Cushman & Wakefield Successfully Completes Term Loan Repricing; Prepays Additional $45 Million in Debt Bringing Full Year Repayment Total to $100 Million

CHICAGO--(BUSINESS WIRE)-- Cushman & Wakefield (NYSE: CWK) announced that it has successfully completed a repricing of approximately $1.0 billion of its Term Loan issued in January 2023 (“Term Loan”) due 2030. The repricing reduces the applicable interest rate on the Term Loan by 25 basis points from Term SOFR plus 3.25% to Term SOFR plus 3.00%. There are no changes to the maturity of the Term Loan following this repricing and all other terms are substantially unchanged. Additionally, on June 17th, 2024, the Company elected to prepay an additional $45 million of its Term Loan due 2025, bringing the aggregate year-to-date debt repayment total to $100 million. The Company expects that the two Term Loan repricings in addition to the $100 million repayment of debt year-to-date will produce cash interest expense savings of approximately $14 million annually.

“We continue to proactively manage our balance sheet as we execute on our strategic priorities of creating increased financial flexibility while positioning the company for long-term growth,” said Neil Johnston, Chief Financial Officer. “We were very pleased with the strong market demand and lender support for our Term Loan repricing.”