NEW YORK (Reuters) - WeWork’s 7.875% bond due in May 2025 fell 5.46 points to 96.3 cents in early trading on Tuesday after its parent, the We Company, postponed its initial public offering.
The bond’s yield rose to 8.71%, according to data from MarketAxess. The bond’s price was the lowest since Aug. 8, when it fell to 96.25 cents.
We Company has faced concerns about its corporate governance standards, as well as the sustainability of its business model, in the run-up to its IPO.
Reporting by Herbert Lash; Additional reporting by Rodrigo Campos; Editing by Edmund Blair