility for system upgrades and replacements.
“We’re exploring more opportunities to do business with UnionBank, not just on the loan side but also on transaction banking side. We’re looking forward to building a strong relationship with UnionBank in the future.”
— Ricardo B. Tan, Jr., Treasurer, ABS-CBN Corporation