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It looks as if the much anticipated IPO from Dubai-based pay-TV operator OSN is on hold for the time being.
Instead OSN is borrowing $400 million for the next 5 years, partly to fund general business and partly to refinance existing debt.
Reuters is saying that the debt will take two forms: a US$255 million term loan and a $145 million revolving credit facility.
The larger amount will be paid off during the life of the loan, that is principal is paid down during the life of the loan and not a more usual servicing of the debt with the principal paid at the end of the term. The first payment kicks in on March 31st next year.
Underwriting banks include Barclays, Mashreq, BNP Paribas, Citigroup, HSBC, National Bank of Kuwait, Societe Generale, First Gulf Bank, Commercial Bank of Dubai, Credit Suisse and JPMorgan.