WeWork sets up a $1.75 billion credit line with Goldman Sachs as part of its massive bailout package
The credit line is in the process of being syndicated, and the funds are set to be available in January, according to Reuters. The letter is part of SoftBank's"We are pleased that WeWork and SoftBank Group Corp have entered into a commitment letter with Goldman Sachs for a new $1.75 billion senior secured letter of credit facility," WeWork told Reuters in a statement, adding that WeWork will not need to post collateral for the credit line.
The full tender offer isn't expected to finish until the first quarter of 2020 and is subject to regulatory approvals, a source told Reuters. The letter of credit with Goldman should release roughly $800 million in previously restricted cash, the source added. The investment bank's stakes in WeWork and other unicorn startups like Uber ate away at its third-quarter profits. Goldman said it
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