Cushman & Wakefield Successfully Completes Term Loan Repricing
Cushman & Wakefield (NYSE: CWK) has successfully completed a repricing of its $990 million Term Loan issued in January 2023. The repricing reduces the interest rate by 25 basis points, from Term SOFR plus 3.00% to Term SOFR plus 2.75%. The Term Loan's maturity date of 2030 and other terms remain substantially unchanged.
Chief Financial Officer Neil Johnston emphasized that this transaction demonstrates the company's commitment to maintaining a strong financial foundation for future growth opportunities, while acknowledging the support of their lenders in achieving this successful repricing.
Cushman & Wakefield (NYSE: CWK) ha completato con successo una rivisitazione del suo prestito a termine da 990 milioni di dollari emesso nel gennaio 2023. La rivisitazione riduce il tasso d'interesse di 25 punti base, da Term SOFR più 3,00% a Term SOFR più 2,75%. La data di scadenza del prestito a termine rimane fissata al 2030 e altri termini restano sostanzialmente invariati.
Il Chief Financial Officer Neil Johnston ha sottolineato che questa operazione dimostra l'impegno dell'azienda a mantenere una solida base finanziaria per future opportunità di crescita, riconoscendo nel contempo il supporto dei loro finanziatori nel raggiungere questa riuscita rivisitazione.
Cushman & Wakefield (NYSE: CWK) ha completado con éxito un reajuste de su préstamo a plazo de 990 millones de dólares emitido en enero de 2023. El reajuste reduce la tasa de interés en 25 puntos básicos, de Term SOFR más 3.00% a Term SOFR más 2.75%. La fecha de vencimiento del préstamo a plazo de 2030 y otros términos permanecen sustancialmente sin cambios.
El Director Financiero Neil Johnston enfatizó que esta transacción demuestra el compromiso de la compañía de mantener una sólida base financiera para futuras oportunidades de crecimiento, al mismo tiempo que reconoce el apoyo de sus prestamistas para lograr este exitoso reajuste.
Cushman & Wakefield (NYSE: CWK)는 2023년 1월에 발행된 9억 9천만 달러의 만기 대출 재조정을 성공적으로 완료했습니다. 재조정으로 금리는 25bp가 인하되어 Term SOFR + 3.00%에서 Term SOFR + 2.75%로 변경됩니다. 만기 대출의 만기일은 2030년으로 유지되며, 기타 조건은 크게 변경되지 않습니다.
최고 재무 책임자 Neil Johnston은 이번 거래가 회사가 미래 성장 기회를 위한 강력한 재무 기반을 유지하려는 의지를 보여줌과 동시에, 이 성공적인 재조정을 달성하는 데 도움을 준 대출자들의 지원에 감사를 표한다고 강조했습니다.
Cushman & Wakefield (NYSE: CWK) a réussi à compléter un réajustement de son prêt à terme de 990 millions de dollars émis en janvier 2023. Le réajustement réduit le taux d'intérêt de 25 points de base, passant de Term SOFR plus 3,00 % à Term SOFR plus 2,75 %. La date d'échéance du prêt à terme reste inchangée en 2030 et d'autres conditions restent largement les mêmes.
Le directeur financier Neil Johnston a souligné que cette opération démontre l'engagement de l'entreprise à maintenir une solide base financière pour des opportunités de croissance futures, tout en reconnaissant le soutien de leurs créanciers dans l'atteinte de ce réajustement réussi.
Cushman & Wakefield (NYSE: CWK) hat erfolgreich die Neuauspreisung seines Terminkredits über 990 Millionen Dollar, der im Januar 2023 ausgegeben wurde, abgeschlossen. Die Neuauspreisung senkt den Zinssatz um 25 Basispunkte, von Term SOFR plus 3,00% auf Term SOFR plus 2,75%. Das Fälligkeitsdatum des Terminkredits bleibt auf 2030 und andere Bedingungen bleiben weitgehend unverändert.
Finanzvorstand Neil Johnston betonte, dass diese Transaktion das Engagement des Unternehmens unterstreicht, eine starke finanzielle Grundlage für zukünftige Wachstumschancen zu schaffen, während er gleichzeitig die Unterstützung ihrer Gläubiger bei der erfolgreichen Neuauspreisung anerkennt.
- Reduced interest rate by 25 basis points on $990 million Term Loan
- Lower borrowing costs will improve cash flow and reduce interest expenses
- Maintained existing loan maturity terms through 2030
- Still carries substantial debt of $990 million
Insights
The successful repricing of Cushman & Wakefield's
The timing of this repricing is particularly strategic, coming exactly one year after the original January 2023 term loan issuance. This demonstrates management's proactive approach to liability management and ability to capitalize on favorable financing windows. The unchanged 2030 maturity maintains the company's well-structured debt ladder while improving near-term cash flows.
More importantly, this transaction carries broader implications: 1) It signals institutional lenders' positive outlook on CWK's business model and market position 2) The improved interest rate terms strengthen CWK's competitive position against peers like CBRE and JLL by reducing operating costs 3) The enhanced cash flow provides additional flexibility for strategic investments or debt reduction initiatives during a period of market uncertainty in commercial real estate.
This repricing success, while not transformative, represents a meaningful optimization of CWK's capital structure that will compound in value over the loan's remaining tenure. It positions the company more favorably for navigating potential market headwinds while maintaining financial flexibility for growth opportunities.
“Today, we announced another successful repricing of our term loan debt. This transaction reinforces our commitment to maintaining a robust financial foundation that positions us for future growth opportunities,” said Neil Johnston, Chief Financial Officer. “We appreciate the commitment of our lenders in supporting the company on another successful repricing.”
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global commercial real estate services firm for property owners and occupiers with approximately 52,000 employees in nearly 400 offices and 60 countries. In 2023, the firm reported revenue of
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There are or will be important factors that could cause our actual results to differ materially from those indicated in these statements. You should not place undue reliance on any forward-looking statements and should consider the factors discussed in Cushman & Wakefield's annual report on Form 10-K for the year ended December 31, 2023, including those discussed under “Item 1A—Risk Factors” therein.
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Media Contact:
Aixa Velez
Corporate Communications
+1 312 424 8195
aixa.velez@cushwake.com
Source: Cushman & Wakefield
FAQ
What is the new interest rate for CWK's $990 million Term Loan after repricing?
When does Cushman & Wakefield's (CWK) repriced Term Loan mature?
How much will CWK save annually from the Term Loan repricing?
When was CWK's original Term Loan issued before the repricing?
