C05485-2023

SECURITIES AND EXCHANGE COMMISSION
SEC FORM 17-C

CURRENT REPORT UNDER SECTION 17
OF THE SECURITIES REGULATION CODE
AND SRC RULE 17.2(c) THEREUNDER

1. Date of Report (Date of earliest event reported)
Jul 17, 2023
2. SEC Identification Number
1177
3. BIR Tax Identification No.
000-768-480-000
4. Exact name of issuer as specified in its charter
Globe Telecom, Inc.
5. Province, country or other jurisdiction of incorporation
Philippines
6. Industry Classification Code(SEC Use Only)
7. Address of principal office
27/F, The Globe Tower, 32nd Street corner 7th Avenue, Bonifacio Global City, Taguig Postal Code 1634
8. Issuer's telephone number, including area code
(02) 7797-2000
9. Former name or former address, if changed since last report
N/A
10. Securities registered pursuant to Sections 8 and 12 of the SRC or Sections 4 and 8 of the RSA
Title of Each Class Number of Shares of Common Stock Outstanding and Amount of Debt Outstanding
Common Shares 144,060,544
Total Debt (in Php Mn) 234,500
11. Indicate the item numbers reported herein
Please refer to the attached.

The Exchange does not warrant and holds no responsibility for the veracity of the facts and representations contained in all corporate disclosures, including financial reports. All data contained herein are prepared and submitted by the disclosing party to the Exchange, and are disseminated solely for purposes of information. Any questions on the data contained herein should be addressed directly to the Corporate Information Officer of the disclosing party.

Globe Telecom, Inc.GLO

PSE Disclosure Form 4-1 - Acquisition or Disposition of Assets References: SRC Rule 17 (SEC Form 17-C) and
Section 4.4 of the Revised Disclosure Rules

Subject of the Disclosure

Disposition of tower assets
Background/Description of the Disclosure

On 7 May 2023, Globe signed a sale and leaseback agreement with Unity Digital Infrastructure (Unity), a partnership between Aboitiz InfraCapital (AIC) and Partners Group for the sale of 447 towers amounting to approximately Php5.4 billion.
Date of Approval by
Board of Directors		 May 7, 2023
Rationale for the transaction including the benefits which are expected to be accrued to the Issuer as a result of the transaction

This transaction will allow Globe to efficiently raise capital, redeploy capital from passive infrastructure to active equipment, improve balance sheet health, and leverage expertise of tower companies.

Globe expects to recognize an estimated pre-tax net transaction gain of Php1.8 billion from the transaction, reporting and recognition of which will be according to the timing of the transaction closings.
Details of the acquisition or disposition
Date TBA
Description of the Transaction

On 7 May 2023, Globe signed a sale and leaseback agreement with Unity Digital Infrastructure (Unity), a partnership between Aboitiz InfraCapital (AIC) and Partners Group for the sale of 447 towers amounting to approximately Php5.4 billion.

On 17 July 2023, Globe achieved the first closing of 115 towers out of the 447 to be acquired by Unity Digital Infrastructure (Unity) for approximately Php1.4 billion

There will be multiple closing dates which will happen as and when closing conditions are met. We will provide updates on the relevant development of the disposal of tower assets in due course.
Manner

Negotiated between the parties
Description of the assets involved

447 telecommunication towers and related passive infrastructure
Terms and conditions of the transaction
Nature and amount of consideration given or received

Sale of 447 towers amounting to approximately Php5.4 billion
Principle followed in determining the amount of consideration

The parties determined the selling price after negotiations.
Terms of payment

There will be multiple closing dates which will happen as and when closing conditions are met.

On 17 July 2023, 115 towers (out of 447) were sold to Unity Digital Infrastructure (Unity) for a cash consideration of ~Php1.4 billion.
Conditions precedent to closing of the transaction, if any

The specific closing conditions are part of the Sale and Leaseback Agreement and covered by confidentiality obligation
Any other salient terms

N/A
Identity of the person(s) from whom the assets were acquired or to whom they were sold
Name Nature of any material relationship with the Issuer, their directors/ officers, or any of their affiliates
Unity Digital Infrastructure (Unity) N/A
Effect(s) on the business, financial condition and operations of the Issuer, if any

The transaction will result in availability of funds for Globe to support future capital expenditures, debt repayments and debt avoidance with the expectation to improve the balance sheet health of the company
Other Relevant Information

This disclosure was amended to include an update on the transaction whereby on 17 July 2023, Globe closed the sale of 115 towers to Unity Digital Infrastructure (Unity).
If the transaction being reported is an acquisition, kindly submit the following additional information:
Source(s) of funds

N/A
If any asset so acquired by the issuer or its subsidiaries constituted plant, equipment or other physical property, state the nature of the business in which the assets were used by the persons from whom acquired and whether the issuer intends to continue such use or intends to devote the assets to other purposes, indicating such other purposes

N/A
Filed on behalf by:
Name Jose Mari Fajardo
Designation Director