Cushman & Wakefield to Amend Credit Facility, Partially Redeem 2028 Notes

MT Newswires Live06-04 19:04

Cushman & Wakefield (CWK) plans to amend the terms of its $848 million outstanding borrowings under its senior secured loan facility and redeem a portion of its senior secured notes due 2028, the company said in a Thursday filing.

The amendment includes extending the maturity of the loan facility to 2033, increasing borrowings by about $353 million and implementing a variable interest rate based on secured overnight financing rate plus a 2.25% margin or a base rate plus 1.25%, the company said.

The amendment does not change the terms of another existing loan tranche maturing in 2025, the company said.

Cushman & Wakefield added it will redeem $350 million of its $550 million 6.75% senior secured notes due 2028, with completion expected June 15, 2026.

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