WeWork has raised $702m through a junk-bond issuance, after announcing at the beginning of the week that it hoped to raise $500m. The fundraise comes following garnering $4.4bn in venture capital from backers including Japan's SoftBank. WeWork, a New York-based office-space provider with a hip reputation and $20 billion valuation, was able to sell its seven-year bonds at par with a 7.875% interest rate, people familiar with the matter said. In an interview with Bloomberg, CEO and co-founder Brian Chesky said he was "excited" about the potential for growth on his company's platform. Bond documents reveal the company owes $18bn in rent from more than 14 million square feet of office space. Proceeds from the bond issuance will be used to aid WeWork's rapid expansion.
WeWork has raised $702m through a junk-bond issuance, after announcing at the beginning of the week that it hoped to raise $500m. The fundraise comes following garnering $4.4bn in venture capital from backers including Japan's SoftBank. In an interview with Bloomberg, CEO and co-founder Brian Chesky said he was "excited" about the potential for growth on his company's platform. Bond documents reveal the company owes $18bn in rent from more than 14 million square feet of office space. Proceeds from the bond issuance will be used to aid WeWork's rapid expansion.