Cushman & Wakefield (NYSE: CWK) (“Company”) announced today the successful amendment of the Company’s Credit Agreement (“Amendment”), marking an important milestone in its ongoing capital structure optimization.

Driven by strong investor demand, the Company upsized the amended term loan tranche by $353 million, bringing the total principal amount of that tranche to $1.2 billion. The Amendment delivers a meaningful 50 basis point reduction in pricing—from Term SOFR plus 2.75% to Term SOFR plus 2.25%—while extending the maturity to 2033. The pricing and maturity of the remaining $840 million of outstanding term loan borrowings under the Credit Agreement are unchanged.

The incremental proceeds from the upsized term loan tranche were used to fund a $350 million partial redemption of the Company’s outstanding 6.75% Senior Secured Notes due May 2028 (“2028 Notes”). As a result, Cushman & Wakefield strategically refinanced a portion of its nearer-term debt with longer-dated borrowings at more attractive pricing, while leaving gross debt substantially unchanged. The 2028 Notes were redeemed at par, plus accrued and unpaid interest up to the redemption date, highlighting Cushman & Wakefield’s disciplined approach to liability management and focus on reducing its cost of capital. Following the partial redemption, $200 million of the 2028 Notes remains outstanding.

“This transaction represents another strategic and disciplined step in the continued optimization of our capital structure,” said Neil Johnston, Executive Vice President and Chief Financial Officer of Cushman & Wakefield. “By upsizing our amended term loan and using the proceeds to reduce our 2028 Notes, we meaningfully improved our debt maturity profile, and lowered pricing on a significant portion of our borrowings while keeping overall leverage unchanged. We are pleased to have achieved the lowest borrowing margin on our term loan since becoming a public company in 2018, which reflects the strength of our business, the progress we have made and the confidence lenders continue to place in Cushman & Wakefield.”

Johnston added, “We appreciate the strong support of our lending partners and their continued confidence in our strategy. We remain focused on disciplined execution, proactive capital management and delivering sustainable value for our stakeholders.”