Borse Dubai's $3.78 billion loan backing its acquisition of Nordic exchanges group OMX will launch to syndication on Monday, banking sources said.

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

Borse Dubai and the Nasdaq Stock Market  should close a $4.9 billion deal this month to buy OMX. Under the tie-up, Borse Dubai gets Nasdaq's 28 per cent stake in the London Stock Exchange (LSE).

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 are 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.-Reuters