Dubai-Mubasher: OSN, a MENA pay-TV network, secured a $400 million facility which was nearly two times oversubscribed by a syndicate of 11 international and regional banks, according to a report sent to Mubasher.

The proceeds will be used primarily to strengthen the region’s leading Pay-TV network’s exclusive and premium content, mainly sport, and to develop innovative technology platforms that enhance viewer experience.

Leveraging the competitive market pricing, the unsecured five-year facility includes a $255 million term loan as well as a revolving credit facility of $145 million. The term loan will be repayable on a quarterly basis in equal installments, added the report.

“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. The new financing facility takes advantage of the favourable market conditions to strengthen our financial fundamentals and drive our expansion plans,” said CEO David Butorac.