South Korea's national fisheries federation said Monday it has borrowed 16 billion yen (US$182 million) from a group of foreign lenders to repay maturing debts.
The loan extended by eight overseas banks, including Bank of America Corp. and German lender Commerzbank AG, expires in one year and carries an interest rate of 0.9 percentage point over the London Interbank Offered Rate, the National Federation of Fisheries Cooperatives said.
The money will be used to repay maturing debts and service trade finance for trading firms, the agency said.