Cushman & Wakefield (NYSE:CWK) announced that it has successfully amended its Credit Agreement to (i) extend the maturity date applicable to revolving commitments from April 28, 2027 to October 21, 2030, (ii) reduce the applicable interest for certain levels of leverage based pricing step downs, and (iii) proactively reduce the availability from $1.1 billion to $1.0 billion in order to better align with the company's improved working capital management.
"We're pleased to extend the maturity of the revolver for another five years. The transaction was oversubscribed and preserves abundant liquidity while right-sizing the facility for capital efficiency," said Neil Johnston, Chief Financial Officer of Cushman & Wakefield. "This amendment underscores the confidence lenders place in the strength of our balance sheet and ability to execute on our strategy, while ensuring we are well positioned for the future. We appreciate the strong support and commitment from our bank partners."
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 2024, the firm reported revenue of $9.4 billion across its core service lines of Services, Leasing, Capital markets and Valuation and other. Built around the belief that Better never settles, the firm receives numerous industry and business accolades for its award-winning culture. For additional information, visit www.cushmanwakefield.com.
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