SoftBank Group Corp. is looking to offload $550 million (¥62 billion) of debt it provided to WeWork Inc. more than a year ago when the office sharing company faced a cash crunch and needed financing, according to people with knowledge of the matter.

The Japanese conglomerate is selling the bonds to institutional investors at around 85.6 cents on the dollar, for a yield of about 9.875%, according to the sources, who asked not to be identified because the discussions are private.

WeWork’s other bonds declined after news of the upcoming sale. The company’s 7.875% notes due May 2025 fell to 94 cents on the dollar, the lowest levels since March, and were one of the biggest decliners in the U.S. junk-bond market Tuesday, according to Trace pricing data. Their yields now exceed those of the securities that SoftBank is selling, and are above the 7.2% average for bonds in the same ratings tier, according to Bloomberg index data.