STRAITS Asia has freed up additional working capital and funds for expansion of its Sebuku and Jembayan coal operations in Indonesia.
Straits yesterday entered into a five-year club financing facility for $US380 million.
The facility comprises a term loan facility of $250 million, revolving working capital of $50 million and a bank guarantee for $80 million.
It will be used to refinance an existing $255 million facility and provide additional working capital to expand.
No repayments are due for three years, thereafter Straits will repay installments of $40 million every six months.
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