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Straits Resources and Standard Chartered Bank extend refinancing timeline

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Straits Resources (ASX:SRQ) and Standard Chartered Bank will look to push out a longer term debt restructure and re-financing plan.

In June, Straits reported that formal documentation had been executed for a restructuring of pre-existing debt facilities (Copper Swap Facility and Working Capital Facility) held by a Straits’ wholly owned subsidiary Tritton Resources Pty Ltd with Standard Chartered Bank.

The debt restructuring has closed out the Copper Swap Facility for US$99.9 million, to be funded by a Bridge Loan provided by Standard Chartered, and capped a working capital facility at US$14.6 million.

The new completion date for the completion of the Refinancing Plan is 13th September 2014.

During the June quarter at Tritton Operations, saw record annual copper production of 26,422 tonnes, exceeding upgraded guidance of 26,000 tonnes. While for June saw copper production of 6,559 tonnes.

Straits provided guidance for FY2015 of 27,000 tonnes of copper production.

 

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