Coalminer Straits Asia Resources said on Tuesday it had secured a $300 million revolving loan facility with Standard Chartered, as a tight credit market leaves firms struggling to raise funds. This includes an 18-month loan of $250 million and a revolving working capital facility of $50 million, which will be used to refinance an existing $230 million bridge loan due for repayment by mid-December.

Straits Asia, 47 percent owned by Australia's Straits Resources Ltd, has to repay the term loan in $125 million installments within 15 months after first using it, with the balance payable in May 2010.

It will issue 35 million warrants to Standard Chartered to subscribe for 35 million new Straits Asia shares at a price of S$1.095 per share, exercisable up to May 2010.

Singapore Telecommunications said last week it secured around $710 million in bank credit facilities, prompting analysts to say banks will lend money to large firms with strong balance sheets.