WeWork Restructuring Presentation Deck
Transaction Term Sheet (Cont'd)
New 2L Exchange Notes (Non-Convertible)
Description
Exchange Price
Interest Rate
Prepayment
Maturity
Security /
Guarantees
> Second lien exchange notes ("New 2L Exchange Notes")
> 7.875% Notes: 90% of par (comprised of 75 cents of New 2L Exchange Notes + 15 cents of equity at the Common Equity VWAP)
> 5.000% Notes (Series II): 90% of par (comprised of 75 cents of New 2L Exchange Notes + 15 cents of equity at the Common Equity VWAP)
1.0% (5.0% Cash / 6.0% PIK), payable semi-annually
Default Rate: 2%
>
>
>
101 equity claw for life
101 refi call protection
> August 15, 2027
Secured on a second lien basis by all collateral securing the LC Facility and the New 1L Notes with such security interest and lien to be (i)
junior to the New 1L Notes and the LC Facility, (ii) pari passu with the New 2L Convertible Exchange Notes and (iii) senior to the New 3L
Exchange Notes and the New 3L Convertible Exchange Notes
>
>
Pledge of 100% of the equity interests of WW Worldwide C.V.
>
Guarantors to include each guarantor and each current "unrestricted subsidiary" (other than WeWork Japan GK, 1 Ariel Way Tenant Limited
and WeCap business entities) under the existing drawn Secured Notes, the Public Notes and the LC Facility
>
Designation of any unrestricted subsidiaries will require the consent of the majority of the holders of the New 2L Exchange Notes of each
applicable series separately
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