---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-23-137700"
form_type: "8-K"
ticker: null
cik: "0001813756"
company_name: "WeWork Inc."
filed_at: "2023-05-08T23:59:59+00:00"
generated_at: "2026-06-15T14:02:44.024713+00:00"
event_type: "debt"
sentiment: "negative"
materiality_score: 0.95
calibrated_materiality_score: 0.95
confidence: "high"
source: SEC EDGAR
---

# WeWork completes restructure: $1.9B in new secured PIK notes, 1.1B shares to SoftBank

## Summary
- 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.

## SEC filing metadata
- accession: 0001193125-23-137700
- form_type: 8-K
- cik: 0001813756
- company_name: WeWork Inc.
- filed_at: 2023-05-08T23:59:59+00:00
- event_type: debt
- sentiment: negative
- materiality_score: 0.95
- calibrated_materiality_score: 0.95
- confidence: high
- sec_items: 1.01, 1.02, 2.03, 3.02, 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1813756/000119312523137700/0001193125-23-137700-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1813756/000119312523137700/d371663d8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-23-137700
- JSON: https://secwatch.observer/filing/0001193125-23-137700.json
- Plain text: https://secwatch.observer/filing/0001193125-23-137700.txt

## Key facts
- Debt Financings
  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
  source text: issued $687 million in aggregate principal amount of 11.00% (5.00% Cash/6.00% PIK) Second Lien Senior Secured PIK Notes due 2027
  evidence_url: https://www.sec.gov/Archives/edgar/data/1813756/000119312523137700/0001193125-23-137700-index.htm
- Debt Financings
  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
  source text: issued $525 million in aggregate principal amount of 15.00% (7.00% Cash/8.00% PIK) First Lien Senior Secured PIK Notes due 2027
  evidence_url: https://www.sec.gov/Archives/edgar/data/1813756/000119312523137700/0001193125-23-137700-index.htm
- Debt Financings
  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
  source text: issued $23 million in aggregate principal amount of 12.00% Third Lien Senior Secured PIK Notes due 2027
  evidence_url: https://www.sec.gov/Archives/edgar/data/1813756/000119312523137700/0001193125-23-137700-index.htm
- Material Agreements
  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
  source text: 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
  evidence_url: https://www.sec.gov/Archives/edgar/data/1813756/000119312523137700/0001193125-23-137700-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.