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.”


Spain’s Provacuno aims to beef up Saudi market

Updated 14 November 2018
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Spain’s Provacuno aims to beef up Saudi market

Abdulaziz Alaquil Jeddah: Provacuno, the inter-professional organization of the Spanish beef industry, is currently on a promotional tour across the Kingdom showcasing the benefits of their high-quality and environmentally-friendly beef production. A non-profit organization officially recognized by the Spanish government, Provacuno represents 85 percent of the Spanish beef industry.
Established in 1997, Provacuno comprises national associations representing and protecting the interests of companies involved in the production, industrial, and commercial sectors of the Spanish beef industry. Their annual meat production exceeds 650,000 tons, and they have over 110,000 farms, with industry exports amounting to 175,000 tons annually.
For the past 20 years, they have officially been recognized by the Spanish Ministry of Agriculture, Fisheries and Food, as an agro-food inter-professional organization.
Along with defending the interests of the Spanish beef industry, from production, through processing, and trading, Provacuno aims to support the internationalization process of beef companies into export markets such as Saudi Arabia. Their promotion of responsible beef consumption through research and development programs is done with the goal of enhancing the beef industry’s image through their sustainable and environmentally-friendly production processes that are in strict compliance with the European Production Model, which adheres to the most stringent of standards regarding animal welfare, hygiene control, and environmental protection. While at the same time, they are able to cater to international market demands, such as being 100 percent halal-certified for Saudi markets.
Representatives of Provacuno are currently in the Kingdom promoting their marketing campaign “What a Wonderful European Beef,” which will conclude at the Foodex Saudi 2018 in Jeddah on Thursday. During this campaign trail, they organized a presentation on Spanish beef at the residence of Ambassador of Spain to Saudi Arabia Don Alvaro Iranzo in Riyadh.
The event was attended by over 50 Saudi import and distribution agents, who sampled Provacuno’s beef prepared by Spanish Chef Fernando Del Cerro.
Provacuno considers Saudi Arabia a key target market as it is one of the largest meat-consuming nations in the world reliant on quality meat imports. In 2017, the Kingdom produced 60,000 tons of meat while consuming over 220,000 tons. Recently, Brazil (39 percent) overtook India (26 percent) as the main exporter of beef to the Kingdom.
Along with meeting with industry executives in Riyadh, Provacuno also hosted a cooking workshop at the King Abdul Aziz University (KAU) in Jeddah.