WeWork closed a new $1.75 billion senior secured letter of credit facility. Goldman Sachs is the administrative agent of the new facility.
Goldman Sachs, Citibank, DBS Bank, Deutsche Bank, Mizuho, Natixis and Société Générale participated in the syndication as joint lead arrangers and joint bookrunners, and other banks continue to look into participation in the facility.
WeWork, which in December entered into the committed facility together with SoftBank Group, is not required to post any cash collateral under the new facility, making available approximately $800 million in working capital that was restricted under previous letter of credit facilities.
