WeWork Inc.: debt financing — WeWork completes restructure: $1.9B in new secured PIK notes, 1.1B shares to SoftBank

WeWork Inc.

Issued $525M 15% First Lien PIK notes (7% cash/8% PIK), $687M 11% Second Lien PIK notes (5% cash/6% PIK), and $270M 12% Third Lien PIK notes (all PIK) due 2027.
SoftBank exchanged $1.65B of its 5% notes for $187.5M Second Lien Exchangeable notes, $269.6M Third Lien Exchangeable notes, and 1.1129B shares of Class A common stock.
Terminated SoftBank's $500M secured note purchase commitment; entered new agreement for up to $300M delayed draw First Lien notes.
Amended Stockholders Agreement; SoftBank and Benchmark retain board designation rights; voting restrictions maintained if SoftBank holds >49.9% voting power.
Registration rights granted to holders for resale of shares issued in exchange.

item 1.01 item 1.02 item 2.03 item 3.02 item 8.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

WeWork Inc. incurred senior notes of $687 million at 11.00% (5.00% Cash/6.00% PIK) maturing due 2027.

Instrument: senior notes
Principal: $687 million
Rate: 11.00% (5.00% Cash/6.00% PIK)
Maturity: due 2027
Event: incurrence

Exact text from the filing

issued $687 million in aggregate principal amount of 11.00% (5.00% Cash/6.00% PIK) Second Lien Senior Secured PIK Notes due 2027

View on SEC.gov

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

WeWork Inc. incurred senior notes of $525 million at 15.00% (7.00% Cash/8.00% PIK) maturing due 2027.

Instrument: senior notes
Principal: $525 million
Rate: 15.00% (7.00% Cash/8.00% PIK)
Maturity: due 2027
Event: incurrence

Exact text from the filing

issued $525 million in aggregate principal amount of 15.00% (7.00% Cash/8.00% PIK) First Lien Senior Secured PIK Notes due 2027

View on SEC.gov

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

WeWork Inc. incurred senior notes of $23 million at 12.00% maturing due 2027.

Instrument: senior notes
Principal: $23 million
Rate: 12.00%
Maturity: due 2027
Event: incurrence

Exact text from the filing

issued $23 million in aggregate principal amount of 12.00% Third Lien Senior Secured PIK Notes due 2027

View on SEC.gov

Material Agreements SEC 8-K Item 1.01/1.02 confidence 1.0

WeWork Inc. entered into First Lien Senior Secured PIK Notes Indenture with U.S. Bank Trust Company, National Association valued at $525 million aggregate principal amount of 15.00% (7.00% Cash/8.00% PIK) First Lien Senior Secured P (effective 2023-05-05).

Action: entry
Agreement: notes offering
Counterparty: U.S. Bank Trust Company, National Association
Value: $525 million aggregate principal amount of 15.00% (7.00% Cash/8.00% PIK) First Lien Senior Secured P
Effective: 2023-05-05

Exact text from the filing

the Issuers entered into (i) that certain First Lien Senior Secured PIK Notes Indenture, dated as of May 5, 2023 (the “First Lien Notes Indenture”), by and among the Issuers, the guarantors party thereto and U.S. Bank Trust Company, National Association, as trustee (in such capacity, the “Trustee”) and collateral agent (in such capacity the “Collateral Agent”), and issued $525 million in aggregate principal amount of 15.00% (7.00% Cash/8.00% PIK) First Lien Senior Secured PIK Notes due 2027, Series I (the “First Lien Notes”), thereunder

View on SEC.gov

Browse all debt financings →

Source: SEC EDGAR

accession 0001193125-23-137700

view filing index on sec.gov

view primary document

Machine-readable: JSON · Markdown · Plain text

This headline and bullets were generated automatically by deepseek-v4-flash:cloud@v2 from the public filing. Read the source on SEC.gov before relying on any specific claim. Not investment advice. See methodology for how this pipeline works.