WeWork bond drops, spread hits a record on report of delayed share tender

(Reuters) - WeWork's junk bond price dropped and its risk premium shot to a record high on Thursday following a report that its main backer had yet to deliver on a plan to buy $3 billion of stock from existing shareholders.

Reuters November 15, 2019 03:05:27 IST
WeWork bond drops, spread hits a record on report of delayed share tender

WeWork bond drops spread hits a record on report of delayed share tender

(Reuters) - WeWork's junk bond price dropped and its risk premium shot to a record high on Thursday following a report that its main backer had yet to deliver on a plan to buy $3 billion of stock from existing shareholders.

The Real Deal, citing anonymous sources, said Japan's Softbank Corp <9434.T> has yet to commence the tender offer planned as part of a rescue package for the co-working office space startup.

(Reporting By Dan Burns; Editing by Sonya Hepinstall)

This story has not been edited by Firstpost staff and is generated by auto-feed.

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