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Bond Market News
WeWork to Go Public via Merger with SPAC BowX with a Valuation of $9bn
March 29, 2021
WeWork announced that it plans to go public via a merger with SPAC BowX Acquisition raising $1.3bn and valuing the company at $9bn. WeWork said it aims for the deal to be closed by the third quarter. WeWork will receive $800mn from institutional investors Starwood Capital, Fidelity and BlackRock. The valuation is a fraction of what it was two years back at $47bn before its failed IPO. The listing announcement comes days after it reported a $3.2bn loss in 2020 arising due to the pandemic. WeWork in a recent update noted that in the next five years, it targets total revenues to touch $7.7bn, adjusted EBITDA of $1.8bn and free cash flows of ~$1bn. CEO Sandeep Mathrani said, “WeWork has emerged as the global leader in flexible space with a value proposition that is stronger than ever… (the company) has spent the past year transforming the business and refocusing its core.”
WeWork’s 7.875% 2025s have shot up almost 6 cents to 98.4 cents on the dollar, yielding 8.35%.
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