IT firm Now Corp. managed to seal a $50-million loan with a local bank in order to fund the development of an enterprise IT. This will be a broadband and wireless cable television network that aims to hit a $120-million profit and a $346-million revenue by the middle of 2021.
Now President and CEO Mel V. Velarde had this to say about the loan: “We already signed with an investment bank last week. It’s one of the top banks in the country, they asked us to give them the mandate to be the arranger for the $30 million to $50 million funding, and it will be quasi-equity.”
