Borse Dubai's $3.78 billion syndicated loan backing its acquisition of Nordic exchanges group OMX is expected to sign in participating banks next week, a banking source said.

The financing consists of a $2.226 billion facility and a 796 million pound ($1.55 billion) facility.

The arranging banks were looking to raise around $1.5 billion in syndication and raised double that amount, the banker added.

Another banker close to the deal said the financing benefits from attractive pricing levels and a short maturity, as well as an international flavour.

Borse Dubai and the Nasdaq Stock Market concluded a $4.9 billion deal in February to buy OMX.

The loan, which matures on February 28, 2009, pays an initial margin of 70 basis points (bps) over Libor, rising to 80 bps in March, 95 bps in July, 110 bps in October and 130 bps in January.

Three levels of participation were on offer to banks in syndication, with mandated lead arrangers invited to commit $200 million for an upfront fee of 50 bps, arrangers $100 million for 40 bps and co-arrangers $50 million for 32.5 bps.

The loan is being arranged by Bank of Tokyo-Mitsubishi UFJ, Barclays, Citigroup, Emirates Bank, Goldman Sachs and HSBC.-Reuters