{
  "docId": "019de515-5bbf-700b-966e-4b77c5bc9ef6",
  "docSlug": "6b24aa2b20b222cbb91eaf830fbab084",
  "documentTitle": "WeWork | Restructuring Presentation Deck | 17 slides",
  "authorId": "wework",
  "authorName": "WeWork",
  "documentKindSlug": "press-release",
  "documentKindLabel": "Press release",
  "sourceTypeSlug": "investor_relations",
  "sourceTypeLabel": "Investor relations",
  "presentationDate": "2023-03-01 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "pageNumber": 4,
  "pageCount": 17,
  "prevPage": 3,
  "nextPage": 5,
  "slideType": "kpi_overview",
  "function": "analyze_data",
  "density": "overcrowded",
  "nDataPoints": 100,
  "notes": null,
  "elementsJson": null,
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019de515-5bbf-700b-966e-4b77c5bc9ef6/4",
  "deckHref": "/decks/019de515-5bbf-700b-966e-4b77c5bc9ef6",
  "deckJsonHref": "/decks/019de515-5bbf-700b-966e-4b77c5bc9ef6.json",
  "deckAnchorHref": "/decks/019de515-5bbf-700b-966e-4b77c5bc9ef6#slide-4",
  "components": [
    {
      "bbox": {
        "h": 0.024,
        "w": 0.086,
        "x": 0.86,
        "y": 0.95
      },
      "kind": "image",
      "text": "wework",
      "attrs": null,
      "subkind": "logo",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "f660a0eb-8161-4608-b86e-ffb1b6c35d53",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.014,
        "w": 0.09,
        "x": 0.039,
        "y": 0.138
      },
      "kind": "paragraph",
      "text": "($ in millions)",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "53d0a4dd-ecfd-4ab0-90ce-21b821d288ba",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.07,
        "w": 0.921,
        "x": 0.039,
        "y": 0.899
      },
      "kind": "source-note",
      "text": "(1) Illustratively assumes March 31, 2023 Transaction closing. Assumes 100% of public bonds elect to exchange into 75 points of 2L Exchange Notes and 15 points of equity. Excludes Transaction costs / professional fees. (2) SVFII credit support as co-obligor for Senior and Junior LC facilities to be extended to August 15, 2027 (in the event of an extension of the LC facilities) as part of the transaction. (3) Based on LC fees of 6.00% and fronting fee of 0.125%. (4) The secured notes receive 7.5% cash interest through February 15, 2024 and 11% PIK thereafter. Principal outstanding under the notes may not exceed $500mm. (5) Based on 3-month term SOFR of 5.12% from Chatham Financial (as of March 10, 2023). (6) Excludes restricted cash.",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "39de7500-3ff7-4ec4-b1df-b22c34a02b5d",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.07,
        "w": 0.306,
        "x": 0.04,
        "y": 0.817
      },
      "kind": "table",
      "text": "Memo: PF Liquidity Cash & Cash Equivalents $445 Undrawn Notes Commitment 475 Total Liquidity $920",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "1dac759a-505b-4284-8fe1-740ed329a6c8",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.209,
        "w": 0.38,
        "x": 0.58,
        "y": 0.16
      },
      "kind": "table",
      "text": "Transaction Uses Unsecured Notes Exchanged $1,219 SoftBank Notes Exchanged/Equitized 1,650 SoftBank Secured Notes Repayment 250 PIK Backstop Fee on New 1L Notes 25 Cash to Balance Sheet 290 Undrawn Notes Commmitment 475 Total Uses $3,909",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "7221a97a-f7d0-4288-98d7-fb7c937f9765",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.209,
        "w": 0.48,
        "x": 0.039,
        "y": 0.16
      },
      "kind": "table",
