Dubai pay-TV firm OSN signs $400m five-year loan with 11 banks

Dubai-based pay-television company OSN has signed a $400m, five-year loan with 11 regional and international banks to fund expansion of its content and develop its technology offering, it said in a statement on Monday.

The facility is split into two parts – a $255m term loan and a $145m revolving credit facility – and was twice covered by subscriptions from banks, the statement said.

Arrangers of the facility were Barclays, BNP Paribas and Mashreq, with National Bank of Kuwait, Citigroup, Commercial Bank of Dubai, First Gulf Bank, HSBC, Société Générale, JP Morgan and Credit Suisse also joining the deal.

The news confirms a Reuters story from last month which stated the loan had been completed.

OSN operates subscription television services across the Middle East and North Africa and is owned by Kuwait Projects Company (KIPCO) and Saudi Arabia’s Mawarid Group.