WeWork Bonds Fall to New Lows After Latest String of Bad News
- Notes yield 16% as bond price falls to lowest level on record
- Reports from SEC inquiry to hefty quarterly loss dog WeWork
Photographer: Ruhani Kaur/Bloomberg
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WeWork’s bonds are falling deeper into distress as the office-sharing company confronted another string of negative headlines in the past week -- from an SEC inquiry into its failed IPO to a $1.25 billion third-quarter loss.
The company’s $669 million of notes due in 2025 dropped more than 3 cents on the dollar to about 71 cents on Monday, according to the bond-price reporting system Trace. That pushed the yield on the debt to more than 16%.