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Cushman & Wakefield Announces an Amendment and Extension of Credit Facility
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Rhea-AI Summary
Cushman & Wakefield (NYSE: CWK) has amended its Credit Agreement to raise revolving commitments from $1.0 billion to $1.1 billion, with an extension of the maturity date to April 28, 2027. The amendment aligns with the firm’s sustainability goals, setting targets for reducing greenhouse gas emissions by 50% by 2030 and collaborating with clients to establish science-based targets by 2025. CFO Neil Johnston expressed gratitude to the bank partners for their support and highlighted the importance of ESG in the commercial real estate sector.
Positive
Increased revolving credit commitments from $1.0 billion to $1.1 billion.
Extended maturity date for the credit facility to April 28, 2027.
Incorporation of sustainability incentives linked to greenhouse gas emission targets.
Negative
None.
CHICAGO--(BUSINESS WIRE)--
Cushman & Wakefield (NYSE: CWK), a leading global real estate services firm, today announced that the firm has amended its current Credit Agreement to increase the revolving commitments from $1.0 billion to $1.1 billion and has also extended the maturity date for the revolving credit facility from August 21, 2023 to April 28, 2027. All other terms are substantially similar to the existing credit facility.
In addition, the amendment reflects Cushman & Wakefield’s commitment to environmental, social and governance (ESG) by adding incentives linked to sustainability features based on the firm’s greenhouse gas (GHG) emission targets. These targets include:
Reducing GHG emissions across our corporate offices and operations 50% by 2030.
Partnering with the firm’s clients (representing 70% of its scope 3 value chain emissions) to set their own science-based targets by 2025.
“We are pleased to have completed the amendment of our credit facility and appreciate the strong support and commitment from our bank partners,” said Neil Johnston, Chief Financial Officer of Cushman & Wakefield. “Additionally, we are proud to align our sustainability commitments with our credit facility, demonstrating our commitment to ESG and the vital role we play in shaping a sustainable future for the commercial real estate industry.”
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.
What did Cushman & Wakefield announce regarding its Credit Agreement on October 2023?
Cushman & Wakefield announced an amendment to its Credit Agreement, increasing revolving commitments from $1.0 billion to $1.1 billion and extending the maturity date to April 28, 2027.
How will Cushman & Wakefield's new Credit Agreement affect its greenhouse gas emissions targets?
The new Credit Agreement includes incentives linked to sustainability, aiming to reduce greenhouse gas emissions by 50% by 2030.
When is the maturity date for Cushman & Wakefield's amended Credit Agreement?
The maturity date for the amended Credit Agreement is April 28, 2027.
