WeWork prefers JPMorgan’s financing package over SoftBank’s control: Bloomberg

Business

FILE PHOTO: A WeWork logo is seen at a WeWork office in San Francisco, California, U.S. September 30, 2019. REUTERS/Kate Munsch/File Photo

(Reuters) – Shared office space company WeWork prefers the option of a near $5 billion financing package led by JPMorgan Chase & Co (JPM.N) to selling a controlling stake to Japan’s SoftBank Group Corp (9984.T), Bloomberg reported bloom.bg/2pl8JmL late on Monday.

The debt package may include at least $2 billion of unsecured notes with 15% coupon, according to Bloomberg.

SoftBank has prepared a financing package that would give it control over the shared office space company, a person familiar with the matter told Reuters on Sunday.

WeWork and JPMorgan were negotiating a debt deal after the company’s planned initial public offering was tabled last month as investor concerns grew about its valuation and its business model, Reuters reported earlier this month.

SoftBank, WeWork and JPMorgan did not immediately respond to a Reuters request for comment.

Reporting by Kanishka Singh in Bengaluru; Editing by Muralikumar Anantharaman

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