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OSN secures new financing facility

Middle Eastern pay-television operator OSN has secured a $400m (€357m) financing facility to boost its sports content offering.

The five-year facility, sealed through an agreement with 11 banks, will also be used to support the development of OSN’s over-the-top technology platforms and other expansion plans.

OSN said the facility was over-subscribed and includes a loan of $255m and a revolving credit facility of $145m. The $225m is to be repaid on a quarterly basis in equal instalments.

Barclays, BNP Paribas and Mashreq Bank are the lead arrangers in the facility, with HSBC Middle East, Citibank UAE, Société Générale, JP Morgan Chase, Credit Suisse, National Bank of Kuwait, Commercial Bank of Dubai and First Gulf Bank PJSC also in the syndicate.