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London - South African media group Naspers is preparing to launch syndication of a $800m forward start loan extending the maturities of existing loans to 2013 from October 2011, banking sources said on Wednesday.

Barclays, Citigroup, Nedbank and Standard Bank are arranging the facility, two of the sources said.

Under a forward start agreement lenders typically agree to extend existing loans at final maturity in return for a hefty increase in pricing on the existing credit.

Naspers could not be immediately reached for comment.

- Reuters

Fin24.com is part of FinMedia24, a Naspers subsidiary.

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