WeWork Investor Day Presentation Deck
Debt structure overview
($ in millions as of 6/30/2021A)
Cash and Cash Equivalents¹
$1.75bn LC Balance (Wholly Owned) (²)
(3)
$350m Funded LC Debt Facility'
$1.1bn Senior Secured SoftBank Notes (4)
$550 m Senior Secured SoftBank Notes
JapanCo LC Balance
JapanCo Debt
Total Secured Debt (5)
Senior Notes
$2.2bn SoftBank Senior Unsecured Notes
Total Debt
Total Funded Debt (6)
Total Net Funded Debt
Memo:
Total Available Global Cash
Undrawn Secured Financing Commitments(7)
Undrawn Unsecured Financing Commitments
1234
Coupon
5.
6.
567
5.600%
12.500%
7.500%
0.200%
Total Undrawn Financing Commitments + Global Cash (7)
Unused LC Capacity
Total Undrawn Financing Commitments + Global Cash + LC Capacity
2.500% 3.000%
7.875%
5.000%
Maturity
2/10/2023
2/ 12/ 2023
N/A
Various
5/1/2025
7/10/2025
As of 6/30/21
$844
$1,665
350
N/A
8
38
$1,711
669
2,200
$4,580
$3,257
$2,413
$844
$750
$1,594
$85
$1,679
Pro Forma
Financing Adj.
$835
($350)
(350)
($350)
($350)
($350)
($ 1,185)
$835
($200)
$635
$350
$985
6/30/21 +
Pro Forma
Financing Adj.
$1,679
$1,315
N/A
8
38
$1,361
669
2,200
$4,230
$2,907
$1,228
1. Cash and Cash Equivalents inclusive of $102.6m of VIE cash. Excludes JapanCo restricted cash of $10m and $2m of wholly-owned restricted cash..
2. SoftBank has agreed to extend its guarantee of the LC facility to 2024 at WeWork's option on terms consistent with the existing LC agreement, including the issuance of warrants.
3. Reflects Commercial Paper facility. In May 2021, the Company entered into a loan agreement to raise $350m of cash in exchange for letters of credit issued from the 2020 LC Facility.
The Company executed an amendment to enter into the A&R Senior Secured Note Purchase Agreement on the earlier of the Closing of the SPAC or 10/31/21 (instead of 09/30/21). $1.1bn facility to be replaced with $550m new Softbank Senior
Secured Facility at a 7.5% interest rate provided at SPAC signing, available at the earlier of closing of SPAC or 10/31/21 and available for draw no later than Feb 12, 2023 (or if earlier, 18 months from date of closing of SPAC).
Total Secured Debt excludes $350m Funded LC Debt Facility (Commercial Paper).
4.
Total Funded Debt includes $669m of Senior Notes, $2,200m SoftBank Senior Unsecured Notes, and $38m Subsidiary Debt. Total Net Funded Debt based on $1,679m of Cash and Cash Equivalents.
7. Reflects $750m of capacity on the $1.1bn Softbank Senior Secured Notes and subsequent $550m of capacity on the $550m Senior Secured Softbank Notes.
$1,679
$550
$2,229
$435
$2,664
41 | wework
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