WeWork Boosts Junk-Bond Deal to $702 Million in Debut Sale
- Initial plan was $500 million; orders said to be $2.5 billion
- Seven-year unsecured notes were priced to yield 7.875%
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WeWork Cos. sold $702 million of bonds in its first-ever offering, increasing the size of the deal by 40 percent after finding plenty of investors willing to fund the cash-burning company that subleases office space.
The startup backed by SoftBank Group Corp. priced the seven-year unsecured bonds to yield 7.875 percent, according to a person with knowledge of the matter. The company had initially planned to sell $500 million, and then received orders of about five times that amount, the person said, asking not to be named because the deal is private.