WeWork Restructuring Presentation Deck
Transaction Term Sheet (Cont'd)
LC Facility
Public Notes Exchange
Senior Tranche > $960mm
Junior Tranche
$470mm
Senior LC Tranche: 6.0%
> Junior LC Tranche: 3M SOFR +9.90%
Rate
Maturity
SVFII
Obligations
Security/
Guarantees
New Money
Participants
Non-New
Money
Participants
Minimum
Participation
Negative
Covenants
Senior LC Tranche: March 14, 2025
Junior LC Tranche: March 7, 2025
SVFII reimbursement obligations and LC commitments under the LC Facility dynamically reduce dollar-for-dollar with LC utilization burn down
(as provided in the existing LC credit facility documents)
> SVFII shall only be obligated to reimburse existing LCs; credit support shall not be extended for new LCs; LCs shall not be issued to secure new
leases
>
>
> Subject to acceptable amendments to the LC Facility documents, SVFII shall continue to provide credit support under the existing credit
facility until August 15, 2027 and shall work with Bank Lenders to continue to extend the maturity dates for the facility
Senior + Junior Upfront Fees payable May 2024 (150 bps) / August 2024 (50 bps) (¹)
PIK Accrual Fees accrued through 2027 and payable at the earliest of maturity, acceleration and termination of the LC Facility
7.045% Senior LC Fee Accrual Start: February 10, 2024
6.500% Junior LC Fee Accrual Start: November 30, 2023
>
Existing collateral
> Pledge of 100% of equity interests of WW Worldwide C.V.
>
Subject to participation in pro rata share of New Money commitment, Public Noteholders have the option to exchange (i) at 90% of par into a
combination of (x) 75 cents of New 2L Exchange Notes and (y) 15 cents of common equity at the Common Equity VWAP or (ii) at 90% of par
into equity at a per share conversion price equal to the Common Equity VWAP
Any and all accrued or deferred portion of coupon paid in cash at closing
Public Noteholders offered the ability to exchange (i) at 90% of par into a combination of (x) 75 cents of 3L Exchange Notes and (y) 15 cents of
equity or (ii) at 90% of par into equity at a per share conversion price equal to the Common Equity VWAP
> Subject to minimum participation threshold of 90%, provided that such threshold may be waived or modified with the consent of the Company
> Participating Public Noteholders to consent to stripping substantially all restrictive covenants in 7.875% Notes and 5.000% Notes indentures
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(1) Reflects current agreed deferral terms.View entire presentation