FILE PHOTO: A WeWork’s logo is seen outside its offices in San Francisco, California, USA, September 30, 2019. REUTERS/Kate Munsch/File Photo
(Reuters) – WeWork, junk bond, the price and the risk premium shot to a record high on Thursday, after a report that its main backer, had to be delivered on the basis of a plan to purchase $3 billion of its stock to existing shareholders.
The Real Deal, citing anonymous sources, said the japanese Softbank Corp, has yet to start in the offer are planned as part of a rescue package for the co-working office space, start up.
The tender was supposed to have started five days after an initial payment of $1.5 billion, at WeWork in place, the Real Deal said, referring to a letter, they turned to WeWork investors. The payment was made Oct. 30, but sources told the publication that no offer has been extended, and he said, here
WeWork, the 7.875% note due in May 2025 fell 2.25 cents on the dollar to make a bid in the amount of 74 cents, according to the Refinitiv of the data. The federation provides a record of 15.02%, and the spread is a measure of the premium that investors demand for the risk of the holding company, WeWork bond, rather than safer securities such as U.s. Treasury debt, is expanded to a record of 13.40 points.
Reporting by Dan Burns; Editing by Sonya Hepinstall