(MENAFN- Arab News) OSN the region's major Pay-TV network has secured a $400 million facility from a syndicate of 11 international and regional banks that was nearly two times oversubscribed.
The proceeds will be used primarily to strengthen OSN's exclusive and premium content particularly sport as well as to develop innovative technology platforms that enhance viewer experience.
Leveraging the competitive market pricing the unsecured five-year facility includes a term loan of $255 million and revolving credit facility of $ 145 million. The term loan is repayable on a quarterly basis in equal installments.
Barclays Bank PLC BNP Paribas and Mashreq Bank PSC all three with longstanding relationships with OSN have served as lead arrangers and book-runners with National Bank of Kuwait Citibank UAE Commercial Bank of Dubai First Gulf Bank PJSC HSBC Bank Middle East Ltd. Societe Generale JP Morgan Chase Bank and Credit Suisse AG completing the syndicate.
David Butorac CEO of OSN said: 'The highly successful closing of the new syndicated financing facility is an acknowledgement of the financial strength and the banking community's confidence in OSN's business model. The level of oversubscription and participation of banks from the Gulf Europe and North America further confirm the trust in OSN's strategy and performance.'
Rezwan Mirza MD head of corporate banking Middle East Barclays said: 'The successful oversubscription of this facility and breadth of the participating financial institutions is testament to the international reach of OSN's business model and strategic lens of its top management.'
John Iossifidis group head of corporate and investment banking group at Mashreq said: 'There was significant demand for the transaction in the bank market. This reinforces OSN's market position and acceptance of its robust financial profile by regional and international banks.'