Dubai-based pay-television company OSN has signed a $400 million (Dh.147 billion), five-year loan with 11 regional and international banks to fund expansion of its content and develop its technology offering, it said in a statement on Monday.

The facility is split into two parts - a $255 million term loan and a $145 million revolving credit facility - and was twice covered by subscriptions from banks, the statement 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, JP Morgan 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.

In 2013, OSN raised $200 million in 5-year loan with Mashreq bank as the sole Mandated Lead Arranger, Book Runner and Underwriter for the syndication.

OSN said it plans to increase its investment in exclusive content, especially sport that is extremely popular among the Mena audiences, and in new technologies such as over-the-top (OTT) platforms. It will also enable the company to consider potential acquisitions that complement its existing offering.

David Butorac, Chief Executive Officer of OSN, said: “The new financing facility takes advantage of the favourable market conditions to strengthen our financial fundamentals and drive our expansion plans. In the past months, OSN has introduced several initiatives and signed international partnerships for exclusive and first-access to premium content. The new facility will enable us to invest in even more innovative and exclusive Sports, Entertainment and Factual content, develop new advanced technology platforms, gain stronger market share and create long-term value for our shareholders, partners and customers.”