Bloomberg.com, 2 Sep 2008, Dinakar Sethuraman
Sept. 2 (Bloomberg) -- Temasek Holdings Pte, Singapore's government-owned investment company, is arranging financing for bidders for Senoko Power Ltd., the country's largest utility, after a global credit crisis reduced availability of funds.
Credit Suisse Group AG and Morgan Stanley & Co., advising Temasek on the sale, will organize a bridge loan for two years at a cost of about 2.5 percentage points over the London Interbank Offered Rate, according to a document sent to buyers last month, a copy of which was obtained by Bloomberg News. The funds may be lent by banks including DBS Group Holdings Ltd. and United Overseas Bank Ltd.
Temasek is trying to ``sweeten the deal as we are in the middle of a credit crisis,'' said Simon Powell, head of power research at CLSA Ltd. in Hong Kong. ``The Philippines government offered various funding arrangements during the recent sale of government assets in generation this year.''
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