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Report: WeWork gets commitments for $6B in credit facilities

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Report: WeWork gets commitments for $6B in credit facilities

Coworking giant WeWork Cos. Inc. received commitments from at least 10 banks led by JP Morgan for $6 billion in credit facilities by close of business Aug. 5, LPC reported, citing unnamed sources.

Bank of America Merrill Lynch, Goldman Sachs, Morgan Stanley, Citigroup, Wells Fargo, Credit Suisse, Barclays, UBS, Deutsche Bank and HSBC have also been invited to the financing, sources said.

At least 10 banks committed $500 million or $750 million each to the loans, which remain contingent on WeWork's ability to successfully carry out a planned IPO.

The loans, which will be offered to more banks later in August, include a $2 billion letter of credit facility, which is subject to the company's ability to keep at least $1 billion in cash, and a $4 billion delayed-draw term loan, which will be structured as a "warehouse financing" and will include a minimum liquidity covenant, according to the report.

Banks are slated to commit to the delayed-draw facility by Aug. 2, but it will only be drawn upon if WeWork raises at least $3 billion in its planned listing.

WeWork and JP Morgan did not comment on the matter, the report noted.