Wanda Talks With Lenders After Ratings Lowered to Junk
- Ratings downgrades by Moody’s, S&P trigger loan prepayment
- Applying to SAFE for remittance of onshore cash offshore
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A unit of Dalian Wanda Group Co. is negotiating with lenders about rescheduling some debt after its credit ratings were cut to junk, triggering a clause requiring early payment of some offshore loans, according to people familiar with the matter.
Covenants requiring mandatory prepayments at Wanda Commercial Properties were triggered on loans totaling more than $1 billion, according to people, who aren’t authorized to speak publicly and asked not to be identified. The specific borrowings, according to the people, are: