MediaScape, a unit of TV5 operator MediaQuest Holdings Inc., has asked the National Telecommunications Commission (NTC) to approve its P500-million loan from Security Bank to finance its broadcasting stations.
“The immediate approval of the foregoing credit agreement between [MediaScape] and Security Bank as well as the planned loan and security transaction between [MediaScape] and Security Bank will go a long way in assuring the successful operation by applicant of its broadcasting station as well as the acquisition by the latter of necessary equipment and facilities,” MediaScape said.
MediaScape is a wholly owned subsidiary of MediaQuest Holdings Inc., which in turn is the media arm of Philippine Long Distance Telephone Co. (PLDT).
The company said the drawdowns of loans were anchored on the NTC’s prior approval.
MediaScape has existing provisional authorities (PA) to operate and maintain VHF (very high frequency) and UHHF (ultra-high frequency) broadcasting stations in several localities throughout the country.
The broadcasting company has also several applications pending with NTC for the issuance of certificates of public convenience to install, operate and maintain VHF and UHF TV broadcasting stations nationwide.
Earlier, MediaScape filed 50 separate applications for UHF and VHF broadcasting TV systems.
MediaScape wants to put up TV stations in Butuan, Zambales, Coron, Ormoc, Bohol, Tacloban and Albay.
ABC Development Corp, the operator of TV5 earlier tapped a P3 billion seven-year term loan facility and a P1 billion working capital facility from Banco De Oro Unibank Inc. for its expansion.
The netowrk said the proceeds of the loan will refinance TV5’s existing debt and to partially finance its new studio complex, among other capital expenditures.
TV5 parent firm MediaQuest Holdings Inc. earlier said it would spend P10 billion in the next two years to improve the network’s coverage and signal strength nationwide.
The third-ranked network had said it expects to complete its state-of-the-art Media Center by middle of next year.
The 63,000-square meter Media Center will comprise a nine-story corporate building and two eight-story structures of office spaces, TV production and post-production areas, radio booths, and other cutting-edge broadcast facilities.