Worried investors bid down the price of WeWork's junk bonds, driving their yield and spread to record highs.
WeWork is still waiting for a big chunk of the $9.5 billion bailout it agreed with SoftBank, according to The Real Deal. SoftBank has postponed a $3 billion tender offer scheduled to begin by Wednesday, the real-estate news outlet reported, citing unnamed sources. The holdup is causing"lots of anxiety," a WeWork investor told Reuters. The news drove the yield on WeWork's junk bonds to a record 15.02% and widened their spread to a new high of 13.
WeWork is still waiting for a big chunk of the $9.5 billion bailout it agreed with SoftBank, according to The Real Deal. SoftBank has postponed a $3 billion tender offer scheduled to begin by Wednesday, the real-estate news outlet reported, citing unnamed sources. The holdup is causing"lots of anxiety," a WeWork investor told Reuters. The news drove the yield on WeWork's junk bonds to a record 15.02% and widened their spread to a new high of 13.
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