Flexible office operator WeWork has cut its net debt by $1.5bn (£1.2bn) and pushed out the maturity of some of its borrowing by two years to 2027.
The company has struck a series of deals with investors representing more than 60% of its bonds, which will result in funding of more than $1bn, including $540m in new funding, $175m in new capital commitments and $300m in rolled capital commitments. The investor group includes King Street Capital Management, BlackRock and Brigade Capital Management.
SoftBank, meanwhile, will swap $1bn of unsecured notes to equity and make discounted exchanges of other notes, cutting WeWork’s debt by $1.5bn.
