CHICAGO--(BUSINESS WIRE)--Cushman & Wakefield (NYSE: CWK) today announced that it has successfully completed a repricing of $1.0 billion of its Term Loan (Term Loan) due 2030. The repricing reduces the applicable interest rate on the $1.0 billion of Term Loan issued in August 2023 by 25bps from Term SOFR plus 4.00% to Term SOFR plus 3.75%. There are no changes to the maturity of the Term Loan following this repricing and all other terms are substantially unchanged. Additionally, the Company announced that during the first quarter it elected to prepay $50 million of its Term Loan due 2025. The Company estimates that the repricing and optional prepayment of debt will produce cash interest expense savings of approximately $6 million annually.
These recent successful debt transactions highlight our strengthened balance sheet and improved free cash flow conversion, creating increased flexibility as we continue to execute on our strategic priorities, said Neil Johnston, Chief Financial Officer. We were very pleased with the strong market demand and lender support for our Term Loan repricing.
About Cushman & Wakefield (NYSE:CWK)
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 across its core services of property, facilities and project management, leasing, capital markets, and valuation and other services. It 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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Aixa Velez
Corporate Communications
+1 312 424 8195
aixa.velez@cushwake.com
Source: Cushman & Wakefield