Straits Asia secures $435m loan

A subsidiary of Straits Resources Ltd plans to use its newly approved $435 million facility to refinance a $333 million loan and progress development plans.

Straits Asia Resources Ltd said it had received an 18 month, $US300 million ($A435 million) facility from London-headquartered Standard Chartered Bank.

Straits Asia was due to refinance an existing $US230 million ($A333 million) bridge facility on December 17.

Both the company and the bank are now finalising details of the facility, with an agreement expected before the end of October.