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Wanda Properties International Co. Ltd - Consent Solicitation - Results

RESULTS OF THE CONSENT INSTRUCTIONS RECEIVED AT OR PRIOR TO THE EARLY CONSENT DEADLINE IN RESPECT OF THE CONSENT SOLICITATION in relation to U.S.$600,000,000 7.25 per cent. guaranteed bonds due 2024 - XS1023280271

30 NOVEMBER 2023


Full announcement, including disclaimers and restrictions is available at: Hong Kong Exchanges and Clearing Limited


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"RESULTS OF THE CONSENT RECEIVED BY THE EARLY CONSENT DEADLINE


The Issuer is pleased to announce that, as at the Early Consent Deadline, (a) the Information and Tabulation Agent has received requisite Consent Instructions validly delivered (and not validly revoked) by Eligible Bondholders to meet the quorum requirement for the Meeting (which is not less than 66 per cent. of the aggregate principal amount of the Bonds for the time being outstanding), and (b) those voting in favour of the Extraordinary Resolution represented more than 99.3 per cent. of the aggregate principal amount of the Bonds which are the subject of such Consent Instructions.


The Issuer, the Subsidiary Guarantors and the Company are very pleased and encouraged by the enthusiastic support they have received to date from Bondholders who have voted in favour of the Extraordinary Resolution. The Issuer, the Subsidiary Guarantors and the Company would like to express their deepest gratitude to the Bondholders for their enthusiastic support and prompt response, which enabled them to achieve the majority required within a short period of time. This is testimony to the confidence of the Bondholders in the Issuer, the Subsidiary Guarantors and the Company and their sincerity in protecting the interests of the Bondholders. The implementation of the Extraordinary Resolution on the Amendment Effective Date would allow the Group to alleviate its near-term liquidity pressure and proactively manage its payment obligations under the Bonds to meet its expected future cashflows.


Bondholders are urged to deliver valid Consent Instructions or Ineligible Bondholder Instructions in accordance with the procedures described in the Consent Solicitation Memorandum and the Notice (including, where applicable, through the Clearing Systems in accordance with the procedures of, and within the time limits specified by, the Clearing Systems) for receipt by the Information and Tabulation Agent by no later than the Voting Deadline (being 4:00 p.m. (London time) on 8 December 2023 (subject to extension at the discretion of the Issuer until such later date and time as the Issuer may determine)), in order to be eligible to receive the Base Consent Fee or Base Ineligible Bondholder Payment.


It is further announced that the Extraordinary Resolution will be tabled for consideration at the Meeting to be held at 10:30 a.m. (Hong Kong time) on 13 December 2023."


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Fitch Downgrades Wanda Commercial and Wanda HK to 'C' on Distressed Debt Exchange - Source:FitchRatings

22 NOVEMBER 2023


Full announcement, including disclaimers and restrictions is available at: FitchRatings


"RATING ACTION COMMENTARY


Fitch Downgrades Wanda Commercial and Wanda HK to 'C' on Distressed Debt Exchange

Wed 22 Nov, 2023 - 02:33 ET


Fitch Ratings - Hong Kong - 22 Nov 2023:


Fitch Ratings has downgraded Dalian Wanda Commercial Management Group Co., Ltd.'s (Wanda Commercial) and Wanda Commercial Properties (Hong Kong) Co. Limited's (Wanda HK) Long-Term Foreign-Currency Issuer Default Ratings to 'C' from 'CC'. Fitch has also downgraded the ratings on the US dollar notes guaranteed by Wanda HK and issued by Wanda Commercial's subsidiaries to 'C' from 'CC' with a Recovery Rating of 'RR4'.


The downgrade follows Wanda Commercial's announcement that it is soliciting consent from bondholders for proposed amendments to the terms of the USD600 million bond maturing on 29 January 2024 and to seek waivers of existing and potential events of default.


Fitch considers the proposed amendments as a distressed debt exchange (DDE) as per its criteria. If the proposed consent solicitation is successful, the IDR will be downgraded to 'RD' (Restricted Default). Fitch will then reassess Wanda Commercial's credit profile to determine an IDR that is consistent with the company's post-amendment capital structure and risk profile.


Fitch rates Wanda HK and Wanda Commercial based on the Parent and Subsidiary Linkage Rating Criteria. The companies' IDRs are the same, as we assess their Standalone Credit Profiles as being equal in a distressed scenario. Wanda HK is Wanda Commercial's fully owned sole offshore financing platform and overseas investment-holding company."


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Wanda Properties International Co. Limited - Consent Solicitation in respect of U.S. $600,000,000 7.25 per cent. Guaranteed Bonds Due 2024 - XS1023280271

21 NOVEMBER 2023


Full announcement, including disclaimers and restrictions is available at: Hong Kong Exchanges and Clearing Limited




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