November 14, 2019 / 9:19 PM / 25 days ago

WeWork bond drops, spread hits a record on report of delayed share tender

Nov 14 (Reuters) - WeWork's junk bond price dropped and its risk premium shot to a record high on Thursday following a report that its main backer had yet to deliver on a plan to buy $3 billion of stock from existing shareholders.

The Real Deal, citing anonymous sources, said Japan's Softbank Corp has yet to commence the tender offer planned as part of a rescue package for the co-working office space startup. (Reporting By Dan Burns Editing by Sonya Hepinstall)

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