WeWork has secured commitments from at least 10 banks for $6bn in credit facilities contingent on its IPO. Lead bank JPMorgan is understood to have been joined by Bank of America, Barclays, Citigroup, Credit Suisse, Deutsche Bank, Goldman Sachs, HSBC, Morgan Stanley, UBS and Wells Fargo in agreeing to provide between $500m and $750m each for a $2bn letter of credit facility and a $4bn delayed-draw term loan. The deal will be the first time that an American company has raised money through crowdfunding since Facebook Inc
WeWork has secured commitments from at least 10 banks for $6bn in credit facilities contingent on its IPO. Lead bank JPMorgan is understood to have been joined by Bank of America, Barclays, Citigroup, Credit Suisse, Deutsche Bank, Goldman Sachs, HSBC, Morgan Stanley, UBS and Wells Fargo in agreeing to provide between $500m and $750m each for a $2bn letter of credit facility and a $4bn delayed-draw term loan. The $4bn 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.