      "text": "Transaction Sources New 1L Notes $525 New 1L Delayed Draw Notes 475 New 2L Exchange Notes 914 New 2L Convertible Exchange Notes 188 New 3L Convertible Exchange Notes 270 New Equity Capital 40 Discount Captured 287 Equitization of SoftBank Notes 1,028 Equitization of Public Notes 183 Total Sources $3,909",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "c8198230-a902-496c-9395-b7de913eddd1",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.054,
        "w": 0.358,
        "x": 0.602,
        "y": 0.817
      },
      "kind": "table",
      "text": "Memo: EBITDA FY23E EBITDA $247 FY24E EBITDA 771",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "ccc9c637-f0c9-4ad6-aeee-9dc11b68a1c3",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.402,
        "w": 0.921,
        "x": 0.039,
        "y": 0.39
      },
      "kind": "table",
      "text": "Current (as of 3/31/23) Pro Forma (as of 3/31/23) Interest x FY24E Adj. Cash Total x FY24E Adj. Cash Total Maturity Rate Amount EBITDA Interest Interest Adj. Amount EBITDA Interest Interest Senior LC Facility Mar 14, 2025(2) 6.125% (3) $- $62 $62 $- $- $62 $62 Junior LC Debt Facility Mar 7, 2025(2) S+9.90% 470 71 (5) 71 470 71 71 Senior Secured SoftBank Notes Mar 15, 2025 7.5%/11%(4) 250 19 19 (250) New 1L Notes Aug 15, 2027 15.000% 525 525 37 79 New 1L Delayed Draw Notes ($475mm) Aug 15, 2027 15.000% New 2L Exchange Notes Aug 15, 2027 11.000% 914 914 46 101 New 2L Convertible Exchange Notes Aug 15, 2027 11.000% 188 188 9 21 New 3L Convertible Exchange Notes Aug 15, 2027 12.000% 270 270 32 JapanCo Debt Various 2.50-3.30% 22 22 Total Secured Debt $742 1.0x $151 $151 $1,646 $2,388 3.1x $224 $365 Senior Unsecured Notes May 1, 2025 7.875% 669 53 53 (669) Senior Unsecured Notes Jul 10, 2025 5.000% 550 28 28 (550) SoftBank Senior Unsecured Notes Jul 10, 2025 5.000% 1,650 83 83 (1,650) Total Debt $3,611 4.7x $314 $314 ($1,223) $2,388 3.1x $224 $365 Less: Cash & Cash Equivalents (6) (155) (290) (445) Net Debt $3,456 4.5x $314 $314 ($1,513) $1,943 2.5x $224 $365",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "fd3acc33-823d-4a57-a80a-25bd64cefbee",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.699,
        "x": 0.039,
        "y": 0.049
      },
      "kind": "title",
      "text": "Transaction Overview(1) Assumes 100% Bondholder Participation",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "7f4a4979-b35e-448b-8790-4514eb1818e2",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [
    {
      "name": "Table data",
      "slug": "table-data",
      "agent": null,
      "layer": "slide",
      "matchId": "bfc61b3d-d6a4-4c40-8141-d8b68e1d2070",
      "evidence": "table/data with multiple rows and columns on Transaction Overview",
      "confidence": 0.8
    }
  ],
  "frameworks": [],
  "arcBeats": [
    {
      "to": 5,
      "from": 4,
      "beatId": "0560036e-53d1-427e-b4b8-8b94eefed365",
      "arcName": "The Consultant's Gambit",
      "arcSlug": "consultants-gambit",
      "beatName": "Problem & Complication",
      "beatSlug": "consultants-gambit-problem-complication",
      "evidence": "The transaction overview and term sheet outline the complications and details of the transaction.",
      "position": 1,
      "confidence": 0.8,
      "parentBeatName": "Complication",
      "parentBeatSlug": "complication"
    }
  ],
  "loops": [
    {
      "to": 5,
      "from": 4,
      "name": "Cost Of Inaction",
      "slug": "27-cost-of-inaction",
      "bestFor": "Urgent budget requests, compliance, risk mitigation",
      "matchId": "e1b85217-17d9-4896-8d98-d826bd6065a8",
      "evidence": "The transaction overview implies that not participating may lead to unfavorable outcomes.",
      "position": 0,
      "objective": "What are the consequences of not participating in the transaction?",
      "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point",
      "confidence": 0.6,
      "description": "Quantify what happens if the audience does nothing"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}