Cushman & Wakefield Successfully Completes Term Loan Repricing; Prepays $50 million of Total Debt Outstanding
09 Avril 2024 - 10:15PM
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
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.
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements. These
statements can be identified by the fact that they do not relate
strictly to historical or current facts, and you can often identify
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“anticipates,” “target,” “goal,” “projects,” “forecasts,” “shall,”
“contemplates” or the negative version of those words or other
comparable words. Any forward-looking statements contained in this
press release are based upon our historical performance and on our
current plans, estimates and expectations in light of information
currently available to us. The inclusion of this forward-looking
information should not be regarded as a representation by us that
the future plans, estimates or expectations contemplated by us will
be achieved. Such forward-looking statements are subject to various
risks and uncertainties and assumptions relating to our operations,
financial results, financial condition, business, prospects, growth
strategy and liquidity.
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 statements 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—Risk Factors” therein.
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 occurring after the date of this press
release.
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Aixa Velez Corporate Communications +1 312 424 8195
aixa.velez@cushwake.com
Cushman and Wakefield (NYSE:CWK)
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