WeWork’s bonds are sinking as investors are growing more concerned the company might slash its valuation or delay its initial public offering.
WeWork’s 7.875% notes maturing in 2025 slipped to 97.75 cents on the dollar on Tuesday, the lowest level since the company filed to go public in early August.
The drop comes as the company’s valuation has been under scrutiny from analysts and investors in recent weeks.
Here’s a roundup of Business Insider’s WeWork coverage.
WeWork’s bonds are falling as the possibility of the company’s IPO being delayed rattles investors already wary of its valuation.
The company’s 7.875% notes maturing in 2025 slid to 97.75 cents on the dollar on Tuesday, the lowest point since it filed to go public in early August.
The bonds rose to an all-time high when WeWork said in its IPO filing that it paid off a portion of the notes and was planning to raise an additional $6 billion in debt funding, according to Bloomberg. The company issued $702 million worth of high-yield debt in April 2018, with about $669 million still outstanding as of its IPO filing.
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Source:: Businessinsider – Finance