WeWork’s dollar bonds jumped following news that SoftBank, the largest shareholder of the co-working company, agreed to convert about $1bn of loans into equity after revising terms on the latter’s debts earlier this month. As per sources, WeWork is set to get a further $1bn of funding, majority via debt. The new deal will likely be announced by next Thursday. In face of financial pressures, WeWork CEO Sandeep Mathrani has taken measures to reduce costs as the company inches towards profitability.

Gains were led by WeWork’s 7.875% 2025s, up 9.2 points to 54.93 cents on the dollar.

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