Mashreq leads OSN's USD200m loan facility
Dubai: OSN, the leading pay-TV network in the Middle East and North Africa (Mena), has successfully closed its first syndicated five-year financing facility for $200m. Mashreq, UAE's leading financial institution, acted as the sole mandated lead arranger, book runner and underwriter for this syndication.
The transaction received an overwhelming response from international and regional banks and was heavily oversubscribed. The participating banks include: Barclays Bank Plc, BNP Paribas Fortis SA/NV, Citibank NA, HSBC Bank Middle East Ltd, and National Bank of Kuwait SAK.
The proceeds of the facility will be utilised by OSN to further grow and strengthen its core business in line with the company's objective to provide viewers with the ultimate entertainment experience.
A signing ceremony was held for the deal and attended by AbdulAziz Al Ghurair, CEO of Mashreq, and Faisal Al Ayyar, Chairman of OSN and Vice Chairman of Kipco, David Butorac, CEO of OSN, and senior officials from the participating banks.
Al Ghurair congratulated OSN on the success of the syndicated facility and the leadership position achieved in the regional pay-TV market. He said: "OSN has been a remarkable growth story, and Mashreq is indeed proud to be associated with one of the most successful businesses in the media sector in the region. In leading this syndication Mashreq has once again reinforced its leadership position in the loan syndication market and its established track-record in closing high-profile transactions in conjunction with global institutions.