Dubai-based pay-TV network OSN, which is owned by Kuwait Projects Company (KIPCO) and Saudi Arabia’s Mawarid Group, is reported to have signed a $400-million five-year loan with the cash to be used for general business purposes and to refinance existing debt, according to a Reuters report. According to the report, the credit facility has been […]
Dubai-based pay-TV network OSN, which is owned by Kuwait Projects Company (KIPCO) and Saudi Arabia’s Mawarid Group, is reported to have signed a $400-million five-year loan with the cash to be used for general business purposes and to refinance existing debt, according to a Reuters report.
According to the report, the credit facility has been split into a $255 million term loan and a $145 million revolving credit facility.
The term loan is reported to have an amortising structure, where the principal amount will be paid during its lifetime. The amortising is reported to begin on March 31, 2016.
Pricing is dependent on various clauses in the loan documentation, such as how much of the cash is utilised by the company, but ranges from around 175 basis points (bps) to 225 bps over benchmark rates on the term loan and 165 bps to 215 bps on the revolver, the Reuters report stated.
The banks backing the transaction are said to be Barclays, Mashreq, BNP Paribas, Citigroup, HSBC, National Bank of Kuwait, Societe Generale, First Gulf Bank, Commercial Bank of Dubai, Credit Suisse and JPMorgan.
OSN declined to comment on the loan.
