Bloomberg News

Straits Sells A$80 Million in Notes to Standard Chartered

January 29, 2009

Straits Resources Ltd., an Australian copper, gold and coal mining company, sold A$80 million ($52 million) of convertible notes to Standard Chartered Private Equity Ltd. to strengthen its balance sheet.

The four-year notes have a face value of A$1.45, a 53 percent premium to the Jan. 29 closing price, the Perth-based company said in a statement to the Australian stock exchange. It has also extended a $50 million loan provided by Australia and New Zealand Banking Group Ltd. and Macquarie Bank Ltd. through to March 31.

Sales for the three months ended Dec. 31 were A$306 million, Straits said in a production report. That compares with A$98 million a year ago.

To contact the reporter on this story: Rebecca Keenan in Melbourne at rkeenan5@bloomberg.net

To contact the editor responsible for this story: Teo Chian Wei at cwteo@bloomberg.net.


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