Cushman & Wakefield Extends $1.2B Term Loan, Cuts Rate, Redeems Notes

Cushman & Wakefield successfully amended its Credit Agreement, extending the maturity of approximately $848 million (now $1.2 billion after upsizing) of its senior secured term loan facility to 2033. The amendment also reduced the interest margin on this tranche by 50 basis points to Term SOFR plus 2.25%. The company upsized the term loan by $353 million, using $350 million of the proceeds to partially redeem its 6.750% Senior Secured Notes due May 2028, leaving $200 million outstanding. This strategic move optimizes the capital structure by improving the debt maturity profile and lowering the cost of capital, while keeping overall leverage unchanged.