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WeWork, in High Yield Market Debut, Eyes $500M

WeWork is circulating talk for its debut offering of $500 million of seven-year (non-call life) notes at 7.75–8.00%, aligning with early market whispers, sources said. Books will close tomorrow, April 25 at 1 p.m. EDT.

Pricing is also now expected during Wednesday’s session, accelerated from Thursday, as initially planned,, sources note. Bookrunners are J.P. Morgan, Bank of America Merrill Lynch, Citi, Deutsche Bank, Goldman Sachs, HSBC, Morgan Stanley, UBS, and Wells Fargo.

Proceeds of the 144A/Reg S-for-life bonds will be used for general corporate purposes.

New York–based WeWork provides workspaces, community, and services for customers that range from entrepreneurs, freelancers, startups, artists, small businesses, and divisions of large corporations.

Analysts at S&P Global Ratings have assigned B+ and 2 recovery ratings to the deal, as well as a B corporate rating. S&P Global Ratings has a stable outlook for the issuer.

Fitch today assigned a BB– issuer rating to WeWork and the proposed unsecured issue, with a stable outlook. In its report, the rating agency noted the company’s existing debt includes a $650 million revolving credit facility and $500 million letter of credit reimbursement facility, which matures on Nov. 12, 2020. — Jakema Lewis

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