Dalian Wanda Commercial Management Group recently told investors that it is making arrangements for the redemption of its CNY 3.8 billion ($530.8 million) bond putable Sept. 9, “20 Wanda 01”, and plans to use internal resources to repay the bonds put back to the company on time, according to two sources familiar with the matter.
The company wired funding last week to cure its missed coupon payment, totaling $22 million, originally due July 20 with a 10-day grace period under its $400 million 11% due 2025 notes, said two other sources.
As for the planned Hong Kong IPO for its subsidiary Zhuhai Wanda Commercial Management Co., Wanda Commercial told the investors that it has provided required feedback materials in response to regulators’ inquiries, but is still awaiting approval from the regulators for its IPO petition.
As of today’s close, July 31, “20 Wanda 01” was indicated around 89.9. The company’s $600 million 7.25% notes due 2024 were indicated around 61.5, up a point from Friday’s close, said two buysiders.
Wanda did not respond to requests for comment as of press time.