Monday, December 21, 2009

Straits signs US$380M loan

Straits Asia Resources Limited, which controls coal concessions in Kalimantan, has signed a five year club financing facility of US$380 million today.
The facility is fully committed for five years and comprises a term loan US$250 million, revolving working capital of US$50 million, and LC/bank guarantee facility of US$80 million.
The facility will be used to refinance an existing US$255 million facility, and provide working capital for expansion of coal production.
The club of banks participated in the facility are Siam Commercial Bank, Krung Thai Bank, Bangkok Bank, and Standatd Chartered Bank. PTT is the controlling shareholder of Straits Asia which produce about 10 million tons of coal in Sebuku and Jembayan mines in Kalimantan.

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