Future Of Work Opportunity & Quarterly Financial Results
Capitalization Table
As of June 30, 2022
$US millions
Cash & cash equivalents
(1)
$1.25B $1.05B Senior LC Tranche (2) (3)
$350M Junior LC Tranche
(2) (4)
$550M $500M Senior Secured Notes (5)
JapanCo Debt
Total secured debt
Senior Unsecured Notes
Senior Unsecured Notes (Series II)
Senior Unsecured Notes (Series I)
Total outstanding debt
Net outstanding debt
Coupon
Maturity
Amount
$625
5.600%
2/9/2024
7.688%
11/30/2023
$350
7.500%
2/12/2024
2.500% 3.300%
Various
$25
$375
7.875%
5/1/2025
$669
5.000%
7/10/2025
$550
5.000%
7/10/2025
$1,650
$3,244
$2,619
1. In addition to these amounts, the Company had restricted cash of $7.0 million as of June 30, 2022.
2. Prior to May 10, 2022, the 2020 LC Facility was scheduled to terminate on February 9, 2024 and the commitments thereunder were scheduled to decrease to $1.25 billion beginning on February 10, 2023. On May 10, 2022, the Company executed the
Fourth Amendment to the Credit Agreement. As amended, the 2020 LC Facility is subdivided into a $1.25 billion Senior LC Tranche and a $350 million junior LC tranche. The termination date of the Junior LC Tranche is November 30, 2023. The
termination date of the Senior LC Tranche, which steps down from $1.25 billion to $1.05 billion in February 2023, is February 9, 2024.
3. As of June 30, 2022, $1.2B of standby letters of credit were outstanding under the 2020 LC Facility. The Company has also entered into various other letter of credit arrangements, the purpose of which is to guarantee payment under certain leases
entered into by Japan Co and certain subsidiaries, totaling $4.0 million outstanding.
4. The reimbursement obligations under the Junior LC Tranche bear interest at the ABR (as defined in the Fourth Amendment to the Credit Agreement) plus 5.50% or the Term SOFR Rate (as defined in the Fourth Amendment to the Credit Agreement),
with a floor of 0.75%, plus 6.50%, at the WeWork Obligor's option.
5. On December 16, 2021, the Company, WW Co-Obligor Inc. and an affiliate of SoftBank Group Corp. (the "Note Purchaser") entered into an amendment to the Master Senior Secured Notes Note Purchase Agreement that governs the Senior Secured
Notes pursuant to which the Note Purchaser agreed to extend its commitment to purchase up to an aggregate principal amount of $500.0 million of the Senior Secured Notes that may be issued by the Company from February 12, 2023 to February
12, 2024. If issued, the Senior Secured Notes will mature on February 12, 2024. Under the terms of the amended Master Senior Secured Notes Note Purchase Agreement, the Company has the ability to issue up to an aggregate principal amount of (i)
until February 11, 2023, $550.0 million and (ii) from February 12, 2023 to February 12, 2024, $500.0 million of Senior Secured Notes. No Senior Secured Notes were issued as of June 30, 2022.
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