Debt Restructure and WorkPlace Signed Deals
Debt capitalization table
As Adjusted for Debt Restructure Transaction, as of 3/31/23 (US$, millions)
Cash & cash equivalents
Senior LC Tranche ($960M)
Junior LC Tranche
(2)
(1)
Senior Secured Notes ($500M) (3)
1L Backstopped Notes (4)
1L Delayed Draw Notes ($475M) (4,5)
2L Exchange Notes
(6)
2L Convertible Exchange Notes (6)
3L Exchange Notes (7)
3L Convertible Exchange Notes (7)
Other Debt (8)
Total secured debt
Senior Unsecured Notes
Senior Unsecured Notes (Series II)
Senior Unsecured Notes (Series I)
Total unsecured debt
Total outstanding debt
Net outstanding debt
Interest Rate
Actual as of 3/31/2023
I
Maturity
Principal
Outstanding
Adj.
Interest Rate
224
198
Pro Forma (as of 3/31/2023)
Maturity
Principal
Outstanding
422
6.13%
14.63%
3/14/2025
6.13%
3/14/2025
3/7/2025
470
14.63%
3/7/2025
470
7.5% 11.0% PIK
3/15/2025
250
(250) !
525
15.00%
8/15/2027
525
15.00%
8/15/2027
687
11.00%
8/15/2027
687
188
11.00%
8/15/2027
188
23
12.00%
8/15/2027
23
270
3.30% 20.56%
Various
27!
12.00%
3.30% 20.56%
8/15/2027
270
Various
27
747
1,442
2,189
7.88%
5/1/2025
669
(505)
5.00%
7/10/2025
550
(541)
7.88%
5.00%
5/1/2025
164
7/10/2025
9
5.00%
7/10/2025
1,650
(1,650)
2,869
(2,696)
3,616
(1,254)
173
2,362
3,392
(1,452)
1,940
20
1. On February 15, 2023, as part of the Sixth Amendment to the Credit Agreement, the Senior LC Tranche commitments were increased from $930 million to $960 million.
2. In February 2023, the Junior LC Tranche was amended to extend the maturity date from November 2023 to March 2025, increase the tranche from $350 million to $470 million and reset the interest rate from SOFR + 650 basis points to SOFR + 990 basis points.
3. Senior Secured Notes outstanding presented as of March 31, 2023. In April 2023, the Company issued $50 million of Senior Secured Notes and all of the outstanding principal amount of Secured Notes was repaid at closing of the Debt Restructure Transaction.
4. The 15.000% interest rate amount is payable 7.00% in cash and 8.00% in kind.
5. The Delayed Draw Notes may be issued from time to time at the Company's option, subject to certain terms and conditions. If issued, the Delayed Draw Notes will have the same terms as the 1L Backstopped Notes.
6. The 11.000% interest rate amount is payable 5.00% in cash and 6.00% in kind.
7. The 12.000% interest rate amount is payable solely in kind.
8. Represents outstanding letters of credit/indebtedness incurred by a joint-venture entity equally owned by the Company and an affiliate of SoftBank Group Corp.
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