On May 5, 2023, WeWork Companies LLC and WW Co-obligor Inc., each a subsidiary of WeWork Inc., consummated the previously announced offers to exchange any and all of the Issuers’ outstanding US$669 million aggregate principal amount of 7.875% Senior Notes due 2025 and outstanding US$550 million aggregate principal amount of 5.00% Senior Notes due 2025, Series II. As part of the exchange consideration, the Issuers issued (i) US$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 for cash payment, (ii) US$687 million in aggregate principal amount of 11.00% (5.00% Cash/6.00% PIK) Second Lien Senior Secured PIK Notes due 2027, (iii) US$23 million in aggregate principal amount of 12.00% Third Lien Senior Secured PIK Notes due 2027 and (iv) 1,112,900,605 shares of Class A common stock, par value US$0.0001 per share of WeWork Inc.

Latham & Watkins LLP represented PJT Partners as the dealer manager in the transaction with a corporate and finance team led by partners Greg Rodgers and Corey Wright, with associates Simon Cooke, Adam Johnson, and MacLane Taggart. Advice was also provided on collateral matters by partner Brian Rock, with associates Sarah Lohschelder, Daniel Ovadia, Rebecca Tan, Han Lee, Fizza Hasan; and on tax matters by partner Jiyeon Lee-Lim, with associate Claire Park.