secwatch.observer — SEC 8-K summary
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Issuer:     WeWork Inc. (—)
CIK:        0001813756
Form:       8-K
Filed at:   2023-05-08T23:59:59+00:00
Accession:  0001193125-23-137700
Event type: debt
Sentiment:  negative
Materiality: 0.95
Item codes: 1.01, 1.02, 2.03, 3.02, 8.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1813756/000119312523137700/0001193125-23-137700-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1813756/000119312523137700/d371663d8k.htm
  HTML page:      https://secwatch.observer/filing/0001193125-23-137700

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