South Korea’s Lotte Shopping, the operator of department stores, big-box stores and discount stores, sold 300 billion won ($278 million) in its first debt offerings this year in overwhelming response after it exited out of the Chinese market.

Its three-year paper worth 150 billion won drew 480 billion won, five-year note worth 100 billion won 460 billion won, and the 10-year offering of 50 billion won 100 billion won. Despite oversubscription, its new debt was priced slightly above the average yield of the AA+ category.

The proceeds would be used to repay debt maturing in June and for operation. The company struggled last year due to suspension of its grocery stores in China. It logged loss of over 200 billion won from its Chinese operation. The company successfully sold off outlets in Shanghai and Beijing and is near fully pulling out of the country.

Seoul-based three credit rating firms of Korea Investors Service, NICE Investors Service and Korea Ratings Corporation gave the same rating of AA+ with negative outlook for Lotte Shopping due to sluggish consumption at home.

Lotte Shopping’s operating profit for the quarter ended March reached 164.9 billion won, up 6.6 percent a year ago.

Shares of Lotte Shopping closed Thursday down 0.45 percent at 223,000 won.

By Chung Hee-young and Lee Ha-yeon

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