24 Jan '11, 9am

Singapore-Sydney bourse merger gets funding

SINGAPORE: The Singapore Exchange (SGX) says it has secured long-term financing for the proposed merger with the Australian Securities Exchange (ASX). The proposed merger's financing comprises term loans of S$3.8 billion and A$750 million from six banks. They include the Australia and New Zealand Banking Group or ANZ Bank, the Singapore branch of The Bank of Tokyo-Mitsubishi UFJ, DBS Bank, Oversea-Chinese Banking Corp, United Overseas Bank and National Australia Bank. ANZ Bank has been appointed as the coordinator for the term loans, which are issued in tranches with tenors of three years and five years. Mr Magnus Bocker, SGX chief executive officer, said: "The transaction has attracted significant interest from the loans market and we are pleased to have achieved competitive pricing consistent with our good credit standing." The interest payable for the Singapore-dollar t...

Full article: http://www.channelnewsasia.com/stories/singaporebusinessn...

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