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Softbank loans USD 1.1 billion to WeWork

Singapore: SoftBank loans $1.1 billion to WeWork as the flexible-office giant sees membership fall.

In a memo to employees, chief financial officer Kimberly Ross called the infusion “another sign of SoftBank’s continued support for our business,” according to Bloomberg. 

The funding will come in the form of senior secured notes, and will bring the company’s cash on hand to $4.1 billion.

“Covid-19 has had an impact on our business,” Ross wrote in her memo. 

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