12.75%利息！万达商管高息发债25亿元，王健林极限自救

Core Viewpoint - Wanda Commercial Management Group successfully issued $360 million (approximately 2.5 billion RMB) senior secured US dollar bonds with a coupon rate of 12.75%, marking its return to the offshore bond market after three years [1][2][3] Group 1: Bond Issuance Details - The bond has a 2NC1.5 structure, meaning the original maturity date is two years from issuance, set for February 5, 2028, with an early redemption option available after 1.5 years on August 5, 2027 [2] - The issuance cost of 12.75% is considered high for offshore bond issuance by real estate companies in recent years [3] - The bond was well-received in the market, with a subscription amount reaching $650 million, covering 43 investment accounts and achieving a subscription multiple of over 1.8 times [3] Group 2: Financing Purpose and Pressure - The primary purpose of the high-interest bond issuance is to repay maturing US dollar debt, specifically a $400 million debt issued on February 13, 2023, with an interest rate of 11% [4][5] - Wanda Commercial Management faces significant short-term financial pressure, as it has to manage multiple debt repayments scheduled for 2026 and 2027 [5][6] Group 3: Company Background and Debt Situation - Wanda Commercial Management is a key asset of Wanda Group, managing over 500 Wanda Plazas, and has faced challenges in its IPO attempts since 2021 [7] - In 2023, Wanda sold over 80 Wanda Plazas while retaining operational rights, indicating ongoing asset liquidation to manage debt [7] - The company has been involved in multiple legal disputes, with a total execution amount of 14.1 million RMB, highlighting its ongoing debt issues [8]