Clifford Chance advises on US$360 million bond issuance and tender offer by Wanda Properties Global

Global law firm Clifford Chance has advised Deutsche Bank AG, Singapore Branch, as Sole Global Coordinator, Sole Bookrunner and Joint Lead Manager, together with the other Joint Lead Managers, on the issuance of US$360 million 12.75% guaranteed bonds due 2028 by Wanda Properties Global Co. Limited. The bonds are guaranteed by Wanda Commercial Properties (Hong Kong) Co. Limited, Wanda Real Estate Investments Limited and Wanda Commercial Properties Overseas Limited, and benefit from a Keepwell Deed and a Deed of Equity Interest Purchase Undertaking provided by Dalian Wanda Commercial Management Group Co., Ltd., a leading commercial real estate company in China.

Clifford Chance also advised Deutsche Bank as the sole dealer manager on a concurrent cash tender offer for the issuer's outstanding 11.00% guaranteed bonds due 2028. This transaction follows the firm's recent work advising on the consent solicitation involving the extension of the maturity of these existing bonds. Collectively, these transactions represent a comprehensive liability management exercise, enabling the group to proactively manage its debt profile.

Lead partner Angela Chan said, "We are pleased to have advised on Dalian Wanda's successful bond issuance and concurrent tender offer. The ability to complete both transactions in quick succession, in response to changing market conditions, demonstrates the value of a flexible and proactive approach to raise new funds through capturing timely market opportunities."

Angela led the deal and was supported by partner Alan Yeung, counsel Torrance Shi, senior associate Louis Yee and associate Mark Hangchi.