Dubai-based pay-television company OSN signed a $400 million, five-year loan with 11 regional and international banks to fund expansion of its content and develop its technology offering.

The facility is split into two parts &emdash; a $255 million term loan and a $145 million revolving credit facility &emdash; and was twice covered by subscriptions from banks.

OSN said arrangers of the facility were Barclays, BNP Paribas and Mashreq, with National Bank of Kuwait, Citigroup, Commercial Bank of Dubai, First Gulf Bank, HSBC, Société Générale, JPMorgan and Credit Suisse also joining the deal.

OSN operates subscription television services across the Middle East and North Africa and is owned by Kuwait Projects Company (KIPCO) and Saudi Arabia’s Mawarid Group.