(Yicai Global) Feb. 7 -- Wanda Commercial Management Group, a unit of cash-strapped Chinese developer China Wanda Group, plans to issue USD300 million of bonds in Singapore, The Paper reported today.

The bonds, with a three-year term and an annual interest rate of 12.375 percent, have received a stable Ba1 rating from Moody’s Investors Service, the report added.

It is the company’s second US dollar bond issuance this year. It sold a USD400 million bond in Singapore in mid-January, with an annual interest rate roughly in line with the current offering.

In addition to issuing the two dollar bonds to raise funds, Beijing-based Wanda is negotiating an offshore loan with a Chinese financial institution to repay a USD350 million note due in March, the report said.

Wanda plans to use its domestic assets as collateral. But details of the loan have not yet been disclosed to investors.

Editor: Peter Thomas