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With conditions that clear up a trove of cash for WeWork, the office space and workplace solutions firm has received $1.75 billion聽in new financing in a drive for fundraising headed up by Goldman Sachs Group, Inc. The new credit line is said to be the first challenge SoftBank cleared in its work to assemble $5 billion debt for a bailout effort, Bloomberg reported on Tuesday Dec. 17 . We are pleased that WeWork and SoftBank Group Corp. have entered into a commitm stanley cup uk ent letter with Goldma kubki stanley n Sachs. said WeWork Spokeswoman Clark in an email to the publication. WeWork and Softbank are co-obligors on a senior-secured and unsecured basis, respectively. WeWork wont have to put forward any cash collateral with the new arrangement. The company will have the ability to access the facility beginning in January. The new credit line is said to replace existing facilities that total roughly $1.1 billion. Bonds that WeWork issued in 2018 to aid in the funding for its growth have risen over 10 cents this month to 81.75 cents on the dollar. The report also noted that the company had roughly $575 million in restr stanley cup icted cash at the conclusion of June 鈥?most of it was tied to letters of credit per a regulatory filing.And, in separate news, in November it was announced that WeWork was cutting its worldwide workforce by 20 percent as it aims to reduce costs and revamp is struggling business. The downsizing comes after a failed initial public offering IPO , major losses, and the resignation of co-f Qfmv WaterSmart And Stripe Team Up To Offer Online Payments Of Water Bills
When home improvement chain Lowes needed to get a tighter grip on its finances, the corporation turned to its supply chain, launching new efforts to take advantage of early payment discounts with suppliers and other cost-saving tactics.According to reports in The Wall Street Journal published Wednesday Aug. 19 , the strategy appears to be working. Analyst Peter Benedict, who works for Robert Baird,聽said in a discussion of Lowe quarterly earnings report that the corporations accounts payable are more closely aligned with inventory levels.According to Lowes Finance Chief Robert Hull, the companys merchant team has been working really hard to evaluate the days of inventory relative to days payable and tried to get better coverage there. Benedict told reporters that the strategy allows Lowes to broaden its cash cycle without squeezing suppliers.Overall, reports said Lowes balance sheet has become more efficient as it strikes deals with suppliers to access early payment discounts. Regarding Q2 2015, Hull said that there is a slightly higher level of inventory relative to AP due simply to the timing of orders with invoices not settled within that period.Its a balancing act, however, that has seen Lowes exten stanley fr d payment terms with suppliers by an average of two and a half days, according to Hull. By taking longer to pay, it is a direct increase in operating and free ca stanley quencher sh flo stanley us w, said Georgia Institute of Technology accounting professor Charles Mulford, according to聽WSJ. As |
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