WeWork SPAC Presentation Deck
WeWork capital structure overview
($ in millions as of 6/30/2021E)
Cash and Cash Equivalents(¹)
4.
5.
$1.75bn LC Balance (Wholly Owned) (2)
$1.1bn Senior Secured SoftBank Notes (3)
$46mm LC Balance (Japan)
Subsidiary Debt
Total Secured Debt
Net Secured Debt
Senior Notes
SoftBank Senior Unsecured Notes
Total Debt
Net Debt
Total Funded Debt(4)
Total Net Funded Debt(4)
Memo:
Total Available Global Cash (5)
Undrawn Secured Financing Commitments(3)
Undrawn Unsecured Financing Commitments
Total Undrawn Financing Commitments + Global Cash (3)
Coupon
5.600%
12.500%
0.200%
2.500% - 3.000%
7.875%
5.000%
Maturity
2/10/2023
ΝΑ
Various
5/1/2025
7/10/2025
Outstanding
$665
1,274
8
43
$1,325
$660
669
2,200
$4,194
$3,529
$2,912
$2,247
Source: Bloomberg, Company Disclosure, Management Projections.
Note: Estimated balance sheet includes Q2 2021E financials, which is preliminary and subject to change.
1. Cash and Cash Equivalents excludes Restricted Japan Cash of $10mm and $2mm of Other Cash.
2.
3.
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.
Assumes $1.1bn Softbank Senior Secured Notes expire in August 2021 if undrawn. $1.1bn facility to be replaced with $550mm new Softbank Senior Secured Facility at a 7.5% interest rate provided at SPAC signing, available at the
earlier of closing of SPAC or August 12, 2021 (maturity date of existing $1.1B Senior Secured) and available for draw no later than Feb 12, 2023 (or if earlier, 18 months from date of closing of SPAC).
Total Funded Debt includes $669mm of Senior Notes, $2,200mm SoftBank Senior Unsecured Notes, and $43mm Subsidiary Debt. Total Net Funded Debt based on $665mm of Cash and Cash Equivalents.
Global Cash includes $2mm of Other.
$667
$1,100
$1,767
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