Cushman & Wakefield, a global real estate services firm, amended its current credit agreement that extends the maturity of $1 billion of its existing $2.6 billion senior secured term loan.
According to an 8K filed with the SEC, JPMorgan Chase is the administrative agent for the facility.
The $1 billion of the senior secured term loan is extended from a maturity date of Aug. 21, 2025 to Jan. 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 Aug. 21, 2025 maturity date of the remaining $1.6 billion senior secured term loan remains unchanged.
“The successful maturity extension of $1 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 Sept. 30, 2022 puts the company in an excellent position to continue to pursue our long-term strategic priorities,” Neil Johnston, CFO of Cushman & Wakefield, said. “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.”
