Wanda Seeks to Extend $400 Million Bond as Liquidity Relief
- Chinese builder proposes extending 2025 dollar bonds to 2026
- Company warns of cross-default if amendments aren’t approved
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A unit of Dalian Wanda Commercial Management Group Co. is proposing new terms for its dollar bonds due 2025 to extend the maturity, reflecting the Chinese company’s liquidity challenges amid the country’s property downturn.
Wanda Properties Global Co. is inviting eligible holders of its $400 million, 11% guaranteed bonds to approve some amendments, including extending the maturity to Jan. 12, 2026 from Jan. 20, 2025, according to a filing with Singapore Exchange dated Monday. The company is also seeking to add a mandatory redemption on Jan. 20 of 25% of the aggregate principal amount of bonds then outstanding.