The co-working startup, WeWork has secured $1.1 billion in debt financing from its investor, SoftBank. The company was facing declining membership amid the coronavirus pandemic but said that its financial position remains strong. The first-quarter revenue of the company was $1.1 billion, the first time they had exceeded nine figures, and its cash burn was $482 million.
WeWorks has $4.1 billion in cash and unfunded cash commitments, including this new financing of $1.1 billion. The investment is in the form of senior secured notes.