Dubai-based pay-TV network OSN, which is planning an initial public offering, has secured a five-year, $200 million financing facility, it said on Sunday.

In a joint statement with Mashreq, the sole lead arranger of the deal, OSN said the deal was heavily oversubscribed with participants including Barclays Bank PLC, BNP Paribas Fortis SA/NV, Citibank N.A., HSBC Bank Middle East Ltd, and National Bank of Kuwait SAK.

It not disclose the interest rate or other terms.

"The proceeds of the facility will be utilised by OSN to further grow and strengthen its core business," the firm said.

Kuwait Projects Co (KIPCO), the Gulf state's largest private equity and investment firm, said in June that it had hired financial group Rothschild to advise on an IPO of OSN, in which KIPCO owns a 60.5 percent stake.

Earlier on Sunday, brokerage Arqaam Capital said it had raised its valuation of OSN to $4.3 billion from the previous estimate of $2.5 billion, an increase of 72 percent.

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