Colombian firm ETB takes on new loan, refinances existing ones

Colombian company ETB signed a 24-month loan contract with Banco Santander for 17 billion Colombian pesos (US$4.1mn) with availability from September 29, 2024, the company stated in a note sent to the stock market.

ETB also announced that it was refinancing three existing loans with Bancolombia for 72.3bn pesos over 18 months, which allows it to improve its debt profile, the company said in a separate statement.

The company is the fourth-ranked broadband operator with 650,000 accesses, according to the latest figures from the ICT ministry. At end-March the company reported having 559,000 fiber optic customers, reaching 88% of its user base. It also has business and datacenter services.

This week it was learned that the attorney general's office (PGN) will investigate ETB officials for alleged asset impairment of 23bn Colombian pesos in connection with an agreement for the Alma datacenter project, which is claimed to have anomalies in planning, construction and implementation.

At the end of March, ETB increased its income by 8.7% annually to 384bn pesos with an operating profit of 10.9bn, compared with a loss in the first quarter of 2023. However, the company made a net loss of 13.5bn pesos.