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.