SINGAPORE, Jan 24, 2011 - (ACN Newswire) - Commitments for long-term financing facilities for the proposed ASX-SGX combination announced on 25 October 2010 have been secured.
The proposed combination brings together complementary businesses of two successful exchanges in the Asian time zone to create the premier international exchange in Asia Pacific.
The funding comprises term loans of S$3.8 billion and A$750 million to be made available by well-established banks - Australia and New Zealand Banking Group Limited, The Bank of Tokyo-Mitsubishi UFJ, Ltd., Singapore Branch, DBS Bank Ltd., Oversea-Chinese Banking Corporation Limited, United Overseas Bank Limited and National Australia Bank Limited. Australia and NewZealand Banking Group Limited has been appointed as the co-ordinator in relation to these term loans.
Said Mr Magnus Bocker, CEO of Singapore Exchange, "We thank the six banks for their confidence in the proposed combination and their support towards creating the leading Asia Pacific exchange. This transaction has attracted significant interest from the loans market and we are pleased to have achieved competitive pricing consistent with our good credit standing."
The term loans are in tranches with tenors of three years and five years. The interest payable for the S$ term loan will be based on Singapore dollar swap offer rate plus a margin of 0.55% per annum for the 3-year tranche and 0.72% per annum for the 5-year tranche. The interest for the A$ term loan is based on the relevant Australian bank bill swap bid rate plus a margin of 0.75% per annum for the 3-year tranche and 1.01% per annum for the 5-year tranche.
About Singapore Exchange (SGX)
Singapore Exchange (SGX) is the Asian Gateway, connecting investors in search of Asian growth to corporate issuers in search of global capital. SGX represents the premier access point for managing Asian capital and investment exposure, and is Asia's most international exchange with about 40% of companies listed on SGX originating outside of Singapore. SGX offers its clients the world's biggest offshore market for Asian equity index futures, centred on Asia's three largest economies - China, India and Japan.
In addition to offering a fully integrated value chain from trading and clearing, to settlement and depository services, SGX is also Asia's pioneering central clearing house. Headquartered in Asia's most globalised city, and centred within the AAA strength and stability of Singapore's island nation, SGX is a leading Asian counterparty for the clearing of financial and commodity products. For more information, please visit www.sgx.com.
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Jan 24, 2011 13:30 HKT/SGT
Source: Singapore Exchange (SGX)
Topic: Loans & Financing
Sectors: Daily Finance, Daily News
From the Asia Corporate News Network
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