Loan & DebtJun 4, 2026, 06:26 AM
Cushman & Wakefield Amends Credit Agreement, Upsizes Term Loan by $353M
AI Summary
Cushman & Wakefield U.S. Borrower, LLC and DTZ UK Guarantor Limited, subsidiaries of Cushman & Wakefield Ltd., expect to amend their Credit Agreement. This amendment will extend the maturity of approximately $848 million in senior secured term loans to 2033, upsize the principal amount by approximately $353 million, and adjust pricing terms. Additionally, the Borrower notified the trustee of its election to partially redeem $350 million of its outstanding $550 million 6.750% Senior Secured Notes due May 2028, conditional upon the consummation of refinancing transactions.
Key Highlights
- Amended credit agreement for approximately $848 million senior secured term loans.
- Extended maturity date of these term loans to 2033, seven years from the effective date.
- Upsized the principal amount of these term loans by approximately $353 million.
- New interest rate for amended term loans: Term SOFR + 2.25% or Base Rate + 1.25%.
- Notified partial redemption of $350 million of $550 million 6.750% Senior Secured Notes due 2028.
- Redemption price for the notes is 100% of principal plus accrued and unpaid interest.
- Partial redemption is conditional upon consummation of sufficient refinancing transactions.
Price Impact
More from CWK