Goldman Jumps Into WeWork Cleanup With Debt-Financing Plan
- Wall Street firm is arranging a $1.75 billion line of credit
- Deal includes feature aimed at luring other potential lenders
Photographer: Ruhani Kaur/Bloomberg
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SoftBank Group Corp. tapped Goldman Sachs Group Inc. for new financing to help revive one of its biggest bets -- an investment in office-sharing company WeWork.
Goldman is arranging a $1.75 billion line of credit, the first step in SoftBank’s pledge to put together $5 billion in debt financing for WeWork as part of its bailout package, according to people with knowledge of the matter. In a twist aimed at making the financing more palatable to other lenders, SoftBank will be listed as the borrower and WeWork will be a co-borrower, the people said, asking not to be identified because the information isn’t public.