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WeWork has offered to swap its 7.875% and 5% bonds due 2025 for new debt and stock as part of its debt restructuring plan. The terms of the exchange depend on whether bondholders agree to participate in a new debt financing for WeWork.
As per Bloomberg, majority of the bondholders of its old notes have already agreed to the exchange. WeWork its trying to reduce total debt by ~$1.5bn. Both of its bonds due 2025 are trading at 50-54 cents on the dollar.
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