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.”


Robotic-assisted surgery at JHAH a first for Kingdom

Updated 23 June 2019
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Robotic-assisted surgery at JHAH a first for Kingdom

Johns Hopkins Aramco Healthcare (JHAH) has become the first hospital in Saudi Arabia to perform a robotic-assisted hysterectomy using fluorescent dye.

“The precision achieved through the use of robotic-assisted surgery has multiple benefits for patients,” said Dr. Turky Al-Rujaib, JHAH gynecologic oncologist, who along with Dr. Fahad Al-Mulhim, gynecologist, performed the procedure for endometrial cancer. “Women whose hysterectomies are robotic-assisted surgeries have less pain and blood loss, shorter hospital stays, require fewer narcotics and recover more quickly.”

JHAH’s robotic surgery program began in December 2016 when Dr. Tareq M. Al-Tartir, JHAH sub-specialist surgeon, and his team collaborated with Dr. Mohamad Allaf, professor of urology, oncology and biomedical engineering at Johns Hopkins School of Medicine (JHSoM) and director of minimally invasive urology, and his team. They jointly conducted the first surgeries in the Kingdom using the da Vinci Xi robotic surgical system. The program has since expanded and includes gynecological surgeries and bariatric surgery.

“This successful operation could not have been done without the support of the JHAH robotic team,” said Dr. Al-Mulhim. “We are pleased to report the patient is recovering well. This is a tremendous achievement that going forward will improve the outcomes for many of our patients here at JHAH.”

The robot’s “hands” have a high degree of dexterity, allowing surgeons the ability to operate in very tight spaces, for example the pelvis, that would otherwise only be accessible through open surgery with long incisions. Life after surgery is improved with this technique as there is minimal scarring, fewer postoperative complications and often a faster return to normal activities. 

JHAH is the result of a joint venture between Saudi Aramco, a world leader in energy, and Johns Hopkins Medicine, one of the world’s leading academic health systems. This health care organization is designed to drive and enhance the well-being of the community in an environment of growth and learning, by providing innovative, integrated and patient-centered care to Saudi Aramco’s employees and health care beneficiaries.