Case Study
TrancheLab Maps WeWork's Five-Tier Secured Note Structure Across $3B in Funded Debt
Highlights
Five distinct tiers of secured notes extracted with correct seniority ordering
DIP facility structure extracted from separate motion filing
RSA signatory identification: SoftBank Parties vs. Consenting Noteholders mapped by tranche
Recovery waterfall showing full equitization of ~$3B in secured debt
Seniority hierarchy correctly parsed despite first-out / last-out DIP structure
Extraction completed across multiple related filings, not just a single document
Challenges
WeWork's capital structure was one of the most layered in recent memory. The secured notes alone had five tiers, each with different holders, different coupon rates, and different treatment under the plan. SoftBank held some tranches exclusively while other tranches had multiple holders.
Adding to the complexity, the DIP facility introduced a first-out / last-out structure between the LC facility and the term loan C facility. The capital structure information was spread across the disclosure statement, the RSA exhibit, and the DIP motion, meaning an analyst had to pull from three separate docket entries to get the full picture.
Solution
TrancheLab processed the disclosure statement as the primary document, then the RSA and DIP motion as supplementary filings. The section classifier identified the relevant capital structure sections in each document and the extraction pipeline merged results across all three.
The five-tier secured note hierarchy was correctly parsed, with each series mapped to its holders, principal amounts, coupon rates, and maturity dates. The RSA signatory analysis identified which parties held which tranches and at what percentages, giving an immediate view of who controlled the restructuring.
The DIP facility's first-out / last-out structure was extracted as a separate tranche group with the seniority relationship between the two facilities preserved. Confidence scores were high across the board because WeWork's filings, as a prepackaged case, had unusually clean and well-organized capital structure disclosures.
Key Benefits
Five lien tiers, one table
The full secured note hierarchy was extracted with correct seniority ordering, something that would take an analyst significant time to diagram manually.
Multi-document extraction
Capital structure data was merged from the disclosure statement, RSA, and DIP motion into a single consolidated view.
RSA holder mapping
Automatically identified which entities held which tranches and at what percentages, critical for understanding voting control.