Wework Secures $1b in New Funding, Lowers Debt by $1.2b

WeWork said it secured just over $1 billion in new funding and capital commitments alongside reducing its debt by $1.2 billion, largely through an equitization deal with SoftBank.

• $540m in new funding, $175m in new capital commitments, and $300m in rolled capital commitments
• Third-party, non-SoftBank Investors to purchase 35m of primary shares of WeWork at $1.15/share at closing
• Extends 2025 maturity wall by 2 years; about $1.9b of pro forma funded debt will now mature in 2027
• SoftBank to equitize $1.04bn of its 5.00% Senior Unsecured Notes into equity at a discount to par and exchange the remaining $609.5m ...