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Bond Market News
Wanda Receives Approval from Bondholders to Amend Terms on 11% 2025s
December 5, 2024
Dalian Wanda got approval from bondholders to amend terms on its 11% 2025s, which includes extending the maturity date to January 2026 and adding a mandatory redemption of 25% of the bonds by January 2025. The consent solicitation was made in late-November. Bondholders representing 96.32% of the notes provided their consent as of the deadline on December 3, meeting the minimum eligibility condition. As a result, the resolution was approved without the need for a formal meeting and is binding on all bondholders. An early consent fee of $2.5 per $1,000 will be paid on or around December 20. This is expected to help alleviate the developer’s near-term liquidity pressure and better manage its bond payments with anticipated cash flows.
Its 11% 2025s are trading stable at 94.13.
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