The Goldman Sachs Group, Inc. (GS) is one of the world’s leading investment bankers & also a securities and investment management firm that offers a wide range of financial services with a diversified client base.
As per reports, shared workplace operator WeWork has arranged a $1.75B letter of credit with Goldman Sachs to be syndicated which is expected to be available next year January. The credit line which is part of SoftBank Group Corp’s $9.5B bailout (including a tender offer of up to $3B, $1.5B payment from SoftBank that was due next year, and some $5B in new debt including the line of credit) was announced in October when WeWork was running out of cash and withdrew its plans to go public abruptly.
“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 said in a statement.
The funding for the new debt would occur after the tender offer was completed informed SoftBank after the bailout was announced. Also, the tender is not expected to be finished until the first quarter of 2020 subject to regulatory approvals and closing conditions.
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