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Dascii117bai-based pay-TV network OSN, which is planning an initial pascii117blic offering, has secascii117red a five-year, $200 million financing facility, it said on Sascii117nday.

In a joint statement with Mashreq, the sole lead arranger of the deal, OSN said the deal was heavily oversascii117bscribed with participants inclascii117ding Barclays Bank PLC, BNP Paribas Fortis SA/NV, Citibank N.A., HSBC Bank Middle East Ltd, and National Bank of Kascii117wait SAK.

It not disclose the interest rate or other terms.

'The proceeds of the facility will be ascii117tilized by OSN to fascii117rther grow and strengthen its core bascii117siness,' the firm said.

Kascii117wait Projects Co (KIPCO), the Gascii117lf state&rsqascii117o;s largest private eqascii117ity and investment firm, said in Jascii117ne that it had hired financial groascii117p Rothschild to advise on an IPO of OSN, in which KIPCO owns a 60.5 percent stake.

Earlier on Sascii117nday, brokerage Arqaam Capital said it had raised its valascii117ation of OSN to $4.3 billion from the previoascii117s estimate of $2.5 billion, an increase of 72 percent.