Lotte Engineering & Construction (E&C) has secured financing of 1.5 trillion won ($1.2 billion).
The company on Monday announced its conclusion of an investment agreement for the amount with Meritz Securities at Lotte Hotel Seoul.
This investment will go to bonds guaranteed by Lotte E&C such as asset-backed commercial papers for a project financing (PF) venture the company is pursuing.
Lotte E&C said this financing has mostly resolved its liquidity crisis caused by the recent deadline for PF maturity.
The company on Friday repaid early loans of 300 billion won from Lotte Fine Chemical and 100 billion won from Lotte Home Shopping, as well as one worth 500 billion won from Lotte Chemical Corp..
"Following our successful PF refinancing, completed sales of corporate bonds and early repayment of loans from Lotte Group affiliates, Lotte E&C through this deal with Meritz Securities has secured a more stable financial structure," a Lotte E&C source said.