Cushman & Wakefield successfully completes term loan revaluation; Prepays additional $45 million in debt, bringing full-year total repayment to $100 million

20.06.2024 – 08:55

CHICAGO–(BUSINESS WIRE)– Cushman & Wakefield (NYSE: CWK ) announced that it has successfully completed a repricing of approx. 1.0 billion dollars of its term loan issued in January 2023 (the “term loan”) maturing in 2030. The repricing reduces the applicable interest rate on the term loan by 25 basis points from the term plus SOFR 3.25% at the SOFR plus Term 3.00%. There are no changes to the maturity of the term loan as a result of this revaluation and all other terms remain substantially unchanged. In addition, on June 17^th2024, the Company elected to prepay an additional amount 45 million dollars of its loan due in 2025, leading to full repayment of year-to-date debt at 100 million dollars. The Company expects that the two term loan revaluations in addition to 100 million dollars repaying debts from the beginning of the year will produce savings of about interest in cash 14 million dollars annual.

“We continue to proactively manage our balance sheet as we execute on our strategic priorities of creating greater financial flexibility while positioning the company for long-term growth,” said Neil Johnston, Chief Financial Officer. “We were very pleased with the strong demand in the market and the support of lenders for the re-rating of long-term loans.”

About Cushman & Wakefield

Cushman & Wakefield (NYSE: CWK) is a leading global commercial real estate services firm for property owners and occupiers with approximately 52,000 employees in nearly 400 offices and 60 countries. In 2023, the firm reported revenue of 9.5 billion dollars through its core services of property, facilities and project management, leasing, capital markets and valuation services and other services. It has also received numerous industry and business accolades for its award-winning culture and commitment to Diversity, Equity and Inclusion (DEI), sustainability and more. For additional information, visit www.cushmanwakefield.com.

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There are or will be important factors that could cause our actual results to differ materially from those indicated in these statements. You should not place undue reliance on any forward-looking statement and should consider the factors discussed in Cushman & Wakefield’s annual report on Form 10-K for the year ended December 31, 2023, including those discussed under “Item 1A – Factors risk” from it. .

The forward-looking statements included in this press release are made as of the date hereof and, except as required by law, Cushman & Wakefield undertakes no obligation to update, amend or clarify any forward-looking statements to reflect events, new information or circumstances . that appear after the date of this press release.

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Source: Cushman & Wakefield