Wanda Sports to repay credit facility with Ironman sale proceeds

By Sara Rosenberg

New York, March 26 – Wanda Sports Group Co. Ltd. plans to use proceeds from the $730 million sale of its Ironman Group to Advance to repay the $230 million outstanding under its credit facility with Credit Suisse, according to a news release.

Also, the company will repay the $50 million outstanding under a promissory note issued to Wanda Sports & Media (Hong Kong) Holding Co. Ltd.

The balance of the sale proceeds is expected to be used to fund dividends or share buybacks, subject to shareholder approval.

Closing on the sale is anticipated in the second quarter, conditioned on customary items, including regulatory approval.

Wanda Sports Group is a China-based sports events, media and marketing platform.

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