WeWork Investor Day Presentation Deck
Transaction overview
Proposed transaction terms
$1,283m total gross cash proceeds (3)
$800m PIPE raised at $10.00 per share
100% primary use of proceeds
●
●
Pro forma ownership(2)
1.
2.
3.
4.
Existing WeWork
Rollover Equity,
80.8%
BowX Public Shares, 6.7%
BowX Sponsor Shares, 1.3%
PIPE Shares, 11.2%
Pro forma valuation
($ in millions; except per share price)
Illustrative WeWork Share Price
Pro Forma Shares Outstanding
Pro Forma Equity Value
(+) Pro Forma Debt(¹)
(-) Pro Forma Cash (¹)
WeWork Enterprise Value
Sources & Uses
($ in millions)
Sources
Existing BowX Cash in Trust (3)
Expected PIPE Proceeds
WeWork Rollover Equity
Existing WeWork Cash (4)
Total Sources
Uses
Cash to Pro Forma 6/30/2021 Balance Sheet
Equity Co deration to WeWork Shareholders
Repayment of $350m Secured CP Facility
Transaction Fees & Related Employee Payments
Total Uses
Reflects WeWork Total Funded Debt and Cash as of 06/30/21. Refer to the debt structure overview in the appendix for pro-forma debt and cash calculations
Ownership excludes the impact of outstanding stock options, restricted stock units and common stock warrants. Assumes no public stockholders of BowX exercise redemption rights.
Assumes no redemptions by BowX existing public shareholders.
Reflects WeWork wholly-owned ParentCo Cash and JapanCo Cash as of 6/30/2021. Inclusive of $102.6m of VIE cash. Excludes JapanCo restricted cash of $10m and $2m of wholly owned-restricted cash.
$10.00
792.7
$7,927
2,907
(1,679)
$9,155
$483
800
6,553
844
$8,680
$1,679
6,553
350
98
$8,680
27 | wework
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