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WeWork seeks credit line of $3B-$4B

Dan Primack, author of Pro Rata

WeWork is seeking to secure a credit line of between $3 billion and $4 billion, which could eventually expand to $10 billion, as first reported by the WSJ and confirmed by Axios.

Why it matters: This reflects WeWork's belief that public market investors want to see safe passage to profitability.

  • Talks are furthest along with Goldman Sachs and J.P. Morgan, but no final agreement is yet in place. If successful, the deal would effectively cancel WeWork's outstanding bonds (sold last spring). A company spokesperson declined comment.

The bottom line: We often see companies go public in order to reduce their debt, but this may be the first time we've seen a company add debt to go public.

Go deeper: WeWork CEO on profits and why the company may go public

Go deeper

Alayna Treene, author of Sneak Peek
9 mins ago - Politics & Policy

Minority Mitch still setting Senate agenda

Illustration: Aïda Amer/Axios

Chuck Schumer may be majority leader, yet in many ways, Mitch McConnell is still running the Senate show — and his counterpart is about done with it.

Why it matters: McConnell rolled over Democrats unapologetically, and kept tight control over his fellow Republicans, while in the majority. But he's showing equal skill as minority leader, using political jiujitsu to convert a perceived weakness into strength.

Go deeper (2 min. read)Arrow
Axios
Updated 11 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Eniola Odetunde/Axios

  1. Health: Pandemic fatigue quantified — Coronavirus could be worsening childhood obesity.
  2. Vaccine: Biden floats prospect of 1.5 million vaccinations a day — Moderna says vaccine appears to protect against new COVID-19 variants.
  3. Politics: Deborah Birx went "on the road" for local COVID efforts to avoid White House censorship — Sanders says Democrats will push coronavirus relief package through with simple majority.
  4. Business: Budweiser skips Super Bowl ads in favor of vaccine education campaign.
  5. World: First U.S. case of COVID-19 variant from Brazil confirmed in Minnesota — Mexican President López Obrador tests positive for coronavirus.
  6. 🎧 Podcast: Google's chief health officer Karen DeSalvo on vaccinating America.
Go deeper (1 min. read)Arrow
Hans Nichols, Alayna Treene
12 mins ago - Politics & Policy

Schumer rattles reconciliation saber

More than an aisle separates Mitch McConnell and Chuck Schumer, seen in the Senate Chamber after the Capitol siege. Photo: Drew Angerer/Getty Images

Chuck Schumer is expected to telegraph, as soon as tonight, that he will use his political muscle to pass some of his party’s priorities — like President Biden's $1.9 trillion stimulus package.

Why it matters: While the Senate majority leader wants to work with Republicans on key legislation, advisers say, he will make clear that using the simple majority vote inherent in the budget reconciliation process is one of the big sticks at his disposal.

Go deeper (1 min. read)Arrow