Debt Restructure and WorkPlace Signed Deals
Cash, commitments, and access to liquidity
As Adjusted for Debt Restructure Transaction, as of 3/31/23 (US$, millions)
$224 (1)
$500 (2)
$40 (3)
($93) (4)
($250) (5)
$422
$475 (6)
$897
Cash and Cash
Equivalents
New 1L
Backstopped
Notes
Proceeds from
Equity Issuance
Closing Costs and
Accrued Interest
Repay Issued Senior
Secured Notes
As Adjusted
Cash and Cash
Equivalents
New 1L Delayed
Draw Notes
As Adjusted
Cash and
Commitments
1. Cash and Cash Equivalents is presented as of March 31, 2023. In April 2023, the Company issued $50 million of Senior Secured Notes under the commitment and had $200 million available thereunder prior to closing of the Debt
Restructure Transaction.
2. Represents $500 million of proceeds from the issuance of the 15% First Lien Senior Secured PIK Notes due 2027 (the "First Lien Notes") in connection with the Debt Restructure Transaction in May 2023.
3. Represents approximately $40 million of proceeds received from the sale of 35 million shares of Class A common stock to an investor in connection with the closing of the Debt Restructure Transaction in May 2023.
4. Closing costs includes $47 million of professional fees and $46 million of accrued interest and commitment fees settled at close of the transaction.
5. Represents the repayment of the Senior Secured Notes outstanding using the amount issued as of March 31, 2023.
6. In connection with the closing of the Debt Restructure Transaction in May 2023, the Secured Notes commitment was partially replaced by a new commitment to purchase up to $475 million of First Lien Notes (the "Delayed Draw
Notes commitment"). The Delayed Draw Notes commitment may be drawn from time to time at the Company's option, subject to the satisfaction of certain terms and conditions. As of the date hereof, no First Lien Notes has been wework
19 drawn and issued under the new Delayed Draw Notes commitment.
© 2023 WeWorkView entire presentation