Jul 8, 2019 - Economy & Business

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

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Axios
Updated 29 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. Global: Total confirmed cases as of 1 p.m. ET: 11,137,846 — Total deaths: 526,156 — Total recoveries — 6,003,824 — Map.
  2. U.S.: Total confirmed cases as of 1 p.m. ET: 2,809,108 — Total deaths: 129,509 — Total recoveries: 883,561 — Total tested: 34,213,497 — Map.
  3. States: America's exceptionally uneventful Fourth of July — ICU beds in Arizona's hot spot reach near capacity.
  4. Public health: U.S. coronavirus infections hit record highs for 3 straight days.
  5. Politics: Trump extends PPP application deadline — Kimberly Guilfoyle tests positive.
  6. World: Mexican leaders call for tighter border control as infections rise in U.S.
  7. Sports: 31 MLB players test positive as workouts resume.
  8. 1 📽 thing: Drive-in movie theaters are making a comeback.
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Orion Rummler
1 hour ago - Health

U.S. coronavirus infections hit record highs for 3 straight days

Illustration: Aïda Amer/Axios

The U.S. has reached new highs in single-day coronavirus infections for three consecutive days this week, per data from Johns Hopkins and the COVID Tracking Project.

The big picture: The number of coronavirus cases increased in the vast majority of states over the last week, and decreased in only two states plus the District of Columbia, Axios' Andrew Witherspoon and Caitlin Owens report.

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Rashaan Ayesh
Updated 1 hour ago - Politics & Policy

Colorado police chief fires officers who reenacted Elijah McClain's death

LaWayne Mosley, father of Elijah McClain, wears a t-shirt with is son's picture on it during a press conference in Oct. 2019. Photo: Andy Cross/MediaNewsGroup/The Denver Post via Getty Images

Interim Aurora, Colo., police chief Vanessa Wilson fired two officers for reenacting the death of 23-year-old Elijah McClain and a third officer for commenting on the photo that captured the "despicable act," The Washington Post reports.

Why it matters: McClain died in the summer of 2019 after police officers held him in a chokehold and paramedics used a sedative, ketamine. People have been protesting McClain's death recently after the police killing of George Floyd revitalized the movement against police brutality.

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