Moody’s assigns Ba3 to Wanda notes

Moody’s Investors Service said it assigned a Ba3 senior unsecured rating to the proposed notes to be issued by Wanda Properties Overseas Ltd., a wholly owned subsidiary of Wanda Commercial Properties Co. Ltd., which will guarantee the notes. Wanda Commercial is a wholly-owned subsidiary of Dalian Wanda Commercial Management Group Co., Ltd. Wanda Commercial and its parent are together known as Dalian Wanda Group.

The proposed notes will also be supported by a deed of equity interest purchase undertaking and a keepwell deed between Dalian Wanda, Wanda Properties Overseas Ltd. and the bond trustee.

The note proceeds will be used mainly to refinance Dalian Wanda Group’s debt and for general corporate purposes.

“The proposed note issuance will slightly lengthen Dalian Wanda Group’s debt maturity profile without materially affecting the two companies’ credit metrics, because they plan to use the proceeds mainly to refinance existing debt,” said Kaven Tsang, a Moody’s senior vice president, in a press release.

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