Lotte Holdings agrees to replenish 900 billion won in loans to Lotte Biologics

Lotte Holdings has decided to provide a fund supplement agreement for KRW 900 billion borrowed from Hana and Shinhan Bank by its subsidiary Lotte Biologics.

The decision was made by Lotte Holdings, which promised to replenish the funds if the loan contract between Lotte Biologics and the banks lacked debt repayment resources.

The amount of the fund replenishment contract was set as the entire debt under the loan contract, including KRW 900 billion in principal of Lotte Biologics' loan and interest, fees, and other financial expenses.

Earlier, Lotte Biologics borrowed 900 billion won from the financial sector to build Plant 1 of Songdo Bio Campus in Incheon.

Lotte Holdings will receive 28.31 billion won from Lotte Biologics in installments during the contract period.

Lotte Biologics holds 80% of the shares of Lotte Biologics and 20% of Japan's Lotte Holdings.