THE Dubai stock exchange will begin meetings with lenders this week in a bid to raise up to $4.2bn to pay for its acquisition of the Nordic stock exchange operator OMX AB.
Loan arrangers HSBC Holdings, Bank of Tokyo-Mitsubishi UFJ, Barclays Capital, Citigroup., Emirates NBD PJSC and Goldman Sachs will hold meetings in Hong Kong, Dubai and London, HSBC's global head of principal investments Mukhtar Hussain told reporters in Dubai yesterday.
"We are fully confident the transaction will be fully subscribed," said Mr Hussain, declining to comment on the interest rate the loan will pay.
Dubai stock exchange owner Borse Dubai and Nasdaq Stock Market, once rivals for Stockholm-based OMX, agreed in September that Dubai would proceed with its $4.9bn bid and then hand the shares to Nasdaq.
In return, Nasdaq would give almost 20pc of its stock to Borse Dubai and sell it a 28pc holding in the London Stock Exchange.
State-owned Borse Dubai's dollar loan is fully underwritten as a "club deal'' by the six banks.
Syndication is due to be completed by February 27, Mr Hussain said.
Borse Dubai agreed to the loan in November when it also agreed to borrow stg£796m from the six banks to buy 20.4pc of the London Stock Exchange Group, data compiled by Bloomberg shows. (Bloomberg).
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