On January 3, 2023, WeWork Companies LLC (Issuer) and wholly-owned subsidiary of WeWork Inc. (Company), WW Co-Obligor Inc., and U.S. Bank Trust Company, National Association, as trustee and collateral agent, entered into a Senior Secured Notes Indenture (the “Indenture”) pursuant to which the Issuers issued $250 million in aggregate principal amount of Senior Secured Notes due 2025 (the “Notes”) to SoftBank Vision Fund II-2 L.P., a limited partnership established in Jersey (“SVF II”) and affiliate of SoftBank Group Corp., a Japanese joint-stock company. The Notes were sold to SVF II pursuant to the Amended and Restated Master Senior Secured Notes Note Purchase Agreement, dated as of October 20, 2021 (as amended, waived or otherwise modified from time to time, the “Secured NPA”), among the Issuers and SVF II. The Notes and related Guarantees have not been registered under the Securities Act of 1933, as amended (the “Securities Act”), and were issued and sold in reliance on the exemption provided in Section 4(a)(2) of the Securities Act.

As of December 31, 2022, after giving effect to the issuance of the Notes, the Company expects its cash, commitments and access to liquidity to be approximately $1.35 billion, which is in line with management's expectations. Unless earlier redeemed or repurchased, the Notes will mature on March 15, 2025 and bear interest at a rate of (i) 7.50% per annum to, but excluding, February 15, 2024, payable semi-annually in cash in arrears, and (ii) 11.00% per annum from and after February 15, 2024 to, but excluding, the maturity date of the Notes, payable semi-annually in the form of PIK Interest (as defined, and in accordance with the terms set forth, in the Indenture). The Notes are guaranteed (the “Guarantees”) fully and unconditionally, and jointly and severally, on a first lien senior secured basis by each of the Issuer's wholly-owned restricted subsidiaries that guarantee the Issuer's obligations under the senior letter of credit facility and junior letter of credit facility under the Credit Agreement, dated as of December 27, 2019 (as amended, waived or otherwise modified from time to time).

The Notes and the related Guarantees are senior secured obligations of the Issuers and the Guarantors.