An email has been sent to your address with instructions for changing your password.
There is no user registered with this email.
Sign Up
To create a free account, please fill out the form below.
Thank you for signing up!
A confirmation email has been sent to your email address. Please check your email and follow the instructions in the message to complete the registration process. If you do not receive the email, please check your spam folder or contact us for assistance.
Welcome to our platform!
Oops!
Something went wrong while trying to create your new account. Please try again and if the problem persist, Email Us to receive support.
Cushman & Wakefield Announces Amendment and Maturity Extension of $1.0 Billion of Its Senior Secured Term Loan
Rhea-AI Impact
(Neutral)
Rhea-AI Sentiment
(Very Positive)
Tags
Rhea-AI Summary
Cushman & Wakefield (NYSE: CWK) has announced an amendment to its Credit Agreement, extending the maturity of $1.0 billion of its $2.6 billion Senior Secured Term Loan from August 21, 2025, to January 31, 2030. The loan will now bear interest at Term SOFR plus an applicable spread of 3.25%, with a floor of 0.50%. The remaining $1.6 billion of the Senior Secured Term Loan's maturity date remains unchanged. As of September 30, 2022, the company holds $1.5 billion in liquidity, positioning it to pursue long-term strategic priorities. CFO Neil Johnston emphasized this extension as a reinforcement of the company's financial stability.
Positive
Successful extension of $1.0 billion Senior Secured Term Loan maturity from August 2025 to January 2030 enhances balance sheet flexibility.
$1.5 billion liquidity as of September 30, 2022, supports long-term strategic priorities.
Negative
None.
CHICAGO--(BUSINESS WIRE)--
Cushman & Wakefield (NYSE: CWK), a leading global real estate services firm, today announced an amendment to its current Credit Agreement that extends the maturity of $1.0 billion of its existing $2.6 billion Senior Secured Term Loan.
The $1.0 billion of the Senior Secured Term Loan is extended from a maturity date of August 21, 2025 to January 31, 2030, and it will bear interest at a rate of Term SOFR plus an applicable spread adjustment plus 3.25% with a 0.50% Term SOFR floor.
The August 21, 2025 maturity date of the remaining $1.6 billion Senior Secured Term Loan remains unchanged.
“The successful maturity extension of $1.0 billion of our existing Senior Secured Term Loan reinforces our commitment to enhancing the flexibility and strength of our balance sheet. Our new maturity profile combined with $1.5 billion of liquidity as of September 30, 2022 puts the company in an excellent position to continue to pursue our long-term strategic priorities,” said Neil Johnston, Chief Financial Officer of Cushman & Wakefield. “We appreciate the strong support from our investors and banking partners, which reflects confidence in the positive secular trends in our business and our dedication to creating value for our stakeholders.”
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 50,000 employees in over 400 offices and approximately 60 countries. In 2021, the firm had revenue of $9.4 billion across core services of property, facilities and project management, leasing, capital markets, and valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.
