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Chinese developer Wanda Properties said that it received early consent approval from bondholders to extend the repayment on its $600mn 7.25% bonds due January 2024. Those voting in favor of the extension represented more than 99.3% of the aggregate principal amount, they added. While early approval for extension has been seen, the developer is still seeking final approval to extend the payment date of the notes to December 29, 2024. This comes after Dalian Wanda Commercial Management, the guarantor of the above bonds said that they are facing “challenges in raising new financing or refinancing” in the offshore capital markets.
Its 7.25% 2024s were trading steady at 51.5 cents on the dollar.