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Lotte raises US$200 mln for environmental, social projects

All Headlines 11:39 August 01, 2018

SEOUL, Aug. 1 (Yonhap) -- Lotte Property & Development (P&D), the operator of South Korean retail giant Lotte's 123-story skyscraper, said Wednesday it has sold US$200 million in bonds to carry out eco-friendly and social investments.

The debt issued Tuesday will mature in three years with an interest rate of the three-month Libor, or the London Inter-bank Offered Rate, plus 92.5 basis points.

Sustainability bonds are aimed at financing a mix of green and social projects, such as those dealing with renewable energy and employment generation.

According to the International Capital Market Association, $155.5 billion won of green bonds have been issued from 37 countries in 2017.

"The latest overseas bond issuance contributed to introducing our eco-friendly equipment and efficient energy system worldwide," Lotte P&D CEO Park Hyun-chul said in a statement. "We will continue to invest in developing environment-friendly facilities and creating jobs."

The 555-meter high-rise -- which consists of office space, residences, as well as a luxury hotel and an observation deck -- self-produced about 15 percent of all energy used in the building last year using renewable energies, such as the wind power and solar generation, it said.

This undated photo, provided by Lotte Property & Development (P&D), shows its 123-story skyscraper in eastern Seoul. (Yonhap)

scaaet@yna.co.kr
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