Wanda Group Overseas, a subsidiary of Dalian Wanda Group, bought back $30.5mn, or 8% of its outstanding $380mn 8.875% 2023s. The new principal outstanding will be $349.5mn. Dalian Wanda is currently rated Ba1/BB+/BB+ by Moody’s/S&P/Fitch. The developer’s 8.875% 2023s are currently trading 0.6 points higher at 70.5 cents on the dollar.
Separately, Powerlong Real Estate won creditors’ consent to replace dollar bonds maturing this year with new securities due in coming years. The developer will issue $169.8mn of bonds due 2023 and $262.7mn of bonds securities due 2024 in exchange for its $200mn 4% bonds due July 2022 and its $300mn 7.125% bonds due November 2022. It said that 89.4% and 87.6% of the old notes, respectively, had been tendered. Its bonds due in July and November are currently at 16-18 cents on the dollar.