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SoftBank taps Goldman for new $1.75B line of credit in WeWork rescue plan

SoftBank Group Corp. hired Goldman Sachs Group Inc. to arrange a $1.75 billion line of credit for The We Co.'s office-sharing unit WeWork and have it in place before the end of 2019, Bloomberg News reported, citing people with knowledge of the matter.

The Japanese conglomerate will be listed as the borrower, with WeWork as its co-borrower under the debt-financing plan intended to make it more attractive to other lenders, sources said.

Goldman has contacted other banks about potentially participating in the facility. Structured as letters of credit, the planned facility will replace the old ones and is intended to free up cash used as collateral in the existing letters of credit.

A $3.3 billion debt package will be arranged once the new facility is secured to wrap up the SoftBank rescue plan, one of the people told Bloomberg. It remains unclear which banks will lead the second part of the debt financing.

Softbank recently launched a $3 billion tender offer for WeWork stock as part of its $9.5 billion funding package.

SoftBank, Goldman and WeWork representatives did not comment on the matter, according to the report.