Dubai’s OSN has secured a $400m facility from a syndicate of 11 international and regional banks.

The syndication was nearly two times oversubscribed.

OSN will use the funds to improve its content, especially sports, and upgrade its technology platform.

The UK’s Barclays Bank, France’s BNP Paribas and local Mashreq Bank were the lead arrangers and book runners. The National Bank of Kuwait, The US’ Citibank, Commercial Bank of Dubai, Abu Dhabi’s First Gulf Bank, The UK’s HSBC Bank Middle East, France’s Societe Generale, the US’ JP Morgan Chase Bank and Switzerland’s Credit Suisse participated in the syndication.

The unsecured five-year facility includes a $255m term loan and a $145m revolving credit facility. The term loan is repayable on a quarterly basis in equal instalments.

The good terms OSN says it has obtained on the deal deal will improve its funding costs and increase its access to liquidity.

“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,” said David Butorac, CEO of OSN in a press release. “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. The new financing facility takes advantage of the favourable market conditions to strengthen our financial fundamentals and drive our expansion plans.”

OSN’s closed a syndicated 5-year $200m financing facility for in 2013. Mashreq was the mandated lead arranger, book runner and underwriter for the syndication.

OSN is owned and operated by Panther Media Group Limited, registered in DIFC, and is owned by KIPCO and Mawarid Group Limited.