Dalian Wanda Commercial Management Group Co

UPDATE 1: Almost All Holders of Wanda Commercial’s CNY 3.8B Onshore Bond ‘20 Wanda 01’ Exercise Put Option

Mon 09/04/2023 03:51 AM
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UPDATE 1: 3:52 a.m. ET 9/4/2023: Dalian Wanda Commercial Management Group Co. announced (Chinese) to the Shanghai Stock Exchange today, Sept. 4, that holders of CNY 3.79 billion ($521.5 million) of its CNY 3.8 billion 5.58% 3+2 year onshore corporate bond, putable Sept. 9 “20 Wanda 01” have registered to exercise a put option. The redemption date will be on Sept. 11 as Sept. 9 is not a trading day.

The issuer plans to resell all the bonds put back from Sept. 9 to Oct. 16, the announcement shows.



Original Story 3:59 a.m. UTC on Aug. 14, 2023

Put Option Registration Window of Aug. 22 to Aug. 24 for DWCM CNY 3.8B 5.58% 3+2Y Onshore Bond ‘20 Wanda 01’ Putable Sept. 9; Coupon Rate Unchanged

Relevant Documents:
Put Option (Chinese)
Coupon Rate (Chinese)

Dalian Wanda Commercial Management Group Co., or DWCM, announced to the Shanghai Stock Exchange today, Aug. 14, that holders of its CNY 3.8 billion ($523.9 million) 5.58% 3+2 year onshore corporate bond, putable Sept. 9 “20 Wanda 01,” may register to exercise a put option from Aug. 22 to Aug. 24. The redemption date will be postponed to Sept. 11 as Sept. 9 is not a trading day.

In a separate announcement, the company said it plans to maintain the 5.58% coupon rate for the bond, effective from Sept. 9.

The capital structure of DWCM Group Co. is presented below:




































































































































































































































































































































































































































































Dalian Wanda Commercial Management Group Co - Pro Forma as of 04/26/2023

12/31/2022
EBITDA Multiple

(CNY in Millions)
Amount
Price
Mkt. Val.
US$ Amt.
US$ Mkt. Val.
Maturity
Rate
Yield
Book
Market


Guaranteed Borrowings - Current
17,159.7

17,159.7
2,479.7
2,479.7



Guaranteed Borrowings - Non-current
78,584.7

78,584.7
11,356.2
11,356.2



Total Guaranteed Borrowings
95,744.4
95,744.4
13,835.9
13,835.9


Lease Liabilities
12,724.5

12,724.5
1,838.8
1,838.8



Total Lease Liabilities
12,724.5
12,724.5
1,838.8
1,838.8


Consideration of share transfer of subsidiaries (Zhuhai Wanda's pre-IPO investment) 1
40,374.3

40,374.3
5,834.4
5,834.4



Total Other Non-current Liabilities
40,374.3
40,374.3
5,834.4
5,834.4


23 Dalian Wanda MTN001 2
1,500.0

1,500.0
216.8
216.8
Mar-22-2026
6.800%

20 Wanda 01 3
3,800.0

3,800.0
549.1
549.1
Sep-09-2025
5.580%

22 Dalian Wanda MTN001 4
1,000.0

1,000.0
144.5
144.5
Jul-07-2025
6.800%

22 Dalian Wanda MTN002 5
2,000.0

2,000.0
289.0
289.0
Jul-07-2025
6.800%

20 Wanda 04 6
0.1

0.1
0.0
0.0
Dec-04-2024
6.000%

20 Wanda 03 7
0.2

0.2
0.0
0.0
Oct-28-2024
5.380%

20 Wanda 02 8
1,117.4

1,117.4
161.5
161.5
Oct-09-2024
5.500%

21 Dalian Wanda MTN003 9
-

-
-
-
Apr-26-2024
6.150%

21 Dalian Wanda MTN002 10
500.0

500.0
72.3
72.3
Apr-12-2024
6.200%

21 Dalian Wanda MTN001 11
260.0

260.0
37.6
37.6
Mar-25-2024
6.200%

20 Dalian Wanda MTN005 12
30.0

30.0
4.3
4.3
Nov-12-2023
5.580%

20 Dalian Wanda MTN004 13
558.0

558.0
80.6
80.6
Jul-29-2023
6.600%

20 Dalian Wanda MTN003 14
1,575.0

1,575.0
227.6
227.6
Jul-10-2023
6.600%

20 Dalian Wanda MTN002
2,000.0

2,000.0
289.0
289.0
Jun-03-2023
4.700%

20 Dalian Wanda MTN001
-

-
-
-
Apr-17-2023
4.890%

Total Onshore Bonds
14,340.7
14,340.7
2,072.4
2,072.4


$300 Million 11% Senior Notes Due 2026 15
2,076.0

2,076.0
300.0
300.0
Feb-13-2026
11.000%

$400 Million 11% Senior Notes Due 2025 15
2,768.0

2,768.0
400.0
400.0
Jan-20-2025
11.000%

$600 Million 7.25% Senior Notes Due 2024 16
4,152.0

4,152.0
600.0
600.0
Jan-29-2024
7.250%

$400 Million 6.875% Senior Notes Due Jul 2023 17
2,768.0

2,768.0
400.0
400.0
Jul-23-2023
6.875%

$400 Million 6.95% Senior Notes Due Dec 2022 17
-

-
-
-
Dec-05-2022
6.950%

Total Offshore Notes
11,764.0
11,764.0
1,700.0
1,700.0


Total Debt
174,947.9
174,947.9
25,281.5
25,281.5


Less: Cash and Equivalents
(21,315.5)
(21,315.5)
(3,080.3)
(3,080.3)

Plus: Restricted Cash
2,079.6
2,079.6
300.5
300.5

Net Debt
155,712.0
155,712.0
22,501.7
22,501.7


Operating Metrics
US$ Amt.

LTM Reorg EBITDA
22,162.2
3,202.6


Liquidity

Plus: Cash and Equivalents
21,315.5
3,080.3

Less: Restricted Cash
(2,079.6)
(300.5)

Total Liquidity
19,235.9
2,779.8


Notes:
Source: Refinitiv, company filings, Reorg; NCI as of June 30: RMB 3.585 billion
1. The pre-IPO investment in Zhuhai Wanda booked as other non-current liabilities on DWCM's balance sheet is classified as debt as it comprises the repurchase obligation and entails an IRR of 8% p.a. for the pre-IPO investors. Reclassified as current liabilities as of Dec-22.
2. Issued on Mar. 22, 2023, puttable Mar. 22, 2025
3. Puttable Sept. 9, 2023
4. Issued on July 7, 2022; Puttable July 7, 2024
5. Issued on Nov. 8, 2022; Puttable Nov. 8, 2024
6. Puttable Dec. 4, 2022
7. Puttable Oct. 28, 2022
8. Puttable Oct. 9, 2022
9. Puttable April 26, 2023
10. Puttable April 12, 2023
11. Puttable March 25, 2023
12. Puttable Nov. 12, 2022
13. Put options were exercised on Jul 29, 2022 and the company redeemed RMB 2.942 billion, per Refinitiv.
14. Put options were exercised on Jul 10, 2022 and the company redeemed RMB 3.425 billion, per Refinitiv.
15. Issued by Wanda Properties Global Co. Ltd.
16. Issued by Wanda Properties International Co. Ltd.
17. Issued by Wanda Properties Overseas Ltd.
US$ Translation: CNY/USD rate used for USD conversion is 6.92.


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