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Dalian Wanda said that Wanda Properties has redeemed 10% of the effective principal amount of its 7.25% bonds due January 2024 alongside accrued interest, according to an HKEX filing. The new outstanding principal amount of the bonds would now be $540mn. This comes after Wanda got approval from bondholders to extend the repayment on the notes, given “challenges in raising new financing or refinancing” in offshore capital markets. As per the new terms, the maturity has been extended by eleven months to 29 December 2024. Besides, it also had agreed to pay 10% of the principal in January, 20% in May, 30% in September, and the remaining 40% in December.
Wanda’s 7.25% 2024s traded flat at 83.5 cents on the dollar.
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