WeWork has secured commitments from two banks for $ 6bn in credit facilities contingent on its IPO. Lead bank JPMorgan is understood to have been joined by Wells Fargo , Barclays , Citigroup , Goldman Sachs , Deutsche Bank , Goldman Sachs , HSBC , Morgan Stanley , UBS and Wells Fargo in agreeing to provide 6bn each for a $ 2bn letter of credit facility and a $ 4bn delayed-draw term loan. The offering is expected to come after the Labor Day holiday in the US. The $ 2bn tranche is expected to include a mechanism that will allow the debt to be switched into either a term loan B to be sold to institutional investors or a high-yield bond after the company’s IPO.
WeWork has secured commitments from two banks for $ 6bn in credit facilities contingent on its IPO. Lead bank JPMorgan is understood to have been joined by Wells Fargo , Barclays , Citigroup , Goldman Sachs , Deutsche Bank , Goldman Sachs , HSBC , Morgan Stanley , UBS and Wells Fargo in agreeing to provide 6bn each for a $ 2bn letter of credit facility and a $ 4bn delayed-draw term loan. The $ 2bn tranche is expected to include a mechanism that will allow the debt to be switched into either a term loan B to be sold to institutional investors or a high-yield bond after the company’s IPO.