Washington Prime Group Inc. (fka WPGGQ)

[Enterprising Investor]

Washington Prime Discussing Debt for Equity Exchange (12/15/20)

Opportunity to convert $259,260,000 of Washington Prime Group, L.P. unsecured bonds into a $175,000,000 preferred equity investment in the Preferred Equity Issuing Vehicle. The Preferred Equity Issuing Vehicle will be a limited liability company in which a bankruptcy remote single purpose subsidiary of WPG will be the managing member and common equity holder and the existing bondholders that elect to acquire the Investment will be the holders, either directly or indirectly of the preferred equity interest. WPG SPE shall cause the 51% equity interest held by subsidiaries of WPG in 4 unconsolidated joint ventures (with affiliates of O’Connor Capital Partners to be contributed to the Preferred Equity Issuing Vehicle in accordance with a sequence of formation steps that is acceptable to WPG and the ad hoc group of Preferred Equity Interest Holders, which is anticipated to involve the steps identified in the outline attached hereto as Exhibit A and depicted on the diagrams attached hereto as Exhibit B. The Joint Venture owns the assets described on Exhibit C.

https://www.sec.gov/Archives/edgar/data/1594686/000143774920025401/ex_217629.htm