Dubaiís OSN is said to have signed a $400 million five-year loan.

Local media, led by Reuters, said Thursday that the cash would be used for general business purposes and to refinance existing debt.

The facility is in two parts consisting of a $255 million term loan and a $145 million revolving credit facility.

OSN, owned by KIPCO and Saudi Arabiaís Mawarid group first went to the market two years ago.

OSN offers close to 140 channels with 38 in the HD format.