WeWork has announced a comprehensive recapitalization


WeWork Inc. provides co-working spaces for individuals and entrepreneurs. The company offers private offices, office suites, headquarters and custom build-out options to fit a variety of office needs as well as desk spaces and conference rooms. WeWork serves customers worldwide.

The Deal

Lincoln International renders fairness opinion in connection with WeWork’s announced recapitalization. WeWork announced that it has entered into a series of agreements with an ad hoc group representing more than 60% of the company’s public bonds, a third-party investor and SoftBank’s Vision Fund II which will provide WeWork with an improved and sustainable balance sheet. The ad hoc group includes funds and accounts managed by King Street Capital Management, L.P., funds and accounts managed by BlackRock, funds and accounts managed by Brigade Capital Management and other leading financial institutions.

Collectively, the transactions announced will reduce WeWork’s net debt, extend a significant maturity wall from 2025 to 2027 and result in new funding and new and rolled capital commitments.

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