WeWork bond prices at record low on possible debt-heavy financing deal
Reuters
Published Oct 15, 2019 01:28PM ET
WeWork bond prices at record low on possible debt-heavy financing deal
NEW YORK (Reuters) - The price of WeWork's U.S. junk bond fell to an all-time low on Tuesday, last trading at 78 cents on the dollar, as the company weighed financing options including a package that may include at least $2 billion of unsecured notes with a 15% coupon.
The office sharing company's May 2025 7.875% junk bond worth $702 million was last down 12.5%, down 25.7% from a record high in mid-August.
WeWork parent We Companies is leaning toward a near $5 billion financing package led by JPMorgan Chase & Co (N:JPM), instead of selling a controlling stake to Japan's SoftBank Group Corp (T:9984), Bloomberg reported late on Monday. That debt package may include the additional $2 billion in bonds, Bloomberg said.
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Written By: Reuters
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