Coworking giant WeWork Cos. Inc. is looking to raise $6 billion in additional financing, consisting of a $4 billion delayed-draw term loan and a $2 billion letter of credit facility, Bloomberg News reported, citing people familiar with the matter.

The unnamed sources told the news outlet that the financing is contingent on a successful IPO of WeWork's parent and that the lenders will have to make good on their pledges only if the company is able to raise at least $3 billion in the proposed offering.

The term loan could be priced at the London interbank offered rate plus 475 basis points and deemed equivalent to the company's outstanding bonds, the report added, citing one of the sources. Subject to WeWork hitting certain performance targets, the bigger facility can be drawn down starting in September, and then in August 2020 and March 2021.

JPMorgan Chase & Co. is set to commit up to $800 million to the two facilities, Bloomberg quoted the sources as saying.

Some potential lenders were asked to commit $750 million by the week ending Aug. 2, while others have been given until the middle of August to make firm pledges for up to $500 million.

The respective spokespersons for WeWork and JPMorgan declined to comment, Bloomberg added.