OSN joins hands with 11 banks with $400m five-year loan

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Reputable banks endorse the Middle East’s leading television Subscriptions Company

11 banks, such as JP Morgan, Credit Suisse, and the National Bank of Kuwait along with Commercial Bank of Dubai, Citigroup, HSBC, First Gulf Bank, Société Générale, Mushreq, Barclays, and BNP Parbibas plan to support OSN, a prominent television subscription company through a 5 year loan of a whopping $400 million, out of which $145 million would look after credit aptitude, and the other $255 million would be a term loan, as reported on Monday.

OSN, a company owned by the Mawarid Group of Saudi Arabia and Kuwait Projects Company, could flourish with this loan.

The half a decade long loan would not only supply money for the development of the firm’s subjects and ideas, but also boost the growth of its technological services.

This was a follow up of a story reported last month, which hinted that the loan had been gained.