Borse Dubai has begun talks with banks over a syndicated loan that will refinance the company's $3.78 billion loan agreed in March to back its acquisition of Nordic exchanges group OMX, banking sources said.

The original financing, which matures on February 28, 2009, is split between a $2.226 billion facility and a 796 million pound facility.

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

Borse Dubai, the holding company for Dubai's stock exchange business, is the latest in a long line of Dubai government-owned entities, known collectively as Dubai Inc, to approach the syndicated loan market for funds.

Since June, Dubai Inc borrowers have agreed or are in the process of negotiating loans worth $16 billion, including Investment Corporation of Dubai, Dubai World unit Port & Free Zone World, Dubai Financial, Dubai Holding, DIFC Investments, Nakheel, Dubai Drydocks and Dubai Aerospace Enterprise. - Reuters