OSN secures $400 million syndicated financing facility

Updated 07 September 2015
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OSN secures $400 million syndicated financing facility

OSN, the region’s major Pay-TV network, has secured a $400 million facility from a syndicate of 11 international and regional banks that was nearly two times oversubscribed.
The proceeds will be used primarily to strengthen OSN’s exclusive and premium content, particularly sport, as well as to develop innovative technology platforms that enhance viewer experience.
Leveraging the competitive market pricing, the unsecured five-year facility includes a term loan of $255 million and revolving credit facility of $ 145 million. The term loan is repayable on a quarterly basis in equal installments.
Barclays Bank PLC, BNP Paribas and Mashreq Bank PSC — all three with longstanding relationships with OSN — have served as lead arrangers and book-runners, with National Bank of Kuwait, Citibank UAE, Commercial Bank of Dubai, First Gulf Bank PJSC, HSBC Bank Middle East Ltd., Societe Generale, JP Morgan Chase Bank and Credit Suisse AG completing the syndicate.
David Butorac, CEO of OSN, said: “The highly successful closing of the new syndicated financing facility is an acknowledgement of the financial strength and the banking community’s confidence in OSN’s business model. The level of oversubscription and participation of banks from the Gulf, Europe and North America, further confirm the trust in OSN’s strategy and performance.”
Rezwan Mirza, MD, head of corporate banking, Middle East Barclays, said: “The successful oversubscription of this facility and breadth of the participating financial institutions is testament to the international reach of OSN’s business model and strategic lens of its top management.”
John Iossifidis, group head of corporate and investment banking group at Mashreq, said: “There was significant demand for the transaction in the bank market. This reinforces OSN’s market position and acceptance of its robust financial profile by regional and international banks.”


AHG denies link with Al-Habtoor Trading Enterprises

Updated 16 January 2019
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AHG denies link with Al-Habtoor Trading Enterprises

Al-Habtoor Group (AHG) has clarified that the group and all its divisions, including Habtoor Hospitality (Habtoor Hotels) have no link or relationship of any kind with Al-Habtoor Trading Enterprises (HTE) and its owner Rashid Al-Habtoor.

This is following news released in major Indian and Middle Eastern media about a potential acquisition of the Leela Group of Hotels in India (Hotel Leela venture) by Rashid Al-Habtoor, founder and owner of Al-Habtoor Trading Enterprises.

A spokesperson for Al-Habtoor Group said: “We feel obligated to clarify that Al-Habtoor Group in all its divisions and Al-Habtoor Trading Enterprises are two separate entities. Habtoor Hospitality, commonly known as Habtoor Hotels, is owned solely by Al-Habtoor Group in the UAE and overseas.”

“... Any actions or business decisions taken by Al-Habtoor Trading Enterprises or any of their associates are their sole responsibility, and Al-Habtoor Group is not liable under any circumstance for any damages or liabilities arising directly or indirectly from Al-Habtoor Trading Enterprises business ventures.”