Cushman & Wakefield completed a repricing of approximately $1 billion of its term loan issued in April 2024 due 2030. The repricing reduces the applicable interest rate on the term loan by 50 basis points from term SOFR plus 3.75% to term SOFR plus 3.25%. There are no changes to the maturity of the term loan following this repricing and all other terms are substantially unchanged._x000D_
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Additionally, on Oct. 1, 2024, the company elected to prepay the remaining $48 million of its term loan due 2025. Combined with the company’s August 2024 prepayment of $50 million of its term loan due 2025, the October payment brings the aggregate year-to-date debt repayment total to $200 million. The company has now repaid in full the outstanding 2025 tranche and has no funded debt maturities until 2028._x000D_
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“We have repaid our 2025 debt maturities well ahead of schedule and have completed three term loan debt repricings this year. These successful transactions highlight the excellent work our teams have done on driving free cash flow improvements and executing on our strategic priorities. We appreciate the strong market demand and lender support for our repricing,” Neil Johnston, chief financial officer of Cushman & Wakefield, said. “With no near-term debt maturities, the company is in a strong position to capitalize on market growth opportunities as the commercial real estate market recovers.”
Forward for Specialty Finance
