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Dealers begin $550 million secondary sale of WeWork 5% notes; initial talk 85.63 to yield 9 7/8%
By Paul A. Harris
Portland, Ore., Dec. 7 – Dealers commenced a secondary sale of $550 million of WeWork Cos. LLC/WW Co-Obligor 5% senior notes due July 10, 2025 (existing ratings CCC+/CCC-), according to market sources.
Initial price talk has the notes pricing at 85.63 on the dollar to yield 9 7/8%.
Pricing is expected on Thursday.
J.P. Morgan Securities LLC is leading the sale.
No proceeds from the secondary notes sale will go to WeWork.
WeWork is a commercial real estate company based in New York.
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