WeWork Restructuring Presentation Deck
Transaction Overview(1)
Assumes 100% Bondholder Participation
($ in millions)
Transaction Sources
New 1L Notes
New 1L Delayed Draw Notes
New 2L Exchange Notes
New 2L Convertible Exchange Notes
New 3L Convertible Exchange Notes
New Equity Capital
Discount Captured
Equitization of SoftBank Notes
Equitization of Public Notes
Total Sources
Senior LC Facility
Junior LC Debt Facility
Senior Secured SoftBank Notes
New 1L Notes
New 1L Delayed Draw Notes ($475mm)
New 2L Exchange Notes
New 2L Convertible Exchange Notes
New 3L Convertible Exchange Notes
JapanCo Debt
Total Secured Debt
Senior Unsecured Notes
Senior Unsecured Notes
SoftBank Senior Unsecured Notes
Total Debt
Less: Cash & Cash Equivalents(6)
Net Debt
Memo: PF Liquidity
Cash & Cash Equivalents
Undrawn Notes Commitment
Total Liquidity
‒‒‒‒‒‒‒
Maturity
Mar 14, 2025(2)
Mar 7, 2025(2)
Mar 15, 2025
Aug 15, 2027
Aug 15, 2027
Aug 15, 2027
Aug 15, 2027
Aug 15, 2027
Various
May 1, 2025
Jul 10, 2025
Jul 10, 2025
$445
475
$920
$525
475
914
188
270
40
287
1,028
183
$3,909
Interest
Rate
6.125% (3)
S+9.90%
7.5%/11% (4)
15.000%
15.000%
11.000%
11.000%
12.000%
2.50-3.30%
7.875%
5.000%
5.000%
Amount
$-
470
250
22
$742
669
550
1,650
$3,611
(155)
$3,456
Current (as of 3/31/23)
x FY24E Adj.
EBITDA
Cash
Interest
$62
71 (5)
19
$151
53
28
83
4.7x $314
1.0x
4.5x $314
Transaction Uses
Unsecured Notes Exchanged
SoftBank Notes Exchanged/Equitized
SoftBank Secured Notes Repayment
PIK Backstop Fee on New 1L Notes
Cash to Balance Sheet
Undrawn Notes Commmitment
Total Uses
Total
Interest
$62
71
19
LEI
$151
53
28
83
$314
$314
Adj.
$-
(250)
525
(3) Based on LC fees of 6.00% and fronting fee of 0.125%.
(4) The secured notes receive 7.5% cash interest through February 15, 2024 and 11% PIK thereafter. Principal outstanding under the notes may not exceed $500mm.
(5) Based on 3-month term SOFR of 5.12% from Chatham Financial (as of March 10, 2023).
(6) Excludes restricted cash.
914
188
270
$1,646
Pro Forma (as of 3/31/23)
x FY24E Adj.
EBITDA
Cash
Interest
$62
71
Amount
$-
470
Memo: EBITDA
FY23E EBITDA
FY24E EBITDA
525
914
188
270
22
$2,388
(669)
(550)
(1,650)
($1,223)
(290)
($1,513) $1,943
$2,388
(445)
3.1x
3.1x
2.5x
(1) Illustratively assumes March 31, 2023 Transaction closing. Assumes 100% of public bonds elect to exchange into 75 points of 2L Exchange Notes and 15 points of equity. Excludes Transaction costs / professional fees.
(2) SVFII credit support as co-obligor for Senior and Junior LC facilities to be extended to August 15, 2027 (in the event of an extension of the LC facilities) as part of the transaction.
37
46
$224
$224
$224
$1,219
1,650
250
25
290
475
$3,909
Total
Interest
$62
71
79
101
21
32
$365
$365
$365
$247
771
wework 4View entire presentation