Office-space manager WeWork is planning to sell 0m of high-yield notes maturing in 2025, in a deal expected to price this week. One reason this matters is that it is the first time the company has sold debt to investors (it has a 0m revolving credit facility and a 0m letter-of-credit facility). After Monday's pricing of a bond offering from Netflix, the sale of notes could test the extent of the market's appetite for high-yield bonds. Yet even more interesting is the opportunity to get a sense of how exactly WeWork's business works. The company has an “asset-light” model and leases most of its workspace locations -- beyond that it has been promoting its lifestyle and fitness offerings and planning an expansion into education. The prospectus and presentation for the note sale,
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Office-space manager WeWork is planning to sell $500m of high-yield notes maturing in 2025, in...